KITKAT

What are the factors to consider in searching for business opportunities?;;Capital, skills, supplier of inputs, manpower, and technology.

Why should entrepreneurs look at successful businesses?;;They can use them as role models and sources of inspiration.

How can responding to a problem area create a business opportunity?;;A solution to a problem can be transformed into a business venture.

What is a home-based business option?;;A business that starts at home and may grow into a bigger business.

What is linkage of resources?;;Producing your own input instead of buying them.

What is the best way to evaluate a business opportunity?;;Conducting market research.

What are the steps in market research?;;Making a preliminary investigation, gathering the data, analyzing the data, and implementation and evaluating decision.

What happens during the introduction stage of the product life cycle?;;Low consumer awareness and acceptance result in high cost of development and marketing activities.

What happens during the growth stage of the product life cycle?;;Product distribution is expanded as sales rise rapidly.

What happens during the maturity stage of the product life cycle?;;The rate of increase declines.

What happens during the decline stage of the product life cycle?;;There is a sharp fall in sales volume while profit becomes almost flat or horizontal.

Why is knowledge about the product life cycle important?;;It provides entrepreneurs business opportunities to continuously stay in business.

What are the categories of business?;;Service business, trading or processed business, manufacturing business, and licensed business opportunities.

What is a service business?;;A business that provides services such as consultancy, barber shops, designing works, and professional services.

What is a trading or processed business?;;A business that sells products such as grocery items, bakery products, or construction materials.

What is a manufacturing business?;;A business that creates products such as hand-painted T-shirts, ceramic vases, and candles.

What is distributorship?;;A business agreement where a company sells or distributes a particular product.

What are wholesalers?;;They sell the products of manufacturers to retailers.

What is subcontracting?;;An arrangement with a major producer to complete product components at a pre-agreed price.

What are vending machine routes?;;Machines placed in various locations for easy reach of consumers.

What is ideation?;;The beginning of a business endeavor.

What makes an idea worth pursuing as a business?;;An idea that has a market now and in the future.

What are the categories of ideation?;;Need/want drives, time-saving drives, money savings, unique or strong competitive advantages, and link to personal interest or passion.

What are common ways of developing ideas?;;Recognizing the need, improving an existing product, recognizing trends, being aware of everything, questions and assumptions, and naming it first then developing it.

What does recognizing the need mean in developing ideas?;;Identifying a need or problem that can become a business opportunity.

Why is improving an existing product important?;;It helps create better versions of products for customers.

Why should entrepreneurs recognize trends?;;To discover possible business opportunities based on changes in the market.

Why should entrepreneurs be aware of everything?;;To gain ideas and information from different situations and industries.

Why are questions and assumptions useful in developing ideas?;;They help entrepreneurs explore possibilities and create solutions.

What does “naming it first, then develop it” mean?;;Creating a concept or name first and developing the idea afterward.