Entrepreneurship DECA IA (ENT)
questions n correct answers
Describe the nature of entrepreneurship - correct answer ✔✔someone who takes
up a business opportunity (with financial risk)
- characterized as hardworking, visionary, creative, adaptable and ambitious
Explain the role of entrepreneurs and owners - correct answer ✔✔good leaders,
organizational skills
Describe small-business opportunities in international trade - correct answer
✔✔Franchises, importing/exporting
What are benefits to international trade? (Describe small-business opportunities
in international trade) - correct answer ✔✔Longer product lifespan, disposal of
surplus, decreased competition, increased potential client
P - product lifespan
P: potential client increase
A - competitive advantage
P - producer surplus disposal
What is an EDP? - correct answer ✔✔Entrepreneurial discovery process. Within
the entrepreneurial process, it is the first step. The process for entrepreneurial
discovery is a learning process, it's a vision about opportunities and new products
in existing or emerging sectors
, What are three key processes of entrepreneurship? - correct answer ✔✔1.
Identify opportunities (discovery)
2. Plan and prepare the process
3. Resource, fund and take action
Discuss entrepreneurial discovery processes - correct answer ✔✔Find and identify
a need in the market, evaluate resources and plausibility, analyze competitors
Determine business opportunities - correct answer ✔✔Limits of opportunity,
where in the market, where within the sector, funding, etc.
Assess business opportunities (four Ls) - correct answer ✔✔1. Listen to potential
clients and past leads
2. Listen to current customers
3. Look at competitors
4. Look at industry trends
Determine feasibility of venture ideas (questions) - correct answer ✔✔Is there
demand?
What is the competition like?
What are the logistics and numbers?
What is the best price point?
Is it self sufficient? (long run, short run)
questions n correct answers
Describe the nature of entrepreneurship - correct answer ✔✔someone who takes
up a business opportunity (with financial risk)
- characterized as hardworking, visionary, creative, adaptable and ambitious
Explain the role of entrepreneurs and owners - correct answer ✔✔good leaders,
organizational skills
Describe small-business opportunities in international trade - correct answer
✔✔Franchises, importing/exporting
What are benefits to international trade? (Describe small-business opportunities
in international trade) - correct answer ✔✔Longer product lifespan, disposal of
surplus, decreased competition, increased potential client
P - product lifespan
P: potential client increase
A - competitive advantage
P - producer surplus disposal
What is an EDP? - correct answer ✔✔Entrepreneurial discovery process. Within
the entrepreneurial process, it is the first step. The process for entrepreneurial
discovery is a learning process, it's a vision about opportunities and new products
in existing or emerging sectors
, What are three key processes of entrepreneurship? - correct answer ✔✔1.
Identify opportunities (discovery)
2. Plan and prepare the process
3. Resource, fund and take action
Discuss entrepreneurial discovery processes - correct answer ✔✔Find and identify
a need in the market, evaluate resources and plausibility, analyze competitors
Determine business opportunities - correct answer ✔✔Limits of opportunity,
where in the market, where within the sector, funding, etc.
Assess business opportunities (four Ls) - correct answer ✔✔1. Listen to potential
clients and past leads
2. Listen to current customers
3. Look at competitors
4. Look at industry trends
Determine feasibility of venture ideas (questions) - correct answer ✔✔Is there
demand?
What is the competition like?
What are the logistics and numbers?
What is the best price point?
Is it self sufficient? (long run, short run)
