Podcast
Questions and Answers
What is a key responsibility of a management analyst?
What is a key responsibility of a management analyst?
Which career path requires understanding business concepts, procedures, and practices?
Which career path requires understanding business concepts, procedures, and practices?
What is the primary reason for working in sales entrepreneurship?
What is the primary reason for working in sales entrepreneurship?
What does an intrapreneur refer to?
What does an intrapreneur refer to?
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Which aspect is NOT associated with entrepreneurship?
Which aspect is NOT associated with entrepreneurship?
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What knowledge is advantageous for a not-for-profit fundraiser?
What knowledge is advantageous for a not-for-profit fundraiser?
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Which role involves using entrepreneurial skills without bearing associated risks?
Which role involves using entrepreneurial skills without bearing associated risks?
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What type of position benefits from studying advanced concepts related to entrepreneurship?
What type of position benefits from studying advanced concepts related to entrepreneurship?
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What skill set is essential for someone working in sales entrepreneurship?
What skill set is essential for someone working in sales entrepreneurship?
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What is the primary responsibility of an individual working in research and development?
What is the primary responsibility of an individual working in research and development?
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Study Notes
Importance of Studying Entrepreneurship
- Entrepreneurship teaches us to create opportunities, ensure social justice, instill confidence, stimulate the economy, take risks, and persevere.
- Entrepreneurship is a key driver of the economy, recognized by the 1987 Philippine Constitution as an engine of economic growth.
- Article XII Section 1 highlights the role of private enterprises in supporting equitable distribution of income and wealth, sustaining production of goods and services, and expanding productivity, resulting in a higher quality of life.
Characteristics of Entrepreneurs
- Create jobs, value wealth over job security, and are willing to take risks.
- Have a higher tolerance for risk, pay taxes only on net income, and have the freedom to control the direction of their company.
- Adapt quickly to change, attain wealth, and make decisions on who to hire and work with.
Personal Attributes of Entrepreneurs
- Creativity: the spark that drives innovation and improvement.
- Dedication: motivates entrepreneurs to work hard and plan their ideas.
- Determination: an extremely strong desire to achieve success, including persistence and the ability to bounce back after rough times.
- Flexibility: the ability to move quickly in response to changing market needs.
- Leadership: the ability to create rules, set goals, and make decisions.
- Passion: what gets entrepreneurs started and keeps them there.
- Self-confidence: comes from thorough planning, reducing uncertainty and risk.
- "Smarts": common sense joined with knowledge or experience in a related business or endeavor.
Career Opportunities in Entrepreneurship
- Business consultant: provides advice on business issues, such as development and implementation of business plans.
- Management analyst: evaluates a business' systems, procedures, and operations, and reviews financial matters.
- Sales entrepreneur: needs to know how businesses run, represent a company, manage accounts, and follow up on leads.
- Research and development: requires understanding business concepts, procedures, and practices.
- Not-for-profit fundraiser: requires understanding the importance of business and networking relationships.
- Intrapreneur: an inside entrepreneur within a large firm, using entrepreneurial skills without incurring risks.
Two Sides of Entrepreneurship
- The rewards: making money, being your own boss, and gaining self-satisfaction.
- The risks: failure, long hours of hard work, and unwanted responsibilities.
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Description
Test your knowledge on personal attributes essential for entrepreneurs, including determination, flexibility, leadership, passion, and self-confidence. Explore the qualities that drive success in the entrepreneurial world.
