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Questions and Answers
How does an entrepreneur create a caring culture within an organization?
By motivating and encouraging their team members to become their best selves.
What does the term 'gut game' refer to in entrepreneurship?
It refers to the entrepreneur's intuition or ability to sense without using the five senses.
What are three important return calculations included in a financial forecast?
Expected return on sales, expected return on assets, and expected return on stockholders' equity.
What is the main purpose of classifying the industry an enterprise is competing in?
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What does the time value of money imply in financial forecasting?
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What must a business plan include regarding environmental and regulatory compliance?
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Who are considered true rivals or competitors in an industry?
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What is the purpose of the capital structure and financial offering section in a business plan?
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What role do suppliers play in the industry structure?
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What opportunity does the increasing number of double-income families present in the fast food industry?
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How should a business plan address business and financial risks?
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How can political factors, like tax exemptions, affect consumer purchasing power?
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What is the significance of securing local government ordinances in a business plan?
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What is a potential economic threat to an enterprise mentioned in the passage?
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What distinguishes entrepreneurs from ordinary businessmen in terms of opportunity seeking?
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What critical factors should entrepreneurs analyze to yield opportunities in their industry?
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What is one way that ASEAN integration in 2015 serves as an opportunity for enterprises?
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Explain the role of disruptive technologies in entrepreneurship.
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How can an entrepreneurial mind frame benefit an entrepreneur during crises?
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What does the term 'heart flame' refer to in the context of entrepreneurship?
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Why is emotional intelligence (EQ) important for entrepreneurs?
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Describe how curiosity impacts an entrepreneur's opportunity-seeking behavior.
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In what ways can entrepreneurs create value in their business operations?
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How can setbacks influence an entrepreneur's journey according to the content provided?
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What ecological opportunity can a fast food chain leverage due to the increased usage of eco bags?
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Identify a technological threat that a fast food chain might face with the rise of delivery apps.
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How can the increased customer base serve as a social opportunity for a fast food chain?
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What political factor could benefit a fast food enterprise concerning consumer purchasing power?
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What economic challenge might arise from the push for eco-friendly packaging in the fast food sector?
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What social trend could influence the fast food industry regarding health-conscious choices?
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What opportunity arises from ASEAN integration for fast food enterprises?
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How does the increasing number of double income earners present an opportunity for a fast food chain?
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What are the potential risks associated with the increased use of smartphone delivery apps?
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How can the rise in eco-friendly practices impact the business landscape?
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What does the ecological environment entail in the context of business opportunities?
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How can economic events pose threats to entrepreneurs, particularly in housing?
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What role do new technologies play in shaping entrepreneurial strategies?
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Identify a consequence of ecological degradation for businesses.
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In what way can the smartphone revolution affect information dissemination?
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What threat might arise from the fast growth of the housing market?
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Study Notes
Opportunity Seeking, Screening, and Seizing
- Entrepreneurs are innovative opportunity seekers.
- They discover new or different ideas and test their viability in the market.
- Entrepreneurs create value by introducing products or services or improving existing ones.
- They may innovate in terms of design, add features, or improve operational efficiency through new technologies.
- Entrepreneurs may expand reach by creating new markets or maximizing existing ones.
- They can change the business paradigm by introducing disruptive technologies, processes, and systems.
Entrepreneurial Mind Frame, Heart Flame, and Gut Game
- Entrepreneurs possess an entrepreneurial mind frame, heart flame, and gut game.
- The mind frame fosters a positive and optimistic outlook in challenging situations.
- The heart flame represents passion, fueled by a desire to achieve a vision or fulfill a mission.
- Passion drives relentless pursuit despite setbacks and disappointments.
- Heart flame also signifies emotional intelligence (EQ), fostering relationships with customers, employees, and suppliers.
- Gut game refers to entrepreneurial intuition, sensing opportunities and risks beyond tangible information.
Financial Forecasts
- Financial forecasts are crucial in a business plan.
- Forecasts translate ideas into financial outcomes, including returns, risks, and contingencies.
- Important return calculations include: expected return on sales, expected return on assets, and expected return on equity.
- Business plans should also calculate long-term returns using the time value of money, estimating the internal rate of return and net present value.
- Business risks and financial risks are to be evaluated.
Environmental and Regulatory Compliance
- Compliance with laws, rules, and regulations is paramount.
- Business plans must articulate relevant regulations and ensure permits, licenses, and intellectual property rights are secured.
- Compliance with local government ordinances and ethical practices is also essential.
Capital Structure and Financial Offering
- The capital structure and financial offering section outlines the financing structure of the enterprise.
- It includes details about investors, financiers, and partners.
- This section should appeal to the target audience by highlighting key features they seek.
Industry Analysis
- Understanding the industry is vital for success.
- Participants include rivals, suppliers, consumers, substitute products/services, and supporting industries.
- Industry logic analysis answers questions about how participants make/lose money and what factors drive success or failure.
- Analyzing industry structure and dynamics reveals profitable opportunities.
Industry Threats
- Five key industry threats are: social, political, economic, ecological, and technological.
- Each threat presents both opportunities and challenges for the enterprise.
- Entrepreneurs must be able to identify and analyze the impact of each threat.
- Table 2.1 provides examples of the opportunities and threats to a fast food chain.
Fluctuate with the Movement of the Market Forces
- Market forces, such as income levels, purchasing power, and industry competitiveness, present both opportunities and threats.
- Entrepreneurs must stay informed about economic events impacting their businesses.
- Rapidly changing demand can create overbuilding and financial risks.
Ecological Environment
- The ecological environment is increasingly crucial for businesses.
- Environmental concerns are creating opportunities for greener, cleaner, and healthier products.
- This trend encourages businesses to adopt eco-friendly practices and products.
Technological Environment
- Technological advancements can render existing products obsolete.
- Entrepreneurs must invest in new technologies to stay competitive.
- The rapid pace of innovation presents both opportunities and challenges.
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Description
This quiz explores key concepts of entrepreneurship such as opportunity seeking, screening, and seizing for market viability. It also delves into the entrepreneurial mindset, emphasizing the importance of passion and resilience in pursuing innovative ideas. Test your knowledge on how entrepreneurs create value and transform industries.