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ENTREPRENEURSHIP > MODULE 2 > Flashcards

MODULE 2 Flashcards

1
Q

01: The Entrepreneurial Process

State the FOUR (4) ENTREPRENEURIAL PROCESS.

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

01: The Entrepreneurial Process

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

A
  1. OPPORTUNITY SPOTTING AND ASSESSMENT
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3
Q

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

A

OPPORTUNITY SPOTTING AND ASSSESSMENT

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4
Q

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.

A
  1. DEVELOPING A BUSINESS PLAN
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5
Q

01: The Entrepreneurial Process

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

A
  1. DEVELOPING A BUSINESS PLAN
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6
Q

01: The Entrepreneurial Process

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

A
  1. DETERMINING THE CAPITAL NEEDED
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7
Q

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.

A
  1. RUNNING THE BUSINESS
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8
Q
  1. Scanning the Environment

What are the 3S of Opportunity?

A

S - eeking
S - creening
S - eizing

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9
Q
  1. Seeking the Opportunity

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

A

OPPORTUNITY

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10
Q
  1. Scanning the Environment
  • This involves the development of new ideas from various sources.
A

SEEKING THE OPPORTUNITY

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11
Q
  1. Scanning the Environment

TWO (2) types of SEEKING THE OPPORTUNITY

A
  1. MACROENVIORNMENTAL SOURCES
  2. MICROMARKET SOURCES
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12
Q
  1. Scanning the Environment

Where is this under?
STEEPLED

A

MACROENVIORNMENTAL SOURCES

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13
Q
  1. Scanning the Environment

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

A

SOCIOCULTURAL

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14
Q
  1. Scanning the Environment

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

A

TECHNOLOGICAL

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15
Q
  1. Scanning the Environment

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

A

ECONOMIC

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16
Q
  1. Scanning the Environment

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

A

ENVIRONMENTAL

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17
Q
  1. Scanning the Environment

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

A

POLITICAL

18
Q
  1. Scanning the Environment

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

A

LEGAL

19
Q
  1. Scanning the Environment

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

A

ETHICAL

20
Q
  1. Scanning the Environment

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

A

DEMOGRAPHIC

21
Q
  1. Scanning the Environment

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

A

INDUSTRY

22
Q
  1. Scanning the Environment

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

A

NEW DISCOVERY OR KNOWLEDGE

23
Q
  1. Scanning the Environment

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

A

FUTURISTIC OPPORTUNITIES

24
Q
  1. Scanning the Environment

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

A

CONSUMER PREFERENCES, INTERESTS, AND PERCEPTIONS

25
Q
  1. 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.

A

COMPETITORS

26
Q
  1. Scanning the Environment

Under Micromarket, this is turning UNNOTICED PRODUCTS into SUPERSTAR PRODUCTS.

A

UNEXPECTED OPPORTUNITIES FROM CUSTOMERS

27
Q
  1. Scanning the Environment

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

A

LOCATION

28
Q
  1. Scanning the Environment

State the FOUR (4) SOURCES under MACROENVIRONMENTAL SOURCES.

A

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

29
Q
  1. Scanning the Environment

State the SIX (6) SOURCES under MICROMARKET SOURCES.

A

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

30
Q
  1. Scanning the Environment

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

A

SCREENING THE OPPORTUNITY

31
Q
  1. Scanning the Environment

What are the FOUR (4) Important Elements in Compelling Opportunity?

A
  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
32
Q
  1. 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.

A

SEIZING THE OPPORTUNITY; INNOVATION

33
Q
  1. Scanning the Environment

WHAT ARE THE THREE TYPES OF INNOVATIONS ACCORDING TO THE DEGREE OF DISTINCTIVENESS?

A
  1. BREAKTHROUGH INNOVATIONS
  2. TECHNOLOGICAL INNOVATIONS
  3. ORDINARY INNOVATIONS
34
Q
  1. 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

A

TECHNOLOGICAL INNOVATIONS

35
Q
  1. Scanning the Environment

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

A

ORDINARY INNOVATIONS

36
Q
  1. 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

A

BREAKTHROUGH INNOVATIONS

37
Q
  1. Product or Service Planning and Development Process

What are the FOUR (4) Stages?

A
  1. IDEA STAGE
  2. CONCEPT STAGE
  3. PRODUCT DEVELOPMENT STAGE
  4. TEST MARKETING STAGE
38
Q
  1. 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.

A

IDEA STAGE

39
Q
  1. Product or Service Planning and Development Process

Of the FOUR (4) Stages, this when the developed idea will undergo a consumer acceptance test.

A

CONCEPT STAGE

40
Q
  1. 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.

A

PRODUCT DEVELOPMENT STAGE

41
Q
  1. 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.

A

TEST MARKETING STAGE

42
Q
  1. Scanning the Environment

Under MACROENVIRONMENTAL SOURCES, define STEEPLED.

A

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

ENTREPRENEURSHIP (2 decks)

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