Entrepreneurship Course Overview

<p>Through trial and error due to survival needs (A)</p> Signup and view all the answers

<p>They primarily aim to address social issues (A)</p> Signup and view all the answers

<p>They bear risk and act as guarantors for financial support (C)</p> Signup and view all the answers

<p>Ability to adapt and respond to market changes (B)</p> Signup and view all the answers

<p>They continuously create and develop new businesses (B)</p> Signup and view all the answers

<p>Goods and services that the government wants to provide. (D)</p> Signup and view all the answers

<p>They affect the cost of capital which can influence business growth. (A)</p> Signup and view all the answers

<p>They impact the demand for a company's products and operational strategies. (A)</p> Signup and view all the answers

<p>It influences outsourcing decisions and production efficiency. (C)</p> Signup and view all the answers

<p>The competitive strength and position of a business organization. (D)</p> Signup and view all the answers

<p>Inflation rate. (C)</p> Signup and view all the answers

<p>It leads to a less willing workforce, raising labor costs. (C)</p> Signup and view all the answers

<p>Barriers to entry and minimum efficient production levels. (B)</p> Signup and view all the answers

<p>Innovation and increased productivity (D)</p> Signup and view all the answers

<p>Job security and regular paychecks (B)</p> Signup and view all the answers

<p>Greater job security (C)</p> Signup and view all the answers

<p>Anyone, regardless of gender (A)</p> Signup and view all the answers

<p>Independence in deciding work locations and hours (B)</p> Signup and view all the answers

<p>Unpredictable income and job stability (B)</p> Signup and view all the answers

<p>Only a specialized technician (B)</p> Signup and view all the answers

<p>High levels of uncertainty (D)</p> Signup and view all the answers

<p>To seek clarification and elaboration on aspects of the business plan. (B)</p> Signup and view all the answers

<p>Staff training programs. (C)</p> Signup and view all the answers

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

<p>A summary of the overall benefits to stakeholders. (D)</p> Signup and view all the answers

<p>A strong desire to make the business successful. (B)</p> Signup and view all the answers

<p>Address how they will be corrected and mitigated. (A)</p> Signup and view all the answers

<p>Skill in managing both human and material resources. (D)</p> Signup and view all the answers

<p>Competitive advantage in the marketplace. (C)</p> Signup and view all the answers

<p>The market, technical, and financial situation of the business (D)</p> Signup and view all the answers

<p>Sourcing unique inputs that are not easily available to competitors (B)</p> Signup and view all the answers

<p>To determine whether to continue with the proposed business idea (D)</p> Signup and view all the answers

<p>By better understanding costs and eliminating inefficiencies (B)</p> Signup and view all the answers

<p>It generates sufficient cash-flow and profits (C)</p> Signup and view all the answers

<p>Higher chances of wasted resources and failure (A)</p> Signup and view all the answers

<p>Performing value chain activities better than competitors (C)</p> Signup and view all the answers

<p>Multiple methods of achieving business success (D)</p> Signup and view all the answers

<p>Accept a project if the present value of future cash inflows is positive. (B)</p> Signup and view all the answers

<p>Discount each cash inflow back to the present value. (C)</p> Signup and view all the answers

<p>K25,255.28 (C)</p> Signup and view all the answers

<p>The rate at which the Net Present Value equals zero. (B)</p> Signup and view all the answers

<p>To find the rate that balances the present value of inflows and outflows. (A)</p> Signup and view all the answers

<p>The NPV including all cash inflows and outflows. (A)</p> Signup and view all the answers

<p>The project will likely yield a profit exceeding the initial investment. (A)</p> Signup and view all the answers

<p>Future revenues expected from the project. (C)</p> Signup and view all the answers

A person who identifies a business opportunity and uses innovation, creativity, and risk-taking to start or grow a business.

An entrepreneur is typically the business owner who provides capital and faces the uncertainties of business.

1. Scans for opportunities, 2. Evaluates against personal strengths, 3. Secures capital and licenses, 4. Acts as guarantor, 5. Obtains know-how, 6. Starts/runs business.

An entrepreneur motivated by role models or successful entrepreneurs attempting to emulate them.

An entrepreneur forced into business due to circumstances beyond their control, such as job loss.

Entrepreneurs can be classified as pulled, pushed, social, serial, or lifestyle entrepreneurs, based on motivations and goals.

Generally higher success rate than pushed entrepreneurs.

Generally lower success rate than pulled entrepreneurs.

Innovation leads to increased value (customer or producer) and productivity, which boosts economic wealth.

Working for oneself, running a business, often with more control and potential income but more risk and responsibility.

Control over work, potential for higher earnings, creativity and independence, flexibility, and opportunities.

Uncertainty of income, lack of benefits (health insurance), and the need for various skills (marketing, sales, etc.)

The freedom to decide work hours, location, and business direction.

The possibility of earning significantly more than in traditional employment, but with risk involved.

The ability of both genders to start and pursue businesses, in contrast to employment which might have gender-specific roles.

Employers may face restrictions in terms of age suitability when hiring employees, unlike entrepreneurship where age is less of a factor.

Goods that the government encourages people to consume, often subsidized or provided directly, because they benefit society as a whole.

Goods that the government discourages people from consuming due to negative externalities, often taxed or regulated.

Factors like economic growth, interest rates, exchange rates, and inflation that influence business decisions.

Cultural aspects like health consciousness, population growth, age distribution, and career attitudes that impact business.

Factors like R&D, automation, and technology incentives that influence business strategy.

A framework for analyzing the competitive forces within an industry, helping businesses understand their competitive landscape.

A unique feature or advantage that a company possesses that distinguishes it from its rivals and gives it an edge.

The ability of businesses within an industry to generate sustainable profits, determined by the strength of competitive forces.

The sequence of activities a business undertakes to create value for customers, from procuring raw materials to delivering the final product.

Winning by offering products or services at a lower price than competitors through efficiency.

Standing out from the competition by offering unique qualities or features that customers value.

A thorough investigation to assess if a business idea is practical and has a good chance of success.

The ability of a business to generate sufficient profits and cash flow to survive and prosper.

Identifying and evaluating potential threats or challenges that could affect a business.

The specific objectives or aspirations that an entrepreneur wants to achieve with their business.

The difference between the present value of cash inflows and the present value of cash outflows over a project's lifespan.

Accept a project if the NPV is positive; choose the project with the highest NPV among alternatives.

The rate of return used to calculate the present value of future cash flows.

Sum the present value of all cash inflows, minus the present value of all cash outflows.

The discount rate at which the NPV of a project equals zero.

Accept a project if the IRR is greater than the required rate of return.

Find the discount rate that makes NPV equal to zero, typically using trial and error or financial calculators or software.

Both measure project profitability, but NPV focuses on absolute value creation, while IRR focuses on the rate of return.

Presenting your business plan in person allows potential investors to assess your qualifications and the plan's viability. They seek clarification, want to understand your vision, and evaluate your ability to execute.

Investors look for passion, integrity, managerial ability, and a strong understanding of your business plan during presentations.

Your presentation should cover: a brief background, your business idea, market analysis with competitive advantage, management team expertise, financial forecasts, and any weaknesses and how you'll address them.

When presenting, your passion for your business idea and your commitment to its success should be evident.

Genuine enthusiasm for your business plan during presentations is vital to convince investors and stakeholders that you believe in your idea.

Convey trustworthiness and a commitment to ethical business practices during your presentation, emphasizing your commitment to fair dealings.

Demonstrate that you can effectively manage both human resources (your team) and material resources (your business) to achieve your business plan goals.

Your presentation should focus on providing clear answers to investor questions, highlighting your unique selling proposition, and demonstrating your passion and competence.