Flashcards on Entrepreneurship: From Idea to Business
Entrepreneurship: From Idea to Business – Student Guide
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Entrepreneurship
51 cards
Card 1
Question: What is the key factor of entrepreneurship?
Answer: The ability of the entrepreneur to identify possible opportunities in a specific market.
Card 2
Question: What qualities should entrepreneurs look for in opportunities?
Answer: Opportunities that are attractive and long lasting.
Card 3
Question: Why are feasibility and viability studies important before implementing a new idea?
Answer: To determine if the idea is practically implementable (feasibility) and if it can generate sustainable profits and a return on investment (viability).
Card 4
Question: Define feasibility in the context of a new business idea.
Answer: Whether the idea/opportunity is workable and can be practically implemented.
Card 5
Question: Define viability in the context of a new business idea.
Answer: Whether the idea/opportunity has the potential to generate sustainable profits and a return on investment (ROI).
Card 6
Question: What types of research might an entrepreneur use to evaluate an opportunity?
Answer: Questionnaires (interviews or hardcopy/electronic), observation, and surveys.
Card 7
Question: When using a questionnaire, what decision must the entrepreneur make about format?
Answer: Whether people will be interviewed or will complete the questionnaire in hardcopy or electronically.
Card 8
Question: Why must an entrepreneur ensure they identify and question people in the target market?
Answer: Because these are the people who will buy the product or service; their needs and preferences determine the correct offering.
Card 9
Question: Why is obtaining a representative sample from the target market important?
Answer: A conclusion cannot be generally applied to the entire target market if the sample is too small or unrepresentative.
Card 10
Question: What kinds of questions should be asked of the target market?
Answer: Questions relating to their needs and preferences to ensure the correct product/service will be offered.