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Entrepreneurship
Chapter 2- Opportunity seeking, screening, and seizing
| Question | Answer |
|---|---|
| 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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