Entrepreneurship ENTR-122-LEC-1822S Grade 12 Kuya Piolo

Entrepreneurship ENTR-122-LEC-1822S
Week 1 to 10 Grade 12 Only

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As an organization, they developed products that are rich in design and user experience.
-Apple
Critical to determining attractiveness.
- Duration
The interaction with competitors is usually directly
-Antagonistic
Entrepreneurs believe in their own ability to control the consequences of their endeavor by
influencing their socio-economic environment rather than leave everything to luck.
-Locus of control
They may sell directly into the market but largely they need to be kept aligned to your strategy.
-Suppliers
The most important advantage of having core competencies is having this.
-Long-term competitive advantage
A certain amount of risk is involved in all entrepreneurial ventures, and growth is no different.
-Risk and rewards
Buy less, but are useful as in aggregate they may buy quite a lot.
- Minor customers
Truly think outside the box, stretch the limits, and are combinatorial in non-traditional ways.
-Opportunity Recognizers
Your skill at this is critical to your success.
-No correct answer
Your target market should be measurable, sufficiently large and
-reachable
There are those people in society whose ultimate goal is to go into business at some defined
point life no matter how attractive wage employment might seem.
-To fulfill a life-long ambition
A profile for a business would include such factors as customer size, number of employees,
type of products, and annual revenue.
-demographic
If I had asked people what they wanted, they would have said faster horses.
-Henry Ford
People who have already purchased your product.
- Existing Customers
In this type of market, individuals, groups or organizations that purchase your product or service for direct use in producing other products or
for use in their day-to-day operations
-industrial
This is not essential, but is normally a great help in thinking through the case for a new
business.
-A formal business plan
Entrepreneurs are always alert to opportunities.
-An eye for opportunity
To succeed as an entrepreneur, you must develop the ability to select and offer the right
products or services to your customers.
-. In a competitive market
Customer classification depending on profitability.
-Profit tiers
Which of these states the importance of core competencies?
- Both of the given choices are correct
Your biggest advocates who want to help you.
-All of the answers correct
If you ask people vague questions, you will also get __________ answers in response
- vague
When teaching the entrepreneurial side, which one should you focus on?
-. All of the answers are correct
Customers understand problems, but they cannot help you to move your product forward.
- Focusing only on customers
Outsourcing can give short term
-Competitive Advantage
His definition of entrepreneurship placed an emphasis on innovation.
-Joseph Schumpeter
Successful entrepreneurs always have the profit margin in sight and know that their business
success is measured by profits.
-. Focus on profits
Typically, anonymous and try to reach as many members of a target market as possible
-Surveys
People in your target market who are not currently looking for a solution.
-Target market users
The desire for status, enhanced appearance and more money are examples of this variable.
- Psychographic
What is/are the thing/s you need to know before you can sell to a potential customer?
If you know what makes them tick, you can serve them in the way they prefer.
-What makes them feel good about buying
Which of these questions will help you analyze the product or service from the customer's point
of view?
-What does the product achieve, avoid or preserve for the customer?
What are things you need to know about your customers?
-Both of the given choices are correct
Explicit statements from your market that declare, "I want a product to do X".
- Stated Needs
Entrepreneurs are the persons who take decisions under uncertainty and thus they are willing to
take risk, but they never gamble with the results.
-Risk bearing
Besides the inability to secure any type of employment this is the most basic reason for self-
employment.
-Need to improve personal income
Companies have systems in place to avoid this type of customers.
- Lead
It becomes difficult especially in a service environment where labor as well as time also has a
cost factor associated with it.
-Calculating cost per customer
Without developing a core competency, a company may be highly profitable.
-Only for a short period
Those who sell non-competing products and which generally help your sales.
-Complementors
The total cost associated with delivering goods or services to customers.
-Distribution cost
Attempt to get an understanding of a specific market segment by questioning eight to 12
members of that group to discover what psychographic and behavioristic factors might motivate
the entire group.
-Focus groups
In Entrepreneurship, you may become stressed. Why?
-. Both of the given choices are correct
Helps in growing branches of different businesses and then these businesses grow products as
fruit.
-Core competency trunk
To make a product successful, you must be.
It is critical to find a balance between prospects and customers to ensure that your future
revenue is protected, while still keeping existing customers happy.
-Focusing only on revenue
The act of utilizing the promotional mix
- Marketing Cost
Problems with yet undefined solutions.
-Silent Needs
If you have a retail outlet, you have the means of distributing a customer comment card or
-questionnaire
How many new businesses fail within 18 months of getting started?
-Three out of five
There are not enough employment opportunities in the formal sector. The small business sector
has the capacity to create many jobs.
-Inability to secure a desirable job
Entrepreneurs do not give in to failure. Rather, they seek out the faults and weakness and then correct them.
- Perseverance
If you know how your customers view your competition, you stand a much better chance of
staying ahead of your rivals.
-What they think about your competitors
7/10
This competencies are the collective learning of the organization, especially how to co-ordinate
the diverse production skill and integrate multiple stream of technologies
-core
Entrepreneurs have strong desire to achieve higher goals.
- Need to achieve
Core competencies play an important role in the process of advantage and we can identify them
using which of these tests?
- Does the trait provide a major competitive differentiation?
It will be capable of creating more value if it has identified its core competencies
-competency
An individual who works to fill job openings in businesses or organizations
-Recruiter
A reason a person to strike out on his or her own rather than work inside a larger company.
-Key motivator
Entrepreneurs most likely have a keen sense of what type of person is needed to fulfill a
position.
- Recruiter
The ability to do something successfully or efficiently
- competency
Core competencies play an important role in the process of
-advantage
Development of core competencies requires investment in this.
- All of the answers correct
Outsourcing can give short term
-Competitive Advantage
9/10
A person who helps others to acquire knowledge, competences or values

-Teacher
A two bladed sword if not handled properly
- outsourcing
Eager for knowledge
- Inquisitive
There are those people in society whose ultimate goal is to go into business at some
defined point life no matter how attractive wage employment might seem.
The ability to exert interpersonal influence by means of communication towards the
achievement of goals
- Leadership
Besides the inability to secure any type of employment this is the most basic reason for
self-employment.
- Need to improve personal income
Crucial for survival but does not confer any specific differential advantage over other
competitors in the industry.
-Core Competency
There are not enough employment opportunities in the formal sector. The small
business sector has the capacity to create many jobs.
Which of this is a personality of an entrepreneur?

Core capabilities are crucial for this
-survival
Entrepreneurs have many
-Possibilities
As an organization, they developed products that are rich in design and user
experience.
-Apple
The year Dr.C.K Prahalad and Prof. Gray Hamel coined core competency
-1989
Which of this is a job you can get with an Entrepreneurship degree?
Strategic intent provides a basis for__________ the goals of the organization
-stretching
Act as the glue that bind businesses together as well as pave the way for new business
development
-competences
Coined the term core competency in 1989.
- Both Dr.C.K Prahalad
Entrepreneurs are persistent and strongly believe that working hard will help them attain
their goals.
-An appetite for hard work
Adequate reward
- Profit
Being the leader of the enterprise, entrepreneurs should possess which of the following
characteristics:
Strategic Architecture requires the distillation of past and present data to answer which
of these questions.
Entrepreneurship is the career for you if you have this.
An intra company entrepreneur
-Intrapreneur
The ability to generate ideas
-Creativity
The ability to implement creative ideas
-Innovatineness
Their core competency is said to be content delivery, but they are now venturing into
original content creation too.
- Netflix
With entrepreneurial degrees are well suited for mid-level management
- Graduates
Which of these is a factor to consider before going into self-employment?
9/10
Involves innovation, risk taking, and decision-making
-Image
If your customers enjoy dealing with you, they are likely to buy more. In addition, you
can only tackle problems that customers have if you know what they are.
-What they think about you
Hopeful and confident about the future
-Ambitious
This budget will be much more cost effective if you promote to one type of customer and
speak directly to them
-promotional
Which of these questions do you need to ask before you make a final decision on a new
product or service offering?
Time spent with each customer is different
-therefore the cost is different
Which of these questions will help you analyze the product or service from the
customer's point of view?
- What does the product achieve, avoid or preserve for the customer?
products or services to your customers
-In a competitive market
If you know how your customers view your competition, you stand a much better chance
of staying ahead of your rivals.
To make a product successful, you must be
It becomes difficult especially in a service environment where labor as well as time also
has a cost factor associated with it.
A company in the same industry or a similar industry that offers a similar product or
service
- Competitor
6/10
Low profit but desirable customers

-think
Net profit is revenue less what costs?
-Sales costs
A company operating in several countries
-Multinational
Accomplishing an aim or purpose
-successful
A thought process or method used to generate creative ideas by exploring many
possible solutions.
-Divergent thinking
The degree to which a business or activity yields profit or financial gain

-Profitability
He coined convergent thinking.
- Joy Paul Guilford

Means to divide the marketplace into parts, or segments, which are definable,
accessible, actionable, and profitable and have a growth.
- Segmentation
Includes homes, schools, businesses, and government organizations.
- market for personal computers
Includes not just the people who regularly go there but also everybody who lives within
driving distance.
- market for personal computers
A party that supplies goods or services.
-Supplier
9/10 yung mali ata jan yung #5
Includes all the homes and commercial properties within a logical reach.
-market for downloadable e-books over the internet

What are the four P's of marketing?
-Product, price, place, promotion
The technical equipment or machinery needed for a particular activity or purpose
- apparatus
A name, term, design, symbol, or other feature that distinguishes an organization or
product from its rivals in the eyes of the customer
-Brand
Discovered the most important factor applied by the best companies was that they first
"got the right people on the bus and the wrong people off the bus."
-Jim Collins
Hear a person's need, and then share expertise in a personal way that is motivated
other than to help.
-Be interested, and respond
Figured as a percentage of the seller's cost
-Income
Reward your followers with something special and exclusive
- Have a payoff, and say thank you
The last portions of the M's of Production
-materials
Packaging refers to
Responsible for every element of your sales, marketing strategies, and activities
-People
8/10
The most successful companies pick a competitive position from which they know their
brands can win.
- No correct answer
__________ waste is the key to efficient and profitable production
- controlling
A target market description, value proposition and sales goals are conceived at this
time.
-Developing Market Strategy
This is the third M in the sequence
- machine
A party that supplies goods or services
-Revenue
This step provides the organization the ability to not only test the marketing, but also the
product.
-Test Market
People form their first impression within the first
-30 seconds
A limited list of important items or individuals: especially: a list of candidates for final
consideration
- Shortlist
A straightforward product design is essential
-Refine your design with simplicity in mind.
Creating a brand perception requires
-intrusion
8/10
When you are developing a name for a business, a product or a service, you have a
number of options. Which one in this list is an option?
Refers to the way your product or service appears from the outside
- Packaging
With enough frequency of the message, any name can become __________.
-memorable
Narrow the focus of the product by identifying who will be buying.
-Describe the targeted audience for the product
Offer a great opportunity to talk with a number of potential suppliers in the same place
at the same time
-Budgets
A person who writes the text of advertisements or publicity material
-advertisement
The drive train that gets us where we are going
-production
Where your product or service is actually sold.
-Place
The goal is developing an exchange. Force your opinion and you will end conversations
before they begin.
-Ask, do not tell
The overall effect of something
-impression
8/10
If __________ is not properly involved in the other four M's and it is sufficiently aware of
the process and the possible outcomes, the whole operation and even the problems
solution process could yield only mediocre to poor results
-management
Recognize that place goes beyond geographic location.
-Identify the place where the product will be marketed
A physical product is developed.
- Product Development
The beliefs or opinions that are generally held about someone or something.
- Reputation
Hear the conversation first, and then participate.
- Listen, do not just talk
A disruptive technology with the ability to revolutionize certain industries
-Exhibitions
At this stage, the product is available for purchase in the marketplace.
-Commercialize
Create a promotional strategy that features the product qualities as effectively as
possible.
- Define the promotional techniques that you will use for the product
Reflects the decrease in value of capital assets used to generate income
-Income
The engine that powers Auto Salvage yards
- sales
19/20
The entire size of the market for a product at a specific time.

-Market Potential
Entrepreneurs most likely have a keen sense of what type of person is needed to fulfill a
position.
-Recruiter
Entrepreneurs have many
- Personalities
A certain amount of risk is involved in all entrepreneurial ventures, and growth is no
different.
-Risk and rewards
The income that a business has from its normal business activities, usually from the
sale of goods and services to customers.
-Revenue
Strategic architecture is a
- roadmap
Created when such innovation results in new demand
-Wealth
Coined the term core competency in 1989.
-Both Dr.C.K Prahalad
Strategic Architecture requires the distillation of past and present data to answer which
of these questions.
-advantage
A person who is able to identify business opportunities and implement actions to
maximize on the opportunities
-Entrepreneur
Being an owner is the ultimate career in
-Capitalism
A situation in which an individual works for himself instead of working for an employer
that pays a salary or a wage.
- Self-employed
Crucial when beginning a new enterprise.
-Opportunity Recognition
A person who organizes and operates a business or businesses, taking on greater than
normal financial risks in order to do so.
-Entrepreneur
The ability to generate ideas
- Creativity
Core competencies play an important role in the process of advantage and we can
identify them using which of these tests?
-Does the trait cover a lot of business or is useful only for a single business unit?
Just because you can innovate, does not always mean that you should.
-Focusing only on innovation and the competition.
19/20
A source of input, but not the only source of input

-Customers
Crucial for survival but does not confer any specific differential advantage over other
competitors in the industry.
-Core Capabilities
-Netflix
- Innovatineness
During this stage, an entrepreneur must assess potential strategies and business
models as well as conduct market and economic analyses.
-Opportunity Assessment
Customers understand problems, but they cannot help you to move your product
forward.
-Focusing only on customers
A person whose job or task is to seek financial support for a charity, institution, or other
enterprise.
-Fund-raiser
Entrepreneurs believe in their own ability to control the consequences of their endeavor
by influencing their socio-economic environment rather than leave everything to luck.
- Locus of Control
An intra company entrepreneur
- Intrapreneur
Entrepreneurs must demonstrate this characteristic in order to cope with all the risks of
operating their own business.
-Self-confidence
The job of entrepreneur is not for
- Everyone
People who have not yet purchased your product but are considering it
-Prospects
This competencies are the collective learning of the organization, especially how to co-
ordinate the diverse production skill and integrate multiple stream of technologies
- core
Which of these is part of your market?
experience.
-Apple
Act as the glue that bind businesses together as well as pave the way for new business
development
-. competences
A new method, idea, product
-Opportunity
They need to know how to represent a company, manage accounts, and follow up on
leads.
-Sales
Truly think outside the box, stretch the limits, and are combinatorial in non-traditional
ways.
Core capabilities are crucial for this
-survival
19/20
The collective learning of the organization, especially how to co-ordinate the diverse
production skill and integrate multiple stream of technologies.
-Core Competencies
In entrepreneurship, your life may lack stability and
- Structure
self-employment.
-Need to improve personal income
business.
-. A formal business plan
Entrepreneurs enable citizens to survive comfortably without too much borrowing
-Self-reliance
-Joseph Schumpeter
Eager for knowledge
-Inquisitive
-outsourcing
-Recruiter
-Leadership
The year Dr.C.K Prahalad and Prof. Gray Hamel coined core competency
-1989
A set of circumstances that makes it possible to do something.
-. Opportunity
Latent qualities or abilities that may be developed and lead to future success or
usefulness
-Potential
- Leadership
Which of this is a job you can get with an Entrepreneurship degree?
-. Teacher
The activity or condition of competing
- Innovation
Entrepreneurs can choose the best way to do something, even if it is different from how
they want to do it.
-Ability to accept change
Eager for knowledge
- Inquisitive
18/20

-Exiting Customers
- Target market users
- An eye for opportunity
- Innovativeness
Strategic intent provides a basis for__________ the goals of the organization
-stretching
Enables you to concentrate on and solve your target market's problems.
-Outside-in approach
- Inability to secure a desirable job
Adequate reward
-Profit
The next stage towards developing the core competencies is to leverage the current
resources of the organization.
- Strategic Architecture
You need to have heart, are motivated and
- Driven
A situation in which people lie in wait to make a surprise attack
-Opportunity
In Entrepreneurship, you may become stressed. Why?
-You manage cash flow
During this phase, it is time to take advantage of the situation and execute all of the
great ideas and projections ascertained from the two prior phases.
-Opportunity Realization
- Outsourcing
To undertake
-Entreprendre
A reason a person to strike out on his or her own rather than work inside a larger
company.
-All of answers correct
-Recruiter
An entrepreneur may decide to offer a new product in a growth area rather than
pursuing sales of existing products that have minimum growth potential.
-Growth potential
15/20
products or services to your customers
most important thing you can do before deciding what to sell
- think
-Minor customers
-Complementors
When you determine your target audience
Entrepreneurs are capable of working for long hours and solving different complexities
at the same time.
-Make stress work for them
-Complementors
This thinking is often used in conjunction with its cognitive colleague, convergent
thinking, which follows a particular set of logical steps to arrive at one solution, which in
some cases is a 'correct' solution
- divergent
An amount that has to be paid or spent to buy or obtain something
-costs
Collecting answers are one bit, but the next bit comes in processing the answers to
qualify them and in prioritizing, them based on
-authenticity
-Segmentation
Attempt to get an understanding of a specific market segment by questioning eight to 12
members of that group to discover what psychographic and behavioristic factors might
motivate the entire group.
-Focus groups
They are like competitors but their products are not the same.
-Substitutors
Existing customers is no doubt a valuable exercise and can create preliminary
benchmarks, but the focus of this article is on surveying non-customers, or people you
may not immediately be able to access
-surveying
Your target market should be measurable, sufficiently large and __________.
-reachable
Companies would always give the best service and other benefits to this type of
customers.
They may sell directly into the market but largely they need to be kept aligned to your
strategy.
- Suppliers
-no correct answer
The amount of money that a company actually receives during a specific period,
including discounts and deductions for returned merchandise
- costs
It is at the center of every successful business.
ENTREP 122 Week 20 QE 45/50
Designed to meet the company's marketing objectives by providing its customers with
value.
Answer:
Marketing Strategy
Question 2
Include cash, accounts receivable, inventory and equipment.
Select one:
a. Expenses
b. Liabilities
c. Assets ✔ ✔ ✔
d. All of the answers correct
Question 3
The income statement is designed to convert the accrual basis of accounting used to
prepare the income statement and balance sheet back to a cash basis.
Select one:
a. False ✔ ✔ ✔
b. True
Manpower is fundamental in establishing the proper policies, leadership, clear
guidelines, work discipline, effective solution methods plus the proper work culture.
Select one:
a. True
b. False ✔ ✔ ✔
The balance sheet provides a snapshot of the business's assets, liabilities and owner's
equity for a given time.
Select one:
a. True ✔ ✔ ✔
b. False
A low-cost vendor is your best bet.
Select one:
a. True ✔ ✔ ✔
b. False
Your inability to select, recruit, hire and retain the proper people, with the skills and
abilities to do the job you need to have done, is more important than everything else put
together.
Select one:
a. False ✔ ✔ ✔
b. True
The marketing mix can be divided into four groups of variables commonly known as the
four P's.
Select one:
a. False
b. True ✔ ✔ ✔
By definition, financial projections are estimates of the future financial performance of a
business.
Select one:
a. False
b. True ✔ ✔ ✔
What you plan to sell, and what will convince people to buy.
Select one:
a. Operating model
b. Gross margin model
c. Working capital model
d. Revenue model ✔ ✔ ✔
To succeed, you need to know this about your brand.
Answer:
Perception
The best suppliers will want to talk with you regularly to find out what needs you have
and how they can serve you better.
Select one:
a. True ✔ ✔ ✔
b. False
Includes all the costs related to the sale of products in inventory.
Select one:
a. Income
b. Cost of goods ✔ ✔ ✔
c. Gross profit margin
d. Operating expenses
Reward your followers with something special and exclusive
Select one:
a. Be interesting, and give
b. Ask, do not tell
c. Be interested, and respond
d. Have a payoff, and say thank you ✔ ✔ ✔
If you need to choose a great brand name for your product, service or business, start by
considering the importance of the name in this.
Answer:
Branding efforts
All material needed to clean and package are always available and are placed to
minimize effort.
Select one:
a. False
b. True ✔ ✔ ✔
Most customers think of you in terms of a single attribute, either positive or negative.
Answer:
Attribution Theory
A credit check will help reassure you that they will not go out of business when you
need them most.
Select one:
a. False
b. True ✔ ✔ ✔
A series of steps that includes the conceptualization, design, development and
marketing of brand new or nearly branded products or services.
Answer:
Product Development
The Fourth P in the marketing mix is the place where your product or service is actually
sold.
Select one:
a. False
b. True ✔ ✔ ✔
A bookkeeper must meet with department supervisors and other managers to discuss
budget needs and inventory demands.
Select one:
a. Administration
b. Office Communication ✔ ✔ ✔
c. All of the answers correct
d. Accounting
The technical equipment or machinery needed for a particular activity or purpose.
Answer:
Apparatus
Recognize that place goes beyond geographic location.
Select one:
a. Define the promotional techniques that you will use for the product
b. Describe the targeted audience for the product
c. Identify the place where the product will be marketed ✔ ✔ ✔
d. Define the Unique Selling Proposition (USP) for the company.
A document that records a business dealing.
Answer:
Business record
The set of controllable, tactical marketing tools that a company uses to produce a
desired response from its target market.
Answer:
Marketing Mix
A stock or any other security representing an ownership interest.
Answer:
Equity
The process of assessing the viability of a new good or service through research
conducted directly with the consumer that allows a company to discover the target
market and record opinions and other input from consumers regarding interest in the
product.
Answer:
Market Research
Protects the business in the event of litigation.
Select one:
a. Liability insurance ✔ ✔ ✔
b. Financial plan
c. Business plan
d. Balance sheet
Hear the conversation first, and then participate.
Select one:
a. Listen, do not just talk ✔ ✔ ✔
b. Ask, do not tell
c. Be real, and have a story
d. Be interesting, and give
This figure represents the amount of income earned by the business before paying
taxes.
Select one:
a. Net profit before taxes ✔ ✔ ✔
b. Costs of goods sold
c. Operating expenses
d. Net profit after taxes
The goal is developing an exchange. Force your opinion and you will end conversations
before they begin.
Select one:
a. Be interesting, and give
b. Ask, do not tell ✔ ✔ ✔
c. Be real, and have a story
d. Listen, do not just talk
Designed to meet the company’s marketing objectives by providing its customers with
value.
Answer:
Marketing Strategy
Most customers think of you in terms of a single attribute, either positive or negative.
Answer:
Attribution Theory
The most successful companies pick this from which they know their brands can win.
Answer:
Competitive Position
A good, idea, method, information, object or service created as a result of a process
and serves a need or satisfies a want.
Select one:
a. Income
b. Product ✔ ✔ ✔
c. Branding
d. Place
Add to the conversation by offering up whatever knowledge you have.
Select one:
a. Ask, do not tell
b. Be interesting, and give ✔ ✔ ✔
c. Listen, do not just talk
d. Be real, and have a story
Provides a snapshot of the business's assets, liabilities and owner's equity for a given
time.
Answer:
Balance Sheet
After you choose your great brand name, you can create your logo and this.
Answer:
Corporate Identity
Includes all the ways you tell your customers about your products or services and how
you then market and sell to them
Select one:
a. Advertisement
b. Production
c. Convergent
d. Promotion ✔ ✔ ✔
Refers to method companies use to price their products or services.
Answer:
Pricing
Things that change based on the amount of product being made and are incurred as a
direct result of producing the product.
Answer:
Variable Cost
A specific, defined series of activities used in marketing a new or changed product or
service, or in using new marketing channels and methods.
Answer:
Marketing Campaign
A straightforward product design is essential.
Select one:
a. False
b. True ✔ ✔ ✔
It is important to develop this before you start the naming process.
Answer:
Brand Strategy
Shows the company's real bottom line.
Select one:
a. Income
b. Net profit after taxes ✔ ✔ ✔
c. Operating expenses
d. Cost of goods
The marketing of goods or services by means of telephone calls, typically unsolicited, to
potential customers.
Answer:
Telemarketing
Fundamental in establishing the proper policies, leadership, clear guidelines, work
discipline, effective solution methods plus the proper work culture.
Answer:
Management
A written report of the financial condition of a firm.
Answer:
Financial Statement
Designed to convert the accrual basis of accounting used to prepare the income
statement and balance sheet back to a cash basis.
Answer:
Cash-flow Statement
The investigation of the needs and opinions of consumers, especially with regard to a
particular product or service.
Answer:
Market Research
Entre
L.A 3-9/10
1.)Narrow the focus of the product by identifying who will be buying.
Select one: Describe the targeted audience for the product
2.)Take the time to describe the specific value and qualities of the product.
Select one:Define the product in detail
3.)The first visceral connection the consumer makes with the brand
Select one:logo
4.)A disruptive technology with the ability to revolutionize certain industries
Select one: internet
5.)Hear the conversation first, and then participate.
Select one: Listen, do not just talk
6.)A name, term, design, symbol, or other feature that distinguishes an organization or
product from its rivals in the eyes of the customer
Select one:Brand
7.)Includes all the ways you tell your customers about your products or services and
how you then market and sell to them
Select one:Promotion\
8.)People form their first impression within the first
Select one:30 seconds
9.)Offer a great opportunity to talk with a number of potential suppliers in the same
place at the same time
Select one:Shortlist
10.)Add to the conversation by offering up whatever knowledge you have.
Select one:Be interesting, and give
ENTR-122-20172S / ► Weeks 5-6: Analyze the Market Need / ► Short Quiz 001 18/20
Advantage
The income that a business has from its normal business activities, usually from the
sale of goods and services to customers.
Revenue
Joseph Schumpeter
Target market users
One of the best things about pursuing a career as an entrepreneur is the wide-open
Possibilities
business.
A formal business plan
Three out of five
During this phase, it is time to take advantage of the situation and execute all of the
great ideas and projections ascertained from the two prior phases.
Opportunity Realization
forward.
Focusing only on innovation and the competition
Eager for knowledge
Inquisitive
Entrepreneur
An entrepreneur may decide to offer a new product in a growth area rather than
pursuing sales of existing products that have minimum growth potential.
Growth potential
Leadership
Competency
Teacher
A source of input, but not the only source of input
Customers
Duration
To undertake
Entreprendre
Outsourcing
An eye for opportunity
Market Potential will enable you to more accurately assess this.
ENTR-122-20172S / ► Week 7: Customer Profitability Analysis / ► Learning Activity

002 8/10
customers.
Gold
Iron
Supplier
Most profitable customers
Platinum
Unprofitable and undesirable customers
Lead
Extend the application of a method or conclusion
Extrapolate
Understanding customer needs
What they think about your competitors
market for a landscaping business
Calculating cost per customer
ENTR-122-20172S / ► Week 3: Career Opportunities / ► Learning Activity 001 / ►

9/10
Capitalism
Entrepreneur
leads.
Sales
Creativity
Driven
Eager for knowledge
Inquisitive
Everyone
All of the answers correct
Possibilities
Three out of five
9/10
Capitalism
-Entrepreneur
leads.
-Sales
-Creativity
-Driven
Eager for knowledge
-Inquisitive
-Everyone
-Possibilities
-Three out of five
self-employment.
-c. Need to improve personal income
With entrepreneurial degrees are well suited for mid-level management
-Graduates
This is not essential, but is normally a great help in thinking through the case for a new business
-b. A formal business plan
-c. All of the answers correct
-c. Three out of five
Entrepreneurs most likely have a keen sense of what type of person is needed to fulfill a position.
-Recruiter
The possibilities in entrepreneurship are
-Endless
-d. All of the answers correc
There are not enough employment opportunities in the formal sector. The small business sector has
the capacity to create many jobs.
-c. Inability to secure a desirable job
-c. An eye for opportunity
The activity or condition of competing

-Competition
ways.
Act as the glue that bind businesses together as well as pave the way for new
business development
-competences
This competencies are the collective learning of the organization, especially how to co-
ordinate the diverse production skill and integrate multiple stream of technologies
-core
Entrepreneurs believe in their own ability to control the consequences of their
endeavor by influencing their socio-economic environment rather than leave everything
to luck.
-Locus of Control
When teaching the entrepreneurial side, which one should you focus on?
Entrepreneurs are persistent and strongly believe that working hard will help them
attain their goals.
-An appetite for hard work
During this stage, an entrepreneur must assess potential strategies and business
models as well as conduct market and economic analyses.
-Opportunity Assessment
Eager for knowledge
-Inquisitive
The collective learning of the organization, especially how to co-ordinate the diverse
production skill and integrate multiple stream of technologies.
-Core Competencies
leads.
-Sales
A person whose job or task is to seek financial support for a charity, institution, or other
enterprise.
-Fund-raiser
-Henry Ford
Created when such innovation results in new demand
-Wealth
Entrepreneurs can choose the best way to do something, even if it is different from how
they want to do it.
-Ability to accept change
-Innovatineness
Having or showing a strong desire and determination to succeed
-Optimistic
The degree to which a business or activity yields profit or financial gain
-Profitability
The state or condition of yielding a financial profit or gain
-profitable
-think
Extend the application of a method or conclusion
-Extrapolate
If you know how your customers view your competition, you stand a much better
chance of staying ahead of your rivals.
Desirable and measurable outcome or result from an action, investment, project,
resource, or technology
-Benefit
-therefore the cost is different
A financial benefit that is realized when the amount of revenue gained from a business
activity exceeds the expenses, costs and taxes needed to sustain the activity
-profit
-Segmentation
Includes everyone connected to the web.
-market for downloadable e-books over the internet
Accomplishing an aim or purpose
-successful
Profitable customers
-Gold
To make a product successful, you must be
-Lead
-Supplier
-Sales costs
Includes homes, schools, businesses, and government organizations.
-market for personal computers
To succeed as an entrepreneur, you must develop the ability to select and offer the
right products or services to your customers
A company in the same industry or a similar industry that offers a similar product or
Service
-Competitor
Which of these questions do you need to ask before you make a final decision on a
new product or service offering?
Most profitable customers
-Platinum
A company operating in several countries
-Multinational
Those who have products and services similar to you and where customers who are
buying something will compare your offerings and
prices directly, weighing one up against the other.
-Competitors
Those who have products and services similar to you and where customers who are
buying something will compare your offerings and
prices directly, weighing one up against the other.
-Competitors
Typically, anonymous and try to reach as many members of a target market as
Possible
-surveys
They are like competitors but their products are not the same.
-Substitutors
Includes not just the people who regularly go there but also everybody who lives within
driving distance.
-market of a local movie theater or restaurant
Any group of actual or potential buyers of a product.
-Market
-Supplier
For a product or service to succeed, it must be the right product being sold
-market for a landscaping business
Which of these questions do you need to ask before you make a final decision on a
new product or service offering?
A series of interviews of people in your target market.
-Market Validation
-Iron
An overriding issue in target market selection
-profitability
-Complementors
Attempt to get an understanding of a specific market segment by questioning eight to
12 members of that group to discover what psychographic and behavioristic factors
might motivate the entire group.
-Focus groups
A thing that is accepted as true or as certain to happen, without proof.
-Assumption
In this type of market, individuals, groups or organizations that purchase your product
or service for direct use in producing other products or for use in their day-to-day
operations
-industrial
The process of assessing the viability of a new good or service through research
conducted directly with the consumer that allows a company to discover the target
market and record opinions and other input from consumers regarding interest in the
product.
-Market Research
A thought process or method used to generate creative ideas by exploring many
possible solutions.
-Divergent thinking
Existing customers is no doubt a valuable exercise and can create preliminary
benchmarks, but the focus of this article is on surveying non-customers, or people you
may not immediately be able to access
-surveying
Your biggest advocates who want to help you.
-Your respondents
Desirable and measurable outcome or result from an action, investment, project,
resource, or technology
-Benefit
-think
A commonly used geographic segmentation variable that affects industries such as
heating and air conditioning, sporting equipment, lawn equipment and building
materials
-climate
The ability to give the correct answer to standard questions that do not require
significant creativity.
-Convergent thinking
A characteristic of a product/service that automatically comes with it
-feature
Which of the following should be a characteristic of your market?
customers.
This thinking is often used in conjunction with its cognitive colleague, convergent
thinking, which follows a particular set of logical steps to arrive at one solution, which in
some cases is a 'correct' solution
-divergent
How do you get started using a survey and a targeted audience to make smart
decisions?
A valuable exercise and can create preliminary benchmarks.
-Surveying existing customers
strategy.
-Suppliers
Ideally face to face, where you are still trying to understand the target audience and
how real the pain point is.
-interview
-Minor customers
A pro
ile for a business would include such factors as
customer size, number of employees, type of products, and annual revenue.
-demographic pro
Typically, anonymous and try to reach as many members of a target
market as possible
-Surveys
-Target market users
business.
-A formal business plan
Entrepreneurs have strong desire to achieve higher goals.
-Need to achieve
-Netflix
Enables you to concentrate on and solve your target market's problems.
-Outside-in approach
right products or services to your customers.
-a. In a competitive market
The total cost associated with delivering goods or services to customers.
-Marketing Cost
The act of utilizing the promotional mix
-Process of promotion
Entrepreneurs most likely have a keen sense of what type of person is needed to fulfill
a position.
-Recruiter
Entrepreneurs must demonstrate this characteristic in order to cope with all the risks of
operating their own business.
-Self-confidence
-Three out of five
-If your customers enjoy dealing with you, they are likely to buy more. In addition, you
To make a product successful, you must be.
If you have a retail outlet, you have the means of distributing a customer
comment card or
-questionnaire
forward.
-Focusing only on customers
Explicit statements from your market that declare, "I want a product to do X".
-a. Stated Needs
ways.
-Lead
Problems with yet undefined solutions.
-d. Silent Needs
A certain amount of risk is involved in all entrepreneurial ventures, and growth is no
different.
-Risk and rewards
strategy.
-Suppliers
experience.
-Apple
It is critical to find a balance between prospects and customers to ensure that your
future revenue is protected, while still keeping existing customers happy.
-d. Focusing only on revenue
customers.
-Gold
Your target market should be measurable, sufficiently large and
-reachable
Entrepreneurs are the persons who take decisions under uncertainty and thus they are
willing to take risk, but they never gamble with the results.
-Risk bearing
Entrepreneurs believe in their own ability to control the consequences of their
endeavor by influencing their socio-economic environment rather than leave everything
to luck.
-Locus of control
Your skill at this is critical to your success.
-No correct answer
-Existing Customers
-Joseph Schumpeter
The interaction with competitors is usually directly
-Antagonistic
-Who the customer's current supplier is
-Complementors
-Henry Ford
The desire for status, enhanced appearance and more money are
examples of this variable.

-psychographic v
-Duration
Successful entrepreneurs always have the profit margin in sight and know that their
business success is measured by profits.
-Focus on profits
If you know how your customers view your competition, you stand a much better
chance of staying ahead of your rivals.
Attempt to get an understanding of a specific market segment by questioning eight to
12 members of that group to discover what psychographic and behavioristic factors
might motivate the entire group.
-Focus groups
Created by Kuya Piolo

Copyright Kuya Piolo

Entrepreneurship ENTR-122-LEC-1822S Grade 12 Kuya Piolo

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Entrepreneurship ENTR-122-LEC-1822S

Week 1 to 10 Grade 12 Only

A person who helps others to acquire knowledge, competences or values

Which of this is a personality of an entrepreneur?

Low profit but desirable customers

The degree to which a business or activity yields profit or financial gain

What are things you need to know about your customers?

-market for downloadable e-books over the internet

The entire size of the market for a product at a specific time.

A source of input, but not the only source of input

People who have already purchased your product.

ENTR-122-20172S / ► Week 7: Customer Profitability Analysis / ► Learning Activity

ENTR-122-20172S / ► Week 3: Career Opportunities / ► Learning Activity 001 / ►

The activity or condition of competing

examples of this variable.

Created by Kuya Piolo

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