How business are born

• What does the saying "Necessity is the mother of all inventions" imply?

  It implies that many inventions are created to fulfill specific needs.
• Why was sunscreen developed during World War II?

  It was developed to protect soldiers from the high dangers of sun exposure in the Pacific.
• Who invented the disposable diaper?

  Marion Donovan
• What motivated Marion Donovan to invent the disposable diaper?

  She wanted to improve the uncomfortable cloth diapers that used pins.
• In what year did Marion Donovan design a leak-proof diaper cover?

  1946
• What materials did Marion Donovan use to create the first disposable diaper cover?

  She used shower curtains and replaced pins with metal snaps.
• What are capiz shells?

  They are ordinary shells that were once abundant in Philippine coastal communities.
• How are capiz shells utilized today?

  They are used to decorate windows, picture frames, lampshades, and other items.
• What is the relationship between entrepreneurship and available resources?

  Entrepreneurship often starts when individuals recognize saleable goods and services based on available resources.
• What are examples of goods and services in entrepreneurship?

  • Goods: soap, fruits, household items
  • Services: hair salons, spas, contract building
• What is the aim of entrepreneurship?

  The aim is to find business opportunities based on products and services that meet people's needs.
• What is a current trend that is taking the world by storm?

  Being an entrepreneur
• What common factor is shared among stories of successful entrepreneurs?

  The dedication to do better
• What is the key difference between having a groundbreaking idea and making it into a successful business?

  The dedication to work on the idea
• What is necessary for a business to be built successfully?

  Time, dedication, and vigor
• What are the important contributors to successful businesses?

  • Building a strong foundation
  • Finding a dedicated and determined team
  • Structuring a supportive system from day one
• What is the first step in transforming an idea into a business?

  Accessing the idea
• Why is it important to have clarity about an idea before starting a business?

  To understand the core values and purpose of the idea
• What should entrepreneurs assess regarding their business idea?

  The pros and cons of turning it into a business
• What principle should entrepreneurs follow when planning a business?

  Murphy's Law - everything that can go wrong will go wrong
• How does preparing for the worst affect an entrepreneur's mindset?

  It increases confidence and conviction towards the idea
• What is the first step to transforming an idea into a business plan?

  Accessing the strengths and weaknesses of the idea
• Why is it important to have a clear understanding of the idea and its associated issues before building a business foundation?

  It helps in building a strong foundation for the business.
• What is the key to setting the growth and acceleration path of a business?

  The foundation of the business.
• What is a key step to building a strong foundation for a business?

  Having a strong business plan and sticking to it.
• Why is building a digital foundation important for businesses?

  Digitalization drives growth and increases the longevity of business success.
• What is essential for building a successful long-term business?

  Choosing the right people for the job.
• How do people contribute to the success of a business?

  While ideas make the business, people keep the business.
• What are two different approaches to focusing on people in a business?

  Having a mobilized workforce for wider reach and the right communication solution for other forces.
• What is the core of any business?

  The system.
• What is one of the biggest challenges many businesses face?

  Building the right system.
• Why is setting up a functional IT system considered expensive for many small and medium businesses?

  Because it requires significant financial investment.
• How can small and medium businesses tackle the challenge of setting up a functional IT system?

  By seeking third-party assistance.
• What is a fundamental step in building a business for the long run?

  Getting the right IT support.