Types of Entrepreneurship and Entrepreneurs
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Questions and Answers

Which type of entrepreneurship primarily focuses on solving social or environmental issues?

  • Large company entrepreneurship
  • Builder entrepreneurship
  • Scalable startup entrepreneurship
  • Social entrepreneurship (correct)

What type of entrepreneur is typically focused on capitalizing on financial opportunities and achieving wealth?

  • Innovator
  • Builder
  • Opportunist (correct)
  • Specialist

Which characteristic of entrepreneurship involves bringing new ideas to market?

  • Innovation (correct)
  • Leadership
  • Visionary
  • Risk taking

What describes a scalable startup entrepreneur?

<p>Requires large capital and aims for continuous growth (C)</p> Signup and view all the answers

Which type of entrepreneur is likely to be risk-averse and analytical?

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

What is a primary contribution of entrepreneurship to society?

<p>Increased job opportunities (A)</p> Signup and view all the answers

An entrepreneur known for having unique concepts and focusing on their impact rather than money is referred to as?

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

What does the visionary characteristic of an entrepreneur emphasize?

<p>Focusing on future opportunities (C)</p> Signup and view all the answers

What is the foundational element for starting a business?

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

Which personal attribute is crucial for an entrepreneur to maintain, especially in tough times?

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

How does understanding customer needs influence business success?

<p>It helps tailor products to solve specific problems (B)</p> Signup and view all the answers

What does conducting competitive research help an entrepreneur understand?

<p>Barriers to entry and market positioning (A)</p> Signup and view all the answers

What is a critical marketing strategy for attracting customers?

<p>Focusing on customer needs and experiences (D)</p> Signup and view all the answers

Which personal attribute showcases an entrepreneur's resilience in the face of setbacks?

<p>Persistence and positive mindset (D)</p> Signup and view all the answers

Which of the following attributes is NOT essential for entrepreneurship?

<p>A strong technical background (A)</p> Signup and view all the answers

What is the implication of recognizing barriers to entry in a market?

<p>It determines the capital requirements and feasibility of entering the market (D)</p> Signup and view all the answers

What is the definition of marketing according to the American Marketing Association?

<p>The process of creating, communicating, delivering, and exchanging offerings that have value. (D)</p> Signup and view all the answers

What key difference exists between consumers and customers?

<p>Consumers are the ones who benefit from products, customers are those who buy them. (B)</p> Signup and view all the answers

What is a primary goal of a marketing strategy?

<p>To create comprehensive plans for attracting consumers and converting them to customers. (D)</p> Signup and view all the answers

Which of the following best describes the marketing mix?

<p>A strategy that combines product pricing, consumer engagement, and promotional tactics. (A)</p> Signup and view all the answers

What factors can influence customer perception and demand according to pricing?

<p>The amount consumers are willing to pay and production costs. (B)</p> Signup and view all the answers

What is an example of an intangible product?

<p>A software application. (A)</p> Signup and view all the answers

What does cost-based pricing primarily consider?

<p>The cost of production plus a markup. (D)</p> Signup and view all the answers

Which of the following is NOT a focus of increasing customer engagement?

<p>Limiting customer interactions to sales transactions. (C)</p> Signup and view all the answers

Which of the following is NOT considered a critical aspect of business ethics?

<p>Maximizing profits at any cost (D)</p> Signup and view all the answers

What is a common unethical practice that may occur in a business?

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

What type of workplace environment does Nestle represent in the context of employee satisfaction?

<p>Low job security and poor benefits (A)</p> Signup and view all the answers

Which company is highlighted as pursuing an ethical approach through sustainable practices?

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

How does corporate responsibility relate to business ethics?

<p>It requires organizations to act in society's best interests. (C)</p> Signup and view all the answers

Why is understanding unethical practices essential for businesses?

<p>To promote a culture of integrity and prevent occurrences. (D)</p> Signup and view all the answers

Which of these best illustrates Lush's brand strategy?

<p>Emphasis on ethical branding and customer loyalty (D)</p> Signup and view all the answers

What impact does a positive business ethical stance have on employee retention?

<p>It results in a more stable workforce. (B)</p> Signup and view all the answers

Which of the following sectors is NOT included in the local business landscape?

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

What is the primary purpose of securing intellectual property (IP)?

<p>To protect innovative ideas and products (C)</p> Signup and view all the answers

Which legal protection is specifically used for inventions and scientific processes?

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

Which statement accurately describes the difference between innovators and imitators?

<p>Innovators create original products, while imitators replicate successful ideas. (D)</p> Signup and view all the answers

What does a trademark specifically protect?

<p>Brands, logos, and slogans (D)</p> Signup and view all the answers

What is a potential consequence of IP infringement?

<p>Legal action against the infringer (A)</p> Signup and view all the answers

What role does the Intellectual Property Office (IPO) play for entrepreneurs in Brunei?

<p>Securing IP rights (A)</p> Signup and view all the answers

What exemplifies effective product development and IP protection from the content provided?

<p>Developing a personal brand with a unique offering (B)</p> Signup and view all the answers

What is the primary difference between features and benefits of a product?

<p>Features describe the product, while benefits describe the consumer advantages. (D)</p> Signup and view all the answers

What does the term 'place' refer to in a marketing context?

<p>The distribution channels to make products available to consumers (C)</p> Signup and view all the answers

Why is business ethics important for an organization?

<p>It influences the reputation and operational success of the organization. (A)</p> Signup and view all the answers

Which of the following statements best defines 'goods' in a business context?

<p>Physical products that are sold to consumers. (D)</p> Signup and view all the answers

What is a crucial component of the marketing mix that encompasses advertising and public relations?

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

In the context of ethical considerations, what represents individual ethics?

<p>Personal moral standards influencing behavior. (C)</p> Signup and view all the answers

What can be inferred about a business that effectively capitalizes on consumer demands and market trends?

<p>It is likely to achieve operational efficiencies. (D)</p> Signup and view all the answers

What does the concept of akhlaq relate to in business ethics?

<p>Good character and just dealings with others. (C)</p> Signup and view all the answers

Flashcards

Small Business Entrepreneurship

Starting and running a small business, often focused on a specific niche, using limited resources and often family/friends for support.

Scalable Startup Entrepreneurship

A business venture that innovates with unique products/services, requiring significant capital and investor involvement to rapidly scale up.

Large Company Entrepreneurship

Expanding existing companies by adapting to new technologies, markets or competition.

Social Entrepreneurship

Creating businesses to address social or environmental problems, where profit is not the primary goal; but social impact is.

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Entrepreneur

A person who starts, runs, and takes risks to make a profit in their business venture.

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Innovation in Entrepreneurship

Adopting new ideas and approaches to solve business problems.

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Job Creation by Entrepreneurship

Entrepreneurs create employment opportunities by starting businesses.

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Entrepreneurial Characteristics

Key traits, including innovation, risk-taking, vision, leadership and product knowledge.

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Business Startup Essentials

Starting a business requires more than just an idea; skills, market knowledge, competitor research, marketing, and sufficient resources are also crucial.

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Business Idea

The initial concept forming the foundation of a business.

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Personal Attributes for Entrepreneurs

Commitment, dedication, resilience, motivation, and a keen eye for opportunity are essential qualities for success.

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Customer Knowledge

Understanding customer needs and market demand is critical for a successful business.

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Competitor Analysis

Studying competitors, understanding their advantages, and analyzing the market landscape helps determine a business's position and potential.

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Marketing Strategies

Effective communication with customers is crucial for business success. Strategies should focus on customer needs and experiences.

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Risk Tolerance

Entrepreneurship involves inherent risks. Wise entrepreneurs manage risk rather than eliminate it.

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Market Entry Barriers

Understanding how easy or difficult it is to enter a specific market influences capital requirements and feasibility.

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Marketing Definition

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society.

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Customer vs. Consumer

Consumers use the products/services; Customers buy them.

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Marketing Mix (4Ps)

Product, Price, Place, and Promotion – the core elements of a marketing strategy.

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Product (4Ps)

The core item or service. Can be tangible (physical) or intangible (service).

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Price (4Ps)

The amount a customer is willing to pay.

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Cost-Based Pricing

Pricing determined by the cost of production plus a markup.

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Value-Based Pricing

Pricing based on the perceived value to the customer.

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What is 'value' when buying?

It's not just the price, but the quality and usefulness you get for that price. Think of it as 'what you gain' in return for your money.

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Place in Marketing

How and where customers can find your product. It's about making your product easily accessible to the right people.

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Promotion in Marketing

All the ways you tell people about your product and convince them to buy it. It includes advertising, sales, and public relations.

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Product Features

Specific characteristics or qualities of a product. They describe what the product is and has.

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Product Benefits

The advantages or value a customer gets from using the product's features. They describe what the product does for the customer.

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Business Ethics

Principles of right and wrong that guide a company's actions. It's about making decisions that are morally sound and fair.

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Akhlaq

A concept of good character that emphasizes behaving justly and honorably in all interactions, especially in business dealings.

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Importance of Business Ethics

Ethical conduct is crucial for a company's reputation and long-term success. It builds trust with customers and employees.

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Unethical Business Practices

Actions that violate ethical principles and harm individuals, society, or the environment. These behaviors can include fraud, bribery, harassment, and discrimination.

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Corporate Social Responsibility

A company's obligation to act in a way that benefits society and the environment, beyond just making profits. This involves transparency, ethical sourcing, and fair labor practices.

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Transparency in Business

Open communication about a company's practices, policies, and decisions to customers, stakeholders, and the public. This builds trust and accountability.

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Impact of Ethical Practices on Employees

A company's ethical culture affects employee morale, job satisfaction, and turnover rates. Positive ethical practices lead to a more engaged and productive workforce.

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Nestlé vs. Lush: Ethical Contrast

Nestlé faced criticism for unethical practices like misleading marketing and lack of transparency, while Lush prioritizes ethical sourcing, fair labor practices, and transparency, building a strong brand through ethical practices.

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Ethical Sourcing

Obtaining materials and products in a way that ensures fair treatment of workers, environmental protection, and ethical business practices.

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Misleading Marketing

Using deceptive or misleading advertising to promote products, often exaggerating benefits or hiding negative aspects. This can damage consumer trust.

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Integrity & Intellectual Property

Maintaining ethical behavior and respecting intellectual property rights, such as patents and trademarks. This ensures fair competition and innovation.

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Local Business Landscape

The different sectors or industries present in a specific geographic area, like food and beverage, apparel, manufacturing, agriculture, and entertainment.

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Intellectual Property (IP)

Intangible assets created from ideas and innovation, including trademarks, copyrights, and patents. It protects the unique creations of a business.

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Trademark Protection

Legal protection for brand names, logos, and slogans, ensuring exclusivity in their use.

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Copyright Protection

Legal right granted to creators of original works, like music, literature, or software, granting exclusive rights to use and distribute their work.

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Patent Protection

Legal protection for inventions, processes, or scientific discoveries, granting exclusive rights to use, make, or sell the invention.

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Importance of Legal Protection

Legal protection safeguards a business's creations from unauthorized use, preventing imitation and promoting innovation.

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Intellectual Property Office (IPO)

Government agency responsible for managing intellectual property rights, including trademarks, copyrights, and patents.

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Innovation vs. Imitation

Innovators create original products or services, while imitators may copy or adapt existing ideas. Ethical imitation can improve offerings, but only if it doesn't infringe IP rights.

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Study Notes

Types of Entrepreneurship

  • Small Business: Focuses on small ventures, self-investment, limited employees (e.g., family/friends). Examples include small restaurants and retail shops.
  • Scalable Startup: Innovation-driven, unique products/services. Requires large capital and investment aiming for continuous growth.
  • Large Company: Expanding existing companies due to new technologies, market changes, or competition.
  • Social Entrepreneurship: Focuses on solving social or environmental issues. Profit is not the primary goal, social impact is.

Types of Entrepreneurs

  • Builder: Often temperamental, seeks talent and investors. Aims to scale the business rapidly (e.g., reaching $100 million in a few years).
  • Opportunist: Finds the right time to capitalize on financial opportunities. Focused on profit and wealth.
  • Innovator: Idea-driven, with unique concepts (e.g., Mark Zuckerberg). Focuses more on impact than money, often hands over operations.
  • Specialist: Specializes in specific skills, grows businesses slowly through networking, risk-averse, and analytical.

Business Opportunities

  • Entrepreneurship: Ability and readiness to organize, manage, and start/run a business. Goal is profit, solving problems, or both. Entrepreneur is the person who does that.

Key Characteristics of Entrepreneurship

  • Innovation: Ability to bring new ideas.
  • Risk-taking: Willingness to handle uncertainty.
  • Visionary: Focus on future opportunities.
  • Leadership & Open-mindedness: Leading teams and adapting to change.
  • Product knowledge: Deep understanding of the product/service.
  • Flexibility

Importance of Entrepreneurship

  • Job Creation: Generates employment opportunities.
  • Improved Living Standards: Leads to innovation and higher living standards.
  • Positive Social Impact: Contributes to society and community.

Business Opportunities from Current Issues (e.g., Covid-19)

  • Zoom for virtual communication
  • Bersih solution (cleaning services)
  • E-commerce (online shopping)
  • Automatic gates/online check-in

Starting a Business

  • Business Idea: The initial concept that forms the foundation of the business.
  • Personal Attributes: Stamina, commitment, dedication, ability to bounce back, motivation to excel, understanding of risk and opportunity, and tolerance of risk and uncertainty.
  • Knowledge of Customers: Understanding market demand and customer needs.
  • Knowledge of Competitors: Comparing products, advantages, locations (rural/urban). Recognizing entry barriers.
  • Marketing: Effective communication with customers—low price points, product differentiation, focusing on customer needs.
  • Resources: Money (capital), skills (learn new skills), and hiring needed skills.

Marketing Strategies

  • How to communicate with customers
  • How to make it happen

Definition of Marketing

  • Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
  • Distinguish between consumers and customers.

Product

  • Core item/service: Designed to meet customer needs. Differentiate from competitors.
  • Categories of products: Tangible (physical items), Intangible (non-physical goods/services).

Price

  • Cost-based pricing: Determined by production cost plus markup.
  • Value-based pricing: Based on perceived value to the customer rather than cost.

Place (Distribution)

  • Distribution channels: Utilized to make products available to consumers—easy accessibility for target customers.
  • Distribution strategies: Everyday goods may be widely available, while premium products may have limited distribution.

Promotion

  • Advertising, sales promotions, personal selling, and public relations: Attracting consumer attention and persuading them to make purchases

Features vs. Benefits

  • Features: Characteristics of a product (e.g., heated seats in a car).
  • Benefits: Practical advantages/value (e.g., warmth and comfort during winter).

Business Ethics

  • What is business? Organized effort to produce goods/services for customers, while generating profit. Involves various components, including goods (physical products) and services (intangible offerings).
  • Business Ethics: Principles of right and wrong guiding individual actions in society.
  • Individual Ethics: Personal moral standards influencing behavior.
  • Contextual Ethics: How individuals interact and uphold their standards in various contexts (like business practices).
  • Importance of Business Ethics (in business): Ethical considerations to business actions and decisions, workplace conduct, corporate responsibility, and transparency.

Unethical Practices

  • Examples: Nepotism, fraud, discrimination, insider trading, misappropriation of assets, harassment, misleading customers, bribery, disrespecting customer data.

Integrity and Intellectual Property

  • Insight into local entrepreneurship: Includes sectors like F&B, apparel, manufacturing, agriculture, entertainment, and fisheries.
  • Securing your IP: Intangible property (ideas developed into businesses/inventions) needs protection (licenses, trademarks, copyrights, patents). Protecting from infringement.

Real Life Examples/Navigating IP Protection

  • Real-life examples (e.g., khairul aming, oil filter invention) demonstrate IP protection's importance in business innovation.
  • Navigating IP protection in Brunei involves understanding the role of intellectual property offices (IPOs).
  • Innovators vs. Imitators: Innovators create original products/services; imitators copy successful ideas. Imitators may improve offerings.

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Description

This quiz explores various types of entrepreneurship and the distinct characteristics of different types of entrepreneurs. From small businesses to social entrepreneurship, understand the motivations and goals that drive these ventures. Test your knowledge on the builders, opportunists, innovators, and their roles in the entrepreneurial landscape.

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