Entrepreneurship and Sustainable Development
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Questions and Answers

What is a key characteristic of the entrepreneurial mindset?

  • A willingness to follow established methods and practices
  • An ability to interact exclusively within a corporate environment
  • A drive to innovate and bring ideas to reality (correct)
  • A focus solely on profit generation

    • How do entrepreneurs contribute to economic development?

  • By focusing on developing existing businesses
  • By creating new businesses that stimulate related industries (correct)
  • By concentrating on a single industry sector
  • By minimizing risks associated with new ventures

    • What distinguishes 'enterprising' from 'entrepreneurial'?

  • There is no difference between the terms
  • Enterprising refers only to public sector initiatives
  • Entrepreneurial involves risk-taking to create value, while enterprising is about imagination and initiative (correct)
  • Enterprising is exclusively related to business activities

    • Which of the following best describes entrepreneurship?

    <p>An integrated concept that nurtures creative ideas across various sectors</p> Signup and view all the answers

    What was one outcome of the first call center operations in the Philippines?

    <p>They established the Philippines as a top BPO destination</p> Signup and view all the answers

    Which statement about entrepreneurs is true?

    <p>They are often seen as the pioneers driving business innovation</p> Signup and view all the answers

    Which aspect does NOT define entrepreneurship?

    <p>An inclination towards routine and predictable outcomes</p> Signup and view all the answers

    What broader impact can entrepreneurs have beyond their own ventures?

    <p>They can foster national development and growth</p> Signup and view all the answers

    What is the primary goal of most family businesses in a transgenerational context?

    <p>Maximizing the well-being of current and future generations</p> Signup and view all the answers

    What advantage does entering a partnership provide to entrepreneurs during the startup phase?

    <p>Spreading investment risk among partners</p> Signup and view all the answers

    Why might buying an existing business be considered less risky than starting from scratch?

    <p>It comes with a well-established operational framework</p> Signup and view all the answers

    In the context of family businesses, what reflects the dual nature of the firm in terms of family members’ involvement?

    <p>It is an asset to be safeguarded and developed.</p> Signup and view all the answers

    What is one reason why entrepreneurs find it easier to obtain financing when buying an existing business?

    <p>Proven track records make lenders more comfortable.</p> Signup and view all the answers

    What is a potential benefit of engaging with partners who have different expertise?

    <p>It broadens the scope of the business.</p> Signup and view all the answers

    What legal advantages may arise from buying an existing business?

    <p>Proprietary rights such as patents or copyrights</p> Signup and view all the answers

    How do franchising arrangements benefit entrepreneurs?

    <p>They provide a support system from the franchisor.</p> Signup and view all the answers

    What is a primary benefit of entrepreneurial ventures in terms of wealth generation?

    <p>They generate new wealth through innovation.</p> Signup and view all the answers

    What does TBL stand for in a corporate context?

    <p>Triple Bottom Line</p> Signup and view all the answers

    How do entrepreneurs contribute to social change?

    <p>By offering new goods and services that reduce dependence on obsolete systems.</p> Signup and view all the answers

    What is one impact of introducing an automatic, low-cost water pump in a water-scarce region?

    <p>It allows individuals to focus more on their work.</p> Signup and view all the answers

    Which aspect is NOT typically included in the profit measurement of TBL?

    <p>Employee personal life balance</p> Signup and view all the answers

    How does TBL define 'People' in the context of business impact?

    <p>The relationship between a business and its employees and the community</p> Signup and view all the answers

    Why might an entrepreneur prefer to start a business from scratch rather than joining an existing one?

    <p>To maintain a high level of independence in decision-making.</p> Signup and view all the answers

    Which is an example of environmental stewardship within the TBL framework?

    <p>Employing eco-friendly materials</p> Signup and view all the answers

    What role does higher tax revenue from increased employment play in a country’s economy?

    <p>It can be reinvested into struggling sectors and human capital.</p> Signup and view all the answers

    What does the 'Planet' aspect of TBL primarily address?

    <p>Minimizing ecological impact</p> Signup and view all the answers

    What is a characteristic of family businesses started by entrepreneurs?

    <p>They often have a long-term orientation.</p> Signup and view all the answers

    What can result from entrepreneurs developing new products or services?

    <p>Creation of new markets and opportunities.</p> Signup and view all the answers

    Which of the following does NOT represent a local contribution to community standards in TBL?

    <p>Participation in corporate tax evasion</p> Signup and view all the answers

    How might entrepreneurs indirectly support freedom in society?

    <p>By innovating and breaking away from obsolete technologies.</p> Signup and view all the answers

    What is a key benefit of a business promoting TBL?

    <p>Enhanced stakeholder interdependence</p> Signup and view all the answers

    Which of the following best describes the role of entrepreneurs in TBL?

    <p>Enhance natural order and reduce ecological impact</p> Signup and view all the answers

    What is a fundamental change in perspective that organizations need to adopt for sustainable development?

    <p>Recognizing the economy as a subsidiary of the environment</p> Signup and view all the answers

    Who coined the term 'triple bottom line' and in what year?

    <p>John Elkington in 1994</p> Signup and view all the answers

    What does the third bottom line of the triple bottom line account for?

    <p>Environmental responsibility</p> Signup and view all the answers

    According to the content, how should businesses view the economy in relation to nature?

    <p>As a wholly owned subsidiary of nature</p> Signup and view all the answers

    Which of the following elements are part of the triple bottom line?

    <p>Profit, people, planet</p> Signup and view all the answers

    What does the 'people account' in the triple bottom line measure?

    <p>The social and ethical practices of the company</p> Signup and view all the answers

    Why is it considered essential for organizations to shift their perspective towards sustainability?

    <p>To ensure long-term business viability and stability</p> Signup and view all the answers

    In what way does the Modern Age system differ from the Industrial Age perspective?

    <p>It places the environment at the forefront of priorities</p> Signup and view all the answers

    Study Notes

    Entrepreneurship in the Modern World

    • Entrepreneurs are opportunity seekers willing to take risks and drive innovative ideas to fruition.
    • Entrepreneurship can be innate or developed, leading to creativity in both business and social ventures.
    • The mindset of entrepreneurship influences enterprise at all levels, across various sectors and countries.
    • "Enterprise" embodies the attitude of exploration, initiative, and leadership in bringing visions to life.

    Entrepreneurial Economy

    • Entrepreneurs symbolize business resilience and success, serving as benchmarks for free enterprise.
    • Key contributions of entrepreneurs to the economy include:
      • Creation of new businesses that stimulate related sectors, fostering economic development (e.g., call center operations boosting BPO growth in the Philippines).
      • Generation of new wealth that expands markets and increases national income; entrepreneurial ventures can elevate tax revenue and funding for struggling sectors.
      • Promotion of social change through innovative goods and services that enhance productivity and quality of life (e.g., water supply innovations enabling work focus).

    Entrepreneurship Spectrum

    • Starting a business from scratch allows full control and high standards without external interference.
    • Family businesses prioritize long-term growth and emotional involvement across generations, focusing on well-being for future heirs.
    • Partnerships enable resource sharing and diversified expertise, leading to broader customer bases and creative problem solving.
    • Buying an existing business minimizes risk by taking over established operations with existing cash flow and customer bases.

    Entrepreneurship and Sustainable Development

    • A new perspective is needed for sustainability, seeing the environment as the central factor, with society and the economy as supporting circles.
    • Organizations are shifting priorities to integrate sustainability at all levels, acknowledging the interdependence of economy, environment, and social order.

    Triple Bottom Line (TBL)

    • The TBL framework, introduced in 1994 by John Elkington, measures corporate performance across three dimensions: profit, people, and planet.
    • Profit encompasses financial impacts, including income, expenditures, and economic contributions to society.
    • People denote a business's social responsibility to stakeholders, including fair wages and contributions to community welfare.
    • Planet focuses on environmental stewardship, encouraging eco-friendly practices, waste reduction, and assessing the ecological impact of operations.

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    Description

    This quiz explores the intersection of entrepreneurship and sustainability, focusing on how corporate priorities are shifting towards environmental considerations at the highest levels. Understanding this perspective is crucial for modern business leaders looking to adapt to the evolving landscape of sustainable development.

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