Entrepreneurship (Weeks 1-8) - Video Notes Flashcards

A comprehensive set of Q&A flashcards drawn from the lecture notes (Weeks 1–8) covering definitions, concepts, and key details across entrepreneurship, business planning, marketing, branding, and government support.

Who said 'Entrepreneurship is a discipline' and what are the related concepts?

Peter Drucker; Entrepreneurship is a discipline, Entrepreneurship = process, an entrepreneur is a person, and an enterprise is a business.

What is the primary definition of entrepreneurship according to Drucker?

Entrepreneurship is a discipline and a process.

What is an entrepreneur?

A person who organizes and manages a business or enterprise.

What is an enterprise?

A business or company.

Name one advantage of entrepreneurship.

Higher income potential.

Name another advantage of entrepreneurship.

Personal fulfillment.

Name a third advantage of entrepreneurship.

Continuous learning.

Name a fourth advantage of entrepreneurship.

Flexible schedule.

Name one disadvantage of entrepreneurship.

Long and demanding work hours.

Name another disadvantage of entrepreneurship.

Financial insecurity.

Name a third disadvantage of entrepreneurship.

High stress/responsibility.

Name a fourth disadvantage of entrepreneurship.

Lack of support/resources.

What is one of the four aspects of an entrepreneur (Creation process)?

Creating new ideas for the community.

What is another aspect (Time and effort)?

Focusing on what’s important.

What is the third aspect (Rewards)?

Enjoying your success.

What is the fourth aspect (Risk)?

Assumption of necessary risk; business has ups and downs.

List a quality that shows disciplined entrepreneurship.

Disciplined: focused on making the business work and eliminating hindrances.

What does confidence imply in an entrepreneur?

Belief that the business will succeed.

What does being open-minded mean for an entrepreneur?

Able to view everything around them and focus it on their goals.

What is a self-starter in entrepreneurship?

Someone who starts tasks themselves when needed.

What does being competitive involve?

A desire to win in business and in the markets they operate.

What does creativity entail for an entrepreneur?

Often synthesizes solutions from other ideas.

How is determination described for entrepreneurs?

Views defeat as an opportunity for future success.

Why are strong people skills important for entrepreneurs?

To sell the product and motivate employees.

What does a strong work ethic look like?

Being first in, last out; consistent diligence.

What does passion mean for an entrepreneur?

Genuine love for the work and willingness to put in extra hours.

What economic impact can entrepreneurship have? (Two examples)

Accelerates economic growth (jobs, business) and promotes innovation.

How can entrepreneurship drive social change?

By breaking old habits and improving lives.

What role does entrepreneurship play in R&D?

Boosts research and development, leading to new/better products.

What is a Start-up Enterprise?

A recently formed company or a completely new business from scratch.

What does 'Buying an existing business' mean?

Acquiring an existing company or enterprise.

What is franchising?

Owning a company that already has a successful product/service and expanding through a franchise model.

What should be focused on before starting a business (Direction)?

A clear and documented vision, mission, and strategies.

What are sources of capital?

Personal funds, family/friends, retirement accounts, banks/financial institutions, government loans, stock market.

Why is having a good network important?

Building relationships and working well with others.

What are key legal requirements to understand before starting a business?

Laws and rules relevant to the business type to avoid problems.

What does 'Degree of Risk' refer to?

The likelihood of failure due to market, competition, financing costs, and labor supply.

Why is Research and Development important for new ventures?

Supports creation of new tech-based ventures and sustains market activity.

What are personal competencies?

Entrepreneur must know their capabilities to guide growth and success.

What does 'Availability of Resources' mean?

Sufficient raw materials, human resources, and equipment from the start.

What are 'Other Critical Factors' in new ventures?

Feasibility and competitive advantages; questions like 'Is it needed?' and 'How will competitors respond?'

What should you consider about Buyers in the Five Forces model?

Buyers: pay cash for goods and services.

What are the other two forces in the Five Forces model besides Buyers?

Potential new entrants and rivalry among existing firms.

What is meant by Substitute products in the Five Forces?

Products that serve the same purpose as another product.

What is a 'Sole Proprietorship'?

A business owned and managed by one person.

What is a 'Partnership'?

A business owned and managed by two or more people.

What is a 'Corporation'?

A business organization managed by an elected board of directors.

What is a 'Cooperative'?

An association of small producers and consumers.

What are the three essentials in opportunity seeking?

Entrepreneurial Mind Frame, Entrepreneurial Heart Flame, Entrepreneurial Gut Game (intuition).

What are the five sources of opportunities listed?

Changes in environment, Technological discovery, Government thrust/policies, People's interest, Past experiences.

What is the 'Five Forces' model also called?

Forces of Competition.

What government support agencies help SMEs (examples)?

CITEM, Bureau of Domestic Trade, BETP/BITR, CITC, TESDA, Philippine Trade Training Center.

What are common legal requirements for businesses (examples)?

Mayor's Permit, SEC, SSS, CDA, BIR, DOLE, Local Government registration.

What is the purpose of a Mission in a business plan?

How the organization attains its objectives.

What is the purpose of a Vision in a business plan?

Where the business aspires to go.

What is an Organizational Chart?

A diagram showing roles, responsibilities, and reporting relationships.

What is a Business Plan?

A document detailing how the business operates, with major parts including organizational, compensation, production, marketing, and financial plans.

What are the major parts of a Business Plan?

Organizational Plan, Compensation Plan, Production Plan, Marketing Plan, Financial Plan.

Why is organizational planning important?

Helps set direction, allocate resources, and respond to challenges.

What is in the Organizational Plan?

Company name/logo, address, owner, nature, relationships among colleagues.

What is included in a Compensation Plan?

Gross compensation, mandatory benefits (SSS, PhilHealth, Pag-IBIG, 13th month), non-mandatory benefits.

What is the purpose of the Production Plan?

Outlines steps to mass-produce products.

What is the Marketing Plan?

Outlines how to reach the target market.

What is the Financial Plan?

Outlines the financial design and management of the business.

Why is a Business Plan important for longevity?

Essential for the long-term survival and success of the business.

What is the 'Organizational Plan' in Weeks 5-6?

Details the company structure, roles, and qualifications.

What is the 'Gross Compensation'?

Basic pay earned; may be weekly, daily, monthly, or per project; subject to minimum wage and adjusted by rank/skill.

What are mandatory benefits listed?

SSS, PhilHealth, Pag-IBIG, and 13th month pay.

Give an example of a non-mandatory benefit.

Health cards, allowances, housing/car loans, or transportation benefits.

What does 'Promotion' include in the 7Ps?

Advertising, public relations, direct selling, and sales promotions.

What does 'Physical Evidence' refer to in the 7Ps?

The tangible proof that a service was delivered or a product exists.

What is branding?

The process of giving an identity to a product, service, company, or organization.

Why is branding important?

Shapes how customers think and feel, aids identification, and differentiates from competitors.

What is a Brand?

A name or mark that identifies a seller’s product and differentiates it from competitors.

What is a Brand Name?

Letters/words/numbers that can be read or spoken; crucial during product introduction.

What is a Logo?

A visual design element that represents a brand; may be a wordmark, emblem, etc.

What is a Trademark?

Legal protection of a brand; distinguishes the product; protected by law.

What is a Generic Brand?

Product without a noticeable name or logo; often cheaper and store-labeled.

Name a criterion for choosing a brand name.

Distinctive.

Name another criterion for choosing a brand name.

Word association with positive meaning.

What is the purpose of a brand name during product introduction?

Crucial for distinguishing the business and its offerings.

What are the reasons for the existence of brands?

Identification, protection, and positioning of product benefits.