Questions and Answers
What characteristic is essential for an innovative entrepreneur?
Which type of entrepreneur is least likely to initiate new ideas?
Which term refers to entrepreneurs who create value and wealth using limited resources?
What is a primary motivation for risk-taking in entrepreneurship?
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Which type of entrepreneur thrives on following existing ideas rather than creating new ones?
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What is a role of social entrepreneurs in the economy?
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Which type of entrepreneur is most likely to resist changes within an organization?
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What distinguishes risk-taker entrepreneurs from others?
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Which entrepreneur type is characterized by living off the labor of others?
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What is one of the key factors for entrepreneurship impacting the economy?
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Study Notes
Needs and Wants
- Needs encompass essential physiological requirements for survival, including shelter, clothing, air, food, reproduction, sleep, and water.
- Wants refer to non-essential desires that enhance quality of life, often considered luxuries.
Relevance of Entrepreneurship to Organizations
- Development of managerial capabilities fosters effective leadership and decision-making.
- Creation of organizations contributes to job creation and economic growth.
- Entrepreneurship plays a significant role in improving the standard of living.
- Acts as a means of economic development by promoting innovation and competitive markets.
Factors Affecting Entrepreneurship
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Personality traits influencing entrepreneurial success include:
- Initiative: Proactively taking steps to achieve goals.
- Problem Solver: Capable of finding efficient solutions to challenges.
- Perseverance: Persistence in overcoming obstacles.
- Persuasion: Ability to convince and influence others.
- Planning: Strategic foresight in business operations.
- Risk-taking: Willingness to take calculated business risks.
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Environmental factors impacting entrepreneurship encompass:
- Political conditions: Government policies and regulations.
- Climate: Local economic and weather conditions.
- Legal system: Laws affecting business operations.
- Economic conditions: Market dynamics and consumer behavior.
- Social conditions: Cultural factors and societal trends.
Entrepreneurial Journey: Goldilocks
- Ana and Boy Manrique transitioned from social workers to entrepreneurs as their family grew.
- The couple initiated their business with a bakery named Goldilocks, which opened in 1966 in Makati with a focus on cake-making.
- The brand name suggests fortune and success, drawing from the meanings of "gold" and "luck."
- Starting with 10 employees and a limited product range, Goldilocks rapidly gained popularity among locals.
- The company began franchising in 1991, leading to the expansion of over 600 stores and employing more than 2,000 people.
Definition of Entrepreneurship
- Entrepreneurship stems from the French word "entreprendre," meaning "to undertake."
- It involves innovating and executing ideas to create profit-generating activities.
Importance of Entrepreneurship
- Essential for promoting social change and driving innovation.
- Entrepreneurs are characterized by their willingness to take risks and their commitment to constant improvement.
Core Competencies in Entrepreneurship
- Involves dynamic economic activities focused on creating and managing enterprises.
- Requires innovation and creativity to generate new ideas and solutions.
- Profit potential allows entrepreneurs to gain financial rewards from their enterprises.
- Involves risk bearing, requiring careful management of uncertainties.
Types of Entrepreneurs
- Innovative Entrepreneurs: Introduce new concepts and ideas to the market.
- Imitating Entrepreneurs: Replicate existing ideas without innovation.
- Fabian Entrepreneurs: Hesitate to adopt changes, lagging behind until necessary.
- Drone Entrepreneurs: Resist innovations and rely on conservative methods, risking business stability.
- Social Entrepreneurs: Drive change in social and environmental sectors through innovative solutions.
Career Opportunities in Entrepreneurship
- Numerous pathways available, including starting personal businesses, consulting, franchising, and engaging in social enterprises.
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Description
This quiz explores the concepts of wants and needs in entrepreneurship. It highlights the importance of different marketing strategies tailored to meet the diverse requirements of each group. Understanding these elements is crucial for ensuring business survival and growth over decades.
