Podcast
Questions and Answers
Which of the following categories includes businesses with total assets between $50,001 and $500,000?
Which of the following categories includes businesses with total assets between $50,001 and $500,000?
What is one of the competencies of an entrepreneur?
What is one of the competencies of an entrepreneur?
Which character trait is NOT typically associated with successful entrepreneurs?
Which character trait is NOT typically associated with successful entrepreneurs?
What does the law R.A. 6977 Section 13 mandate for lending institutions?
What does the law R.A. 6977 Section 13 mandate for lending institutions?
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How do auditory learners best retain information?
How do auditory learners best retain information?
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Which of the following is a factor that develops entrepreneurial activity?
Which of the following is a factor that develops entrepreneurial activity?
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What ability is essential for successful entrepreneurs in terms of managing people?
What ability is essential for successful entrepreneurs in terms of managing people?
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Which learning style engages students through physical activities to enhance understanding?
Which learning style engages students through physical activities to enhance understanding?
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Study Notes
Small and Medium Enterprises (SMEs)
- SMEs are businesses engaged in agribusiness, services, cooperatives, partnerships, or corporations.
- Classification by assets:
- Micro: less than P50,000
- Cottage: P50,001 – P500,000
- Small: P500,001 – P5,000,000
- Medium: P5,000,000 – P20,000,000
- Lending institutions must set aside a portion of loans for SME consolidation (RA 6977, Section 13).
Entrepreneurial Competencies
- Control: self-directed, focused
- Goal Setting: clear and specific
- Self-efficacy: belief in one's ability to succeed
- Competency: skill and expertise
- Need for achievement: drive for accomplishment
- Ambition: aspirations
- Willingness to learn: eagerness for new knowledge
- Initiative: proactive approach
- Adaptability and Flexibility: adjusting to changes
- Risk-taking: willingness to embrace uncertainty
- Interpersonal skills: effective communication and relationships
Entrepreneurial Characteristics
- Risk Taker: calculated, informed decisions
- Self-confident: positive self-belief
- Hardworking: dedicated and persistent
- Innovative: creative and novel ideas
- Leadership: guiding others
- Positive thinker: optimistic outlook
- Decision Maker: making choices
- Solution Implementer: carrying out decisions
Determinants of Successful Entrepreneurship
- Conceptualization and planning: forming business ideas
- Management of others: guiding a team
- Time management and learning: efficient use of resources
- Adaptability to change: adjusting to market shifts
Factors Developing Entrepreneurial Activity
- Organization of capital resources: efficient management of finances
Learning Styles
- Auditory Learning: learns best by listening. Information must be delivered through sound.
- Read and Rewrite Learning: learns best from written materials. Re-reading and rewriting helps them retain information.
- Kinesthetic Learning: learns best through hands-on activities and manipulation of materials; requires physical interaction.
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Description
This quiz explores the fundamentals of Small and Medium Enterprises (SMEs) and crucial entrepreneurial competencies. It covers SME classification by assets and essential skills for successful entrepreneurship, including control, goal setting, and adaptability. Test your knowledge on how these elements contribute to business success.
