Podcast
Questions and Answers
Which element of the entrepreneurial mind frame is most closely associated with a willingness to embrace uncertainty and potential setbacks?
Which element of the entrepreneurial mind frame is most closely associated with a willingness to embrace uncertainty and potential setbacks?
- Passion-driven motivation
- Positive thinking (correct)
- Intuitive decision-making
- Goal-oriented focus
A surge in the popularity of electric vehicles poses the biggest threat to which of Porter's Five Forces for a traditional gasoline car manufacturer?
A surge in the popularity of electric vehicles poses the biggest threat to which of Porter's Five Forces for a traditional gasoline car manufacturer?
- Threat of new entrants
- Bargaining power of buyers
- Power of suppliers
- Threat of substitute products (correct)
A local bakery is concerned about the rising cost of flour. According to the environmental scanning framework, which part of the external business environment does this concern primarily relate to?
A local bakery is concerned about the rising cost of flour. According to the environmental scanning framework, which part of the external business environment does this concern primarily relate to?
- Micro-environment, specifically suppliers (correct)
- Micro-environment, specifically competitors
- Macro-environment, specifically socio-cultural factors
- Macro-environment, specifically technological factors
Which data collection method is most suitable for gathering in-depth qualitative insights about consumer preferences for a new product line?
Which data collection method is most suitable for gathering in-depth qualitative insights about consumer preferences for a new product line?
An individual scores a 35 on the Entrepreneurial Intentions Scale. How would you describe their intention to become an entrepreneur?
An individual scores a 35 on the Entrepreneurial Intentions Scale. How would you describe their intention to become an entrepreneur?
A company identifies a new government policy offering tax incentives for businesses that develop eco-friendly products. Which source of opportunity does this best represent?
A company identifies a new government policy offering tax incentives for businesses that develop eco-friendly products. Which source of opportunity does this best represent?
A new tech startup develops a revolutionary software that automates tasks previously done manually by administrative staff. From the perspective of existing administrative service companies, which of Porter's Five Forces is most significantly impacted?
A new tech startup develops a revolutionary software that automates tasks previously done manually by administrative staff. From the perspective of existing administrative service companies, which of Porter's Five Forces is most significantly impacted?
Which of the following best illustrates the 'Entrepreneurial Heart Flame' in action?
Which of the following best illustrates the 'Entrepreneurial Heart Flame' in action?
Flashcards
Entrepreneurial Mind Frame
Entrepreneurial Mind Frame
A positive mindset and willingness to take calculated risks.
Entrepreneurial Heart Flame
Entrepreneurial Heart Flame
Being driven by passion and consistently setting goals.
Entrepreneurial Gut Game
Entrepreneurial Gut Game
Using confidence and intuition in decision-making.
Buyers (Porter's 5 Forces)
Buyers (Porter's 5 Forces)
Signup and view all the flashcards
Potential New Entrants
Potential New Entrants
Signup and view all the flashcards
Substitute Products
Substitute Products
Signup and view all the flashcards
Micro-Environment
Micro-Environment
Signup and view all the flashcards
Macro-Environment
Macro-Environment
Signup and view all the flashcards
Study Notes
- This is a grade 12 entrepreneurship reviewer
Recognizing and Understanding the Market
- Essentials in Opportunity Seeking involve the entrepreneurial mindset, heart flame, and gut game.
- Entrepreneurial Mind Frame involves positive thinking and risk-taking
- Entrepreneurial Heart Flame is being passion-driven and goal-oriented
- Entrepreneurial Gut Game refers to having confidence and intuition
Sources of Opportunities
- Changes in the environment, including physical, societal, and industry shifts, are sources of opportunities
- Technological advancements and new inventions create business opportunities
- Government programs and policies, including laws, may inspire new product ideas
- Past experiences and acquired skills can lead to business ventures
Porter's Five Forces of Competition
- Include buyers, potential new entrants, substitute products, suppliers, and rivalry among existing firms
- Buyers influence pricing and demand
- Potential new entrants increase competition
- Substitute products reduce market share
- Suppliers control production costs
- Rivalry among existing firms involves pricing and promotional strategies
Environmental Scanning
- External business environment consists of a micro and macro environment
- Micro-environment includes suppliers, customers, competitors, and the public
- Macro-environment includes economic, political-legal, technological, global, and socio-cultural factors
- Internal business environment includes, value system, mission, objectives, organizational structure, corporate culture, quality of human resources, labor unions, physical resources and technology
Market Research and Data Collection
- Surveys can be conducted via mail, phone, or online
- Interviews can be personal, via telephone, or online
- Focus group discussions involve group sessions lasting 90-120 minutes
- Tips for effective data gathering include: organizing data promptly, keeping questionnaires simple and concise, avoiding difficult questions, and ensuring response categories are mutually exclusive
Entrepreneurial Intentions Scale:
- Scores range from low to very high intention to become an entrepreneur
- 40-50 means a very high intention
- 30-39 means a high intention
- 20-29 is an average intention
- 19 and below represents a low intention to become an entrepreneur
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
Reviewer for grade 12 entrepreneurship, discussing the market, sources of opportunities, and Porter's Five Forces of Competition. Key elements include the entrepreneurial mindset, heart flame, gut game, environmental changes, and technological advancements. It also covers government policies and past experiences.
