Business Management and Entrepreneurship Basics

Strengths, Weaknesses, Opportunities, Threats

The emergence of an opportunity, the time window of an opportunity, and the recognition of an opportunity.

An entrepreneur turns an opportunity into a business venture by identifying, evaluating selecting and developing it.

<p>Baby Einstein</p> Signup and view all the answers

<p>True</p> Signup and view all the answers

<p>Key Partners, Key Activities, Value Propositions, Customer Relationships, Customer Segments, Channels, Revenue Streams, Key Resources, and Cost Structure.</p> Signup and view all the answers

<p>Sole proprietorship, partnership, company, and co-operatives.</p> Signup and view all the answers

<p>A sole proprietorship is owned and managed by a single person while a company is a separate legal entity with its own set of shareholders, directors, and management.</p> Signup and view all the answers

<p>The number of owners (1 vs. 2 or more), the liability for business debts, and the duration of business.</p> Signup and view all the answers

<p>Approval and licensing, employment policies and legislations, and taxation.</p> Signup and view all the answers

<p>Quality management is the process of ensuring that products and services consistently meet customer expectations and requirements.</p> Signup and view all the answers

<p>Customer Focus, Leadership, Engagement of People, Process Approach, System Approach to Management, Continuous Improvement, Evidence-based Decision Making, and Relationship Management.</p> Signup and view all the answers

<p>Entrepreneurial motivation refers to the passion and drive that fuels an individual to pursue entrepreneurial opportunities and achieve business goals.</p> Signup and view all the answers

<p>True</p> Signup and view all the answers

<p>Personal Entrepreneurial Competencies (PECs) are the skills and attributes that successful entrepreneurs possess to effectively execute their entrepreneurial venture.</p> Signup and view all the answers

<p>Initiative, Sees and Acts on Opportunities, Business Opportunities, Persistence, Hard Work, Information Seeking, Maintaining High Quality Work, Taking Personal Pains on Contract, Commitment to Work Complete, Efficiency Orientation, Systematic Planning, Problem Solving, Self-Confidence, Assertiveness, and Persuasion.</p> Signup and view all the answers

<p>Incremental innovation is about making gradual improvements to existing products or processes, while radical innovation involves a complete shift in the value proposition, creating entirely new products or services.</p> Signup and view all the answers

<p>Extension, Duplication and Synthesis.</p> Signup and view all the answers

<p>A business plan outlines the strategic direction, operational plan, financial forecasts, and marketing strategies for the venture.</p> Signup and view all the answers

<p>Entrepreneurs, investors, financial institutions, government agencies, and other relevant parties.</p> Signup and view all the answers

<p>Market, operation, and finance.</p> Signup and view all the answers

<p>Business vision, mission, and objectives, organization structure, and administration budget.</p> Signup and view all the answers

<p>Specific, Measurable, Achievable, Realistic, and Time-bound.</p> Signup and view all the answers

<p>Product or Service Offered, Target Market, Market Trend, Size and Share, and Competition.</p> Signup and view all the answers

<p>Demographic, Psychographic, Geographic, and Buying Behaviour.</p> Signup and view all the answers

<p>Product, Price, Place, and Promotion.</p> Signup and view all the answers

<p>Cost-based pricing, Value-based pricing, Competition-based pricing, Other pricing strategies, and Place or Distribution Strategy.</p> Signup and view all the answers

<p>Operations management is a set of activities that transforms inputs into outputs, ensuring efficient and effective production of goods and services.</p> Signup and view all the answers

<p>Project implementation cost schedule, Pro-forma cash flow, and Pro-forma income statement.</p> Signup and view all the answers

<p>ICT refers to technologies that enable the creation, access, transformation, and use of information by various users.</p> Signup and view all the answers

<p>Accuracy in business planning, Effective marketing, Higher global sales, Systematic management, and Provide real-time monitoring.</p> Signup and view all the answers

<p>Facebook, Instagram, and LinkedIn.</p> Signup and view all the answers

<p>An entrepreneur is an individual who embarks to do a job.</p> Signup and view all the answers

<p>An entrepreneur can affect the economic future of Malaysia by increasing cash flow, creating future investment, increasing economic growth, and creating new jobs.</p> Signup and view all the answers

<p>The steps are: repentance, temptation, obstacles, and motivation.</p> Signup and view all the answers

<p>True</p> Signup and view all the answers

<p>PECs are the key behavioral competency that should be possessed by successful entrepreneurs in order to perform entrepreneurial functions effectively.</p> Signup and view all the answers

<p>Creativity and innovation.</p> Signup and view all the answers

<p>Innovation helps entrepreneurs to survive for a long run, to keep growing, to make profit and to be able to sustain their business as well as unable to survive for the future.</p> Signup and view all the answers

<p>The sources are: customers, unexpected sources, incongruity, changes in industry or market, demographic changes, customers’ perception, new knowledge and scientific and non-scientific knowledge.</p> Signup and view all the answers

<p>The types are: extension, duplication and synthesis.</p> Signup and view all the answers

<p>A business opportunity is a situation that enables an entrepreneur to offer products or services to interested or potential buyers or end users.</p> Signup and view all the answers

<p>The steps are: identifying opportunity, evaluating opportunity, and selecting opportunity.</p> Signup and view all the answers

<p>SWOT analysis is a structured planning which evaluates four aspects of an organization, project or even a business venture.</p> Signup and view all the answers

<p>Business Model Canvas is one of the tools that summarises the whole business plan in one page.</p> Signup and view all the answers

<p>The types of business formation are: starting from scratch, buying an existing business and acquiring a franchise.</p> Signup and view all the answers

<p>Each business formation has it's own set of advantages and disadvantages. Starting from scratch allows the entrepreneur to choose the preferred form, while buying an existing business provides existing track record and customers. Acquiring a franchise reduces business risks and provides guidance from the franchisor.</p> Signup and view all the answers

<p>An entrepreneur has three options for business formation: starting from scratch, buying an existing business, and acquiring a franchise.</p> Signup and view all the answers

<p>Buying an existing business provides an existing track record, customers, and a built-in market presence. It can save time and resources in the initial stages of establishing a business.</p> Signup and view all the answers

<p>For the franchisor, it helps to generate revenue without having to invest capital. For the franchisee, it reduces business risks and provides guidance from the franchisor.</p> Signup and view all the answers

<p>The common business entities are: sole proprietorship, partnership, limited company, private limited company, public limited company, foreign limited company and unlimited company.</p> Signup and view all the answers

<p>A sole proprietorship is easy to set up but has unlimited liability. A partnership has more capital and resources but can be challenging to manage.</p> Signup and view all the answers

<p>A sole proprietorship is owned and managed by a single person or a group of individual owner/managers.</p> Signup and view all the answers

<p>The process can be initiated by a creditor, owner, or shareholder. The company is then liquidated and the assets are distributed to the creditors and the remaining to shareholders.</p> Signup and view all the answers

<p>Business regulations are a need of a business. These regulations ensure that business is conducted in a lawful and ethical manner. These regulations are the law or rules prescribed by the authority that governs business organisations.</p> Signup and view all the answers

<p>Business support systems are divided into two parts: business regulations and business support system. This system offers assistance and support to entrepreneurs in starting up their business and ensuring its growth.</p> Signup and view all the answers

<p>The objectives of preparing a business plan are to evaluate the viability of the proposed business, to plan resources and allocate them appropriately, to apply for business financing, to use as a guideline for the plan, and to meet business objectives in a volatile business environment.</p> Signup and view all the answers

<p>The main body of a business plan includes: introduction, purpose, business background, business opportunities, owners’/partners’ background, marketing plan, operation plan, financial plan and conclusion.</p> Signup and view all the answers

<p>The steps includes: define business vision, mission and objectives, develop an organisation chart, identify administration personnel, prepare schedule of tasks and responsibilities, developing a schedule of remuneration, determine office furniture and fittings, develop administration budget and present administration budget.</p> Signup and view all the answers

<p>A leader in green technology products and commitment to product innovation.</p> Signup and view all the answers

<p>The duties and responsibilities of a managing director are to ensure that the company's operations and outputs align with the sales forecast, to motivate and guide staff, and to make strategic decisions for the company's future.</p> Signup and view all the answers

<p>The organization structure would depend on the specific size and scope of the business.</p> Signup and view all the answers

<p>A marketing plan outlines a company's marketing mix strategy that outlines its target market, customer needs, marketing goals, and how to reach those customers.</p> Signup and view all the answers

<p>The components are: product or service, target market, market segmentation, market trend, size, and share, competition, sales forecast, marketing strategies.</p> Signup and view all the answers

<p>The steps include: product or service, target market, market trend, size and share, competition, sales forecast, marketing strategies and prepare marketing budget.</p> Signup and view all the answers

<p>A marketing plan is a dynamic document that requires constant adaptation and refinement.</p> Signup and view all the answers

<p>Operation management in business refers to a set of activities that transform inputs into outputs.</p> Signup and view all the answers

<p>The operations plan deals with the efficient and effective utilization of resources to achieve smooth flow of producing output.</p> Signup and view all the answers

<p>An operations plan is a detailed document that outlines the steps required for efficient and effective operation management. It should be based on the specific needs and requirements of the business.</p> Signup and view all the answers

<p>ambience</p> Signup and view all the answers

<p>A pizza restaurant layout should consider factors such as the flow of customers, the efficient placement of equipment, and the overall atmosphere</p> Signup and view all the answers

<p>Financial plan is essential for business. It helps to evaluate the viability of business ideas by providing estimation of profit and loss, financial planning, and making decisions on the source of financing.</p> Signup and view all the answers

<p>The steps include: gather financial inputs, project implementation cost schedule, source of finance, loan amortization schedule, pro forma cash flow statement, pro forma income statement, pro forma balance sheet, financial analysis and prepare financial budgets.</p> Signup and view all the answers

<p>Internal financing refers to funding from the entrepreneur’s own contribution or the company's operating profit. External financing refers to funding from external sources like banks or investors.</p> Signup and view all the answers

<p>There are four components in a cash flow statement: cash inflow, cash outflow, cash surplus or deficit and ending cash balance.</p> Signup and view all the answers

<p>ICT refers to technologies which allow the creation, access and manipulation of information by users. It is a combination of information technology, telecommunications, and broadcasting technology in terms of creating and utilizing systems and software.</p> Signup and view all the answers

<p>Electronic commerce is the buying and selling, marketing, delivery and payment are conducted electronically.</p> Signup and view all the answers

<p>Various social media platforms are available for businesses today, such as Facebook, Instagram, Twitter, Linkedin.</p> Signup and view all the answers

<p>Quality management is the process to ensure the product or services meet the customer's needs and requirements.</p> Signup and view all the answers

<p>Total quality management (TQM) is a management philosophy that emphasizes continuous improvement and customer satisfaction. Eight TQM principles are: customer focus, leadership, engagement of people, process approach, system approach to management, continuous improvement, evidence-based decision making, relationship management.</p> Signup and view all the answers

<p>True</p> Signup and view all the answers

<p>Customer focus, leadership, engagement of people, process approach, system approach to management, continuous improvement, evidence-based decision making, and relationship management.</p> Signup and view all the answers

<p>Quality is key for a business. It helps to reduce cost, raise profits, increase customer satisfaction and increase profits.</p> Signup and view all the answers

<p>To outline the strategic direction and operational goals of a business</p> Signup and view all the answers

<p>An approach emphasizing continuous quality improvement across the organization</p> Signup and view all the answers

<p>The potential risks and rewards of a business idea</p> Signup and view all the answers

<p>Identifying distinct groups of consumers with similar needs</p> Signup and view all the answers

<p>Completely new ideas that disrupt existing markets</p> Signup and view all the answers

<p>Innovation in entrepreneurship is important for entrepreneurs to survive for a long run, to keep growing, to make profit and to be able to sustain their business as well as unable to survive for the future. Entrepreneurs will explore further. Entrepreneurs should always hunt for new ideas in order to be creative and transform the creative ideas as products, services or processes as part of innovative effort.</p> Signup and view all the answers

<p>The process of selecting business opportunities involves three distinct processes: identification, evaluation, and selection.</p> Signup and view all the answers

<p>SWOT analysis is an analytical tool that evaluates four aspects of a business, project, or even a business venture. It helps entrepreneurs understand their strengths and weaknesses internally and opportunities and threats present in their external environment.</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>True</p> Signup and view all the answers