A023-ENTREP 1A-Fundamentals of Entrepreneurship

Submitted by: Dianna Lynn L. Molina (BSA-1-3)

Submitted to: Sir Arly N. Visperas

ASSIGNMENT NO. 3
Discussion Questions No. 3:
1. Why is vision important for an entrepreneur?
> A vision is important for an entrepreneur because it gives the business a sense
of purpose and direction. Your vision will assist you in defining your short and
long-term objectives, as well as guiding the decisions you make along the way.

2. Do ideas and opportunities spring forth from vision or it is the other way
around? Justify your answer.
> Yes, Ideas and opportunities do spring forth from a vision and it's important to
be able to see them in all their various forms. Ideas and opportunities are the key
for you to have a vision of the things what you want to do or what your dream is.

3. What are the dangers if an entrepreneur starts a business without a

business plan?
> When an entrepreneur starts a business without a business plan, he or she
risks himself or herself to numerous dangers, including bankruptcy, financial
risk, competitive risk, environmental risk, reputational risk, and political and
economic risk.

4. What important facts should an entrepreneur gather in preparing a

business plan?
> The important information facts should be gathered by an entrepreneur while
preparing a business plan are the introduction, industry, business, product or
service, and market.

5. Good planning forces entrepreneurs to anticipate several things for his

business. What are they?
> A business plan forces you to be practical and assess your financials in order to
make sound decisions and identify potential weaknesses. This frequently helps
people in understanding their underlying challenges and obstacles, resulting in a
more pragmatic approach as the hard realities sink into the strategy.

6. In creating a business plan, which is the more important – form or

substance?
> I think the most important is the substance. What is most important in creating
a business plan is that it has substance, that it defines a marketable product, that
it has a logical and effective plan for increasing revenue, and that it has a solid
understanding of the potential expenses, competitive pressures, and risks
involved in getting this venture off the ground.

7. Why should an entrepreneur answer the question: What need will my

product or service fill?
> Entrepreneurs should ask themselves the question, "What need will my
product or service fill?" in order to gain insight into what will be required for it
to succeed. Every entrepreneur has a need to improve their products or services,
because failing to do so puts them at risk of losing customers to more innovative
competitors.

8. What functions does a business plan perform?

> Business plans often include specific information that might help increase a
business's chances of success, such as a market study, competitive analysis,
customer segmentation, marketing, logistics, and operations strategies, cash flow
forecast, and a long-term growth strategy.