Questions and Answers
What is one of the importance of entrepreneurship?
What does entrepreneurship help in balancing?
regional development
Entrepreneurship reduces social conflict and political unrest.
True
What does the term 'entrepreneur' imply?
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Which of the following is NOT a quality of an entrepreneur?
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Entrepreneurship disperses economic power and creates ______.
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What does '3S' refer to in the context of identifying market opportunities?
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Which of the following activities is driven by entrepreneurship?
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Study Notes
Importance of Entrepreneurship
- Entrepreneurship controls local wealth and balances regional development.
- Ensures proper utilization of local resources and appropriate allocation across areas.
- Reduces social conflict and political unrest by providing equitable access to economic opportunities.
- Promotes economic independence, reducing reliance on external assistance.
The Entrepreneur
- Entrepreneurs are proactive in developing business ventures and assessing risks and rewards.
- They transform processed ideas into significant business ventures.
- The term 'entrepreneur' originates from the French verb “entreprendre,” meaning "to undertake."
Economic Impact
- Entrepreneurs generate employment, a crucial factor in economic development.
- They amplify economic activities across various sectors, enhancing overall economic growth.
- Countries with higher entrepreneurial activities tend to be more financially independent.
The Entrepreneurial Process
- Involves seeking, screening, and seizing market opportunities.
- Opportunity screening includes assessing and evaluating viable business ideas.
3S Opportunity
- Consists of Market Need, Opportunity Seeking, and STEEPLED Analysis (Social, Technological, Economic, Environmental, Political, Legal, Educational, and Demographic factors).
Marketing Mix (7P's)
- Product: The good or service offered to meet customer needs.
- Place: Distribution channels and locations where products are available.
- Price: The cost of the product for the consumer.
- Promotion: Marketing strategies to encourage purchase.
- People: Individuals involved in the service delivery.
- Packaging: Design and presentation of the product.
- Positioning: The effort to make the product occupy a distinct place in the consumer's mind.
Opportunity Seizing
- Actively pursuing identified opportunities through innovative strategies.
- Entrepreneurs leverage their skills and knowledge to capture market potential.
Wealth Creation and Economic Power
- Entrepreneurship creates wealth rather than relying on borrowed resources.
- It disperses economic power, contributing to social equality and balancing national income across various businesses.
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Description
This quiz focuses on the key concepts and principles of entrepreneurship as covered in the first quarter of AY 2024-2025. Assess your understanding of how entrepreneurship influences local wealth and economic growth. Prepare to engage with the material taught by Sir Marlon Salvador in the first semester.
