CBRAT - ENTREP SESSION 1

LC: CS_EP11/12ENTREP-0a-2

This is essential to opportunity – seeking which allows the entrepreneur to see things in a positive and optimistic light in the midst of crisis or difficult situations.

• Entrepreneurial mind frame

• Entrepreneurial gut game

• Entrepreneurial heart flame

• Entrepreneurial heart frame 

Answer explanation

An entrepreneurial mindset helps people stay positive and optimistic, even in tough situations. Entrepreneurs are willing to take risks and are good at finding solutions when problems come up.

    CS_EP11/12ENTREP-0a-2

Which of the following good sources of entrepreneurial ideas determine the interest, hobbies and preferences of people.

• Changes in the environment

• Technological discovery          

• People’s interest

• Past experiences

Answer explanation

The interest, hobbies, and preferences of people are rich sources of entrepreneurial ideas, like the increasing number of Internet Cafés at present could lead to the strong attachment of young people to computers.

LC: CS_EP11/12ENTREP-0d-8

________________ will determine possible customers in one locality.

• Market Design

• Market Strategy

• Market Research

• Market Size

Answer explanation

Market research involves gathering, analyzing, and interpreting information about a market, including information about the potential customers in a specific area or locality. It helps businesses identify the needs, preferences, and behaviors of customers, enabling them to determine who their target customers are and how to best serve them.

LC: CS_EP11/12ENTREP-0d-8

What is Market Size?

• Tangible things that can be seen

• Size of arena where the entrepreneur will play their business

• The most important part to the success of the company

• Another variation of segmentation marketing

Answer explanation

Market size refers to the total potential demand for a product or service in a specific market. It essentially represents the "arena" or scope in which an entrepreneur will operate their business. Knowing the market size helps entrepreneurs understand how large their target audience is and how much potential revenue they can generate.

LC: CS_EP11/12ENTREP-0d-8

What is the function of Value Proposition?

• Used to power up sales

• used to convince customer to purchase a particular product or services

• help customers buying habits

• provide value to your customers

Answer explanation

A value proposition is a statement that clearly explains the benefits a product or service provides to customers and why they should choose it over competitors. It aims to convince potential customers that the product or service will solve their problems or meet their needs better than alternatives.