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Questions and Answers
What is the origin of the word 'entrepreneurship'?
What is the origin of the word 'entrepreneurship'?
- English
- Latin
- French (correct)
- Greek
What is a key aspect of entrepreneurship in a modern business?
What is a key aspect of entrepreneurship in a modern business?
- Seeking to minimize risks
- Transforming the world by solving big problems (correct)
- Focusing on short-term profits
- Prioritizing employee benefits
What is a primary goal of economic development?
What is a primary goal of economic development?
- To improve the living standards of the nation's citizenry (correct)
- To increase the country's GDP
- To increase foreign investment
- To reduce unemployment rates
What is an example of a career opportunity in entrepreneurship?
What is an example of a career opportunity in entrepreneurship?
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What is a crucial element in the process of recognizing, assessing, and exploiting opportunities?
What is a crucial element in the process of recognizing, assessing, and exploiting opportunities?
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What is an opportunity in business?
What is an opportunity in business?
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What is the primary purpose of marketing?
What is the primary purpose of marketing?
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What is a key characteristic of a product?
What is a key characteristic of a product?
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What is the purpose of a marketing plan?
What is the purpose of a marketing plan?
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What is the outcome of not having marketing?
What is the outcome of not having marketing?
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Study Notes
Relevance of the Course
- Entrepreneurship is a key component of a capitalist economy, thriving in economic systems that support innovation and hard work.
Core Competency in Entrepreneurship
- Entrepreneurship originates from the French word "entreprendre", meaning "to undertake".
- It involves the appropriation and management of human, physical, and financial resources to create, implement, and develop solutions that meet individual or societal needs.
Career Opportunities
- New venture creation: launching a company, buying a business or franchise, starting a new venture in a family enterprise, or commercializing a technology.
- Careers in existing entrepreneurial ventures: startup small business, corporate entrepreneur, strategic entrepreneurial unit, education, research, public policy, and accelerators.
Opportunity Recognition
- Opportunity: a situation or occasion that makes it possible to do something that you want to do, with three essential elements: wanting to do something, conditions for realization, and making decisions or taking action.
- 5 strategies of opportunity recognition: preconditioning, conception, and three more.
Marketing
- Marketing: a process through which a product or service is launched and promoted to possible customers.
- Without marketing, potential customers would be unaware of products, leading to sales collapse and potential business failure.
- Marketing Plan: a business document outlining marketing strategy and tactics, which needs to change and evolve with business growth and new marketing trends.
7 Ps of Marketing
- Product: a package of benefits, both physical and psychological, that satisfies consumer needs and wants.
- Product types: goods (provide physical and psychological benefits) and services (provide experiences).
- Examples of products: carwash, clothes, construction, furniture, cleaning, foods, salon.
Product Planning and Development Process
- Essential to consider target audience while working on products.
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