Innovation Management Principles
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Questions and Answers

What is the primary goal of entrepreneurs in managing financial resources?

  • To maximize production
  • To minimize costs
  • To meet customer needs
  • To profit (correct)
  • What is the main difference between quality assurance and quality control?

  • Quality assurance occurs at the end of production, while quality control occurs before production
  • Quality assurance focuses on product quality, while quality control focuses on service quality
  • Quality assurance is proactive, while quality control is reactive (correct)
  • Quality assurance is product-oriented, while quality control is process-oriented
  • What is the primary objective of production in entrepreneurship?

  • To minimize costs
  • To satisfy human needs and wants (correct)
  • To maximize profits
  • To create goods and services for personal use
  • What is marketing, in the context of entrepreneurship?

    <p>The integration of research and development, advertising, customer service, distribution, and selling</p> Signup and view all the answers

    What is the primary advantage of big businesses in terms of resource allocation?

    <p>They have an advantage in allocating their own resources</p> Signup and view all the answers

    What is the primary goal of quality control?

    <p>To identify and correct defects</p> Signup and view all the answers

    What is the primary difference between small and microenterprises and big businesses?

    <p>Small and microenterprises have an advantage in producing goods and services</p> Signup and view all the answers

    What is the primary focus of quality assurance?

    <p>Process quality</p> Signup and view all the answers

    What is the primary objective of entrepreneurs in terms of customer satisfaction?

    <p>To ensure customer satisfaction</p> Signup and view all the answers

    What is the primary role of finance in entrepreneurship?

    <p>To manage financial resources</p> Signup and view all the answers

    Study Notes

    Turning Ideas into Reality

    • The main question to consider before establishing a business is: "What kind of business is easy to start and is guaranteed to be successful?"
    • An entrepreneurial venture depends on various factors, including personal capacity, societal and business trends, and national and world economy updates.

    Reasons for Setting Up a Business

    • People set up their own business due to various reasons, including:
    • Unable to find a job
    • Recently lost a job
    • Not progressing in their current job
    • Regardless of the reason, aspirants should thoroughly study their business idea and justify the marketability of their product or service.

    Marketability and Segmentation

    • Marketability refers to the ability of a product, service, or asset to be sold or exchanged in a market, influenced by factors like demand, consumer preferences, competition, pricing, branding, and distribution channels.
    • Market segmentation divides a broader market into smaller, distinct consumer groups.

    Tips for Entrepreneurs

    • Search for a market gap or solve a problem for potential customers to produce sound venture ideas.
    • Be a trend spotter and take advantage of emerging trends.
    • Put your business plan in writing to add substance to your idea and develop your business strategy.
    • Operate your home-based business enterprise as if it were in a separate business location and be professional.
    • Carefully study and evaluate potential retail locations.
    • Negotiate the terms and conditions of a commercial lease for your business enterprise.

    Registering Your Business

    • Establish your own unique business name, which can be registered with the Department of Trade and Industry (DTI).
    • Secure regulatory permits from various authorities, including the Barangay Clearance for Business, Business Permit from the Local Government Unit, Securities and Exchange Commission (SEC), and Bureau of Internal Revenue (BIR).
    • Register with other agencies depending on the nature of your business, such as the Department of Health (DOH), Cooperative Development Authority (CDA), and Department of Environment and Natural Resources (DENR).

    Financial Management

    • As a financial manager, entrepreneurs must determine the best ways to raise and maximize the use of money.
    • Finance is the art and science of managing financial resources.

    Production and Quality Control

    • Production refers to the creation of goods and services to satisfy human necessities and wants.
    • Quality Assurance is concerned with ensuring that processes used to create the product or service are effective.
    • Quality Control involves ensuring that goods and services are produced in accordance with design and specifications.

    Marketing

    • Marketing is an integration of different processes and functions, such as research and development, advertising, customer service, distribution, and selling.
    • Marketing is not just selling, but a broader concept that involves understanding the target audience, positioning, and tactics to promote products or services effectively.

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    Description

    This quiz covers the principles and methodologies of innovation management, including validating business ideas, establishing a business venture, and strategic planning to turn ideas into reality.

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