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Which article of the Philippine Constitution recognizes entrepreneurship as an engine of economic growth?
Entrepreneurship is solely focused on economic activities.
False
What is the primary role of passion in entrepreneurship?
Passion is what gets entrepreneurs started and keeps them motivated.
What does entrepreneurship involve according to Carl Minger?
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Creativity is the spark that drives the development of new products or _____ or ways to do business.
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What is the definition of entrepreneurship according to Harvey Leibenstein?
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Entrepreneurs are born, not made.
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What does determination in entrepreneurship entail?
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Match the following definitions of entrepreneurship with their authors:
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What is entrepreneurship a key driver of?
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Which article of the Philippine Constitution recognizes entrepreneurship as an engine of economic growth?
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What motivates an entrepreneur to work hard?
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Flexibility is the ability to move quickly in response to changing market needs.
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What qualities are important for an entrepreneur to succeed?
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What is the term used to describe the spark that drives innovation?
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Earnings for entrepreneurs are always stable.
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What does entrepreneurship involve besides obtaining information?
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What does 'Entrepreneur' mean in French?
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Study Notes
The Importance of Entrepreneurship
- Entrepreneurship is a crucial driver of economic growth and responds to changing market needs.
- The 1987 Philippine Constitution recognizes entrepreneurship's role in equitable income distribution and sustaining production.
Characteristics of Entrepreneurs
- Flexibility allows entrepreneurs to adapt quickly in dynamic markets.
- Leadership involves creating rules and setting goals to guide entrepreneurial ventures.
- Passion is essential for initiating and sustaining entrepreneurial efforts.
Personal Attributes of Entrepreneurs
- Creativity sparks innovation in products and business practices.
- Dedication motivates entrepreneurs to work hard on their ideas.
- Determination signifies a strong desire for success, persistence through challenges, and resilience after setbacks.
Required Skills for Entrepreneurs
- Entrepreneurs need to be skilled in writing effective business plans to secure capital.
- Tolerance for risk-taking is vital, often requiring a departure from conventional job security.
- Multitasking ability is crucial for managing different aspects of a business.
Career Outlook for Entrepreneurs
- Earnings can vary significantly and may be unstable, particularly in the early stages of a business.
Definitions and Theories of Entrepreneurship
- Entrepreneurship involves creating value through calculated risks and hard work.
- Carl Minger describes it as gathering information and making informed decisions.
- Harvey Leibenstein views entrepreneurship as addressing organizational inefficiencies.
- Joseph Schumpeter relating it to the discovery of new productive combinations.
- Israel Kirzner defines it as identifying market opportunities through arbitrage.
Etymology and Concept of Entrepreneurship
- The term originates from the French "Entreprendre," meaning to undertake.
- The breakdown: "Entre" (to enter) + "Pre" (before) + "Neur" (nerve center) reflects the proactive nature of entrepreneurship.
Summary of Contemporary Views
- Entrepreneurs are seen as proactive individuals capable of transforming resources into valuable goods or services for profit.
The Importance of Entrepreneurship
- Entrepreneurship is a crucial driver of economic growth and responds to changing market needs.
- The 1987 Philippine Constitution recognizes entrepreneurship's role in equitable income distribution and sustaining production.
Characteristics of Entrepreneurs
- Flexibility allows entrepreneurs to adapt quickly in dynamic markets.
- Leadership involves creating rules and setting goals to guide entrepreneurial ventures.
- Passion is essential for initiating and sustaining entrepreneurial efforts.
Personal Attributes of Entrepreneurs
- Creativity sparks innovation in products and business practices.
- Dedication motivates entrepreneurs to work hard on their ideas.
- Determination signifies a strong desire for success, persistence through challenges, and resilience after setbacks.
Required Skills for Entrepreneurs
- Entrepreneurs need to be skilled in writing effective business plans to secure capital.
- Tolerance for risk-taking is vital, often requiring a departure from conventional job security.
- Multitasking ability is crucial for managing different aspects of a business.
Career Outlook for Entrepreneurs
- Earnings can vary significantly and may be unstable, particularly in the early stages of a business.
Definitions and Theories of Entrepreneurship
- Entrepreneurship involves creating value through calculated risks and hard work.
- Carl Minger describes it as gathering information and making informed decisions.
- Harvey Leibenstein views entrepreneurship as addressing organizational inefficiencies.
- Joseph Schumpeter relating it to the discovery of new productive combinations.
- Israel Kirzner defines it as identifying market opportunities through arbitrage.
Etymology and Concept of Entrepreneurship
- The term originates from the French "Entreprendre," meaning to undertake.
- The breakdown: "Entre" (to enter) + "Pre" (before) + "Neur" (nerve center) reflects the proactive nature of entrepreneurship.
Summary of Contemporary Views
- Entrepreneurs are seen as proactive individuals capable of transforming resources into valuable goods or services for profit.
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Description
This quiz explores the entrepreneurial mindset, focusing on flexibility and adaptability in response to market changes. It highlights the importance of entrepreneurship as an engine for economic growth, as recognized by the Philippine Constitution. Test your understanding of leadership and the role of private sectors in entrepreneurship.
