Core Competencies in Entrepreneurship
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Questions and Answers

What is considered a core competence in entrepreneurship?

  • An easily replicated business process
  • A standard business practice followed by competitors
  • A unique capability that provides strategic advantage (correct)
  • A method of reducing production costs

    • Which of the following is NOT one of the general conditions for core competencies?

  • Should be rare
  • Must be difficult for competitors to replicate
  • Should be easily replicated (correct)
  • Must provide superior value to consumers

    • Which of the following describes the role of an entrepreneur as a marketing person?

  • They focus solely on advertising and promotions.
  • They minimize customer engagement to reduce costs.
  • They solely handle the financial aspects of the business.
  • They assess customer needs and adapt their offerings. (correct)

    • What factor does NOT contribute to developing entrepreneurial activity?

    <p>Reliance on past business successes</p> Signup and view all the answers

    What is the purpose of SWOT analysis for entrepreneurs?

    <p>To identify strengths, weaknesses, opportunities, and threats</p> Signup and view all the answers

    What is a core competency in the context of business?

    <p>A unique ability that allows a business to outperform its competitors</p> Signup and view all the answers

    Which of the following is NOT a listed weakness for a business?

    <p>High staff turnover</p> Signup and view all the answers

    Why do core competencies matter to every entrepreneur?

    <p>They differentiate a business from its competitors</p> Signup and view all the answers

    Which statement reflects the importance of entrepreneurs starting from small business ventures?

    <p>Every large company began as a small enterprise</p> Signup and view all the answers

    Which external factor represents a threat to businesses?

    <p>Rising cost of ingredients</p> Signup and view all the answers

    Which phrase best describes entrepreneurs as 'goal-driven'?

    <p>They have a clear vision and pursue it relentlessly</p> Signup and view all the answers

    What can be considered an opportunity for an entrepreneur?

    <p>Market boom</p> Signup and view all the answers

    What statement is true about entrepreneurs being 'excellent in obtaining resources'?

    <p>They strategically acquire resources to enhance business capabilities</p> Signup and view all the answers

    Study Notes

    Core Competencies in Entrepreneurship

    • Core competencies are defining characteristics that make a business or individual stand out from competitors.
    • A core competence is something unique that a business has or can do strategically well.
    • Core competencies are important because they provide superior value to the customer and are difficult for competitors to replicate (rare).

    Factors for Developing Entrepreneurial Activity

    • Entrepreneur's initiative
    • Capital resource organization
    • Development of administrative machinery
    • Development of entrepreneurial autonomy
    • Development of SWOT analysis

    Entrepreneurial Competencies

    • Entrepreneurs as missionaries
    • Entrepreneurs as goal-driven
    • Entrepreneurs as marketing individuals
    • Entrepreneurs starting small and growing big
    • Entrepreneurs excelling in resource acquisition

    SWOT Analysis

    • SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) is a tool for evaluating a business.
    • Entrepreneurs should analyze their businesses using SWOT analysis.
    • Examples of internal strengths include unique taste, high-quality ingredients, and friendly staff.
    • Examples of internal weaknesses include low profits, a lack of a business website, and a limited product offering compared to competitors.
    • Examples of external opportunities include a profitable marketplace, branching opportunities, or implementing loyalty programs.
    • Examples of external threats include increased competition and negative customer reviews.

    Example of SWOT Analysis (Milk Tea Business)

    • A young entrepreneur running a milk tea business might use SWOT analysis to pinpoint challenges and discover new markets.
    • Strength: Unique taste
    • Strength: Friendly staff
    • Weakness: Low profits
    • Weakness: Limited business online presence (e.g., no business website)
    • Weakness: Less product options compared to competitors
    • Opportunity: Growing market demand
    • Opportunity: Implement loyalty programs
    • Threat: Rising ingredient costs.
    • Threat: Negative customer reviews
    • Threat: Increasing number of competitors

    Additional Concepts

    • Most Filipinos start businesses when they see other businesses are profitable.
    • Growth in business starts from small enterprises to big corporations.
    • "A journey of a thousand miles begins with a single step": This highlights the importance of starting a business journey.

    Question Summary

    • Part A: Explains the meaning of entrepreneurial missionary, marketing man, goal-driven entrepreneurs, entrepreneurs starting small to big, and those who excel in resource acquisition
    • Part B: Explains why core competencies matter for every business and entrepreneur, determination of core competencies for a business, and why entrepreneurial competencies define entrepreneurship.

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    Related Documents

    ENT_PS_Unit1_Lesson2_Final Entrepreneurship PDF

    Description

    This quiz explores the essential core competencies that define successful entrepreneurs and how these traits provide them a competitive edge. Additionally, it covers the factors essential for developing entrepreneurial activities, including the significance of SWOT analysis. Assess your understanding of entrepreneurial competencies and their impact on business success.

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