ENTREP M1 REVIEWER

Questions and Answers

What is a primary role of a CEO in an organization?

To study business management principles

To undertake the risks of enterprise

To create new business ideas and innovations

To maintain operational stability and make data-driven decisions (correct)

Which of the following best describes an entrepreneur?

An innovator who undertakes risks to transform ideas into actionable business ventures (correct)

A person who only seeks to maintain operational stability

A professional working in a large corporate structure

An individual who only studies business management

What is a key distinction between a businessman and an entrepreneur?

An entrepreneur initiates ideas, while a businessman studies business management. (correct)

An entrepreneur has no risk, while a businessman takes risks.

Both roles involve finding opportunities to earn revenue.

A businessman focuses on innovation, whereas an entrepreneur focuses on management.

In the context of entrepreneurship, which aspect does not typically drive a small business?

Expansion into large conglomerates Signup and view all the answers

What is the goal of scalable startups?

To expand rapidly and achieve high profitability Signup and view all the answers

What characteristic defines a hustler in the context of entrepreneurship?

They are motivated by aspirations and work hard without large capital. Signup and view all the answers

Which of the following statements is true about the role of a buyer in entrepreneurship?

Identifies promising businesses to acquire and invests wealth for expansion. Signup and view all the answers

What best defines a social entrepreneur?

A person who aims to identify and solve social problems through entrepreneurial efforts. Signup and view all the answers

Which characteristic is NOT associated with social entrepreneurship?

Market-oriented profit maximization Signup and view all the answers

Which of the following describes an 'Imitator' in entrepreneurship?

A person who improves upon existing ideas and incorporates them into their own business. Signup and view all the answers

How do Researchers approach starting a business?

They prioritize thorough research to understand the market and social issues first. Signup and view all the answers

What is a major characteristic of social entrepreneurs?

They dedicate their efforts to social good and nonprofit initiatives. Signup and view all the answers

Which of the following is an example of an Innovator in entrepreneurship?

An entrepreneur who creates electric cars as alternatives to gasoline. Signup and view all the answers

What does it mean to act within financially independent organizations in social entrepreneurship?

The organization combines social missions with profit-making strategies. Signup and view all the answers

Which of the following traits is commonly observed in social entrepreneurs?

They possess a strong entrepreneurial mindset but prioritize social impact. Signup and view all the answers

Study Notes

Differences Between CEO, Businessman, and Entrepreneur

CEO stands for Chief Executive Officer, typically not the owner of the business but responsible for overall operations.
A businessman is primarily a profession focused on understanding business management principles.
Entrepreneurs generate their own innovative ideas and develop them into viable business models.

Definition and Context of Entrepreneurship

Entrepreneurship involves identifying innovative opportunities and transforming ideas into practical business ventures.
Financial context aims at generating revenue through business activities.
Cultural context focuses on promoting cultural elements (e.g., local products like Batangas' Kapeng Barako).
Social context emphasizes enhancing societal welfare while ensuring business sustainability.

Characteristics of Entrepreneurs

Entrepreneurs undertake risks inherent in starting and managing enterprises.
They are innovators who create unique solutions for existing market problems.
Willingly accept risks associated with entrepreneurship to achieve their visions.

Types of Entrepreneurship

Small Business: Operates on a smaller scale without intentions for major expansion (e.g., single-location restaurants or grocery stores).
Large Company: Involves C-level executives skilled in sustaining innovation; examples include major retail chains like SM and Robinsons.
Scalable Startup: Requires external funding, focusing on rapid expansion and high profitability.
Hustler: Driven by hard work and aspirations, willing to expand without significant capital.
Buyer: Uses personal wealth to invest in promising businesses, aiming for growth and profit (e.g., Henry Sy’s investment strategies).
Innovative: Constantly develops novel ideas and converts them into viable business operations, like electric cars.
Imitator: Draws inspiration from existing business ideas, improving them while exhibiting determination and learning from others.
Researcher: Prioritizes data and thorough research during business formation, aiming for informed success.
Social: Focuses on addressing social issues through products/services, often aiming for social rather than financial gains.

Social entrepreneurship targets social problems and seeks to create positive societal changes.
Involves extensive research to define and understand social issues effectively.

Mission-driven, focusing on fulfilling a larger purpose.
Operates with entrepreneurial principles while being socially oriented.
Functions within organizations that champion innovation and financial independence.
Blends social objectives with profit-making strategies to ensure sustainability.

Emphasizes the role of future leaders (e.g., ABM students) in addressing social issues through innovative business models.

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Description

Explore the key differences between a CEO, a businessman, and an entrepreneur in this quiz. Learn how each role contributes to the business landscape and what unique qualities define them. Great for anyone interested in entrepreneurship or business management!

ENTREP M1 REVIEWER

Questions and Answers

What is a primary role of a CEO in an organization?

Which of the following best describes an entrepreneur?

What is a key distinction between a businessman and an entrepreneur?