Entrepreneurship 1st Quarter Quiz

Importance of Entrepreneurship

• Entrepreneurship controls local wealth and balances regional development.
• Ensures proper utilization of local resources and appropriate allocation across areas.
• Reduces social conflict and political unrest by providing equitable access to economic opportunities.
• Promotes economic independence, reducing reliance on external assistance.

The Entrepreneur

• Entrepreneurs are proactive in developing business ventures and assessing risks and rewards.
• They transform processed ideas into significant business ventures.
• The term 'entrepreneur' originates from the French verb “entreprendre,” meaning "to undertake."

Economic Impact

• Entrepreneurs generate employment, a crucial factor in economic development.
• They amplify economic activities across various sectors, enhancing overall economic growth.
• Countries with higher entrepreneurial activities tend to be more financially independent.

The Entrepreneurial Process

• Involves seeking, screening, and seizing market opportunities.
• Opportunity screening includes assessing and evaluating viable business ideas.

3S Opportunity

• Consists of Market Need, Opportunity Seeking, and STEEPLED Analysis (Social, Technological, Economic, Environmental, Political, Legal, Educational, and Demographic factors).

Marketing Mix (7P's)

• Product: The good or service offered to meet customer needs.
• Place: Distribution channels and locations where products are available.
• Price: The cost of the product for the consumer.
• Promotion: Marketing strategies to encourage purchase.
• People: Individuals involved in the service delivery.
• Packaging: Design and presentation of the product.
• Positioning: The effort to make the product occupy a distinct place in the consumer's mind.

Opportunity Seizing

• Actively pursuing identified opportunities through innovative strategies.
• Entrepreneurs leverage their skills and knowledge to capture market potential.

Wealth Creation and Economic Power

• Entrepreneurship creates wealth rather than relying on borrowed resources.
• It disperses economic power, contributing to social equality and balancing national income across various businesses.