Opportunity Recognition Quiz
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Questions and Answers

During which stage of opportunity recognition does an individual evaluate whether an idea can be realized?

  • Realization
  • Visioning
  • Assessment (correct)
  • Conception

Which stage in opportunity recognition involves generating entrepreneurial intentions and ideas using logic and creative thinking?

  • Realization
  • Precondition
  • Conception (correct)
  • Visioning

In what opportunity recognition stage does the individual assesses his knowledge to the market?

  • Realization
  • Precondition (correct)
  • Assessment
  • Conception

Which factor enhancing opportunity recognition is described as personal exposure to the market and its components, like customers and suppliers?

<p>Market Awareness (C)</p> Signup and view all the answers

What factor encompasses the financial, physical, and human resources an individual possesses when starting a business venture?

<p>Entrepreneurial Readiness (C)</p> Signup and view all the answers

According to the five stages of opportunity recognition, at which stage is a prototype produced?

<p>Realization (D)</p> Signup and view all the answers

According to the opportunity recognition content, which factor is heightened when an individual has a diverse network of contacts?

<p>Connections (B)</p> Signup and view all the answers

During which stage of opportunity recognition does an individual develop a hunch that can serve as a business opportunity?

<p>Visioning (C)</p> Signup and view all the answers

Which role primarily focuses on the administrative and operational functions of a business?

<p>Chief Operating Officer (COO) (C)</p> Signup and view all the answers

An entrepreneur seeking expert advice on financial matters and identifying areas for business growth should consult with a:

<p>Business Consultant/Adviser (C)</p> Signup and view all the answers

Which of the following roles is responsible for leading a project from its start to finish?

<p>Project Manager (B)</p> Signup and view all the answers

Which of the following would be the primary task of an Advertising Sales Agent?

<p>Selling advertising space to clients. (D)</p> Signup and view all the answers

The highest-ranking executive in a company, responsible for major corporate decisions, is typically the:

<p>Chief Executive Officer (CEO) (C)</p> Signup and view all the answers

From a business point of view, what does an opportunity involve?

<p>An exploitable set of circumstances with an uncertain outcome requiring a commitment of resources and involving exposure to risk. (A)</p> Signup and view all the answers

Why is taking action important when faced with a business opportunity?

<p>To realize the objective despite the uncertainties. (B)</p> Signup and view all the answers

Which of the following roles focuses on improving organizational processes to improve quality, productivity, and efficiency?

<p>Operations Manager (D)</p> Signup and view all the answers

An entrepreneur wants to improve their marketing efforts by allocating resources more efficiently. Which professional should they consult?

<p>Marketing Strategist (A)</p> Signup and view all the answers

What element is always present when considering any opportunity?

<p>Elements of uncertainties (B)</p> Signup and view all the answers

Which of these roles would be MOST involved in setting training standards and hiring procedures?

<p>Operations Manager (B)</p> Signup and view all the answers

What is the primary commitment an individual needs to make for opportunities to be realized as business ventures?

<p>Committing resources and having the capacity to absorb uncertainties. (D)</p> Signup and view all the answers

Which best describes opportunity recognition?

<p>Phases that potential entrepreneurs take before introducing a product or service to the market. (D)</p> Signup and view all the answers

An entrepreneur must take action to achieve the business objectives. What does this decision require?

<p>Resources including time for the individual and his acceptance of the risks because of uncertainties. (D)</p> Signup and view all the answers

What does Cambridge Dictionary define an opportunity as?

<p>A situation or occasion that makes it possible to do something that you want to do. (C)</p> Signup and view all the answers

An Entrepreneur faces uncertainties when pursuing an opportunity, what must they do?

<p>Determine how they can take action to achieve business objectives. (D)</p> Signup and view all the answers

Which of the following is a primary responsibility of a Sales Manager?

<p>Managing accounts and motivating a sales team to exceed revenue targets. (B)</p> Signup and view all the answers

What is the main focus of a Research and Development Director?

<p>Overseeing discovery and development projects within the organization. (C)</p> Signup and view all the answers

What best describes the core function of a Fundraiser?

<p>Raising money for a specific cause or purpose. (A)</p> Signup and view all the answers

Which activity is most aligned with the responsibilities of a Teacher, according to the provided text?

<p>Inspiring students on how to increase their entrepreneurial intention. (A)</p> Signup and view all the answers

What is the primary objective of a Talent Recruiter?

<p>Finding, attracting, and hiring new employees for an organization. (A)</p> Signup and view all the answers

What do Business Reporters primarily do?

<p>Write articles covering business related topic. (A)</p> Signup and view all the answers

What is the main function of a Business Creator?

<p>To create new businesses through startups or scaling companies with a direct stake in their success. (A)</p> Signup and view all the answers

A professional is responsible for cultivating relationships with donors and organizing fundraising events. Which role align best with these duties?

<p>Fundraiser. (B)</p> Signup and view all the answers

What term describes a situation that enables the achievement of a desired outcome?

<p>Opportunity (D)</p> Signup and view all the answers

Which phase of opportunity recognition involves initial consideration and idea formation?

<p>Conception (D)</p> Signup and view all the answers

In the stages of opportunity recognition, which final phase involves creating a prototype?

<p>Realization (A)</p> Signup and view all the answers

Which of the following is NOT a direct factor in opportunity recognition?

<p>Opportunity (C)</p> Signup and view all the answers

Which stage of opportunity recognition provides an individual with an initial 'hunch' or feeling that could lead to a business venture?

<p>Assessment (A)</p> Signup and view all the answers

Which term best describes a potentially profitable but uncertain situation requiring resource investment and involving risk?

<p>Opportunity (D)</p> Signup and view all the answers

What is the title of the top executive responsible for the overall management and strategic direction of a company?

<p>CEO (B)</p> Signup and view all the answers

What is a job title for someone managing accounts and following up with clients on behalf of the company?

<p>Advertising Sales Agent (B)</p> Signup and view all the answers

Besides leading from inception to execution, what is a key responsibility of a project manager?

<p>Leading a project from start to finish. (B)</p> Signup and view all the answers

Which of the following roles is primarily focused on finding and hiring new employees?

<p>Talent Recruiter (D)</p> Signup and view all the answers

What is the main focus of the activity 'My Business Plan'?

<p>Developing a comprehensive business proposal. (A)</p> Signup and view all the answers

What is the most important attribute of serial entrepreneurs, differentiating them from standard business starters?

<p>High degree of success in recognizing and exploiting business chances. (B)</p> Signup and view all the answers

Which factor is most important for a team while deciding a name for their business, according to the text?

<p>How attractive it is to potential clients. (D)</p> Signup and view all the answers

In the context of business planning, what is the primary purpose of identifying the business's goals and objectives?

<p>To establish a long-term vision and ensure strategic direction. (C)</p> Signup and view all the answers

Which of the following is a common misconception regarding younger and older people in starting a business?

<p>Prior knowledge is an important factor. (D)</p> Signup and view all the answers

A business is planning to expand into a new market. Which step from 'My Business Plan' would be most useful in predicting their success?

<p>Describing special features attractive to customers. (B)</p> Signup and view all the answers

Flashcards

What is an Opportunity?

A favorable circumstance or situation that presents a chance to achieve something worthwhile.

What is an Opportunity (Business)?

A situation where there's a chance to do something you want, but with uncertain outcomes and risks.

Opportunity Recognition

The process of identifying and evaluating opportunities based on unmet needs, trends, and changes in the market.

Why recognize Opportunities?

They lead to new business ventures that create value for customers and themselves.

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Opportunity Realization

Individuals must commit resources, time, and take risks to turn opportunities into successful businesses.

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Entrepreneurship and Opportunities

Entrepreneurship is about recognizing opportunities and taking the initiative to create something new.

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Opportunity Recognition process

This involves research, analysis, and understanding of the market, competition, and customer needs.

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Important Factors in Opportunity Recognition

They provide valuable insights into the market, customer preferences, and emerging trends.

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Precondition (Opportunity Recognition)

The initial stage where an individual assesses their existing knowledge and understanding of the market.

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Conception (Opportunity Recognition)

This is the phase where entrepreneurial ideas are conceived, combining logic and creative thinking.

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Visioning (Opportunity Recognition)

The stage where an individual has an intuitive feeling or hunch about a potential business opportunity.

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Assessment (Opportunity Recognition)

This stage involves evaluating the feasibility of an idea, considering resources, technology, and whether it can be realistically executed.

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Realization (Opportunity Recognition)

The final stage where the actual development of a prototype or tangible product occurs.

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Market Awareness

Refers to an individual's prior knowledge and experience with the market, including its customers, suppliers, and overall dynamics.

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Entrepreneurial Readiness

This encompasses an individual's preparedness to start a business, including the resources (financial, physical, and human) they possess.

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Connections (Networks)

This factor emphasizes the importance of an individual's diverse network of connections in amplifying opportunity recognition.

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What is the role of a CEO?

The highest-ranking executive who makes major decisions, manages operations, and directs company resources.

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What is a COO responsible for?

A senior executive overseeing daily administrative and operational functions, reporting directly to the CEO, and second in command.

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What does an Advertising Sales Agent do?

Sells advertising space to businesses and individuals, managing client accounts and meeting sales quotas.

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What is the role of a Project Manager?

Leads a project from start to finish, planning, executing, and managing people, resources, and project scope.

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What are the responsibilities of an Operations Manager?

Manages high-level HR tasks like talent acquisition, training, and hiring, analyzes processes, and improves quality, productivity, and efficiency.

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What does a Marketing Strategist do?

Analyzes data to determine the best way to allocate marketing resources for revenue and profit growth.

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What is the role of a Business Consultant?

Provides expert advice, analysis, and solutions to businesses for development and expansion. They assist with business planning, financial matters, and identifying growth opportunities.

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What is the function of a Business Adviser?

They are experts who help new and existing businesses grow. Their duties include developing business plans, advising on financial matters, and identifying areas for growth.

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What is Conception?

The first phase of opportunity recognition where an individual gets an initial idea or thought.

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What is Assessment?

A stage where an individual develops their idea further by researching and analyzing its viability and potential.

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What are the factors in opportunity recognition?

The factors that influence an entrepreneur's ability to identify and capitalize on opportunities. These factors include market awareness, entrepreneurial readiness, and connections.

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What is Visioning?

The second stage of opportunity recognition, where the individual starts to envision the possible applications of the opportunity.

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What is an exploitable set of circumstances with uncertain outcome?

A set of circumstances with uncertain outcome that requires a commitment of resources and involves exposure to risk.

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Who is the CEO?

The highest-ranking executive in a company, responsible for overall strategic direction and management.

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What is an Accounts Manager?

Someone who manages accounts and follows up on outstanding payments for a company.

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What is the role of a Sales Manager?

A person who manages a company's sales team, motivates them to reach sales targets, helps them generate leads, and ensures customer satisfaction.

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What is the role of a Research and Development Director?

The person responsible for leading and overseeing all research and development projects within a company, including mentoring and developing R&D staff.

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What is the role of a Fundraiser?

Someone who raises money for a specific cause, motivates supporters to maximize donations, and inspires new supporters to contribute while nurturing existing relationships.

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What is the role of a Teacher?

A person who educates students, often in a formal setting like a school, using lessons and teaching materials to facilitate learning.

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What is the role of a Talent Recruiter?

A person responsible for finding, attracting, and hiring new employees to fill open positions and meet a company's workforce needs and goals, managing the entire recruitment process.

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What is the role of a Business Reporter?

A person who gathers and analyzes facts about business events to write informative and engaging articles for publication.

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What is the role of a Business Creator?

A person who creates new businesses, either by starting new ventures or scaling existing companies, and has a significant stake in their success.

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What is a Research and Development Director?

Someone who understands business concepts, systems, procedures, and practices, and is responsible for directing and overseeing all discovery and development projects. They also play a role in mentoring and developing R&D staff, in resource allocation and budget management, and in ensuring that projects are aligned with the company's overall goals.

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Project Manager

A person responsible for leading a project from its initiation to completion, overseeing tasks, resources, and deadlines.

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Serial Entrepreneurs

Individuals who start multiple businesses sequentially, often building on their previous successes or learning from their experiences.

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Opportunity Recognition Ability

The ability to identify and assess potential business opportunities, recognizing unmet needs, trends, and changes in the market.

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Opportunity Evaluation

The process of understanding and gathering information about a specific business opportunity to determine its viability and potential for success.

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Talent Recruiter

A person whose job involves finding and attracting talented individuals to join an organization.

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Business Opportunity

A favorable circumstance or situation that presents a chance to achieve something worthwhile, often involving uncertain outcomes and potential risks.

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Study Notes

Course Information

  • Institution: Laguna College of Business and Arts
  • Department: Basic Education
  • Subject: Entrepreneurship

Prayer

  • A prayer was listed on a slide.

Attendance

  • Attendance was listed on a separate slide.

4 Pics 1 Word

  • A game featuring images to guess a word was listed on a slide.
  • The answer was "CAREER"

Opportunity Recognition

  • Opportunity is defined as a circumstance making something possible, according to Cambridge Dictionary.
  • From a business perspective, an opportunity is an exploitable circumstance with uncertain outcomes, requiring resource commitment and risk exposure.
  • Opportunity recognition is a multi-step process potential entrepreneurs use before market entry.

Five Stages of Opportunity Recognition (Hills, Shrader & Lumpkin)

  • Precondition: A preliminary phase where the individual evaluates their knowledge regarding the market.
  • Conception: The gestation phase where entrepreneurial intentions and ideas are formed using logic or creativity.
  • Visioning: The third stage, where a hunch is developed regarding business opportunity.
  • Assessment: Evaluating whether the idea can be realized, considering resources and technology.
  • Realization: The final stage, where the mental construct takes a tangible/physical form.

Factors in Opportunity Recognition

  • Market Awareness: Understanding the market, its customers and suppliers, often gained through training and experience.
  • Entrepreneurial Readiness: The various qualities and capabilities of entrepreneurs. This includes resources (financial, physical and human resources) to start a business venture.
  • Connections (Networks): The networking abilities of the individual, which can significantly increase chances of recognizing business opportunity.

Proper Career Titles in 21st Century Enterprise

  • Chief Executive Officer (CEO): The highest-ranking executive, responsible for major corporate decisions and overall operations and resources.
  • Chief Operating Officer (COO): A senior executive responsible for overseeing day-to-day administrative and operational functions.
  • Advertising Sales Agent: Sells advertising space; contacts clients, makes presentations, manages accounts, and works under pressure to meet sales quotas.
  • Project Manager: Leads a project from beginning to final execution; plans, executes, manages people, resources, and scope.
  • Operations Manager: Key part of management team, oversees high-level HR duties (attracting talent, training standards, hiring). Analyzes and improves organizational processes and improves quality, productivity, and efficiency.
  • Marketing Strategist: Analyzes data to determine the best allocation of resources to grow revenue and profits. Responsible for implementing marketing strategies.
  • Business Consultant/Adviser: Provides expert advice and solutions to enable new and existing businesses to grow, along with duties including financial advice, developing business plans, and identifying growth areas for the company.
  • Sales Manager: Manages accounts and follows-up, hires and motivates high-performing sales teams to generate leads, hits revenue forecasts, and meets customer needs.
  • Research and Development Director: Understands business concepts, systems, and procedures; directs/oversees discovery and development projects; mentors and develops R&D staff.
  • Fundraiser: Raises money for a specific purpose; inspires supporters to maximize funds and maintain relationships with existing supporters.
  • Teacher: Educates pupils and students; role is formal and ongoing in schools; can use lesson plans to facilitate learning and inspire entrepreneurial intentions.
  • Talent Recruiter: Responsible for finding, attracting, and hiring employees to fill open positions and meet company goals; responsible for the full life cycle of the recruiting process.
  • Business Reporter: Writes articles about business matters and gathers and analyzes important or newsworthy information using various research methods (observation, investigation, research, interview).
  • Business Creator: Entrepreneurial individuals who create business/startups or scale growing companies and have significant stake in success.

Job Opportunities for Entrepreneurs

Quiz Questions

  • Question 1: Which of the following is defined as a situation or occasion enabling something desired to happen?
  • Question 2: Which phase of opportunity recognition is the equivalent of gestation?
  • Question 3: What's the final phase of opportunity recognition regarding the creation of a prototype?
  • Question 4: What's an EXCEPTION from the listed factors of opportunity recognition?
  • Question 5: Which stage of opportunity recognition involves a hunch related to business opportunity ?
  • Question 6: What's the business description of opportunity?
  • Question 7: Title of the highest ranking executive?
  • Question 8: Title of the employee who manages company accounts and manages follow-up actions?
  • Question 9: Who is accountable for leading a project from the start to completion?
  • Question 10: What job description relates to hiring/recruiting for an organization?

Additional Activities

  • Performance Task: Creating a business proposal, including information for planning, special features, goals, and objectives (50 points).
  • Activity: Listing and describing elements of business idea, target customers, marketing strategy, capital information, pricing, and profit.

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Entrepreneurship Quiz - Laguna College of Business and Arts

Description

Test your knowledge on the stages of opportunity recognition in entrepreneurship. This quiz covers key concepts, including evaluation, idea generation, market assessment, and resource factors that impact business ventures. Understand the nuances that contribute to successful idea realization.

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