SS-113 Entrepreneurial Mind: Course Overview

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Questions and Answers

Match the following essential characteristics with their descriptions:

Creativity = Use of imagination or original ideas to produce an artistic work Suspicion of predictors = Tendency to labor under the assumption that data is the sole predictor of an outcome Comfort with uncertainty = Atmosphere where uncertainty rules, as the very essence of entrepreneurship Openness to Experimentation = The ability to experiment with products, processes and outcomes

Match the descriptions to the competencies of an Entrepreneur:

Hardworking = Working diligently and being consistent about it Disciplined = Always sticks to the plan and fight the temptation to do what is unimportant Committed = Assume full responsibility over their business, giving dedication to make it successful Creative = Be innovative to stay in the business and in order to have an edge over the other competitors

Match the skill with its description:

Excellent Planner = Strategic thinking and goal setting to achieve objectives. Possesses people skills = Effective and efficient communication and establishing good relationship to the people working in and out of your business. Sound decision maker = Ability to think quickly and to make wise decisions towards a pre-determined set of objectives. Information seeker = Takes action to help reach objectives by personally undertaking a research or analysis to find out answers of some problems

Match the description to the characteristics of an Entrepreneur:

Profit-oriented = Enters the world of business to generate profit or additional income Persistent = Takes repeated actions to overcome obstacles that get in the way of achieving goals Assertive = Confronts problems and issues with others directly Initiative = Takes the initiative to put yourself in a position where you are responsible for the failure or success of your business Signup and view all the answers

Match the Entrepreneur to the best definition.

Entrepreneurs = People or individuals with the skills and capabilities to see and evaluate business opportunities Entrepreneurship = Strategic process of innovation and new product creation Mindset = A way of thinking and opinions of a person Entrepreneurial Mind = Specific state of mind which orientates human conduct towards entrepreneurial activities and outcomes Signup and view all the answers

Match the business related terms to their descriptions:

Business plan = A written document that describes in detail how a business, usually a new one, is going to achieve its goals. Marketing plan = A comprehensive document or blueprint that outlines a company's advertising and marketing efforts for the coming year. SWOT analysis = A study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats. Risk management = The process of identifying, assessing, and controlling threats to an organization's capital and earnings. Signup and view all the answers

Match the form of business organization to its description:

Sole Proprietorship = A business owned and run by one person and in which there is no legal distinction between the owner and the business entity. Partnership = A business organization in which two or more individuals agree to share in the profits or losses of a business. Corporation = A legal entity that is separate and distinct from its owners. Cooperative = An autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise. Signup and view all the answers

Match the term to description based on entrepreneurial mindset.

Creativity = The use of the imagination or original ideas, especially in the production of an artistic work. Information Seeker = An entrepreneur takes action to help reach objectives by personally undertaking a research or analysis to find out answers of some problems. Suspicion of predictors = Entrepreneurs tend to labor under the assumption that data is the sole predictors of an outcome. Functional Humility = Display a functional humility in solving a business problem or reinventing a product or service Signup and view all the answers

Match the benefit of accessing the global market to the description:

Increased Market Reach = Accessing a broader customer base, leading to higher sales and revenue. Diversification = Reducing dependence on a single market, lessening the impact of local economic downturns. Economies of Scale = Increasing production volume to lower per-unit costs, improving profitability. Access to New Technologies = Gaining insights into innovative practices and technologies that can improve operations and product development. Signup and view all the answers

Match the form of Insurance to the best description:

Life Insurance = Coverage of the life of the business owner or key employee. Non-Life Insurance = Coverage of property, liability, or other business risks. Single premium payment policy = A one-time payment for coverage during the policy period. Bonds = A fixed income investment in which an investor loans money to an entity. Signup and view all the answers

Match term to its description based on market research.

Market Segments = Groups of consumers who have similar needs and behaviors. Customer Profile = Detailed information about a specific group of customers, including demographics, interests, and buying habits. Primary Data = Information collected directly from sources, such as surveys and interviews. Market Research = Structured study that involves gathering information from a variety of sources and analyzing it to make informed decisions. Signup and view all the answers

Match the term to its description based on international trade.

Domestic Barriers = Regulations, policies, or challenges within a country that hinder international trade. International Barriers = Constraints or obstacles that countries impose on international product or service exchange. Trade Barriers = Government-imposed restraints on the flow of international goods or services. World Trade Organization (WTO) = The only global international organization dealing with the rules of trade between nations. Signup and view all the answers

Match the best question to its description.

Why entrepreneurial activities are important to social development and economy progress? = Why activities that are a means of personal development towards disciplines are beneficial If you were given the opportunity to own a business, do you think you will be confident enough to manage it? = A need for a well-built relationship with other entrepreneurs What do you think are the most important competencies one must possess in order to be successful in running a chosen business? = Having a well-aligned goal as regards to the mind-set. Name one successful entrepreneur that you know in your locality. What do you think are the entrepreneurial competencies he/she possessed? = Applying across disciplines through entrepreneurial perspectives as a means of personal development Signup and view all the answers

Match the types of Business Risks to the best description.

Strategic Risk = Uncertainties and potential events that could influence or be influenced by an organization's chosen business strategies Compliance Risk = Threats that arise from violations of laws, rules or regulations Operational Risk = The risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events Financial Risk = Any of several types of danger relating to finance, monetary flow, investment, or other business activity that could possibly result in a loss for an individual or business. Signup and view all the answers

Match the question with the best applicable situation.

What best business practices can you share with aspiring entrepreneurs? = Gather knowledge and insights from a variety of sources to build a network of connections and opportunities. What are the salient characteristics, attributes, lifestyle, skills and traits that made you successful in your business or job? = Identify the resources needed to solve the challenge. How did you solve business-related problems during the early years of your business operation? = Being able to manage risks, and learn from the results of evaluating the process. What preparations did you make before you engaged in this type of business or job? = Enables learning of how to align personal goals with that mind-set Signup and view all the answers

Match the question to its best description based on personal development and discovery .

How was your experience in discovering the strengths and the areas you need to develop? = Helps uncover areas of improvement regarding on personal development. Was there an opportunity to benefit from exchanging insights with your classmates? = Applying across multiple disciplines can help with personal career/business direction. Did you gain a valuable experience in exchanging insights with your classmates? = Building entrepreneurship connections with one another. Was there an opportunity to exchange your understanding about an entrepreneurial place? = Building entrepreneurship relationships with one another. Signup and view all the answers

Match each term with its description based on an an entrepreneur's point of view:

Characteristics = A feature or quality belonging typically to a person, place, or thing and serving to identify it Attributes = A quality or feature regarded as a characteristic or inherent part of someone or something Trait = An ingrained characteristic or habit that is difficult to learn or unlearn Skills = Things you've learnt through work, training or education, or general life experience Signup and view all the answers

Match the action that needs to be done on the following.

Know Your Competition = Know possible impact of competition and other possible strategies Distribution and Promotion Strategies = Distribution Strategies and Promotion Strategie Establish your target market = Identify market segments and customer profiles. Research what available resources and materials a business plan needs. = Know to research possible alternative resources for such business plan Signup and view all the answers

Match why should you create an effective business plan.

To be organized with the business = By planning on setting available research resources for business planning. To have a good analysis with the business = By knowing how to make good SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis. Good sales and financial analysis = Making a marketing, sales and financial plans. Set the business to right track = Establish the entrepreneur's roadmap with the contents of the business plan. Signup and view all the answers

Match the benefits based on entrepreneurial mindset to the best description:

Thinking like an entrepreneur will help you right from the beginning = Normal to feel worried or anxious about your new venture. An entrepreneurial mindset will help you in other areas of your life. = Minimize the importance of failure and rejection in your life. Having an entrepreneurial mindset will encourage creativity. = More likely to think outside the box. Those who are thinking of a business seemingly know what they're doing. = Those people seem to know what they're doing and are actually an entrepreneur. Signup and view all the answers

Match who are the important people with the business.

The employees = Who needed to be taken action with their welfare. The customers = Whose needed to be satisfied in order to have a good and continuous business. The competitors = That needed to outwin with business aspects. The stakeholders = Who needed to keep up with business' economic, social, and cultural needs and aspirations Signup and view all the answers

Match the risks in the best description:

Reducing the risk = Reduce exposure to loss by taking actions such as insurance to avoid things that might go wrong. Insure against risks = Means shifting Risks to an Insurance Company Direct risks to your business = Risks such as damage to physical assets Indirect risks to your business = arising from a change in the economic, social, political, or technological environment in which a company is operating Signup and view all the answers

Match business strategies for your business .

Write Marketing Plan = To know more about your business Find distributors = To have possible success in distribution and supply with the business. Find promoters = To endorse the business and gain more customers Maintain Loyalty of customers = To have good review in your business. Signup and view all the answers

Match the Strategies for Going Global to the best description:

Creating a Presence on the Web = Reaching different customer base through internet Joint Ventures = Entering with another company to start business operation. Foreign Licensing = Licensing a business so that the same type of business opens to other country. Creating a Distribution Center = Having a place to store and have the business' available resources Signup and view all the answers

Match forms of actions in taking good care with your businsess .

Excellent service = Giving a a very well performance in doing a good business Creating high quality product = Satisfying the customer with its business offers. Creating a Good reputation = Helping other people to gain loyalty with business . Having enough knowledge = Developing the Business by acquiring knowledge for business. Signup and view all the answers

Flashcards

Who are Entrepreneurs?

People with skills to evaluate business opportunities, strategically identify needs, and deliver services.

Entrepreneurial Mind

The mindset required to achieve entrepreneurial activities and positive results.