Questions


August 2022 2 3 Report
_______________1. They are the ones who pay cash in exchange for your goods and services.
_______________2. It is a state or situation in which people or groups are competing with each other.
_______________3. It is anything that takes the place or function of another.
_______________4. They are the ones who provide something that is needed or wanted.
_______________5. It is the act or process of trying to get or win something.
_______________6. They are the one who enters something.
_______________7. These are steps taken in order to begin a new enterprise.
_______________8. It refers to the physical environment, societal environment, and industry where the
business operates.
_______________9. It is an innovative concept that can be used for financial gain that is usually centered on a
product or service that can be offered for money.
_______________10. It is the process of considering, evaluating, and pursuing market-based activities that are
accepted to be beneficial for the business.


a. Substitute f. External environment
b. New entrants g. Entrepreneurial process
c. Entrepreneurial ideas h. Opportunity-seeking
d. Buyers i. Suppliers
e. Competition j. Rivalry

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