Rudsan G.

Turqueza

ABM-12

“Unit I Quarter Challenge”

1. What makes being an entrepreneur unique compared to other professions or careers?

 Regarding the fact that entrepreneurs make ways to earn money. Entrepreneurs are
unique because they are passionate about doing what they want to achieve and if they
fail, they strive harder and come back stronger. Entrepreneurs think boldly in order to
achieve success.
2. Give a specific example of each of the social and economic benefits of entrepreneurship.
a. Entrepreneurship produces more jobs that equate to an increase in national income.
 Small businesses produce jobs and create wealth.
b. Entrepreneurs amplifies economic activities of different sectors of society.
 A simple eatery in a rural area and a coffee shop in an urban area both ignite
economic activity regardless of their business scale.
c. Entrepreneurship introduces new and innovative products and services.
 new items and services are continually available on the market because of
entrepreneurs' resourcefulness in seeking out opportunities and improving on
them
d. Entrepreneurship improve people’s living standards.
 Nearby salon, food stall, and sari-sari store can help in people’s living
e. Entrepreneurship disperses the economic power and creates equality.
 Balancing the economy through distributing national income to more business
rather than economy.
f. Entrepreneurship controls the local wealth and balances the regional development.
 Corroborate that local resources are used properly and validate that every area
has an appropriate allocation of resources.
g. Entrepreneurship reduces social conflicts and political unrest.
 Lack of store can cause fighting in order to supply your daily needs.
h. Entrepreneurship elicits economic independence and capital formation.
 Entrepreneurship creates wealth instead of borrowing wealth.

3. What are the common and core competencies of an entrepreneur? Choose one common
competency and one core competency. Discuss each one by citing examples.
Some common competencies that entrepreneurs should possess are:

Risk Takers Sociable Innovative

Proactive Networkers

Agent of Change Decisive

Have a sharp eye for opportunities Balanced

Some core competencies that entrepreneurs should possess are:

Leaders Specialist
 Communicators Problem Solvers

Risk Takers is one of the common competencies that an entrepreneur should possess,
Entrepreneurs not only grab opportunities but they must take into consideration the
possible threats and dangers, they must calculate the risk and if there is a high
percentage of success, grab the opportunity.
Problem Solvers is one of the core competencies that an entrepreneur should possess,
Being an entrepreneur tends to fail, and in order to solve the problems and prevent
failing, problems must be solved.
4. Explain the concept of STEEPLED.
 This is mnemonic for sociocultural, technological, economic, environmental,
political, legal, ethical, and demographic factors. This represents the general
environment where the entrepreneur can identify business opportunities and
where the future business is about to operate.
5. How is the focus group discussion (FGD) used as a method of generating ideas?
 In this process, a moderator leads a group of individuals through an open, free-
flowing, and in-depth conversation about a new product or service that will meet
a market demand.
6. What is demographic segmentation? What is relevance when segmenting the market?
 is the process of grouping customers according to relevant socioeconomic
variables for the business venture. These socioeconomic variables include income
range and social class, occupation, gender and Age, religion, and ethnicity. These
data help the entrepreneur target customers accurately and classify their
respective needs, and desires.
7. What are the 7Ps of marketing? Briefly describe each.
Product - is any physical good, service, or idea that is created by an entrepreneur or an
innovator in serving the needs of the customers and addressing their existing problems.
Place- refers to a location or the medium of transaction.
Price- is the value that the entrepreneur assigns to a certain product or service after
considering it costs, competition, objectives, positioning, and target market.
Promotion- Promotion involves presenting the products or services to the public and
how these can address the public's needs, wants, problems, or desires.
People- In today's marketing arena, people play a vital role in servicing customers even
though the entrepreneur sells only physical goods.
Packaging- is how the product or service is presented to customers.
Process- is defined as a step by-step procedure or activity workflow that the
entrepreneur or employees follow to effectively and efficiently serve customers.

8. Give five pricing strategies, and give a specific example of each.

a. Bundling -this refers to two or more products or services in one reduced prize (e.g. 3- in -1
coffee for Php 8.00)
b. Competitive pricing- refers to benchmarking prices with the competitors (e.g. milk tea prices are
competitively priced)
c. Product line pricing- refers to pricing different products or services within a parallel product
array using varying price points (e.g. LED TV is more expensive than LCD TV 12 even if under the
same brand.)
d. Premium pricing -refers to setting a very high price to reflect elitism and superiority (e.g. Prices
of signature clothes, bags, perfumes).
e. Optional pricing- refers to adding an extra product or service on top of the original to generate
more revenue (e.g. Meals on top of the airfare)

9. Answer the following:

a. Given the advances in technology and the modernization of different modes of
transportation, do you think that geographic segmentation is still relevant these days? Why
do you say so?
 Yes, because it allows your company to adapt to the varying needs and wants of
customers in different locations and since it this is critical in the analysis of the
target market as this encompasses the cultures, beliefs, preferences, politics, and
lifestyle of certain geography.

b. There are three sources of cash flow: operations, investments, and financing. If you were an
entrepreneur, which of the three would be of utmost importance to you? Explain your
choice.
 Investment, Successful investment means you can earn more money but it could
take a high risk to fail.
10. Discuss the importance of cash in business enterprise.
 Cash is seen as a reserve for payments and as a way to meet financial obligations.
Managing liquidity is a daily process requiring bankers to monitor and project cash
flows to ensure adequate liquidity is maintained. Maintaining a balance between
short-term assets and short-term liabilities is critical.
11. What do you think should be the unique selling proposition of the following:
a. Fast food chain: quick meals, affordable costs, dependability, and cleanliness
b. Coffee shop: personalized experience and iconic signature drink.
c. Bar and grill restaurant: unique menu items, interior design, services
d. Apparel store: provide best quality product
e. Car dealer: Dealership competitions, giveaways, discounts, or promotional products
that are creative and one-of-a-kind
12. What is the important of packaging?
 Packaging determines the overall identification of the product or services. It
preserves the shelf life of the product or service.
13. Classify each of the following balance sheet accounts. Write CA for current assets, NCA for
noncurrent assets, CL for current liabilities, LTD for long-term debt, and OE for owner's equity.
a. Marketable securities - CA
b. Notes receivable - CA
c. Bonds payable - LTD
d. Accounts receivable - CA
e. A.R. Santiago, Capital - OE
f. Cash - CA
g. Notes payable- CL
h. Plant, property, equipment - NCA
i. Prepaid rent - CA
j. Inventory - CA