Week 3

Question 1

necessary for survival or describes the most human requirements

Answer 1

needs

Question 2

are anything that a person desires to have, whether necessary or not

Answer 2

wants

Question 3

when do needs become wants?

Answer 3

when they are directed to specific objects that might satisfy the needs

Question 4

the absence of _____ will not cause any harmful physical effect

Answer 4

wants

Question 5

the absence of _____ will/ can cause any harmful physical effect

Answer 5

needs

Question 6

being denied of _____ can sometimes result in setbacks in self-fulfillment

Answer 6

want

Question 7

refer to the level of desire or need for a particular good or service

Answer 7

demands

Question 8

are more specific products backed by an ability to pay

Answer 8

demands

Question 9

They are both examples of the overall concept of demand, which refers to the level of desire or need for a particular good or service

Answer 9

wants and needs

Question 10

wants becomes a demand when?

Answer 10

when an increasing number of people acquire the purchasing power to buy them

Question 11

A business becomes _______ when it can continuously meet the needs and preferences of its target market

Answer 11

successful

Question 12

how to maintain the market’s demand stable?

Answer 12

entrepreneurs must always find creative and positive ways in order to maintain it

Question 13

is a process of carefully monitoring the environment before setting up a business

Answer 13

environmental scanning

Question 14

This is done to find out the possible opportunities and threats that may affect the business and it gives an entrepreneur the information he needs and offers a wider perspective for the business to grow.

Answer 14

environmental scanning

Question 15

It allows the entrepreneur to be aware of the important changes in the market before he makes a decision. It also gives him enough time to prepare for the upcoming change. This way, he will be able to avoid major disruptions in the business’s operations, which may otherwise happen if he is caught unprepared

Answer 15

environmental scanning

Question 16

Environmental scanning is done by ________

Answer 16

gathering information from customers, competitors and suppliers

Question 17

They are regarded as the king of the market

Answer 17

customers

Question 18

They are reliable persons who supply raw materials and required components to the company

Answer 18

suppliers

Question 19

These are companies/individuals in the same or similar industry and offer similar services or products

Answer 19

competitors

Question 20

is the answer of a person or organization to solve an identified problem or to meet perceived needs in the environment such as markets, community, etc.

Answer 20

business idea

Question 21

is when one thinks of something he wants as a business, something that is saleable and is needed in society.

Answer 21

business idea

Question 22

Business Ideas + Customers=

Answer 22

Business opportunity

Question 23

Whereas an _________ is based on what the prospective consumers want

Answer 23

opportunity

Question 24

It is an accepted fact that customers make the business, and there is no business without them. If you have an idea, find out what your customers desire. It is vital to know what potential customers need, and building products to meet those needs will get customers knocking at your door- that is a perfect business idea (different ways to find a Perfect Business Ideadifferent ways to find a Perfect Business Idea

Answer 24

understanding the customers

Question 25

It means having some interest in what you do (different ways to find a Perfect Business Idea)

Answer 25

passion

Question 26

the business has either direct or indirect completion. Some competitors are even ruthless; if the product one offers is similar to theirs but has a lower price, these competitors will lower their price to match or beat him. If these competitors are already established, they may be able to undercut the cost of their rival to drive him out of business. So think of a product or service that another stable company is not serving in your area (different ways to find a Perfect Business Idea)

Answer 26

know your competitors

Question 27

Many entrepreneurs enter the business world with great ideas, but with a very poor understanding of the capital, it will take to get their business venture off the ground. Too many businesses with great products fail because simple expenses like rent or utilities could not be covered (different ways to find a Perfect Business Idea)

Answer 27

funding

Question 28

is one who always searches for an opportunity

Answer 28

entrepreneur

Question 29

is an economic idea, which can be implemented to create a business enterprise and earn profits

Answer 29

business opportunity

Question 30

responds to unsatisfied needs or requirements of customers who can purchase and who are willing to buy (A good business opportunity has the following criteria)

Answer 30

real-demand

Question 31

provide acceptable returns or rewards for the risk and effort required (A good business opportunity has the following criteria)

Answer 31

return on investment

Question 32

be equal or better (from the customer's viewpoint) than other available products or services (A good business opportunity has the following criteria)

Answer 32

be competitive

Question 33

the entrepreneur is available to obtain the necessary resources (A good business opportunity has the following criteria)

Answer 33

availability of resources and skills

Question 34

It is a strategic planning method used to evaluate an enterprise's strengths, weaknesses, opportunities, and threats

Answer 34

SWOT Analysis

Question 35

are characteristics of the business that give an advantage and edge over the others in the same industry

Answer 35

Strengths

Question 36

are characteristics that post a disadvantage on the part of the firm as compared to others

Answer 36

Weaknesses

Question 37

are external chances that can yield greater profits and sales for the business

Answer 37

Opportunities

Question 38

are the external factors that can subject the business to conflicts and possible trouble

Answer 38

Threats

Question 39

Strengths and weaknesses of businesses are identified in the _______

Answer 39

internal business

Question 40

opportunities and threats are identified in the ______

Answer 40

external aspect