SELF ASSESSMENT

ENTREPRENEURSHIP - First Quarter Exam

ROUND 1
1. What is Entrepreneurship? ________________________________________________________

2. Entrepreneurship involves:
- Seeking_____________________________________________________________________
- Establishing_________________________________________________________________
- Assessing___________________________________________________________________

3. What are the 8 Social and Economic Benefits of Entrepreneurship?

1st ___________________________________________________________________________
2nd ___________________________________________________________________________
3rd ___________________________________________________________________________
4th ___________________________________________________________________________
5th ___________________________________________________________________________
6th___________________________________________________________________________
7th___________________________________________________________________________
8th___________________________________________________________________________

4. Is a unique individual who has the innate ability and extraordinary dedication to establish and
manage a business, acknowledging all the risks and reaping its rewards. ____________________

5. Enumerate the Five Levels of Entrepreneurial Development and give short

descriptions/keywords or key phrases about each level.
1st Level:

2nd Level:

3rd Level:

4th Level:

5th Level:

6. Enumerate and Identify the Entrepreneur’s Four-Step Process of Thinking.

1st Step: Entrepreneurs dream enormously and desire
to build an ideal environment.

2nd Step: Entrepreneurs start to create plans to make

the dream a reality.

3rd Step: Involves sharing of ideas with other people,

knowing that their vision is already occurring.

4th Step: Happens when the vision becomes a reality.

 7. Identify the Terms for an Entrepreneurs’ Field of Expertise.
An entrepreneur in a large company or corporation who is tasked to
think, establish, and run a new big idea or project. They are usually the
product managers or the business development managers of a company.

Entrepreneur who hops from one company to another.

Takes advantage of the country’s social problems.

Entrepreneur who puts technology at the core of his/her business model.

8. Enumerate the Common and Core “Competencies” in Entrepreneur.

i.
ii.
iii.
iv.
v.
vi.
vii.
viii.
ix.

9. Enumerate the Core “Traits” That Entrepreneurs Should Develop in Managing and Running a
Business.
I.
II.
III.
IV.

10. Entrepreneur or Employee?

1) Income. Income generated actively on working hours only (no work no pay).

2) Hiring and Firing. The one who hires and provides jobs.

3) Daily Tasks. Prepares policies, procedures, and memoranda for the business.

4) Leisure Time and Vacations. Has a limited number of vacation days.

5) Taxation. Taxed on the net income.

6) Comfort level at work. May be comfortable with routines and minimal risks.

7) Taxation. Taxed on the gross income.

8) Leisure Time and Vacations. Has unlimited number of vacation days.

9) Daily Tasks. Follows policies, procedures, and memoranda from the employer.

10) Hiring and Firing. The one who seeks and applying for a job.
ROUND 2
Identification.
_________________________________1. Is a step-by-step procedure in establishing any kind of
business that an entrepreneur has to undergo

_________________________________2. The beginning of the entrepreneurial process and is

considered the most difficult. The 3S is involved in here.

_________________________________3. Second aspect of the entrepreneurial process where you

develop a comprehensive paper that details the marketing, operational, human resource, financial,
strategic direction, and tactics of the business.

_________________________________4. It is mandatory in the entrepreneurial process to calculate

the resources needed to establish the business and compare this against the entrepreneur's current
resources.

_________________________________5. This is the part where the entrepreneur should use the
resources allocated for the new venture. All aspects of the business plan should be critically observed
from operations, marketing sales, human resources, finance, and strategy implementation.

_________________________________6. The starting point of new venture that involves

understanding and knowing the intracacies of macroenvironment, microenvironment, and internal
environment.

_________________________________7. Is the framework that most of the promising entrepreneurs

use to finally come up with the ultimate product or service suited for a specific opportunity.

_________________________________8. An entrepreneur's business idea that can potentially become

a commercial product or service in the future.

_________________________________9. Recognized when a customer believes that there is a

difference between his or her current situation versus his or her desired condition.

_________________________________10. Recognized when a customer believes that there is a specific

product or service that can perfectly suit the need.

Enumeration.
1. The two sources in Opportunity Seeking:
1)
2)

2. Enumerate the 4 Macroenvironmental Sources. 3. Enumerate the 6 Micromarket.

1) 1)
2) 2)
3) 3)
4) 4)
5)
6)

3. STEEPLED stands for?

1) 5)
2) 6)
3) 7)
4) 8)
4. Enumerate the Methods of Generating Ideas

1) A moderator handles a very open, free-flowing, and

in-depth discussion with a group of people who can
provide insightful ideas about a new product or
service that will fill a market need.

2) Is an activity that allows the participants to share

creative ideas using rules. Is a fun discussion with
lenient rules.

3) Exactly the same as the second method except that

the channel used is not face-to-face, but in writing or
online.

4) Similar to FGD except that the participants are already

given an inventory of product or service problems.

5. Enumerate the Product or Service Planning and Development and Process

1) The entrepreneur determines what are the feasible

product and/or services that will perfectly suit the
opportunity. In this stage, market evaluation is
conducted, products and services that are unappealing
to the market will be eliminated

2) The acceptable product or service has already stage

been identified will undergo to this stage.
The developed idea will undergo a consumer
acceptance test.

3) The entrepreneur leverages on the information

generated from the prospective customers via the
concept stage. Actual reactions from prospective
customers are determined.

4) This stage validates the work done from the first three
stages to measure success in the commercialization of
the product or service.

Multiple Choices.
1. These are the characteristics of the people in the target market.

a. Demographic b. Economic c. Socio-cultural d. Ethical

2. What factors that involve government laws and regulations that can restrict or allow business activities?

a. Political b. Legal c. Socio-cultural d. Economic

3. These factors play a vital role in the scanning of marketing environment. Includes income, expenses, and
resources.

a. Ethical b. Legal c. Economic d. Technological

4. What factors are composed of innovations of an existing technology or invention of a new one?

a. Socio-cultural b. Environmental c. Demographic d. Technological

5. These factors represent a general view of a locality’s traditions, customs, beliefs, norms, and perceptions.

a. Demographic b. Ethical c. Economic d. Socio-cultural

6. Which of the 3S where you can inculcate what are the opportunities as an entrepreneur that can derive from
the macroenvironmental and microenvironmental sources?

a. Seeking b. Screening c. Seizing d. Scanning

7. What do you call the framework to measure how compelling an opportunity is and aims to assist entrepreneurs
in ensuring that the opportunity that they will venture into in an attractive and feasible prospect?

a. Opportunity Attractiveness Test b. Opportunity Metrics c. SWOT Analysis d. Opportunity

8. This is the first type of innovation, may also include inventions, occur infrequently as these establish the
platform in which future innovations in an area are developed and must be protected by a patent, a trade secret,
or a copyright, examples are internet, computer, airplane.

a. Technological Innovation b. Breakthrough Innovation c. Ordinary Innovation

9. Occur frequently than breakthrough innovations. Technological advancements of an existing product or service.

a. Technological Innovation b. Breakthrough Innovation c. Ordinary Innovation

10. Third type of innovation, occur ordinarily and commonly originating from market analysis and technology pull
instead of a technology push. This means that the market has a strong influence in the implementation of an
innovation.

a. Technological Innovation b. Breakthrough Innovation c. Ordinary Innovation

ROUND 3
Identification.
___________________________1. A comprehensive paper that details the situation analysis, objectives,
strategies and tactics, and how to monitor and control the enterprise.

___________________________2. In a nutshell, this is all about knowing the customers.

___________________________3. Simply states why a customer should buy a certain product or service

___________________________4. Refers to how you will sell the product or service to your customers.

___________________________5. Is a comprehensive process of understanding the customers’

intricacies and the industry they revolve in.

___________________________6. Is simply the size of the arena where the entrepreneur’s business will
play.

___________________________7. Are said to be the lifeblood of the business. These are the people
who buy the products or avail the services of the entrepreneur.

___________________________8. Are specific features and characteristics that the customers need
from a product or a service.

___________________________9. Includes customer profiling, drives the entrepreneur on what correct

strategies and tactics to employ.

___________________________10. Is the process of grouping similar or homogeneous customers

according to demographic, psychographic, geographic (location), and behavior.

___________________________11. Is also known as socioeconomic segmentation. It is the process of

grouping customers according to relevant socioeconomic variables for the business venture.

___________________________12. Is a process of grouping customers according to their perceptions,

way of life, motivations, and inclinations.

___________________________13. Is simply grouping customers according to their location.

___________________________14. Is the process of grouping customers according to their actions.

___________________________15. Happens when an entrepreneur wants to target a broader market

as possible because the product or service that the business offers is suited for an undifferentiated
market.

___________________________16. Type of research that includes identifying the written or spoken

opinions of customers.

___________________________17. Type of research that involves analyzing the customers' preferences

by using relevant statistics (such as those in surveys).

___________________________18. Is one of the most reliable and credible ways of getting relevant
information from the target customers. It is a face-to-face contact between the
researcher/entrepreneur and a respondent where the researcher asks pertinent questions that will give
him significant pieces of information about the problem that he will solve.

___________________________19. Is an informal type of interview and does not follow a specific set of
questions.

___________________________20. Type of interview that employs a specific set of questions and

produces quantitative data.

___________________________21. Commonly used by market researchers to capture qualitative

results from target customers.
___________________________22. It is one of the preferred and practical methods of generating ideas
because the researcher documents the behavioral patterns of people or of objects or events without
necessarily requiring them to participate in the research process.

___________________________23. Used to understand the buying behavior of the customers such as

determining their pain points, buying patterns (how many times and how often do they buy or their
inclinations toward a product or service), location, price, or promotion.

___________________________24. the researcher pretends to be a customer of his own business or

the competitor's.

___________________________25. These are positioned within the business premises. They record the
customers in their organic shopping or service behavior

___________________________26. These are very common machine observers used by researchers to

determine foot traffic or vehicular traffic in a particular location.

___________________________27. This is an online tool that tracks the performance of a Web site.

___________________________28. These machines help researchers understand the purchase

behavior of the customers by reading the product codes and generate relevant sales information.

___________________________29. This technology allows tracking of vehicles and pedestrians exposed

to out-of-home advertisements.

___________________________30. It is one of the methods in collecting data from the target

customers which is the process of getting answers from a sample of respondents derived from a
particular population.

___________________________31. Is a percentage of a specific population carefully chosen by the

researcher to generally represent the whole population.

___________________________32. Is a technique wherein samples are given equitable chances or

nonzero chances of being selected from a population.

___________________________33. Does not give the samples equal chances of being selected, because
samples are instead selected according to their accessibility or personal choice of the researcher.

___________________________34. A widely accepted strategic marketing tool that combines the

original 4P's (product, place, price, promotion) with the additional 3Ps-people, packaging, and process-in
formulating marketing tactics for a product or service.

___________________________35. Any physical good, service or idea.

___________________________36. The location or medium of transaction.

___________________________37. The peso value that the entrepreneur assigns to a certain product
or service after considering its costs, competition, objectives, positioning, and target market.

___________________________38. These costs are directly proportional to the number of products

manufactured or to the number of services performed.

___________________________39. These are costs not directly proportional to the manufacturing of a

product or to the performance of the service.

___________________________40. Involves presenting the products or services to the public and how
these can address the public's needs, wants, problems, or desires.

___________________________41. This is a type of communication that influences the behavior of a

customer to choose the product or service of the entrepreneur over the competitors.

___________________________42. This is the act of trading a product or service for a price or a fee.
__________________________43. These are short-term promotional gimmicks wherein practical
incentives and appealing activities are incorporated to entice the customers to buy the product or avail
of the service.

__________________________44. These are image-building initiatives of the entrepreneur to make the

name of the business reputable to stakeholders, such as the target customers, government agencies,
business partners, media, and the public.

__________________________45. Is one of the three additional Ps in the marketing mix. In today’s

marketing arena they play a vital role in servicing customers even though the entrepreneur sells only
physical goods.

__________________________46. Is how the product or service is presented to customers.

__________________________47. Is defined as a step-by-step procedure or activity workflow that the

entrepreneur or employees follow to effectively and efficiently serve customers.

__________________________48. Refers to the identity of a company, of a product, of a service, or of

an entrepreneur himself or herself.

__________________________49. Is the supervision of the tangible and intangible elements of a brand.

__________________________50. Is the process of integrating the strategies formed from the

marketing mix to give an identity to the product or service.

Enumeration.
1. Enumerate the 6 tips for the entrepreneur on how to create an effective value proposition to the
target customers.

1)
2)
3)
4)
5)
6)

2. The steps in Knowing Your Customers

1)
2)
3)

3. The Primary and Secondary Target Market

1)
2)
3)

4. Enumerate the 4 Market Segmentation.

1)
2)
3)
4)

5. Enumerate the Methods of Collecting Data from Target Customers.

1)
2)
3)
4)
6. The 7PS of Marketing

1)
2)
3)
4)
5)
6)
7)

7. Enumerate the 10 Common Pricing Strategies.

1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
ROUND 4
Multiple Choices.
1. This simply describes how a product or service works and how it benefits the customers.

a. Product Development b. Product or Service Description c. Product Operations

2. The business plan will not be complete if the _____________________________ are not included. These play a crucial role in
ensuring that the business is operationally feasible and financially viable.

a. operations and financial plan b. product development c. product description

3. It is the process of developing, testing, and commercializing a product or service with the ultimate objective of solving the
problem of the primary target market.

a. Product Development b. Product or Service Description c. Product Operations

4. What are the four sequential steps of Product Development?

a. Idealization, Visualization, Verbalization, Materialization

b. Seeking, Screening, Seizing, Scanning

c. Spotting opportunities, developing business plan, determining capital, running the business

d. Developing a product or service description. Creating a prototype. Testing the prototype. Validating the market.

5. A ____________ is a preliminary model or sample of a new product or service that is created to test a product concept or
service process.

a. dummy b. prototype c. replica d. template

6. The objective of this is to identify errors, deficiencies, and issues that may impede the success of the product. Participants
also need to provide suggestions and practical solutions on how to improve these deficiencies.

a. Focus Group Discussion b. Legality and Ethical Test c. Component Test d. Safety Test

7. Prior to launching, the entrepreneur must ensure that the product or service complies with all relevant laws and regulations
and has a necessary license or permit to operate a particular business.

a. Focus Group Discussion b. Legality and Ethical Test c. Component Test d. Safety Test

8. The entrepreneur must ensure that the product is safe to use, safe to be consumed (food and beverages), and safe to be
applied (cosmetic products).

a. Focus Group Discussion b. Legality and Ethical Test c. Safety Test d. Component Test

9. Each component of the product or service must be tested independently to identify component failures for goods or service
failures for services.

a. Focus Group Discussion b. Legality and Ethical Test c. Safety Test d. Component Test

10. It states the details in operating the business.

a. operations plan b. operations management c. operation d. operating test

11. It controls the implementation of the business plan.

a. operations plan b. operations management c. operation d. operating test

12. What M in the 4Ms that represent the day-to-day operations of a business and describes entrepreneurs will run the
business from all facets of the business?

a. Manpower b. Machines c. Materials d. Methods

13. What do you call the materials or ingredients to be used in creating the product?

a. Process b. Output c. Inputs d. Methods

14. This is the final product of the process stage, which is intended to be sold to target customers

a. Inputs b. Output c. Process d. Manufacturing

15. What do you call the transformation phase where inputs are processed by manpower and machines to come up with the
final product?

a. Process b. Output c. Inputs d. Manufacturing