entrep test reviewer

Ordinary Innovation

Commonly originating from market analysis and technology pull instead of technology push.

Weather -Climate -Laws regulating environment pollution -Air and water pollution -Recycling -Waste management -Attitudes toward green or ecological products -Endangered species -Attitudes toward and support for renewable energy

EXAMPLES OF ENVIRONMENTAL FACTORS

enterprende

Entrepreneur is derived from the french verb_______________, which means to undertake

Growth rates -Inflation rates -Interest rates -Exchange rates -Unemployment trends -Labor costs -Stages of business cycle -Trade flows and patterns -Level of consumers' disposable income -Monetary policies -Fiscal policies -Price fluctuations -Stock market trends

Example ls of economic factors

-Population growth rate -Age distribution and life expectancy rates -Gender distribution -Social classes -Family size and structure -Minorities

Examples of Demographic factors

Ethical advertising and sales practices -Accepted accounting, management, and marketing standards -Attitude toward counterfeiting and breaking patents

Examples of ethical factora

Anti-trust law -Discrimination law -Copyright, patents/intellectual property rights -Consumer protection -Employment law -Health and safety law -Data protection law

Examples of legal Factors

-Government stability and likely changes -Bureaucracy -Corruption level -Tax policy (rates and incentives) -Freedom of express -Rule of Law -Government effectiveness -Political Rights

Examples of political Factors?

Health consciousness -Educational level -Attitudes toward imported goods and services -Attitudes toward the person's lifestyle -Attitudes toward product quality and customer service -Attitudes toward saving and investing -Emphasis on safety -Buying habits -Religion and beliefs

Examples of socio cultural factors?

Basic infrastructure level -Rate of technological change -Spending on research and development -Technology incentives -Legislation regarding technology -Communication infrastructure -Access to newest technology -Internet infrastructure and penetration

Examples of technological Factors

What are the methods of generating ideas?

Focused group discussion brainstorming Brain writing or internet brainstorming Problem inventory analysis

Market intelligence

It is a customer profiling drives the entrepreneur on what correct strategies and tactics to employ. ​

Market segmentation

It is the process of grouping similar or homogeneous customers according to demographic, psychographic, geographic and behavior.

What are the four entreprenuerial process

Opportunity spotting and assessment Developing business plan determining the capital running a business

potential market

Part of the total population that has shown some level of interest in buying a particular product or service.

prospects

People who have not yet purchased your product but are considering it.

Available Market

Prospects who are willing and capable buyers (have sufficient resources) and who have access to a particular market or service.

Legal Factors

Related with political factors, that can restrict or allow business activities.

product development stage

The entrepreneur leverages on the information generated from the prospective customers via the concept stage

Opportunity seeking

The first step and it is the most difficult process of all due to theNumber of options that the entrepreneur will have to choose from

Internal Intent

The main objective that the business will accomplish in the entrepreneur's life

Entrepreneurship

The process of creation is called?

Technological Factors

These are composed of innovations of an existing technology or an invention of a new one mostly on applied science and engineering research areas.

demographic factors

These are the characteristics of the people in the target market.

New discovery or knowledge

These are the new trends that can be the core business of a new venture

customer Requirements

These are the specific features and characteristics that the customers need from a product/service.

personal Competencies

These are your abilities to ground yourself so that you are secure and self-assured in whatever situation you may find yourself.

Interpersonal competencies

These are your ability to lead, influence, communicate, supervise, negotiate, and control people at all levels. It is the ability to get along with people and motivate people to perform jobs

political factors

These factors are mostly induced by government policies and administrations, which can have a strong effect in the entrepreneur's business.

Industry

Thisu is the source of the current trend on what is happening in the industry

Seeking Screening Seizing

What are the 3s of opportunity spotting and assessment?

Developing a business plan

a business plan is a comprehensive paper that details the marketing, operation, human resource, financial strategic direction, and tactics of the business

Opportunity attractiveness test

Aims to assist entrepreneurs in ensuring that the opportunity that they will venture into is an attractive and feasible prospect and avoid overestimation or underestimation.

running a business

All aspects of the business plan should be critically observed from operation, marketing and sales.

need

a motivating force that compels action for its satisfaction. needs range from basic survival needs (common to all human beings) satisfied necessities, to cultural, intellectual, and social needs ( varying from place to place and age group to age group)

market

a place where two parties can gather to facilitate the exchange of goods and services. the parties are usually buyers and sellers

Penetrated Market (PM)

a set of customers or clients who are already using a particular product or service

technological innovation

advancements of an existing products or services

Brainstorming

an activity that allow the participants to share creative ideas using the ffg rules: (a) no destructive criticism or judgement is allowed (b) wilder ideas are accepted (c) more ideas are preferred and (d) improvement of other's ideas is allowed

Secondary target market

are customers who may have less money or fewer demand from your product/service.

customer

are said to be lifeblood of the business. These are the people who buy the products or avail the service of the entrepreneur.

services

are special form of product which consists of activities, benefits or satisfactions offered for sale that are intangible and do not result in the ownership of anything

Determining the capital needed

calculate the resources needed to establish the business and compare this against the entrepreneur's current resources

Talents, hobbies, skills, and expertise

can be source of business opportunity

location

entrepreneurs just have to look at their ecosystem and they will be able to spot a business opportunity right away

Risk Appetite

entrepreneurs tolerance of business risk

opportunity spotting and assessment

framework that most of the promising entrepreneurs use to finally come up with the ultimate product or service suited for a specific opportunity

Target Market

group of people potential customers to whom a company wants to sell its products and services

Breakthrough Innovation

include inventions and must be protected by a patent, trade secret or copyright

opportunity

is a entrepreneur's business idea that can potentially become a commercial product in the future

Competence

is an underlying personal characteristic which leads to superior performance. It is a combination of knowledge, skills, attitudes, and motives

Entrepreneurship

is one of the resources economists categorize as integral to production; the three resources are land/natural resources, labor and capital.

Common Competence

is one that describes the knowledge, skills and abilities found in most or all position

core competence

is the foundation for sharpening a company's competitive edge and it guides brand reputation, business growth, and marketing strategy

Opportunity Screening

is the process of cautiously selecting the best opportunity.

Target market users

people in your target market who are not currently looking for a solution

existing customers

people who have already purchased your product

competitors

recognizing and understanding potential competitors will aid the entrepreneur to develop a product or service that is unique and will surely stand out from the competition. 4ps (product, place, price & promotion)

micromarket

small group of highly targeted customers

STEEPLED

sociocultural factor, technological, economic environment, political, legal, ethical and demographic factors.

Test Marketing Stage

submitting the product candidate for customer approval in order to evaluate and adjust

Concept Stage

the developed idea will undergo a consumer acceptance test

idea stage

the entrepreneur determines what are the feasible products and/or services that will perfectly suit the opportunity.

opportunity seizing

the last step in opportunity spotting and assessment. entrepreneurs should make the best and exert effort and full dedication for the success of the new venture

macroenvironmental sources

the major external uncontrollable factors that influence an organization, decision making, and affect its performance & strategies

Problem inventory analysis

the participants will identify from the list given the compelling problem(s) of a potential product or service instead of generating the ideas from them

Primary Target market

the segment of a marketplace a business believes will get it the best chance to sell.

Unexpected opportunities from customers

there are a number of budding entrepreneurs turned unnoticed product into superstar products to carry also the value of social responsibility

Futuristic opportunities

these are projected new opportunities that can possibly affect the new business while it is running

consumer preference, interest, and perception

these are the current needs and wants of potential customers that should be discovered right away by budding entrepreneur

Economic Factors

these factors play a vital role in the scanning of marketing environment because economics factors directly affect any business venture

environmental or ecological factors

these factors will help the entrepreneur determine if the business he or she is entering into will comply with the environmental standards or will just be a hazard to people, animals and nature

Brainwriting or Internet brainstorming

this is exactly the same as brainstorming except that the channel used is not face to face but in writing or online

commercialization stage

this is the launching in w/c firm commits to introduce the product into the marketplace

Ethical factors

this will serve as an entrepreneur's guide how to be ethical in running the business

market potential

total demand for a product in a given business environment

Irritants in the marketplace such as deterrents, problems, complaints, and delays

when customers are already sick and tired of the same old issue or problem, that is when the opportunistic entrepreneur should come in and make a difference

external intent

will address the compelling needs of the target market

Focused Group Discussion (FGD)

- In this method, a moderator handles a very open, free-flowing, and in- depth discussion with a group of people who can provide insightful ideas about a new product or service that will fill a market need.

business competencies

- These are set of particular abilities and knowledge that sets a company apart from its competitors

Entrepreneur

A person who organizes and manages an enterprise, especially a business, usually with considerable initiative and risk.

time

must be considered as it is one of the most critical resources of an entrepreneurs