Entrepreneurial Mindset Overview
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Questions and Answers

Which of the following is NOT considered an internal factor influencing entrepreneurial intentions?

  • Risk Appetite
  • Government Policies (correct)
  • Demographics
  • Psychological Traits

    • The process of carrying out the business plan is known as ______.

    Implementation

    Micro entrepreneurs typically have a high level of wealth.

    False (B)

    What are two examples of demographic factors that can influence entrepreneurial intentions?

    <p>Gender and age are examples of demographic factors.</p> Signup and view all the answers

    Match the entrepreneurial traits with their descriptions:

    <p>Self-confidence = Belief in one's abilities and the ability to succeed. Risk Appetite = Willingness to take chances and face uncertainties. Prior Knowledge = Pre-existing knowledge and experience relevant to the business.</p> Signup and view all the answers

    Which of the following are key aspects of the "Implementation" stage of entrepreneurship?

    <p>Hiring employees (B), Securing funding (C)</p> Signup and view all the answers

    Entrepreneurs in developed countries typically come from a background of unemployment or underemployment.

    <p>False (B)</p> Signup and view all the answers

    What is the significance of "Reaping the Returns" in the context of entrepreneurship?

    <p>Reaping the returns refers to strategies for expanding the business and addressing future challenges. It signifies the long-term success and sustainability of the venture.</p> Signup and view all the answers

    Which of the following is NOT a step in the market research process?

    <p>Analyze the data and draw conclusions (C)</p> Signup and view all the answers

    Interviews are typically conducted in person between the researcher and a respondent.

    <p>True (A)</p> Signup and view all the answers

    What is a primary source of data in market research?

    <p>Primary sources of data are new information gathered directly from sources like interviews, surveys, or focus groups.</p> Signup and view all the answers

    The distribution channel of a product or service is also known as the ______.

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

    Match the following data collection techniques with their descriptions:

    <p>Surveys (Questionnaires) = Most common way to gather primary research using questionnaires or interview schedules. Interviews = Typically done in person between the researcher and a respondent, involving questions. Focus Group Discussion = Moderated group interviews and brainstorming sessions involving 8 to 10 participants.</p> Signup and view all the answers

    Which of the following is NOT a primary usage of focus group discussions in market research?

    <p>Analyzing financial statements (C)</p> Signup and view all the answers

    Telephone interviews have a higher response rate than face-to-face interviews.

    <p>False (B)</p> Signup and view all the answers

    What is one example of a service that could be classified under Professional Services?

    <p>A service like accounting is a professional service.</p> Signup and view all the answers

    Which of the following is NOT a packaging decision concept?

    <p>Promotional Strategy (C)</p> Signup and view all the answers

    The second step of the positioning process is to confirm your understanding of market dynamics.

    <p>False (B)</p> Signup and view all the answers

    What does a competitive advantage allow a company to do?

    <p>Perform better than the competition.</p> Signup and view all the answers

    In the positioning process, the first step is to confirm your understanding of _____ dynamics.

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

    Match the positioning steps with their descriptions:

    <p>Step 1 = Identify your competitive advantages. Step 2 = Confirm your understanding of market dynamics. Step 3 = Choose your competitive advantages that define your niche.</p> Signup and view all the answers

    What is a characteristic of Filipino entrepreneurs regarding gender?

    <p>Females are engaged more than males (B)</p> Signup and view all the answers

    Critical thinking is a type of internal risk.

    <p>False (B)</p> Signup and view all the answers

    What does risk management involve?

    <p>Identifying, assessing, and responding to risks</p> Signup and view all the answers

    What does USP stand for?

    <p>Unique Selling Proposition (A)</p> Signup and view all the answers

    The ___ is a systematic and rational way of providing an answer to a question.

    <p>entrepreneurial decision-making</p> Signup and view all the answers

    The main purpose of geographic segmentation is to analyze customer preferences based solely on age.

    <p>False (B)</p> Signup and view all the answers

    Match the types of risk with their descriptions:

    <p>Internal Risk = Threats from within the business External Risk = Threats from the outside environment Liquidity Risk = Risk of not having enough cash flow Financial Risk = Risk related to financial losses</p> Signup and view all the answers

    What is a vital aspect to ensure when creating a product name?

    <p>It should be truthful and establish credibility.</p> Signup and view all the answers

    The market can be segmented based on __________ characteristics like age and gender.

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

    Which factor influences the entrepreneurial environment?

    <p>Government regulations (C)</p> Signup and view all the answers

    Creative thinking follows a systematic and analytical process.

    <p>False (B)</p> Signup and view all the answers

    Match the following segmentation types with their definitions:

    <p>Geographic Segmentation = Dividing the market based on location Demographic Segmentation = Dividing the market based on consumer characteristics Service Requirement = An intangible thing or product Output Requirement = Things that can be seen</p> Signup and view all the answers

    What is one of the tips for creating an effective selling proposition?

    <p>Identify and rank the uniqueness (A)</p> Signup and view all the answers

    What is one significant internal risk faced by businesses?

    <p>Liquidity risk</p> Signup and view all the answers

    Target markets aim to identify consumers who have different needs and characteristics.

    <p>False (B)</p> Signup and view all the answers

    What should be considered when conducting geographic segmentation?

    <p>Climate and culture</p> Signup and view all the answers

    Which factor is NOT a characteristic of rivalry among existing firms?

    <p>Level of customer engagement (C)</p> Signup and view all the answers

    Substitute products have no impact on competition within an industry.

    <p>False (B)</p> Signup and view all the answers

    What is the main purpose of a Value Proposition?

    <p>To summarize why a consumer should buy a product or use a service.</p> Signup and view all the answers

    People's interests and ________ are rich sources of entrepreneurial ideas.

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

    Which factor does NOT represent a characteristic of substitute products?

    <p>High product differentiation (D)</p> Signup and view all the answers

    Match the elements of creating a Value Proposition with their descriptions:

    <p>Target Customer = The specific group of consumers aimed at Needs/Opportunities = Consumer demands that can be met</p> Signup and view all the answers

    The expertise gained from past experiences can lead to new business opportunities.

    <p>True (A)</p> Signup and view all the answers

    Name one characteristic that contributes to the rivalry among existing firms.

    <p>Diversity of rivals</p> Signup and view all the answers

    Study Notes

    Entrepreneurial Mindset

    • The term "entrepreneur" comes from the French word "entreprendre," meaning "to undertake."
    • Entrepreneurs initiate and establish businesses.
    • Joseph Schumpeter's theory of economic development highlights the role of entrepreneurs in economic transformation.

    Mega and Micro Entrepreneurs

    • Both originate from perceived opportunities.
    • Peter Drucker emphasized the discipline in starting and running a business.
    • Mega entrepreneurs generate significant value and profit quickly, often taking substantial risks.
    • Micro entrepreneurs often initiate ventures but have limited revenue.

    Entrepreneurial Process

    • Discovery: Recognizing a business opportunity or idea.
    • Development of a Business Concept: Detailing a business plan.
    • Organizing Resources: Identifying and securing necessary resources.
    • Implementation: Executing the business plan.

    Entrepreneurial Traits and Value Creation

    • Education plays a vital role in seizing entrepreneurial opportunities.
    • Entrepreneurs often come from the formal sector or unemployed/underemployed populations.
    • Entrepreneurial wealth is crucial.
    • Risk appetite is linked to business stability.
    • Internal factors like demographics, personal traits, psychological traits, skills, knowledge, and social ties are critical.

    External Factors and Environment

    • Environmental support includes government policies, financial institutions, and training.
    • Regulatory elements, patents, and protection of property rights affect the environment.
    • Age, gender, educational attainment of entrepreneurs differ geographically.
    • Entrepreneurs take risks in uncertain situations.
    • Internal risks come from resource management.
    • External risks are factors outside the control of the business, such as economic trends, competition, and changing customer preferences.

    Entrepreneurial Decision-Making

    • Critical, creative, and strategic thinking are essential.
    • SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) provides a framework for decision-making.

    Recognizing a Potential Market

    • Entrepreneurial ideas lead to the identification of entrepreneurial individuals.
    • The creation of ideas identifies entrepreneurial potential.
    • Understanding market dynamics is essential for success.
    • External environmental factors such as climate, natural resources, wildlife, political and economic forces, sociocultural forces, and technological forces affect a business.
    • Understanding competitor behavior, customers, creditors, employees, and suppliers is important.

    Customer Requirements

    • Customers have service and output requirements.
    • Market size analysis aids in estimating potential consumers and determining market share.

    Market Research

    • Defining research objectives, gathering secondary and primary data, and analyzing and interpreting results are all parts of market research.
    • Various data collection methods, such as surveys, interviews, and focus groups, are used.

    7Ps of Marketing and Branding

    • Product: Goods/services satisfying consumer wants.
    • Place: Distribution channels.
    • Price: Value exchanged.
    • Promotion: Communicating the product's value.
    • People: Staff and customers.
    • Processes: Delivering product/service.
    • Physical Evidence: Supporting the product/services.

    Pricing Strategies

    • Value-based pricing: Price determined by customer perceived value.
    • Competition-based pricing: Prices set by competitive product pricing.
    • Product line pricing: Prices for a family of products.
    • Skimming pricing: High initial pricing and then gradually lowering.
    • Cost-based pricing: Add a percentage to total costs for price.

    Promotional Strategies

    • Advertising: Reaching a large audience.
    • Public relations: Positive image building.
    • Personal selling: Directly engaging with customers.
    • Sales promotion: Incentives for increased sales, such as free trials or contests.

    Packaging

    • Packaging addresses customer needs and protection from deterioration or damage.
    • The packaging's design is important to provide convenience for consumers.

    Positioning

    • Understanding market dynamics to identify advantages.
    • Competitive advantages like price, features, and benefits are vital for niche recognition.

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    Entrepreneurial Mindset PDF

    Description

    This quiz explores the essential concepts related to the entrepreneurial mindset, including the definitions and roles of mega and micro entrepreneurs. It delves into the entrepreneurial process, detailing the stages from opportunity discovery to business implementation. Understand critically important traits that contribute to value creation in entrepreneurship.

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