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Questions and Answers
Services are those ______ products where there is a skill involve and has a value.
Services are those ______ products where there is a skill involve and has a value.
intangible
After completing this module, you need to: ______ and understand the sources of opportunities for business.
After completing this module, you need to: ______ and understand the sources of opportunities for business.
Learn
Entrepreneurs enter a business because of its ______.
Entrepreneurs enter a business because of its ______.
profitability
______ business ideas provide business opportunities.
______ business ideas provide business opportunities.
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Not all changes in the ______ environment provides business opportunities.
Not all changes in the ______ environment provides business opportunities.
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______ and hobbies of the people are possible good source of entrepreneurial ideas.
______ and hobbies of the people are possible good source of entrepreneurial ideas.
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The ______ in the physical environment include the economic forces.
The ______ in the physical environment include the economic forces.
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______ scanning is conducted only when a new business is opened.
______ scanning is conducted only when a new business is opened.
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This module will allow you to learn ______ the knowledge and skills in recognizing a potential market.
This module will allow you to learn ______ the knowledge and skills in recognizing a potential market.
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It will guide you to identify the market problems to be solved or the market ______ to be met.
It will guide you to identify the market problems to be solved or the market ______ to be met.
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Also in this module, we are going to identify the market problem and propose ______ with regards to products and services.
Also in this module, we are going to identify the market problem and propose ______ with regards to products and services.
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Basically, in return to your hard time of selling your product you can generate ______.
Basically, in return to your hard time of selling your product you can generate ______.
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Knowing all the entrepreneurial concepts will not ______ a person of becoming a successful entrepreneur.
Knowing all the entrepreneurial concepts will not ______ a person of becoming a successful entrepreneur.
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Associate the market problem to be solved or the market need to be met; ______ solution/s in terms of product/s and service/s that will meet the need using techniques on seeking, screening, and seizing opportunities:
Associate the market problem to be solved or the market need to be met; ______ solution/s in terms of product/s and service/s that will meet the need using techniques on seeking, screening, and seizing opportunities:
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Some say being an entrepreneur is a ______; a lot of qualities must be possessed to be considered successful and sustainable.
Some say being an entrepreneur is a ______; a lot of qualities must be possessed to be considered successful and sustainable.
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Break down the market ______;
Break down the market ______;
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The creation of entrepreneurial ideas leads to the identification of entrepreneurial ______, which in turn results in the opening of an entrepreneurial venture.
The creation of entrepreneurial ideas leads to the identification of entrepreneurial ______, which in turn results in the opening of an entrepreneurial venture.
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Detect the possible product/s or service/s that will meet the ______ of your locality.
Detect the possible product/s or service/s that will meet the ______ of your locality.
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The activity of making, buying, or selling goods or providing services in exchange of money is called ______.
The activity of making, buying, or selling goods or providing services in exchange of money is called ______.
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Entrepreneurial mind frame allows the entrepreneur to see things in a very positive and ______ way in the midst of difficult situations.
Entrepreneurial mind frame allows the entrepreneur to see things in a very positive and ______ way in the midst of difficult situations.
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Being a risk-taker, an entrepreneur can find ______ when problems arise.
Being a risk-taker, an entrepreneur can find ______ when problems arise.
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Entrepreneurial heart flame refers to the entrepreneur's driven ______, they are attracted to discover satisfaction in the act and process of discovery.
Entrepreneurial heart flame refers to the entrepreneur's driven ______, they are attracted to discover satisfaction in the act and process of discovery.
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Entrepreneurial gut game refers to the ability of the entrepreneur of being ______.
Entrepreneurial gut game refers to the ability of the entrepreneur of being ______.
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You're not only the one who's in progress, but at the same time, you're helping for the development ______ of our economy.
You're not only the one who's in progress, but at the same time, you're helping for the development ______ of our economy.
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The ______ game is also known as intuition, which means confidence in yourself.
The ______ game is also known as intuition, which means confidence in yourself.
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Opportunities arise when ______ happen in the external environment.
Opportunities arise when ______ happen in the external environment.
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The ______ environment includes the physical environment, societal environment, and industry environment.
The ______ environment includes the physical environment, societal environment, and industry environment.
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The physical environment includes factors like climate, natural resources, and ______.
The physical environment includes factors like climate, natural resources, and ______.
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The societal environment includes ______ forces like political, economic, sociocultural, and technological forces.
The societal environment includes ______ forces like political, economic, sociocultural, and technological forces.
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Political forces include laws, rules, and regulations that govern ______ practices.
Political forces include laws, rules, and regulations that govern ______ practices.
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The industry environment includes competitors, customers, creditors, employees, government, and ______.
The industry environment includes competitors, customers, creditors, employees, government, and ______.
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Climate can easily change, for example, the temperature can be very high during ______ but very low during the rainy season.
Climate can easily change, for example, the temperature can be very high during ______ but very low during the rainy season.
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The basic foundation that an entrepreneur must have in seeking opportunities are the ______ of opportunity seeking.
The basic foundation that an entrepreneur must have in seeking opportunities are the ______ of opportunity seeking.
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Sources of opportunity can be attained by assessing and looking at changes in the ______.
Sources of opportunity can be attained by assessing and looking at changes in the ______.
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The ______ environment refers to the physical environment, societal environment, and industry where the business operates.
The ______ environment refers to the physical environment, societal environment, and industry where the business operates.
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The act or process of trying to get or win something is called ______.
The act or process of trying to get or win something is called ______.
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Anything that takes the place or function of another is called a ______.
Anything that takes the place or function of another is called a ______.
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The one who enters something is called a ______.
The one who enters something is called a ______.
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The one that provides something that is needed or wanted is called a ______.
The one that provides something that is needed or wanted is called a ______.
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The one that pays cash in exchange for goods and services is called a ______.
The one that pays cash in exchange for goods and services is called a ______.
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The ______ of an entrepreneurial venture often stems from the recognition of new opportunities.
The ______ of an entrepreneurial venture often stems from the recognition of new opportunities.
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Identifying entrepreneurial opportunities could involve analyzing ______ discoveries and advancements.
Identifying entrepreneurial opportunities could involve analyzing ______ discoveries and advancements.
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A person's ______ experiences can be a rich source of entrepreneurial ideas.
A person's ______ experiences can be a rich source of entrepreneurial ideas.
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______ resources are a critical external factor influencing entrepreneurial opportunities.
______ resources are a critical external factor influencing entrepreneurial opportunities.
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Entrepreneurial ideas can arise from the ______ of the environment.
Entrepreneurial ideas can arise from the ______ of the environment.
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Flashcards
Intuition
Intuition
A gut feeling or instinct that informs decisions.
Sources of Opportunities
Sources of Opportunities
Various ways to discover business opportunities emerging in the environment.
Changes in the Environment
Changes in the Environment
External shifts that can lead to new entrepreneurial ideas.
Physical Environment
Physical Environment
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Societal Environment
Societal Environment
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Technological Environment
Technological Environment
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Industry Environment
Industry Environment
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Entrepreneurial Drive
Entrepreneurial Drive
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Market Problem
Market Problem
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Market Need
Market Need
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Seeking Opportunities
Seeking Opportunities
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Screening Solutions
Screening Solutions
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Seizing Opportunities
Seizing Opportunities
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Business Plan
Business Plan
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Product
Product
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Service
Service
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Entrepreneurship
Entrepreneurship
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Entrepreneurial Ideas
Entrepreneurial Ideas
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Entrepreneurial Opportunities
Entrepreneurial Opportunities
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Risk-Taking
Risk-Taking
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Entrepreneurial Mind Frame
Entrepreneurial Mind Frame
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Entrepreneurial Passion
Entrepreneurial Passion
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Entrepreneurial Intuition
Entrepreneurial Intuition
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Entrepreneurial Venture
Entrepreneurial Venture
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Sociocultural forces
Sociocultural forces
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Technological discovery
Technological discovery
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Past experiences in business
Past experiences in business
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Successful entrepreneur
Successful entrepreneur
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Opportunity Sources
Opportunity Sources
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External Environment
External Environment
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Competition
Competition
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Substitute Product
Substitute Product
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New Entrants
New Entrants
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Rivalry
Rivalry
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Opportunity Seeking
Opportunity Seeking
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Entrepreneurial Opportunity
Entrepreneurial Opportunity
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Entrepreneurial Process
Entrepreneurial Process
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Environmental Scanning
Environmental Scanning
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Technical Discovery
Technical Discovery
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Barriers to Entry
Barriers to Entry
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Study Notes
Entrepreneurship: Recognize a Potential Market
- This module helps students learn to recognize potential markets.
- Educators from public and private schools, colleges, and universities developed and reviewed this learning material.
- Students should email feedback, comments, and recommendations to the Department of Education at [email protected] .
- The module teaches identifying market problems or needs to be met and creating solutions in terms of products or services.
- Students will learn techniques for seeking, screening, and seizing opportunities.
- Learning also involves identifying market problems relating to products and services, and developing solutions for community needs.
- The goal is to determine the ideal business to offer to one's community and generate profit from selling products or services.
What I Need to Know
- Entrepreneurship module's second module focuses on identifying a potential market.
- The module allows students to learn independently, gain knowledge, and apply skills in recognizing potential markets.
- This module enables students to identify market problems, design solutions (products/services), and match those solutions with the needs of the market using certain techniques.
- Students should examine products/services considering viability, profitability, and consumer needs.
- Students need to choose the most suitable product or service that meets the market demand.
What I Know (True or False)
- Entrepreneurs enter businesses primarily for profitability.
- New business ideas create opportunities.
- Entrepreneurship development often begins with identifying opportunities.
- All environmental changes provide business opportunities.
- Technological advancements provide business opportunities.
- Personal interests can spark entrepreneurial ideas.
- Technological advances drive entrepreneurial opportunities.
- Variable elements in the environment include economic factors.
- Entrepreneurial insight exists without relying on the five senses.
- Entrepreneurial mindset allows for a positive outlook.
- A business' well-being depends on industry factors.
- Growth is affected by strong competition.
- Government priorities matter.
What's In
- The difference between businessman and entrepreneur is discussed here.
- Entrepreneurship involves qualities and commitment to be successful in business.
- Starting a business often involves risk and a long process.
- Entrepreneurs help with the development of the economy.
What's New (Fix Me)
- Students must arrange scrambled words to form complete words.
- Words relate to the lesson topic (e.g., marketing concepts).
What is It
- The process of entrepreneurship, including creation of ideas, identification of business opportunities, and the start of ventures.
- This process creates new ventures.
- Essentials of identifying opportunities: positive mindset, risk-taking ability, passion for discovering solutions, and achieving goals (entrepreneurial mind frame and heart flame)
Sources of Opportunities
- Changes in the environment (e.g., climate, natural resources, laws).
- Improvements in technology.
- Government policy priorities.
- Consumer interests.
- Past experiences.
Forces of Competition Model
- Competitiveness exists in all industries.
- The "five forces of competition" model discusses the elements influencing competition.
- Buyers are those purchasing goods/services.
- Potential new entrants might challenge market share.
- Competitors influence price and strategies.
- Substitute products can also reduce sales.
- Suppliers affect product availability and pricing.
What I Have Learned
- Opportunity seeking: evaluating market opportunities and pursuing them.
- Entrepreneurial process: method for establishing a business.
- Entrepreneurial ideas: innovative concepts for making money.
- Sources of opportunities: Factors in the external environment including technology, government, consumer interests, and past experiences.
- Competition: the act or process of striving for something (e.g., a customer, profitability).
- Substitute: a replacement product or service.
- New entrants: new businesses in a market.
- Suppliers: those providing materials or services.
- Buyers: consumers making purchases.
- Rivalry: competition among businesses.
What I Can Do
- A table is given to list similar products and discuss their characteristics.
- A list of questions asks about opportunities, opportunity-seeking methods, and entrepreneurial characteristics.
Assessment
- Opportunity seeking is defined as identifying, evaluating, and pursuing market activities.
- Opportunity seeking involves activities that yield advantages for the business.
- Entrepreneurial mind frame and heart flame are critical for positive thinking during challenges.
Studying That Suits You
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Description
This module guides students in identifying potential markets by recognizing community needs and developing business solutions. Through independent learning, students will master techniques to seize market opportunities effectively, aiming to create profitable products or services for their communities.
