Entrepreneurship vocabulary

Complete the sentence: The core of the ----------------------- is building a solution to a problem and taking the necessary steps to make it reality

• Entrepreneurship

• Politics

• Target market

What should you consider knowing if an idea is a market opportunity or not?

• The needs of a group of potential buyers

• The weather of the last year

• The unemployment rates

What should you consider knowing if an idea is a market opportunity or not?

• The existent technology and resources

• The price to generate sufficient sales and profits

• You should consider both options

The amount of people who are willing and able to buy your product is the ………………

• Demand

• Innovation

• Feasibility

The possibility of making and selling a new product, given the technology and resources available to the entrepreneurs is the ……………….

• Feasibility

• Innovation

• Demand

What is the innovation related to opportunity analysis?

• Taking inventions and turning them into a new product that can be sold to customers

• The possibility of making and selling a product given the technology and resources available to the entrepreneurs

• The amount of people who are willing and able to buy your product.

The changes in the wider world that entrepreneurs act upon or react to are……………………..

• External influences

• Target market

• Innovations

Why are important the external influences for an entrepreneur?

• Because they look for these trends to spot new opportunities for products and services

• Because they want to be influencers

• Because the weather and economic factors are relevant for the opportunity analysis

The process of gathering and analysing information about a market for a product or service and its customers’ needs and wants is ……………………………………

• Opportunity analysis

• Market research

• Pitching

Which are the two main types of market research?

• Primary and Secondary research

• Material and substantive research

• Formal and informal research