This allows the entrepreneur to see things

optimistically amid difficult situations. Being a risk-taker, an entrepreneur can find

solutions when problems arise.

(a)  

Entrepreneurs are driven by passion, they are

attracted to discover satisfaction in the act and process of discovery. Passion is the

great desire of an entrepreneur to achieve his/her goals.

(a)  

This refers to the ability of the entrepreneur of

being intuitive. This is also known as intuition. The gut game also means confidence

in one’s self and the firm belief that everything you aspire to can be reached.

(a)  

Entrepreneurial ideas arise when changes happen in the external

environment. A person with an entrepreneurial drive views these changes positively.

(a)  

It refers to the physical environment, societal environment,

and industry environment where the business operates.

(a)  

A person with entrepreneurial interest sees the possibility of business

opportunities in any discovery or because of the use of the latest technology.

For example, an individual with knowledge in the repair and installation of a

machine engine discovers additional engine parts that considerably reduce fuel

consumption.

(a)  

The priorities, projects, programs, and policies of the government are also

good sources of ideas.

For example, the use of firecrackers to celebrate New Year’s Eve is strictly

prohibited. People without entrepreneurial interest will view the ordinance as a plain

restriction. However, for an entrepreneur, it is a business opportunity to come up with

a new product that will serve as a substitute for firecrackers.

(a)  

The interest, hobbies, and preferences of people are a rich source of

entrepreneurial ideas. The increasing number of Internet Café at present could lead

to the strong attachment of young people to computers.

(a)  

The expertise and skills developed by a person who has worked in a

particular field may lead to the opening of a related business enterprise.

For example, an accountant who has learned the appropriate accounting and

management skills and techniques in a prominent accounting firm can start his/her

business venture by opening his/her accounting firm.

(a)  

It is also known as the “five forces of competition,” An industry environment is

a competitive environment. Regardless of what product or services you have,

competition is always present.

(a)  

the act or process of trying to get or win something.

(a)  

the one that pays cash in exchange for your goods and

services.

(a)  

A new entrant is defined as the one who enters something. For example, the

level of capital requirements, if the business requires huge capital, new entrants

should decline to join the business.

(a)  

is a state or situation in which people or groups are competing with

each other.

(a)  

Substitute means anything that takes the place or function of another. For

example, consumers decide to use margarine as a substitute for butter. In case the

price of butter increases, preferably the consumer will gradually switch to margarine.

(a)  

are the ones that provide something that is needed or

wanted. For example, if the supply and services being offered is unstable or

keep.

(a)  

What are the five forces competing withing the industry?

(a)  

What does Physical environment includes?

(a)  

What are the various forces that Societal environment includes?

(a)  

What does Industy environment of the business includes?

(a)  

What are the external environment?

(a)  

The creation of an entrepreneurial ideas that lead to the identification of

entrepreneurial opportunities, which in turn results in the opening of an

entrepreneurial venture.

(a)  

a business or marketing statement that

summarizes why a consumer should buy a company's product or use its service.

This statement is often used to convince a customer to purchase a particular product

or service to add a form of value to their lives.

(a)  

It refers to how you sell your product or

services to your customer. You will address the wants and desires of your

customers.

(a)  

a sage in market identification process that aims to

determine the buyers with common needs and characteristics. Prospect customers

are market segment that entrepreneurial venture intends to serve.

(a)  

What are the Market Segmentations?

(a)  

specific characteristics that the customers

need from a product or a service.

(a)  

Intangible thing or product that is not able to be touched but customer can feel

the fulfillment. There are elements in service requirement like on-time delivery,

service with a smile, easy-payment etc. It includes all aspects of how a customer

expect to be treated while purchasing a product and how easy the buying process

goes.

(a)  

Tangible thing or things that can be seen. Characteristic specifications that a

consumer expects to be fulfilled in the product. Costumer that will avail services as a

product, then various service requirements can take the form of output requirements.

For example, if the consumer hires a multi cab, then on-time arrival becomes an

output requirement. Customer buys gadgets (phone speaker), the specification like

the loudness and clarity are the output requirements.

(a)  

Entrepreneur’s most critical task is to calculate the market size, and the potential

value that market has for their startup business. Market research will determine

entrepreneur possible customers in one locality.

(a)  

like a size of arena where the entrepreneurs will play their business.

It is the approximate number of sellers and buyers in a particular market.

(a)  

The process can be defined as the process of gathering, analyzing and interpreting the information

about the products or the services to be offered for sale to the potential consumers in the market,

There are different ways to collect the data.

(a)  

Most valuable tool of any type of research study.

Inaccurate data collection may cause mistakes and ultimately lead to invalid results.

(a)  

the most common way to gather primary research with the use

of questionnaires or interview schedule. These can be done via direct mail, over the

phone, internet (e.g. Google) or email, face-to-face or on Web (e.g. Skype or Viber).

(a)  

is one of the most reliable and credible ways of getting relevant

information from target customers. It is typically done in personal between the

researcher/entrepreneur and a respondent where the researcher asks pertinent

questions that will give significant pieces of information about the problem that he will

solve. It is also helpful even when the business has already started

because the customers’ feedback provides the entrepreneur a glimpse of what the

customers think about the business.

(a)  

It is an

excellent method for generating and screening

ideas and concepts. It can be a moderated group

interviews and brainstorming sessions that

provide information on user’s needs and

behaviors.

(a)  

What are the basic elements that entrepreneurs need to consider when creating a Value Proposition?

(a)  

What are some tips that could be effective in creating a unique selling proposition to the target customers? Give at least one.

(a)  

What are the variables to consider in geographic segmentation?

(a)  

How many minutes does an Interview usually last?

(a)  

What are the two methods of conducting an interview?

(a)  

the traditional method of conducting an

interview. It allows the researcher to establish relationship with

potential participants and therefore gain their cooperation. It generates

highest response rates in survey research. They also allow the

researcher to clarify indefinite answers and when necessary, seek

follow-up information.

(a)  

less expensive and less time consuming,

but the disadvantages are that the response rate is not as high as the

face-to- face interview, but considerably higher than the mailed

questionnaire.Telephone interviews

(a)  

How many minutes does a Focus group discussion last?

(a)  

What are the usual number of participants in a focus group

(a)  

What are the two types of Customer Requirements?

(a)  

What are the variables to consider in Behavioral Segmentation?

(a)  

What are the variables to consider in Psychological Segmentation?

(a)  

What are the variables to consider in Demographic Segmentation?

(a)