30 Questions
Why is entrepreneurship considered an art and not a science?
Because it is constantly changing and innovative
How does entrepreneurship relate to creativity according to the text?
Creativity contributes to enhancing the enterprise in entrepreneurship
What does the term 'wealth' represent in the context of entrepreneurship?
Wealth creation is the focus rather than profit generation in entrepreneurship
Why is profit considered different from wealth in the realm of entrepreneurship?
Profit measures the business's performance while wealth denotes abundance
Which term is used in entrepreneurship to represent the excess income or revenue from costs and expenses?
Profit
What makes entrepreneurship a constantly evolving field according to the text?
Consistent creativity and innovation
What is the term used to describe the critical evaluation and thorough study of the environment where a business operates?
Environmental scanning
Which of the following is NOT included in the economic forces or factors affecting businesses?
Health and safety of workers
What do legal forces include legislation on related to, among other things?
Product control and labeling
Which of the following is considered a technological force affecting businesses?
Social media trends
What is the main focus of environmental scanning in business?
Understanding the business environment
Which of the following is NOT a technological force impacting businesses?
Consumer confidence
Which of the following is NOT included in the societal environment as per Wheelen and Hunger?
Technological forces
What are some examples of social forces mentioned in the text?
Values and traditions
What is the main focus of entrepreneurship?
Providing value to customers
In the societal environment, what do cultural forces mainly refer to?
Religion and beliefs
How is risk viewed in entrepreneurship?
Risk is inherent in an entrepreneurial venture
Which of the following is primarily influenced by changes in the Philippine economy?
Entrepreneurial venture
What does entrepreneurship aim to provide to consumers?
Valuable goods and services
Which of the following is NOT a part of cultural forces based on the text?
Literacy
Where should the value of goods and services be defined according to the text?
From the buyer's perspective
What aspects do economic forces primarily result from according to Wheelen and Hunger (2010)?
Movements in the Philippine economy
What does entrepreneurship originate from according to the text?
French word for 'undertake'
How does the text define an entrepreneur?
A person who organizes, operates, and assumes the risk of business ventures
What is a key aspect an entrepreneur should think about to make an existing product more appealing?
Offering special services to enhance customer satisfaction
How can an entrepreneur leverage technology to improve the production of goods or services?
By implementing efficient production methods using technology
Why is it important for an entrepreneur to have access to suppliers in the local area?
To have connections with local producers for resources
What is one way an entrepreneur can identify problems and find solutions?
By observing and understanding what the community needs
Why is taking advantage of previous work experience beneficial for an entrepreneur?
It helps in building new connections and referrals
What role does an entrepreneur play in the economy according to the summary provided?
A contributor to economic growth, acting as an agent of change and employer
Test your knowledge on generating ideas to make existing products more appealing, offering special services for customer satisfaction, and promoting efficiency through technology in production. This quiz is based on the lecture material from IS103 course.
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