MODULE 2

Question 1

01: The Entrepreneurial Process

State the FOUR (4) ENTREPRENEURIAL PROCESS.

Answer 1

1. OPPORTUNITY SPOTTING AND ASSESSMENT
2. DEVELOPING A BUSINESS PLAN
3. DETERMINING THE CAPITAL NEEDED
4. RUNNING THE BUSINESS

Question 2

01: The Entrepreneurial Process

Of the Four (4) Entrepreneurial Processes, this is the BEGINNING of the process and considered the MOST DIFFICULT.

Answer 2

1. OPPORTUNITY SPOTTING AND ASSESSMENT

Question 3

01: The Entrepreneurial Process

Of the Four (4) Entrepreneurial Processes, this includes:
[1] taking note of interesting trends in environment
[2] carefully assess the opportunity

Answer 3

OPPORTUNITY SPOTTING AND ASSSESSMENT

Question 4

01: The Entrepreneurial Process

Of the Four (4) Entrepreneurial Processes, this is a COMPREHENSIVE PAPER that details the marketing, operational, human resource, financial, strategic direction, and tactics of the business.

Answer 4

2. DEVELOPING A BUSINESS PLAN

Question 5

01: The Entrepreneurial Process

Of the Four (4) Entrepreneurial Processes, this is the CORE GUIDE and DIRECTION of the entrepreneur.

Answer 5

2. DEVELOPING A BUSINESS PLAN

Question 6

01: The Entrepreneurial Process

Of the Four (4) Entrepreneurial Processes, this is to CALCULATE the resources needed to establish the business.

Answer 6

3. DETERMINING THE CAPITAL NEEDED

Question 7

01: The Entrepreneurial Process

Of the Four (4) Entrepreneurial Processes, this is when the USE of the RESOURCES allocated for the new venture and IMPLEMENTATION.

Answer 7

4. RUNNING THE BUSINESS

Question 8

2. Scanning the Environment

What are the 3S of Opportunity?

Answer 8

S - eeking
S - creening
S - eizing

Question 9

2. Seeking the Opportunity

This is an entrepreneur’s BUSINESS IDEA that can potentially become a commercial product or service in the future.

Answer 9

OPPORTUNITY

Question 10

2. Scanning the Environment

• This involves the development of new ideas from various sources.

Answer 10

SEEKING THE OPPORTUNITY

Question 11

2. Scanning the Environment

TWO (2) types of SEEKING THE OPPORTUNITY

Answer 11

1. MACROENVIORNMENTAL SOURCES
2. MICROMARKET SOURCES

Question 12

2. Scanning the Environment

Where is this under?
STEEPLED

Answer 12

MACROENVIORNMENTAL SOURCES

Question 13

2. Scanning the Environment

Under Macroenvironmental Sources, specifically STEEPLED, this are the traditions, beliefs, customs, norms, and perceptions.

Answer 13

SOCIOCULTURAL

Question 14

2. Scanning the Environment

Under Macroenvironmental Sources, specifically STEEPLED, these are the innovations of an existing technology.

Answer 14

TECHNOLOGICAL

Question 15

2. Scanning the Environment

Under Macroenvironmental Sources, specifically STEEPLED, this is the income, expenses, resources.

Answer 15

ECONOMIC

Question 16

2. Scanning the Environment

Under Macroenvironmental Sources, specifically STEEPLED, this is the weather, waste management.

Answer 16

ENVIRONMENTAL

Question 17

2. Scanning the Environment

Under Macroenvironmental Sources, specifically STEEPLED, these are the tac policy, political rights, freedom of press.

Answer 17

POLITICAL

Question 18

2. Scanning the Environment

Under Macroenvironmental Sources, specifically STEEPLED, this is to restrict or allow business activities.

Answer 18

LEGAL

Question 19

2. Scanning the Environment

Under Macroenvironmental Sources, specifically STEEPLED, this are sales practices, accepted accounting, management, and marketing standards.

Answer 19

ETHICAL

Question 20

2. Scanning the Environment

Under Macroenvironmental Sources, specifically STEEPLED, this is the characteristics of the people.

Answer 20

DEMOGRAPHIC

Question 21

2. Scanning the Environment

Under Macroenvironmental Sources, this is the SOURCE of the CURRENT TREND on what is happening in the __________.

Answer 21

INDUSTRY

Question 22

2. Scanning the Environment

Under Macroenvironmental Sources, these are NEW TRENDS that can be the core business model of a new venture.

Answer 22

NEW DISCOVERY OR KNOWLEDGE

Question 23

2. Scanning the Environment

Under Macroenvironmental Sources, PROJECTED NEW OPPORTUNITIES that can possibly affect the new business.

Answer 23

FUTURISTIC OPPORTUNITIES

Question 24

2. Scanning the Environment

Under Micromarket, these are CURRENT NEEDS and WANTS of potential customers.

Answer 24

CONSUMER PREFERENCES, INTERESTS, AND PERCEPTIONS

Question 25

02. Scanning the Environment Under Micromarket, aid the entrepreneur to develop a product or service that is unique and will surely stand out from the competition.

Answer 25

COMPETITORS

Question 26

02. Scanning the Environment Under Micromarket, this is turning UNNOTICED PRODUCTS into SUPERSTAR PRODUCTS.

Answer 26

UNEXPECTED OPPORTUNITIES FROM CUSTOMERS

Question 27

02. Scanning the Environment Under Micromarket, look at a place where they will be able to spot a business opportunity.

Answer 27

LOCATION

Question 28

02. Scanning the Environment State the FOUR (4) SOURCES under MACROENVIRONMENTAL SOURCES.

Answer 28

a. STEEPLED b. INDUSTRY c. NEW DISCOVERY OR KNOWLEDGE d. FUTURISTIC OPPORTUNITIES

Question 29

02. Scanning the Environment State the SIX (6) SOURCES under MICROMARKET SOURCES.

Answer 29

a. CONSUMER PREFERENCES, INTERESTS, AND PERCEPTIONS b. COMPETITORS c. UNECPECTED OPPORTUNITIES FROM CUSTOMERS d. TALENTS, HOBBIES, SKILLS, AND EXPERTISE e. IRRITANTS IN THE MARKETPLACE SUCH AS DETERRENTS, PROBLEMS, COMPLAINTS, AND DELAYS f. LOCATION

Question 30

02. Scanning the Environment This is the process of CAUTIOUSLY SELECTING THE BEST OPPORTUNITY and is the effective choosing or careful diligence.

Answer 30

SCREENING THE OPPORTUNITY

Question 31

02. Scanning the Environment What are the FOUR (4) Important Elements in Compelling Opportunity?

Answer 31

1. HAS SUPERIOR VALUE TO CUSTOMERS 2. SOLVES A COMPELLING PROBLEM, ISSUE, NEED, WANT 3. POTENTIAL CASH COW 4. MATCHES THE ENTREPRENEUR'S SKILLS, RESOURCES AND RISK APPETITE

Question 32

02. Scanning the Environment [1] This is the pushing through with the chosen opportunity or to make the best out of. [2] Positively improving an existing product or service.

Answer 32

SEIZING THE OPPORTUNITY; INNOVATION

Question 33

02. Scanning the Environment WHAT ARE THE THREE TYPES OF INNOVATIONS ACCORDING TO THE DEGREE OF DISTINCTIVENESS?

Answer 33

1. BREAKTHROUGH INNOVATIONS 2. TECHNOLOGICAL INNOVATIONS 3. ORDINARY INNOVATIONS

Question 34

02. Scanning the Environment Of the Three Types of Innovations According to the Degree of Distinctiveness, these occur more frequently than breakthrough innovations. Ex: WI-FI, laptop, jet airplane

Answer 34

TECHNOLOGICAL INNOVATIONS

Question 35

02. Scanning the Environment Of the Three Types of Innovations According to the Degree of Distinctiveness, these occur ordinarily Ex: Internet plans, wireless mouse, airbus

Answer 35

ORDINARY INNOVATIONS

Question 36

02. Scanning the Environment Of the Three Types of Innovations According to the Degree of Distinctiveness, these occur infrequently and must be protected by patent; trade secret; copyright Ex. Internet, computer, airplane

Answer 36

BREAKTHROUGH INNOVATIONS

Question 37

03. Product or Service Planning and Development Process What are the FOUR (4) Stages?

Answer 37

1. IDEA STAGE 2. CONCEPT STAGE 3. PRODUCT DEVELOPMENT STAGE 4. TEST MARKETING STAGE

Question 38

03. Product or Service Planning and Development Process Of the FOUR (4) Stages, this when naming the feasible products and/or services that will perfectly suit the opportunity happen.

Answer 38

IDEA STAGE

Question 39

03. Product or Service Planning and Development Process Of the FOUR (4) Stages, this when the developed idea will undergo a consumer acceptance test.

Answer 39

CONCEPT STAGE

Question 40

03. Product or Service Planning and Development Process Of the FOUR (4) Stages, this is when conducting a consumer panel where the actual product/service samples will be given or rendered to the panel of potential customers.

Answer 40

PRODUCT DEVELOPMENT STAGE

Question 41

03. Product or Service Planning and Development Process Of the FOUR (4) Stages, this is when validation of the work done from the first three stages happen.

Answer 41

TEST MARKETING STAGE

Question 42

02. Scanning the Environment Under MACROENVIRONMENTAL SOURCES, define STEEPLED.

Answer 42

S - SOCIOCULTURAL T - TECHNOLOGICAL E - ECONOMIC E - ENVIRONMENTAL P - POLITICAL L - LEGAL E ETHICAL D - DEMOGRAPHIC