10 Questions
The creation of an entrepreneurial idea leads to the identification of entrepreneurial opportunities, which in turn results in the opening of an entrepreneurial venture
entrepreneurial ideas
This allows the entrepreneur to see things in a very positive and optimistic way in the midst of difficult situation. Being a risk - taker, an entrepreneur can find solutions when problems arise.
entrepreneurial mind frame
Entrepreneurs are driven by passion; they are attracted to discover satisfaction in the act and process of discovery. Passion is the great desire of an entrepreneur to achieve his/her goals.
entrepreneurial heart frame
This refers to the ability of the entrepreneur of being intuitive. This also known as intuition. The gut game also means confidence in one’s self and the firm belief that everything you aspire can be reached.
entrepreneurial gut game
There are many ways to discover opportunities. Looking at the big picture, some have noticed the emerging trends and patterns for business opportunities. While others are trying to find out their target market.
sources of opportunities
it is the act or process of trying to get or win something.
competition
The _____ are the ones that pay cash in exchange for your goods and services.
buyers
A new entrant is defined as companies or businesses that have the ability to penetrate or enter into a particular industry.
potential new entrants
is a state or situation wherein business organizations are competing with each other in a particular market.
rivalry among existing firms
_____ is one that serves the same purpose as another product in the market.
substitute products
Study Notes
Entrepreneurial Idea and Opportunity
- The creation of an entrepreneurial idea leads to the identification of entrepreneurial opportunities, resulting in the opening of an entrepreneurial venture.
Entrepreneurial Characteristics
- Entrepreneurs are optimistic, risk-takers, and driven by passion to achieve their goals.
- Passion is the great desire of an entrepreneur to achieve their goals.
- Entrepreneurs are intuitive, having confidence in themselves and their abilities.
Discovering Opportunities
- Entrepreneurs discover opportunities by identifying emerging trends and patterns in business.
- Identifying target markets is a key aspect of discovering opportunities.
Market and Competition
- A new entrant is a company or business that has the ability to penetrate or enter into a particular industry.
- Competition refers to a state or situation wherein business organizations are competing with each other in a particular market.
Customers and Products
- Customers are the ones who pay cash in exchange for goods and services.
- A substitute product is one that serves the same purpose as another product in the market.
Test your knowledge on the process of identifying entrepreneurial opportunities and opening a venture based on an entrepreneurial idea.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
