ABEERICH IVY E.

CASTILLO
MGT C302 - 302K

Define and Explain the following:

1. Entrepreneurial Strategy - An organization builds and maintains its core set of

relationships with its surroundings through the use of entrepreneurial strategy. It is a
strategy that is defined by a broad and largely simultaneous shift in the organization's
decision-making process.

2. Entrepreneurial resource - Entrepreneurs are crucial to market economies because

they may drive the nation's economic expansion. They encourage new employment by
developing new goods and services, which eventually accelerates economic growth.

3. Market knowledge - Marketing knowledge includes knowledge of the company and

its competitors, which is why it overlaps with business strategy. It also includes
knowledge of both present and potential customers, or buyer behavior, almost by
definition.

4. Technological knowledge - Understanding of how to use a tablet, download an app,

and share a screenshot of something created in that app, for example. Understanding of
how to operate currently accessible technology and applications on that technology.

5. Window of Opportunity - A window of opportunity, also known as the critical

window, is the brief window of time that allows for the doing of a desired action. The
opportunity cannot be taken advantage of after this time period has passed or the
"window" has closed.

6. Error of Commission - When a transaction is erroneously recorded in the books,

there are commission errors. This mistake is brought on by crediting or debiting the
wrong accounts in place of the right accounts.

7. Error of Omission - When you neglect to record a transaction in the books, you
commit an error of omission. You can neglect to record a service sale or an invoice
you've already paid. For instance, a copywriter might buy a new laptop for business use
but neglect to record the transaction in the books.

8. Demand Uncertainty - The external causes that cause demand to unexpectedly rise
or fall are referred to as demand uncertainty. A public health emergency or even a
sudden change in the tastes of the clientele could be the root of this predicament.

9. Technological uncertainty - An issue that becomes difficult to resolve due to

technology limits and limitations is referred to as a technological uncertainty. It's
important to remember that a technological uncertainty is not determined by a lack of
adequate expertise in the technology.

10. Adaptation - An organization can gain a significant competitive advantage by being

flexible. A corporation that is flexible is able to anticipate changes and doesn't become
anxious when things don't go as planned. They are open to new ideas and don't need to
do things because "that's how they've always done it."