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Questions and Answers
Which behavior is mentioned as one of the Five Ps of Entrepreneurial Behavior?
What is the main focus of Module 2 discussed in the text?
Which factor is NOT mentioned as a type of entrepreneurial teams in the text?
What is the significance of understanding the challenges of family business owners according to the text?
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What does perseverance involve?
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What is the key characteristic of a promotion focus?
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What is a characteristic of comprehensive planners?
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What is the approach of opportunistic planners?
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What is the main characteristic of the takeoff stage in the business life cycle?
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Which stage of the business life cycle occurs after the success stage for only a small percentage of businesses?
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What sociological characteristics can strongly affect entrepreneurs, according to the text?
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In modern entrepreneurial practices, what is the trend regarding the number of co-owners in new businesses?
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What is one advantage of family-owned businesses mentioned in the text?
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Why is it important to work out key issues ahead of time when forming a team for a business, according to the text?
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What is a common characteristic of successful family businesses in the Philippines mentioned in the text?
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What are the six key elements of entrepreneurial culture highlighted in the text?
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Study Notes
Entrepreneurial Behavior
- Proactiveness is one of the Five Ps of Entrepreneurial Behavior.
Module 2
- The main focus of Module 2 is on the entrepreneurial team.
Entrepreneurial Teams
- Virtual teams are not mentioned as a type of entrepreneurial team.
Family Business Owners
- Understanding the challenges of family business owners is significant because it helps in identifying the unique issues that need to be addressed.
Perseverance
- Perseverance involves the ability to bounce back from setbacks and failures.
Promotion Focus
- The key characteristic of a promotion focus is the willingness to take risks and pursue opportunities.
Comprehensive Planners
- A characteristic of comprehensive planners is that they tend to be more analytical and methodical in their approach.
Opportunistic Planners
- The approach of opportunistic planners is to be more flexible and adaptable to changing circumstances.
Business Life Cycle
- The main characteristic of the takeoff stage is rapid growth and expansion.
- The maturity stage occurs after the success stage for only a small percentage of businesses.
Sociological Characteristics
- Age, sex, education, and social class are sociological characteristics that can strongly affect entrepreneurs.
Modern Entrepreneurial Practices
- The trend in modern entrepreneurial practices is towards having more co-owners in new businesses.
Family-Owned Businesses
- One advantage of family-owned businesses is that they can provide a sense of security and stability.
Forming a Business Team
- It is important to work out key issues ahead of time when forming a team for a business because it helps in building trust and preventing conflicts.
Successful Family Businesses
- A common characteristic of successful family businesses in the Philippines is that they are able to maintain a strong sense of family values and traditions.
Entrepreneurial Culture
- The six key elements of entrepreneurial culture highlighted in the text are innovation, risk-taking, proactiveness, autonomy, competitive aggressiveness, and a strong work ethic.
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Description
Test your knowledge on the different stages of the business life cycle. Learn about establishment, slack resources, profitability, and resource maturity in small businesses.
