Entrepreneurship Quiz

• Entrepreneurship is encouraged by the economy,
• Entrepreneurship's relevance to an organization includes the development of managerial capabilities.
• This means entrepreneurs can develop their managerial skills.
• Entrepreneurship facilitates the creation of organizations.
• Entrepreneurship can improve an individual's economic status.
• Entrepreneurship contributes to economic development by improving not only the life of the entrepreneur but also the society where their business is located.

Entrepreneurship Concepts

• The word "entrepreneur" comes from the French term "enterprendre," meaning "to undertake," referring to those who take on the risk of enterprise.
• Entrepreneurs innovate, willing to take risks and generate unique ideas to provide profitable solutions for market and societal needs.

Factors Influencing Entrepreneurship

• Personality factors include initiative, being proactive, problem-solving skills, and perseverance.
• Initiative - Doing things without being told.
• Proactive - Classifying and seizing opportunities.
• Problem Solver - Retaining good relations with others.
• Perseverance demonstrates a commitment to completing tasks despite challenges.
• Persuasion skills enables the entrepreneur to entice people to buy in.
• A planner makes plans and monitors progress
• Risk-taker showing willingness to gamble after calculation.
• Environmental factors include political, climate, legal, economic, social conditions, and market situations.

Common Entrepreneurial Competencies

• Decisiveness - Making firm decisions is essential.
• Communication - Possessing convincing power is crucial.
• Leadership - Having charisma to command employee obedience.
• Opportunity seeker demonstrate the ability to identify business chances.
• Proactive entrepreneurs control situations by making things happen or preparing for future problems.
• Risk-taker entrepreneurs have the courage to pursue business ideas.
• Innovative entrepreneurs have big business ideas and continuously seek new, worthwhile ideas.

Core Competencies

• Economic and Dynamic Activity: Entrepreneurship involves creating and operating an enterprise to generate value or wealth by optimizing limited resources.
• Innovative: Entrepreneurs constantly seek new ideas and need to be creative.
• Profit Potential: They can be compensated by their profit.
• Risk bearing: They need to gamble wisely.

Types of Entrepreneurs

• Innovative Entrepreneurs: Constantly create new things through novel ideas, possessing the ability to think of newer, better, and more economic concepts.
• Imitating Entrepreneurs: Don't create original concepts but follow the ideas of other entrepreneurs.
• Fabian Entrepreneurs: Skeptical of changes to the organization, they only follow after becoming satisfied.
• Drone Entrepreneurs: Live off the labor of others, being die-hard conservatives even when facing losses.
• Social Entrepreneurs drive social innovation and transformation in areas like education, health, human rights, the environment, and enterprise development.

Career Opportunities in Entrepreneurship

• Business Consultant: Utilizes expertise to advise other entrepreneurs and business professionals.
• Teacher: Entrepreneurship graduates can share their knowledge through teaching.
• Researcher: Can be employed as a researcher by a company
• Salesman: Graduates can be employed as a salesman
• Business Reporter: Entrepreneurial expertise can be used as a business reporter.

Entrepreneurial Ideas

• Creating an entrepreneurial idea leads to identifying opportunities, resulting in opening a new venture.
• The process involves idea creation, opportunity identification, and venture opening.
• Entrepreneurial mindset enables positive and optimistic thinking in difficult situations.
• By being a risk-taker, one can find solutions when issues arise.
• Entrepreneurial Heart Flame: Passion drives entrepreneurs to discover satisfaction in the act and process of discovery, with passion being the great desire to achieve their goals.
• Entrepreneurial Gut Game- This refers to the ability of the entrepreneur to be intuitive (intuition), it means confidence that desired outcomes can be achieved.

Sources of Entrepreneurial Opportunities

• Changes in The Environment- Ideas arise from changes in external conditions.

• People with an entrepreneurial attitude view these changes with positive attitudes.

• External Environment Encompasses include: Physical Environment, Societal Environment, Industry Environment

• Physical Environment Includes

• Climate: The specific weather conditions in a region.

• Natural Resources: Naturally occurring minerals, forests, water, and fertile land.

• Wildlife: Indigenous mammals, birds, reptiles, and fish.

• Societal Environment

• Political Forces encompasses the rules, laws, and norms that influence business practices and licenses, permits, as well as other necessary approvals.

• Economic Forces involves factors like jobs and income

• Sociocultural Forces includes values, customs, and lifestyles

• the Technological Environment considers new tools and tech innovation.

• The Industry Environment involves consideration of competitors, employees, customers, the government, credit source and distributors

Technological Advancement

• Those with strong entrepreneurial minds see new opportunities with the newest technology.
• Government Initiatives- People develop ideas from government lead programs that may involve the need for the newest tech as an incentive.
• People's Hobbies- Entrepreneurs develop opportunities based on the interests and hobbies of their target markets.
• Past experiences People often develop ideas around their past work experience and knowledge.

Forces of Competition Model

• Also known as that Five Forces competition in an industry.

• The force is constant no matter what types of goods you provide.

• Competition: Refers to striving to win something

• There are several areas that the competition will be in conflict

  • Buyers that are willing to buy
  • Prospects of new business entering the market
  • Any rivals already established
  • Any substitute products
  • and Supplies

• Buyers

  • Those paying cash for services and product
  • Bargaining power is increased
    • If several different supplier are present
    • If the option for backward integration is present
    • If the switching costs associated with a supplier are relatively low
    • If the item is crucial to the buyer
    • High volume and large

• Potential Entrances (newly established entrants of industry)

  • The potential is defined as the ability to begin a new business and enter a well known location on a market.
    • Several main traits include
      • High amount of capstone required
      • Regulations by the government
      • Any struggles to connect to local supply channels
      • Local access of scale
      • The high price and local differentiation requirements
      • Any local expenses required to switch vendors

• Rival Firms (Local Business Engaged in trade)

  • Situation were different business strive and compete for the same customers.
    • Divided by
      • Multiple different groups
      • Lots of companies
      • Types and characters of items and services
      • Any increase in capability
      • Level of costs that are fixed
      • Level of growth

• Substitute Goods

  • They will satisfy to create the similar need.
  • Traits often include,
    • Low cost to switches
    • Easily changed taste and preferences
    • Highly noticeable differences
    • Dramatic improvements
    • Reduced price by significant amounts.

• Local Supplies

  • They supply needed items to operate said location.

    • These traits include
      • The power to easily work with current local business.
      • Only local businesses can work in the vicinity
      • Substitute are available within the current supply market
      • The expenses for changing prices are very low.

Market Awareness

• "Value Proposition" is a marketing statement about why a consumer should buy a company's offering. Creating Value Proposition involves understanding: -- The most optimal customer -- Opportunity and needs -- The items that can satisfy both -- The company involved

###Selling

• Important aspect of Value Propositions should include that is should stay truthful and establish the credentials tot eh buyer.
• Selling is a method to for trading some type of payment for service or product
• The main aspects is a suggestion for acceptance. - Important suggestion to create a product to better serve each target customer.
  • Make sure the product excels more so that said existing product
  • Be sure to be very specific
  • Be short, and to the point

Important Factors for Business -

• Be very different that other competitors on the market

Identifying what make you very special from others

• Marketing research can provide new ways of presenting items

• Always offer the best point that the product provides

• Be concise and make the slogan memorable for consumers

• Target Market

  • A process for pinpointing different people the desire and intend to become clients

• A business plan is required for all new businesses

• Traits of the business may include - traits by land - Local civilization type - Current beliefs of that civilization - Ethnic origin - Current population trends

• Key Traits of Local Customers Needs -

  • Trends toward service quality
  • Overall understanding the customer requirements

• Market analysis

  • Divided by a certain standard that the group fit into

*

 - Demographics 
             - Gender
              -Age
              -Wage
              - Ethnic Origin
              - Origin and location
              - Family history
              - Personality traits
             - Behavior 
        .

• Be confident in all decisions and ideas

*

 - Always understand current clients and new potential clients.
             - Loyalty rewards
             - Perception of value
             - The understanding of needs

Main parts:

• Quality toward servicing the customer

• Output results based on current standing goals to exceed expectations

• Market research

• Conducted to measure the current standing, and to improve results as demand occurs

• Inaccurate data collection may lead to mistargeted results

• Data collecting is one the the most important parts to understand success.

• In collecting data make sure

• The right time is used

• What the data means in relation

• Any new changes

• Interesting findings that help

Three Important parts

• Questionnaires that are reviewed
• Interviews for details
• and Focus Testing

Test your knowledge of crucial characteristics, market anticipation, economic activity, product improvement, technology adoption, business models, and career paths in entrepreneurship. This quiz will help you understand different types of entrepreneurs and how they operate.