TLE 1st Quarter

Question 1

Those with the skills and capabilities to see and evaluate business opportunities.

Answer 1

Entrepreneurs

Question 2

Agents of economic change; they organize, manage, and assume risks of a business.

Answer 2

Entrepreneurs

Question 3

Both an art and science of converting business ideas into marketable products or services to improve the quality of living.

Answer 3

Entrepreneurship

Question 4

It is a managerial tool used to assess the environment. It is used to gather important information which is then used in strategic planning.

Answer 4

SWOT Analysis

Question 5

These are internal in an organization.

Answer 5

Strengths and Weaknesses

Question 6

These exist in the external environment.

Answer 6

Opportunities and Threats

Question 7

Working diligently and being consistent about it.

Answer 7

Hardworking

Question 8

Entrepreneurs have self-reliance in one’s ability and judgment. They exhibit self-confidence to cope with the risks of operating their own business.

Answer 8

Confident

Question 9

Successful entrepreneurs always stick to the plan and fight the temptation to do what is unimportant.

Answer 9

Disciplined

Question 10

Nothing is permanent but change. Change occurs frequently. When you own a business, you should cope with and thrive on changes. Capitalize on positive changes
to make your business grow.

Answer 10

Ability to accept change

Question 11

Successful entrepreneurs have the ability to think quickly and to make wise decisions towards a pre-determined set of objectives.

Answer 11

Sound Decision Maker

Question 12

An entrepreneur should be creative and innovative to stay in the business and in order to have an edge over the other competitors.

Answer 12

Creative

Question 13

You must put yourself in a position where you are responsible for the failure or success of your business.

Answer 13

Has the initiative

Question 14

Planning involves strategic thinking and goal setting to achieve objectives by carefully maximizing all the available resources.

Answer 14

Excellent Planner

Question 15

This is referring to a process of making a new product to be sold by a business or enterprise to its customers.

Answer 15

Product Development

Question 16

A well-developed interpersonal skill can make a huge difference
between success and failure of the business.

Answer 16

Possesses People Skills

Question 17

It should be based on given facts and information and lead towards the pre-determined objectives.

Answer 17

Sound Decision Maker

Question 18

This relate to the market, new technologies, and the external factors such as government policies, climate, and trends.

Answer 18

Opportunities

Question 19

This replace what the competitors are doing.

Answer 19

Threats

Question 20

It is the factor or consideration presented by a seller as the reason that one product or service is different from and better than that of the competition.

Answer 20

Unique Selling Proposition (USP)

Question 21

Good entrepreneurs assume full responsibility over their business. They give full commitment and solid dedication to make the business successful.

Answer 21

Committed

Question 22

This may involve modification of an existing product or its presentation, or formulation of an entirely new product that satisfies a newly-defined customer’s needs, wants and/or a marketplace.

Answer 22

Product Development

Question 23

This refers collectively to the entire process of identifying a market opportunity, creating a product to appeal to the identified market, and testing, modifying, and refining the product until it becomes ready for production.

Answer 23

Development

Question 24

These are essential to an individual to live with dignity and pride in a community.

Answer 24

Basic needs

Question 25

Refer to effective and efficient communication and establishing good relationship to the people working in and out of your business.

Answer 25

Possesses People Skills

Question 26

A good entrepreneur develops and follows the steps in the plans diligently to realize goals.

Answer 26

Excellent Planner

Question 27

It tells them what they can expect from your product or service and it differentiates your offerings from other competitors.

Answer 27

Branding

Question 28

These are desires, luxury and extravagance that signify wealth and expensive way of living.

Answer 28

Wants

Question 29

These are the basic indicators of the kind of business that you may engage in because it can serve as the measure of your success.

Answer 29

Needs and wants of people

Question 30

It entirely depends on the needs and wants of the customers.

Answer 30

Product Development

Question 31

It is a critical phase in the development of a product.

Answer 31

Concept Development

Question 32

A statement that is meaningful, impressive, and easy to remember to capture the essence of your brand.

Answer 32

Tagline

Question 33

It is a believable collection of the most persuasive reasons why people should notice you and take the action you’re asking for.

Answer 33

Value Proposition

Question 34

It is the introduction of something new in your product or service.

Answer 34

Innovation

Question 35

An entrepreneur enters the world of business to generate profit or additional income. The business shall become your bread and butter. Therefore, you must see to it that the business can generate income.

Answer 35

Profit-oriented

Question 36

A good entrepreneur knows that planning is an effective skill only when combined with action.

Answer 36

Excellent Planner

Question 37

Put yourself in the shoes of your customers.

Answer 37

Use empathy

Question 38

It is very important for you to understand and find out what drives and motivates your customers to buy your product or service.

Answer 38

Identify customer’s desires

Question 39

Information is very important in decision making. A competitive entrepreneur always improve their products or services to provide satisfaction and of course retention of customers.

Answer 39

Discover customer’s genuine reasons for buying the product

Question 40

It is a marketing practice of creating a name, a symbol or design that identifies and differentiates product or services from the rest.

Answer 40

Branding

Question 41

It gives you a major edge in increasingly competitive markets.

Answer 41

Effective Brand Strategy

Question 42

This implies further, that you offer something to your customers that will make them value your product or service.

Answer 42

Finding Value

Question 43

symbolic of your business and consistent with your tagline and displace it strategically.

Answer 43

Logo

Question 44

key message to communicate about your brand.

Answer 44

Brand message