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Entrepreneurship > Quiz 3 > Flashcards

Quiz 3 Flashcards

(55 cards)

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1
Q

Being coined as the “_______” in the business industry, entrepreneurs are equipped with a spirit of inquiry that will help them decide which products or services are most likely needed in the marketplace.

A

Entrepreneurial Opportunity Seeking

innovative opportunity seekers

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2
Q

The creation of an _______ leads to the identification of entrepreneurial opportunities, which in turn results in the opening of an entrepreneurial venture.

A

Entrepreneurial Ideas

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3
Q

entrepreneurial process of creating a new venture :

A

Creation of entrepreneurial Ideas

Identification of entrepreneurial Opportunities

Opening of entrepreneurial venture

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4
Q

These are the basic foundation that the entrepreneur must have in seeking opportunities

A

Essentials in entrepreneur’s opportunity-seeking

Entrepreneurial mind frame
Entrepreneurial heart flame
Entrepreneurial gut game

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5
Q

3 Essentials in entrepreneur’s opportunity-seeking

A
  1. Entrepreneurial mind frame
  2. Entrepreneurial heart flame
  3. Entrepreneurial gut game
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6
Q

This allows the entrepreneur to see things in a very positive and optimistic way in the midst of difficult situation. Being a risk-taker, an entrepreneur can find solutions when problems arise.

A
  1. Entrepreneurial mind frame
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7
Q

Entrepreneurs are driven by passion; they are attracted to discover satisfaction in the act and process of discovery. Passion is the great desire of an entrepreneur to achieve his/her goals.

A
  1. Entrepreneurial heart flame
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8
Q

This refers to the ability of the entrepreneur of being intuitive. This is also known as intuition. The gut game also means confidence in one’s self and the firm belief that everything you aspire can be reached.

A
  1. Entrepreneurial gut game
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9
Q

5 SOURCES OF OPPORTUNITIES

A
  1. Changes in the environment
  2. Technological discovery and advancement
  3. Government’s thrust, programs, and policies
  4. Consumer preferences and interest
    5.
    Past experiences
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10
Q

3 types of changes in the environment

A

Physical environmental sources
Societal or macroenvironmental sources
Industry or microenvironment sources

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11
Q

Entrepreneurial ideas arise when changes happen in the external environment. A person with an entrepreneurial drive views these changes positively.

A

Changes in the environment

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12
Q

refers to the physical environment, societal environment, and industry environment where the business operates. :
The Physical Environment
The Societal Environment
The Industry Environment

A

External environment

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13
Q

Consist of natural and man made components and are tangible, or material, objects and conditions that affects the business. These includes:

Climate
Natural Resources
Wildlife

A

Physical environmental sources

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14
Q

Physical environmental sources
Includes the 3

A

Climate
Natural Resources
Wildlife

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15
Q

the weather conditions

A

Climate

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16
Q

such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain

A

Natural resources

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17
Q

includes all mammals, birds, reptiles, fish, etc., that live in the wild.

A

Wildlife

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18
Q

Any enterprise, company, or organization is not alone in its business environment. It is always surrounded by an array of factors and forces that help in shaping opportunities but also pose present threats to the company.

A

Societal or macroenvironmental sources

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19
Q

Societal or macroenvironmental sources
It can includes 6 various forces like

A

Demographic
Economic

Socio-cultural
Technological
Ecological
Political and Legal

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20
Q

describe the characteristics of a population that can be used to influence the success of a business or commercial venture.

A

DEMOGRAPHIC

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21
Q

The most 4 important demographic factors for businesses include

A

age,
sex,
education level, and
occupation.

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22
Q

factors such as monetary and fiscal policies, interest rate, employment and inflation rate

A

ECONOMIC

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23
Q

consider the various social factors such asthe customs, lifestyles, religion, family, wealth and values that characterized a society which can change over a course of time

Study These Flashcards
A

SOCIO-CULTURAL

24
Q

SOCIO-CULTURAL consider the 6 various social factors such asthe

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A

customs,
lifestyles,
religion,
family,
wealth and
values

25
it includes new inventions and technology innovations under production techniques, information and communication resources, production, logistics, marketing, and e-commerce technologies
TECHNOLOGICAL
26
connected to actions and processes necessary to protect natural environment and in the same time maintain or increase efficiency of the business
ECOLOGICAL
27
includes all the laws, rules, and regulations that govern business practices as well as the permits, approvals, and licenses necessary to operate the business.
POLITICAL and LEGAL
28
These are internal sources that pertain to those factors that can be controlled by the management. It includes factors of resources available that affect individuals and businesses.
Industry or microenvironment sources
29
6 Industry or microenvironment sources
It includes the following: Customers Suppliers Resellers Competitors General Public Creditors
30
A person with entrepreneurial interest sees possibility of business opportunities in any new discovery or because of the use of latest or advance technology.
2. Technological discovery and advancement
31
The priorities, projects, programs, and policies of the government are also good sources of ideas.
3. Government’s thrust, programs, and policies
32
The interest, hobbies, and preferences of people are rich sources of entrepreneurial ideas. When products eventually become outdated, consumers’ changes in perception can subsequently kill sales
4. Consumer preferences and interest
33
The expertise and skills developed by a person who has worked in a particular field may lead to the opening of a related business enterprise.
5. Past experiences
34
It is also known as the “five forces of competition” or “porter’s five forces”.
FORCES OF COMPETITION MODEL
35
First described by ______ in his __________ which tells that an industry environment is a competitive environment and regardless of what product or services you have, competition is always present.
FORCES OF COMPETITION MODEL Michael Porter classic 1979 Harvard Business Review article
36
A Five Forces analysis can help companies assess industry attractiveness, how trends will affect industry competition, which industries a company should compete in—and how companies can position themselves for success
FORCES OF COMPETITION MODEL
37
it is an act or process of trying to get or win something
Competition
38
Five forces competing within the industry:
Buyers Potential new entrants Rivalry among existing firms Substitute products Suppliers
39
Threat of new entrants Bargaining power of buyers (Rivalry among existing competitors) Threat of substitute products or services Bargaining power of suppliers
PORTER'S FIVE FORCES
40
they are the ones that pay cash in exchange for your goods and services
buyers
41
they are the companies or businesses that have the ability to penetrate or enter into a particular industry
New Entrant
42
the one that serves the same purpose as another product in the market
substitute
43
is the state or situation wherein business organizations are competing with each other in a particular market.
rivalry
44
The one that provide something that is needed in business operations such as office supplies, raw materials and equipment.
suppliers
45
8 THREAT OF NEW ENTRANTS:
Barriers to entry Economies of scale Brand loyalty Capital requirements Cumulative experience Government policies Access to distribution channels. Switching costs
46
7 BARGAINING POWER OF BUYERS:
Number of customers Size of each customer order Differences between competitors Price sensitivity Buyer's ability to substitute Buyer's information availability. Switching costs
47
8 RIVALRY AMONG EXISTING COMPETITORS:
Number of competitors Diversity of competitors Industry concentration Industry growth Quality differences Brand loyalty Barriers to exit Switching costs
48
5 THREAT OF SUBSTITUTE PRODUCTS:
Number of substitute products available Buyer propensity to substitute Relative price performance of substitute Perceived level of product differentiation Switching costs
49
3 BARGAINING POWER OF SUPPLIERS:
Number and size of suppliers Uniqueness of each supplier's product Focal company's ability to substitute
50
If barriers to entry are low, new companies can easily enter the market, increasing competition and reducing profitability. If barriers are high, existing firms can enjoy a more secure position.
Threats of new entrants
51
If suppliers have high bargaining power, they can increase prices or reduce quality, squeezing the profitability of firms in the industry.
Bargaining power of suppliers
52
High bargaining power of buyers can force companies to lower prices, improve quality, or offer better services, which can decrease profitability for businesses in the market.
Bargaining power of buyers
53
High bargaining power of buyers can force companies to lower prices, improve quality, or offer better services, which can decrease profitability for businesses in the market.
Bargaining power of buyers
54
If substitutes are available and attractive to customers, businesses will face downward pressure on prices and reduced market share, affecting profitability.
Threats of substitute products
55
High rivalry leads to price wars, advertising battles, and innovation, which can erode profits and create instability in the industry.
Rivalry among existing competitors

Entrepreneurship (5 decks)

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