Podcast
Questions and Answers
During which stage of opportunity recognition does an individual evaluate whether an idea can be realized?
During which stage of opportunity recognition does an individual evaluate whether an idea can be realized?
Which stage in opportunity recognition involves generating entrepreneurial intentions and ideas using logic and creative thinking?
Which stage in opportunity recognition involves generating entrepreneurial intentions and ideas using logic and creative thinking?
In what opportunity recognition stage does the individual assesses his knowledge to the market?
In what opportunity recognition stage does the individual assesses his knowledge to the market?
Which factor enhancing opportunity recognition is described as personal exposure to the market and its components, like customers and suppliers?
Which factor enhancing opportunity recognition is described as personal exposure to the market and its components, like customers and suppliers?
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What factor encompasses the financial, physical, and human resources an individual possesses when starting a business venture?
What factor encompasses the financial, physical, and human resources an individual possesses when starting a business venture?
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According to the five stages of opportunity recognition, at which stage is a prototype produced?
According to the five stages of opportunity recognition, at which stage is a prototype produced?
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According to the opportunity recognition content, which factor is heightened when an individual has a diverse network of contacts?
According to the opportunity recognition content, which factor is heightened when an individual has a diverse network of contacts?
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During which stage of opportunity recognition does an individual develop a hunch that can serve as a business opportunity?
During which stage of opportunity recognition does an individual develop a hunch that can serve as a business opportunity?
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Which role primarily focuses on the administrative and operational functions of a business?
Which role primarily focuses on the administrative and operational functions of a business?
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An entrepreneur seeking expert advice on financial matters and identifying areas for business growth should consult with a:
An entrepreneur seeking expert advice on financial matters and identifying areas for business growth should consult with a:
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Which of the following roles is responsible for leading a project from its start to finish?
Which of the following roles is responsible for leading a project from its start to finish?
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Which of the following would be the primary task of an Advertising Sales Agent?
Which of the following would be the primary task of an Advertising Sales Agent?
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The highest-ranking executive in a company, responsible for major corporate decisions, is typically the:
The highest-ranking executive in a company, responsible for major corporate decisions, is typically the:
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From a business point of view, what does an opportunity involve?
From a business point of view, what does an opportunity involve?
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Why is taking action important when faced with a business opportunity?
Why is taking action important when faced with a business opportunity?
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Which of the following roles focuses on improving organizational processes to improve quality, productivity, and efficiency?
Which of the following roles focuses on improving organizational processes to improve quality, productivity, and efficiency?
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An entrepreneur wants to improve their marketing efforts by allocating resources more efficiently. Which professional should they consult?
An entrepreneur wants to improve their marketing efforts by allocating resources more efficiently. Which professional should they consult?
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What element is always present when considering any opportunity?
What element is always present when considering any opportunity?
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Which of these roles would be MOST involved in setting training standards and hiring procedures?
Which of these roles would be MOST involved in setting training standards and hiring procedures?
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What is the primary commitment an individual needs to make for opportunities to be realized as business ventures?
What is the primary commitment an individual needs to make for opportunities to be realized as business ventures?
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Which best describes opportunity recognition?
Which best describes opportunity recognition?
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An entrepreneur must take action to achieve the business objectives. What does this decision require?
An entrepreneur must take action to achieve the business objectives. What does this decision require?
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What does Cambridge Dictionary define an opportunity as?
What does Cambridge Dictionary define an opportunity as?
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An Entrepreneur faces uncertainties when pursuing an opportunity, what must they do?
An Entrepreneur faces uncertainties when pursuing an opportunity, what must they do?
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Which of the following is a primary responsibility of a Sales Manager?
Which of the following is a primary responsibility of a Sales Manager?
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What is the main focus of a Research and Development Director?
What is the main focus of a Research and Development Director?
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What best describes the core function of a Fundraiser?
What best describes the core function of a Fundraiser?
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Which activity is most aligned with the responsibilities of a Teacher, according to the provided text?
Which activity is most aligned with the responsibilities of a Teacher, according to the provided text?
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What is the primary objective of a Talent Recruiter?
What is the primary objective of a Talent Recruiter?
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What do Business Reporters primarily do?
What do Business Reporters primarily do?
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What is the main function of a Business Creator?
What is the main function of a Business Creator?
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A professional is responsible for cultivating relationships with donors and organizing fundraising events. Which role align best with these duties?
A professional is responsible for cultivating relationships with donors and organizing fundraising events. Which role align best with these duties?
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What term describes a situation that enables the achievement of a desired outcome?
What term describes a situation that enables the achievement of a desired outcome?
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Which phase of opportunity recognition involves initial consideration and idea formation?
Which phase of opportunity recognition involves initial consideration and idea formation?
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In the stages of opportunity recognition, which final phase involves creating a prototype?
In the stages of opportunity recognition, which final phase involves creating a prototype?
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Which of the following is NOT a direct factor in opportunity recognition?
Which of the following is NOT a direct factor in opportunity recognition?
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Which stage of opportunity recognition provides an individual with an initial 'hunch' or feeling that could lead to a business venture?
Which stage of opportunity recognition provides an individual with an initial 'hunch' or feeling that could lead to a business venture?
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Which term best describes a potentially profitable but uncertain situation requiring resource investment and involving risk?
Which term best describes a potentially profitable but uncertain situation requiring resource investment and involving risk?
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What is the title of the top executive responsible for the overall management and strategic direction of a company?
What is the title of the top executive responsible for the overall management and strategic direction of a company?
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What is a job title for someone managing accounts and following up with clients on behalf of the company?
What is a job title for someone managing accounts and following up with clients on behalf of the company?
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Besides leading from inception to execution, what is a key responsibility of a project manager?
Besides leading from inception to execution, what is a key responsibility of a project manager?
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Which of the following roles is primarily focused on finding and hiring new employees?
Which of the following roles is primarily focused on finding and hiring new employees?
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What is the main focus of the activity 'My Business Plan'?
What is the main focus of the activity 'My Business Plan'?
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What is the most important attribute of serial entrepreneurs, differentiating them from standard business starters?
What is the most important attribute of serial entrepreneurs, differentiating them from standard business starters?
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Which factor is most important for a team while deciding a name for their business, according to the text?
Which factor is most important for a team while deciding a name for their business, according to the text?
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In the context of business planning, what is the primary purpose of identifying the business's goals and objectives?
In the context of business planning, what is the primary purpose of identifying the business's goals and objectives?
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Which of the following is a common misconception regarding younger and older people in starting a business?
Which of the following is a common misconception regarding younger and older people in starting a business?
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A business is planning to expand into a new market. Which step from 'My Business Plan' would be most useful in predicting their success?
A business is planning to expand into a new market. Which step from 'My Business Plan' would be most useful in predicting their success?
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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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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.
