Entrepreneurship Overview Quiz

Entrepreneurship Overview

• Defined as the process of creating new products/services using new technologies to generate wealth.
• Entrepreneurs are characterized as innovators, planners, problem solvers, and risk-takers.

Characteristics of Entrepreneurs

• Innovative and creative in developing new products.
• Strong planning abilities to strategize their ventures.
• Effective problem solvers who overcome challenges.
• Persuasion skills to attract customers and investors.
• Possess guts and willingness to take calculated risks.

Relevance of Entrepreneurship to Organizations

• Develops managerial capabilities enhancing leadership skills.
• Drives the creation and existence of diverse organizations.
• Improves living standards, contributing to economic upliftment.
• Acts as a means of economic development benefiting society at large.

Types of Entrepreneurs

• Innovative: Thinks of new ideas and creates original products.
• Imitating: Follows and replicates existing ideas.
• Fabian: Deliberate followers who wait for assurance before acting.
• Drone: Dependent on the work of others for livelihood.
• Social: Initiates social changes and innovations for community improvement.

Benefits of Entrepreneurship

• Stimulates economic growth by creating jobs and industries.
• Encourages technology advancement and innovation.
• Contributes significantly to human development.
• Promotes inclusive growth, ensuring diverse community benefits.
• Fosters more entrepreneurial ventures through a supportive ecosystem.

Career Opportunities in Entrepreneurship

• Business Consultant, Teacher, Researcher, Sales, Business Reporter.

Recognizing Potential Market

• Business involves providing services for monetary exchange.
• Products are tangible outcomes of production processes.
• Services are intangible offerings that fulfill customer needs.

Entrepreneurial Process

• Starts with generating entrepreneurial ideas, identifying opportunities, and launching ventures.

Basic Foundation of Entrepreneurship

• Mind Frame: Optimistic and solution-oriented; accepts risk.
• Heart Flame: Driven by passion for discovery.
• Gut Game: Relies on intuition and instincts.

Sources of Business Opportunities

• Environmental changes (physical, societal, industrial).
• Technological discoveries and advances.
• Government programs and policy support.
• Shifts in public interest and preferences.
• Insights from past experiences.

Competition and Industry Dynamics

• Competition involves efforts to outperform others in the market.
• Industry consists of manufacturers producing similar goods.
• Five competitive forces: Buyers, Potential New Entrants, Rivalry, Substitute Products, Suppliers.

Identifying Product & Service Ideas

• Explore personal capabilities, others' skills, market needs, and existing problems.
• Seek support and inspiration from proven concepts.

Screening Business Opportunities

• Assess personal preferences and customer requirements.
• Evaluate viability, ensuring the business concept is realistic.
• Calculate profitability: Sales minus Expenses equals Profit.
• Focus on innovation or differentiation for competitive advantage.

SWOT Analysis Framework

• Strengths: Internal resources contributing to success.
• Weaknesses: Internal factors hindering success.
• Opportunities: External factors potentially benefiting the project.
• Threats: External challenges that could jeopardize progress.

Value Proposition (VP)

• A statement that clarifies why consumers should choose a product or service.
• Elements include target customer, identified needs, product name, and company name.

Unique Selling Proposition (USP)

• Differentiates a product or service in the marketplace.

Customers' Identification Factors

• Target Market: Segment based on common needs and characteristics.
• Geographic, Demographic, Psychological, and Behavioral segmentation.
• Customer requirements define specific product/service needs.