Entrepreneurship Quiz - Laguna College of Business and Arts

LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP Prayer LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP Attendance LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION DEPARTMENT ENTREPRENE...

LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP Prayer LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP Attendance LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION DEPARTMENT ENTREPRENEURSHIP LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP 4 PICS 1 WORD E D K A R E R C H J N R C A R E E R O L O T T NQ Y P C P I U R HW OP P OR T UN I T Y  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP Lesson Objectives: The learner must be able to: Explore job opportunities for entrepreneurship as a career Explain the process of recognizing opportunities. Explain the important factors in opportunity recognition. Discuss the different careers in entrepreneurship.  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP Introduction: For the opportunities to be realized as business ventures, the individual needs to commit resources and should have the capacity to absorb the uncertainties of any business undertaking. LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP What is an Opportunity?  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP According to Cambridge Dictionary, an opportunity is “a situation or occasion that makes it possible to do something that you want to do.” From a business perspective, an opportunity is “an exploitable set of circumstances with uncertain outcome requiring a commitment of resources and involving exposure to risk”  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP An opportunity can only be considered as a possibility of realizing your objective since they are elements of uncertainties in its realization. Thus, the entrepreneur must take action to achieve his objectives. This decision will require resources including time for the individual and his acceptance of the risks because of uncertainties. LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP How do we recognize an opportunity?  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP OPPORTUNITY RECOGNITION often entails phases that potential entrepreneurs take before introducing a product or service to the market.  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP FIVE STAGES OF OPPORTUNITY RECOGNITION (Hills, Shrader & Lumpkin)  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP PRECONDITION A preparatory stage, during which the individual assesses his knowledge to the market.  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP CONCEPTION This is the gestation phase, during which entrepreneurial intentions and ideas are generated, using logic, creative thinking, or both.  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP VISIONING This third stage provides the individual a hunch that can serve as an opportunity for business.  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP ASSESSMENT This stage involves the evaluation on whether the idea can be realized or not. Aside from the resources needed and the technology to be used, the paramount question to the individual is whether the idea can really be actualized.  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP REALIZATION The last phase suggests the production of a prototype. This is the stage when the mental construct or idea is now felt in its tangible or physical form. LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP FACTORS IN OPPORTUNITY RECOGNITION  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP MARKET AWARENESS (prior knowledge of the market) refers to personal exposure to market and its components including customers and suppliers. Information on the market, in turn can be acquired from formal training.  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP ENTREPRENEURIAL READINESS (Entrepreneurial Alertness) refers to a variety of features of an individual to start a business venture. It covers all types of resources that the individual possesses including financial physical and human resources.  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP CONNECTIONS (Networks) this is the last factor wherein the business opportunity recognition is heightened when the individual has a diversity of networks. LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP PROPER CAREER TITLES IN 21 CENTURY ENTERPRISE ST  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP CHIEF EXECUTIVE OFFICER (CEO) is the highest-ranking executive in a company, whose primary responsibilities include making major corporate decisions, managing the overall operations and resources of a company.  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP CHIEF OPERATING OFFICER (COO) is a senior executive tasked with overseeing the day-to-day administrative and operational functions of a business. The COO typically reports directly to the chief executive officer (CEO) and is second in the chain of command.  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP ADVERTISING SALES AGENT sells advertising space to businesses and individuals. They will contact potential clients, make sales presentations, maintain client accounts, and often work under pressure to meet sales quotas.  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP PROJECT MANAGER is the person responsible for leading a project from its inception to execution. This includes planning, execution and managing the people, resources, and scope of the project.  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP OPERATIONS MANAGER is key part of a management team and oversees high-level HR duties, such as attracting talent and setting training standards and hiring procedures. They also analyze and improve organizational processes, and work to improve quality, productivity, and efficiency.  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP MARKETING STRATEGIST analyzes data to determine the best way to allocate resources to grow revenue and profits; someone who is responsible for the implementation of marketing strategies. LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP JOB OPPORTUNITIES FOR ENTREPRENEURS  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP BUSINESS CONSULTANT/ADVISER provides expert advice, analysis, and solutions. they enable new and existing businesses to develop and expand their duties include developing business plans, advising on financial matters and identifying areas for growth within a company.  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP SALES MANAGER someone who manage accounts and follow- up on lack of a company. the one leading the team. hire and motivate high-performing sales teams, and lead them to generate leads hit or exceed revenue forecasts, and ultimately meet customer needs.  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP RESEARCH AND DEVELOPMENT DIRECTOR someone who understands business concepts, systems, procedures, and practices. is responsible for directing and overseeing all discovery and development projects. S/he also plays a role in mentoring and developing R&D staff, in resource  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP FUNDRAISER someone who raises money for a specific purpose motivate and facilitate supporters to maximize the funds they raise. inspire new supporters to raise money, while maintaining and developing relationships with existing supporters  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP TEACHER is a person who provides education for pupils and students. The role of teacher is often formal and ongoing, carried out at a school or other place of formal education. Teachers may use a lesson plan to facilitate student learning someone who inspire students how to increase their entrepreneurial intention.  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP TALENT RECRUITER someone whose job is on recruiting people to an organization. are responsible for finding, attracting, and hiring new employees to fill open positions and meet company's workforce needs and goals. They are generally responsible for the full life cycle of the recruiting process.  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP BUSINESS REPORTER someone who can write articles about business matters. gather and analyze facts with regards to events that are newsworthy. They collect information through investigation, research, observation, or interview.  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP BUSINESS CREATOR are entrepreneurial people whose primary role is in creating new business via creating new startups or scaling growing companies, having significant and direct stake in the actual business success. LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP QUESTIONS? LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP QUIZ  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP 1. Which of the following is called a situation or occasion that makes it possible to do something that you want to do? A. Opportunist B. Opportunity C. Optimism D. Opportune  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP 2. Which is called the gestation phase of the stages of opportunity recognition? A. Conception B. Precondition C. Realization D. Assessment  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP 3. What do you call the last phase of the stages of opportunity recognition that suggests the production of a prototype? A. Conception B. Precondition C. Realization D. Assessment  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP 4. Given are the factors in opportunity recognition EXCEPT one. B. Market A. Connections Awareness C. Entrepreneurial D. Opportunity Readiness  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP 5. Which of the following choices is the third stage of opportunity recognition provides the individual a hunch that can serve as an opportunity for business? A. Conception B. Visioning C. Realization D. Assessment  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP 6. Which is called an exploitable set of circumstances with uncertain outcome requiring a commitment of resources and involving exposure to risk? A. Opportunity B. Precondition C. Realization D. Assessment  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP 7. What do you call the highest-ranking executive in a company? A. Advertising Sales B. Sales Manager Agent C. CEO D. COO  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP 8. What do you call a person that someone who manage accounts and follow-up on lack of a company? A. Advertising Sales B. Sales Manager Agent D. Business C. Project Manager Consultant  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP 9. Who is called the person responsible for leading a project from its inception to execution? A. Advertising Sales B. Sales Manager Agent D. Business C. Project Manager Consultant  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP 10. What do you call someone whose job is on recruiting people to an organization? A. Talent Recruiter B. Sales Manager D. Business C. Project Manager Reporter LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP QUESTION & ANSWER  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP 1. Individual with high IQ’s would make better entrepreneurs than those with lower IQ’s. Do you agree with this statement? Explain your answer.  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP 2. Serial Entrepreneurs (i.e. Individuals who set one successful venture after another) are good in recognizing and exploiting business opportunities. What do you think accounts for their success?  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP 3. Given that prior knowledge is an important factor in opportunity recognition, does this mean that younger people are less likely to recognize business opportunities compared to the older people? LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP PERFORMANCE TASK  LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP ACTIVITY: MY BUSINESS PLAN Directions: With your group, start creating your business proposal by providing the information required for business planning. Describe special features that will make your business attractive to potential customers and identify your business's primary goals and objectives. 50 PTS. LAGUNA COLLEGE OF BUSINESS AND ARTS BASIC EDUCATION ENTREPRENEURSHIP Team/Business Name: Business Idea: 1.What is your teams’ business idea? 2.Is it a product or a service? 3.How will your product/service stand out from the competition? Target Customers: 1. Who will be your customers? 2. Where do they live? 3. What is your market passionate about? Marketing: 1. How will you advertise your business? 2. Where will you sell your products or services? Capital: 1. What is your estimate capital? 2. How do you plan to have your capital? Pricing and Profit: Estimated Sale Price of Item: Estimated Cost of Item: Estimated Profit: Business Tagline: