Entrepreneurship Basics
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Questions and Answers

What is entrepreneurship?

  • A process focused on creating a non-profit venture
  • A process solely based on assessing risks without seeking opportunities
  • A reactive process of developing a business venture
  • A proactive process of developing a business venture to make a profit (correct)

    • Who is considered the entrepreneur?

  • An individual responsible for setting up a business (correct)
  • A person who avoids taking risks
  • A person who works only for personal gain
  • Someone who solely focuses on personal wealth

    • What is the origin of the word 'entrepreneur'?

  • Derived from Greek words meaning 'to lose'
  • Taken from German words meaning 'to hide'
  • Comes from French words meaning 'between' and 'to take' (correct)
  • Originated from Latin words meaning 'to stay still'

    • What does an enterprise contribute to?

    <p>National income, exports, and economic development</p> Signup and view all the answers

    What is the role of an entrepreneur according to the text?

    <p>To be a catalytic agent of change and seek high achievements</p> Signup and view all the answers

    How can entrepreneurship be tied to capitalism?

    <p>By producing goods and services needed by the public</p> Signup and view all the answers

    What is a key characteristic of successful entrepreneurs related to their desire to achieve in the field of entrepreneurship?

    <p>Management of Risk</p> Signup and view all the answers

    Which cluster includes characteristics that support the entrepreneurial character traits in the achievement cluster?

    <p>Planning Cluster</p> Signup and view all the answers

    What is a guiding principle for entrepreneurs when setting goals and objectives for their business ventures?

    <p>SMART principle</p> Signup and view all the answers

    Which one of the following is primarily sought by successful entrepreneurs to make sound decisions?

    <p>Specific and relevant data</p> Signup and view all the answers

    What is a characteristic related to successful entrepreneurs constantly seeking ways to achieve set goals?

    <p>Initiative and need for achievement</p> Signup and view all the answers

    In which area are successful entrepreneurs focused on one or more business locations for planning processes?

    <p>Planning Cluster</p> Signup and view all the answers

    Study Notes

    Entrepreneurship

    • Entrepreneurship is a proactive process of developing a business venture to make a profit, involving seeking opportunities, establishing and opening a business, and assessing its risk and rewards.
    • It occurs when a person or entrepreneur identifies an opportunity to make a profit.

    The Entrepreneur

    • An entrepreneur is a person responsible for setting up a business or an enterprise, with initiative, skill for innovation, and a desire for high achievements.
    • They are catalytic agents of change, working for the good of people, and creating wealth, employment opportunities, and growth in other sectors.

    The Enterprise

    • An enterprise is a business organization that provides goods and services, creates jobs, contributes to national income, exports, and contributes to overall economic development.

    The Origins of Entrepreneurship

    • The roots of entrepreneurship can be traced to capitalism, which is an economic, political, and social system that has its roots in the desire of private citizens to produce goods and services that the public need.
    • The word "entrepreneur" has a French origin, derived from the words "entre" (meaning "between") and "prendre" (meaning "to take").

    Entrepreneurship Models

    • Henry Sy: one of the 15 billionaires in the Philippines, the richest man in the Philippines, and the founder of SM Supermalls.
    • Julie Gandionco: the founder of Julie's Bakeshop, a simple housewife and mother from Cebu.
    • Tony Tan Caktiong: the founder of Jollibee Foods Corporation, a global fast food chain, and known as the "Jollibee Man."

    Entrepreneurial Characteristics

    • Passion for business
    • Tenacity despite failure
    • Confidence
    • Self-determination
    • Management of risk
    • Seeing changes and opportunities
    • Tolerance for ambiguity
    • Initiative and need for achievement
    • Eye for detail
    • Creativity
    • Seeing the big picture
    • Having several motivating factors
    • Goal setting
    • Flexibility

    Clusters

    • The 10 personal Entrepreneurial Characteristics (PEC's) that lead to success can be grouped into 3 areas:
      • Achievement Cluster
      • Planning Cluster
      • Power Cluster

    The Achievement Cluster

    • Consists of entrepreneurial character traits directly related to the entrepreneur's desire to be an achiever in the field of entrepreneurship.
    • Successful entrepreneurs constantly set and achieve goals.

    The Planning Cluster

    • A set of characteristics of successful entrepreneurs that support the achievement cluster.
    • Goal setting: setting clear, specific, and well-defined short-and-long term goals and objectives guided by the SMART principle.
    • Information-seeking: making decisions based on specific and relevant economic, financial, and industry data.

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    Description

    Learn about the fundamentals of entrepreneurship, including the proactive process of developing a business venture to make a profit, seeking opportunities, establishing a business, and assessing risk and rewards. Explore the role and responsibilities of an entrepreneur in setting up a business or enterprise.

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