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Entrepreneurship

Chapter 2- Opportunity seeking, screening, and seizing

QuestionAnswer
see things in a very positive and optimistic light Entrepreneurial mind frame
the entrepreneur is not easily disheartened, but is rather driven to persevere even more Entrepreneurial heart flame
this refers to the ability of the entrepreneur to sense without using the five senses Entrepreneurial gut game
• Socio-Cultural Environment • Political Environment • Economic Environment • Ecological Environment • Technological Environment Macro Environmental Sources (SPEET)
• Rivals or competitors • Suppliers of input • Consumer market segments • Substitute products or services • All other support and enabling industries Industry Sources
• Increased or decreased demand • Higher or lower Supply • Threat of Price War Market Sources
• Specific target market segment of a particular enterprise micromarket
• Preferences refer to the tastes of particular groups of people • Consumer perceive the product • Arousing the customers’ interest to buy Consumer Preferences, Piques, and Perceptions
• The Personal Screening (Three Questions) • The Pre-Feasibility Study • The Feasibility Study Opportunity Screening
based on the estimated number of possible customers who might avail the product or service Market Potential and Prospects
Using a set of demographics (e.g., gender, age, place of residence, income class, etc.) will be the most basic approach in determining the target segment. Segmenting the Market
This process would determine how saturated the market is in the given area of coverage. Assessing Competition
Entrepreneur should assess the potential market share he or she can attract Estimating Market Share and Sales
• Quantities Demanded • Quality Specifications Demanded • Delivery Expectations • Price Expectations Technology Assessment and Operations Viability
This would determine the needed capacity of operations. Quantities demanded
Dictates the quality of input, quality assurance of the process transforming input to output Quality specifications demanded
Knowing how much, how frequent, and when to deliver to costumers. Delivery expectations
The selling price would be evaluated by the costumer. Price expectations
• Pre-operating Costs • Production/Service Facilities Investment • Working Capital Investment Investment Requirements and Production/Servicing Costs
These are the costs related to the preparation for the launch of the business. Pre-Operating Costs
Long term investments for the actual business establishments Production/Service Facilitate Investments
includes the investment needed to operationalize the business, composed of cash, accounts receivable, and inventories Working Capital Investments
• Income Statement • Balance Sheet • Financial Ratios and Measurements Financial Forecasts and Determination of Financial Feasibility
Measures an enterprise performance in terms of revenue and expenses over a certain period Income Statement
Assets= Liabilities + Equity Balance Sheet
Revenues - Expenses = Income or Profit (loss) Income Statement
all the investments in the enterprise including the initial investments Assets
represents the enterprise debts to suppliers, to banks, to government, to employees, and other financiers Liabilities
investors' investments in the stock (or shares) on the business Stockholders' equity
• Choose the correct technology • Choose the right people • Design the best possible operating workflow • Specify the systems and procedures that would govern the business enterprise • Design the organizational structure Five Important Planning Choices
Created by: yuniskie
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