ENTREP 3rd Quarterly
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Questions and Answers

Which chapter of a business plan typically outlines the organizational structure and roles of key personnel?

  • Chapter III: The Business Proponents (correct)
  • Chapter VI: The Product and Service Offerings
  • Chapter IX: Environmental and Regulatory Compliance
  • Chapter I: Introduction

    • Which chapter of a business plan typically includes a SWOT analysis and an examination of macro-environmental factors?

  • Chapter V: Market Demand and Supply, Industry Dynamics, and Macro Environmental Factors (correct)
  • Chapter VII: The Enterprise Strategy and Enterprise Delivery Systems
  • Chapter IV: The Target Market & The Main Value Proposition to the Customer
  • Chapter VIII: Financial Forecast and Expected Returns

    • Which of the following chapters typically includes information about the income statement, balance sheet, and vertical analysis?

  • Chapter VIII: Financial Forecast and Expected Returns (correct)
  • Chapter VI: The Product and Service Offerings
  • Chapter X: Capital Structure and Financial Offering
  • Chapter II: Executive Summary

    • In which chapter of a business plan would you expect to find information about the purpose and unique features of the product or service being offered?

    <p>Chapter VI: The Product and Service Offerings</p> Signup and view all the answers

    Which chapter of a business plan typically includes a discussion of the business concept, business model, vision-mission statement, and objectives?

    <p>Chapter I: Introduction</p> Signup and view all the answers

    In which chapter of a business plan would you find information about the permits and rules necessary for operating the business?

    <p>Chapter IX: Environmental and Regulatory Compliance</p> Signup and view all the answers

    Which chapter of a business plan would typically include information about the capital structure and financial offering, including returns and benefits to investors, financiers, and partners?

    <p>Chapter X: Capital Structure and Financial Offering</p> Signup and view all the answers

    In which chapter of a business plan would you expect to find a market overview and information about the target customers?

    <p>Chapter IV: The Target Market &amp; The Main Value Proposition to the Customer</p> Signup and view all the answers

    Which chapter of a business plan typically includes a summary of the key points from the entire plan?

    <p>Chapter II: Executive Summary</p> Signup and view all the answers

    In which chapter would you find information about the expected financial performance and profitability of the business, including projections for income statements and balance sheets?

    <p>Chapter VIII: Financial Forecast and Expected Returns</p> Signup and view all the answers

    In which chapter would you find information about the capital structure of the business, including details on how the business will be financed and the potential returns and benefits for investors, financiers, and partners?

    <p>Chapter X: Capital Structure and Financial Offering: Returns and Benefits to Investors, Financiers and Partners</p> Signup and view all the answers

    Which chapter of a business plan typically outlines the overall business concept, business model, vision-mission statement, and objectives of the business?

    <p>Chapter I: Introduction</p> Signup and view all the answers

    In which chapter would you find information about the purpose and unique features of the product or service being offered by the business, as well as sample photos or illustrations?

    <p>Chapter VI: The Product and Service Offerings</p> Signup and view all the answers

    What is the main purpose of a Business Position Statement?

    <p>Explain how a product or service meets customer needs</p> Signup and view all the answers

    Which 'R' in the 12 R’s of Opportunity Screening emphasizes the importance of catering to customer needs and wants?

    <p>Resonance</p> Signup and view all the answers

    What does a Value Proposition summarize?

    <p>Why customers should buy a company's product or service</p> Signup and view all the answers

    What is the purpose of Conceptualizing a Product/Service Concept?

    <p>To come up with an idealized abstraction of products or services for the market</p> Signup and view all the answers

    Which statement best describes the Difference between Unique Selling Proposition (USP) and Value Proposition (VP)?

    <p>USP deals with product uniqueness, while VP explains why customers should buy the product.</p> Signup and view all the answers

    What is the proposed Value Proposition for 'Aling Charing Sari-Sari Store' based on the provided information?

    <p>'Charing sari-sari Store: Your 24/7 convenience store'</p> Signup and view all the answers

    What should be considered when coming up with a Unique Selling Proposition (USP)?

    <p>Keep it short and simple</p> Signup and view all the answers

    Which factor is NOT part of the 12 R’s of Opportunity Screening?

    <p>'Round-the-clock' Operations</p> Signup and view all the answers

    What is the primary characteristic of an entrepreneur according to the text?

    <p>Implementing new activities in product development, marketing, and organizational structures</p> Signup and view all the answers

    According to the passage, which of the following best exemplifies entrepreneurship?

    <p>Developing a new product and marketing strategy</p> Signup and view all the answers

    Based on the information provided, which of the following statements is true about entrepreneurship?

    <p>It is a phenomenon that falls under the broader aspect of leadership</p> Signup and view all the answers

    Which of the following roles is directly associated with entrepreneurship in the passage?

    <p>Neither of these roles</p> Signup and view all the answers

    What is the primary goal of an entrepreneur?

    <p>To do things that give pleasure to people in new and amazing ways</p> Signup and view all the answers

    Which of the following statements best represents the concept of entrepreneurship as described in the passage?

    <p>Creating and operating a new business venture with innovative ideas</p> Signup and view all the answers

    Based on the information provided, which of the following is NOT a characteristic of entrepreneurship?

    <p>Operating within the routine course of business</p> Signup and view all the answers

    According to the passage, which of the following statements is true about entrepreneurs?

    <p>They implement new approaches in various aspects of business</p> Signup and view all the answers

    Which of the following statements is NOT supported by the information provided in the passage?

    <p>Entrepreneurs operate within the routine course of business</p> Signup and view all the answers

    According to the information provided, which of the following best represents the essence of entrepreneurship?

    <p>Creating and launching innovative products or services</p> Signup and view all the answers

    Which of the following is NOT a key component of a market research plan?

    <p>Specifying the research budget</p> Signup and view all the answers

    Which of the following is a key advantage of using focus group discussions for market research?

    <p>Generates in-depth insights and facilitates idea screening</p> Signup and view all the answers

    Which of the following statements about designing a research questionnaire is NOT true?

    <p>Complex questions should precede specific questions</p> Signup and view all the answers

    Which of the following is a primary purpose of a business plan?

    <p>To serve as a navigational course for the entrepreneur</p> Signup and view all the answers

    Which data collection technique is considered one of the most reliable and credible for market research?

    <p>Interviews</p> Signup and view all the answers

    Which of the following statements about market research surveys is true?

    <p>They are the most common way to gather primary research</p> Signup and view all the answers

    Which of the following is a key purpose of a business plan for investors and financiers?

    <p>To outline the strategies and programs of the enterprise</p> Signup and view all the answers

    Which of the following statements about survey questionnaires is true?

    <p>They should avoid questions that are difficult to answer</p> Signup and view all the answers

    Which of the following is NOT a recommended practice when designing a research questionnaire?

    <p>Including irrelevant and unnecessary information</p> Signup and view all the answers

    Which of the following is a key purpose of a business plan for managers and staff of an organization?

    <p>To inform them of the strategies and programs of the enterprise</p> Signup and view all the answers

    What is the primary role of a fundraiser?

    <p>To raise money and donations for a specific purpose without the goal of profit</p> Signup and view all the answers

    Which of the following statements accurately describes a new venture creator?

    <p>They launch a company or start a new venture within an existing family enterprise.</p> Signup and view all the answers

    What is the primary reason people purchase products?

    <p>To be entertained</p> Signup and view all the answers

    Which of the following best describes a potential market?

    <p>It is the part of a total population that has shown some level of interest in buying a particular product or service.</p> Signup and view all the answers

    Which of the following is NOT listed as an importance of identifying a potential market?

    <p>It helps a business understand the level of investment it should make in research and development.</p> Signup and view all the answers

    What is the significance of defining the market need according to the text?

    <p>It helps align the business's marketing efforts and content to the needs of the buyers.</p> Signup and view all the answers

    Which of the following is NOT listed as a source of opportunities?

    <p>Competitor analysis</p> Signup and view all the answers

    What is the meaning of the term 'goods'?

    <p>Tangible products that consumers can observe with their senses</p> Signup and view all the answers

    Which of the following is an essential characteristic for opportunity seeking, according to the text?

    <p>Having an entrepreneurial gut game or intuition</p> Signup and view all the answers

    What is an example of a 'more-for-less' strategy in the market?

    <p>The battle of value or combo meals</p> Signup and view all the answers

    Study Notes

    Introduction to Entrepreneurship and Business Planning

    • Entrepreneurship: designing, launching, and running a new business
    • Entrepreneur: someone who creates a new business
    • Key characteristics of entrepreneurship: doing things differently, innovation, and leadership

    Career Opportunities for Entrepreneurship Graduates

    • Business Consultant: identifies client problems and finds solutions
    • Sales Manager: represents a company and follows up on leads
    • Fundraiser: raises money for a specific purpose, not for profit
    • New Venture Creator: starts a new company or commercializes an enterprise

    The Business Plan

    • Chapter I: Introduction
      • Business Concept and Business Model
      • Business Goals: Vision, Mission, Objectives, and Performance Targets
    • Chapter II: Executive Summary
    • Chapter III: The Business Proponents
      • Chief Executive Officer
      • Marketing Director
      • Production Directors
      • Finance Department
      • Human Resource Development

    Target Market and Main Value Proposition

    • Target Market: specific group of customers with purchasing power and unsatisfied needs
    • Main Value Proposition: summarizes why a customer should choose a product
    • Examples:
      • Uber: "The Smartest Way to Get Around"
      • Boysen's KnoxOut: "The first air cleaning paint in the world with CristalActiv photo catalytic technology"

    Market Demand and Supply, Industry Dynamics, and Macro Environmental Factors

    • Market Demand: total demand for a product in a given business environment
    • Industry Dynamics: study of the means and processes through which industries change over time
    • Macro Environmental Factors:
      • Social Environment: demographic and cultural dimensions
      • Political Environment: laws, rules, and regulations
      • Economic Environment: supply and demand forces
      • Ecological Environment: natural resources and ecosystem
      • Technological Environment: new scientific and technological discoveries

    Product and Service Offerings

    • Purpose of the Product: My T-shirt offers customers a variety of options for custom shirts

    • Product's Unique Features:

      • Wide array of graphic designs and personalized designs
      • High-quality screen printing with premiere silkscreen ink and paints### Enterprise Strategy and Enterprise Delivery Systems

    • Enterprise Strategy (ES) involves mapping the competitive landscape, situating the enterprise and its competitors, and choosing a positioning strategy.

    • The Marketing Mix consists of 7 P's: Product, Price, Promotion, Place, Packaging, Positioning, and People.

    • Types of Products:

    • Breakthrough: offers new performance benefits

    • Differentiated: occupies a new space in the customer's mind

    • Copycat: doesn't make a significant impression on customers

    • Niche: has lower reach, visibility, and prices

    Financial Forecast and Expected Returns

    • Financial Forecasting involves rendering assumptions into numbers, examining critical variables, and assessing their impact on the industry and business.
    • Financial Statements include:
      • Income Statement: revenues, expenses, gross profit, net income before taxes, and net income
      • Balance Sheet: assets, liabilities, and equity
    • Profitability Ratios:
      • Return on Sales (ROS): measures profitability of sales
      • Return on Assets (ROA): measures profitability of assets
      • Return on Equity (ROE): measures profitability of capital invested

    Environmental and Regulatory Compliance

    • The business plan must articulate laws, rules, and regulations governing the business and industry.
    • Do's and Don'ts: examples of rules and regulations for employees, such as working hours, compensation, and performance appraisal.
    • Evidences of compliance with environmental regulations, such as sanitary permits and fire safety certificates.

    Capital Structure and Financial Offering

    • Profitability Ratios:
      • Return on Sales (ROS): measures profitability of sales
      • Return on Assets (ROA): measures profitability of assets
      • Return on Equity (ROE): measures profitability of capital invested
    • LOGO: promoting a company's products or services, including logo design, types of logos, and what makes a good logo.
    • Types of Logos:
      • Wordmarks: free-standing words or abbreviations
      • Letterform Logos: single letters or symbols
      • Pictorial Logos: illustrated symbols

    Starting a Business in the Philippines

    • Basic Requirements:
      • Department of Trade and Industry (DTI) Registration
      • Securities and Exchange Commission (SEC) Registration
      • Mayor's Business Permit
      • Bureau of Internal Revenue (BIR) Registration
      • SSS, Philhealth, Pag-Ibig Fund Registration

    Opportunity Screening and Seizing

    • 12 R's of Opportunity Screening:
      • Relevance
      • Resonance
      • Reinforcement of Entrepreneurial Interests
      • Revenues
      • Responsiveness to Customer Needs and Wants
      • Reach
      • Range
      • Revolutionary Impact
      • Returns
      • Relative Ease of Implementation
      • Required Resources
      • Risks
    • Business Position Statement: a brief description of a product or service, introducing it to customers and aligning branding efforts.

    Value Proposition and Unique Selling Proposition

    • Value Proposition (VP): a business or marketing statement that summarizes why a consumer should buy a company's product or use its service.
    • Unique Selling Proposition (USP): a marketing concept that persuades target customers, identifying what makes a product or service unique.
    • Difference between VP and USP: VP is a statement, while USP is a marketing concept.

    Market Research

    • The process of gathering, analyzing, and interpreting information about products or services to be offered for sale.
    • Data Collection: the most valuable tool in market research.
    • 7 Basic Questions in Market Research:
      • Why
      • What
      • Which
      • Where
      • When
      • How
      • How much

    Entrepreneurship

    • The process of designing, launching, and running a new business.
    • Career Opportunities for Entrepreneurship Graduates:
      • Business Consultant
      • Sales Manager### Entrepreneurship
    • Go presented artistic designs of Leo Arts and Designs, implementing strategic plans to make the designs top of mind for customers.
    • A fundraiser is someone who raises money for a specific purpose, not for profit, but to maintain an organization, e.g., Maria, who oversees campaigns and events to raise money and donations for an organization.
    • A new venture creator is an entrepreneurial person who launches a company or commercializes an enterprise, e.g., Aya Fernandez, who turned a school project into an eco-friendly social enterprise.

    Potential Market

    • It is the part of the total population that has shown interest in buying a particular product or service.
    • Also known as Total Addressable Market (TAM).
    • Importance of Potential Market:
      • Part of a business's future growth.
      • Increases the entrepreneur's revenue.
      • Ensures business' future by identifying new customers.
      • Shows the business potential to investors or collaborators.
      • Helps with financial projections.

    Identifying Potential Market

    • Consider every target demographic that you currently sell to and those you have not targeted.
    • Ask questions:
      • What other products do my customers need now?
      • What related products do they need in the future?
      • Who else could make use of the products I am selling now?
      • What demographic information does that new group have in common with my current customers?
      • What demographic information does that new group have in common with each other?

    Opportunity Seeking

    • An endless curiosity about discoveries and finding better ways.
    • Essential to opportunity seeking:
      • Entrepreneurial Mind Frame: seeing things in a positive and optimistic way.
      • Entrepreneurial Heart: driven by passion and drawn to find fulfillment.
      • Entrepreneurial Gut: ability to sense without using the five senses or intuition.

    Sources of Opportunities

    • Macro Environmental: big or macro forces that affect the area, industry, and market.
    • Industry: a group of manufacturers or businesses that produce a particular kind of goods or services.
    • Market: discovered from a decreased or increased demand of consumers' desire to purchase.

    Goods and Services

    • Goods: tangible products that consumers can observe with their senses.
    • Services: intangible offerings that are abstract and cannot be observed with our senses.

    12 R's of Opportunity Screening

    • Relevance
    • Resonance
    • Reinforcement of Entrepreneurial Interests
    • Revenues
    • Responsiveness to Customer Needs and Wants
    • Reach
    • Range
    • Revolutionary Impact
    • Returns
    • Relative Ease of Implementations
    • Required Resources
    • Risks

    Opportunity Seizing

    • Determine the critical success factor.
    • Be vigilant on the factors that cause them to fail.
    • Know where to put up the business.
    • Know the means and methods of marketing the products or services.
    • Business Position Statement: a brief description of a product or service that answers the compelling need of the target market.

    Market Research

    • Process of gathering, analyzing, and interpreting information about the products and services to be offered for sale to potential consumers.
    • Data Collection: the most valuable tool in any type of research study.
    • 7 Basic Questions in Market Research:
      • Why: purpose and objectives.
      • What: scope and limitations.
      • Which: which segment of the market must be studied.
      • Who: identifies the members of the selected market segment.
      • When: time and timing of the research.
      • Where: pinpoints the relevant location of the market research.
      • How: determines the methodology to be used for the research.

    Data Collection Techniques

    • Survey: the most common way to gather primary research using questionnaires.
    • Interview: one of the most reliable and credible methods.
    • Focus Group Discussion: excellent method for generating and screening ideas and concepts.

    Business Plan

    • Serves the entrepreneur, investors, and managers of the organization.
    • Contents of a Business Plan:
      • Chapter I: Introduction
        • The Business Concept and Business Model
        • The Business Goals: Vision, Mission, Objectives, and Performance Targets
        • The Business Offering and Justification
      • Chapter II: Executive Summary
      • Chapter III: The Business Proponents
        • Chief Executive Officer
        • Marketing Director
        • Production Directors
        • Finance Department
        • Human Resource
      • Chapter IV: The Target Customers and the Main Value Proposition
        • Market Segments
        • Customer Profile
        • Value Proposition
      • Chapter V: Market Demand and Supply, Industry Dynamics, and Macro Environmental Factors
        • Market Demand
        • Industry Dynamics
        • Macro Environmental Factors
      • Chapter VI: The Product and Service Offerings
        • Purpose of the Product
        • Product's Unique Features
      • Chapter VII: The Enterprise Strategy and Enterprise Delivery Systems
        • Business Competitiveness
        • Enterprise Strategy (ES)
        • Marketing Mix
      • Chapter VIII: Financial Forecast and Expected Returns
        • Financial Forecasting
        • Financial Statements
        • Elements of the Income Statement
          • Revenues or Income
          • Expenses
          • Sales
          • Cost of Good Sold or Cost of Sales
          • Operating Expenses

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