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Questions and Answers
What does the term 'entrepreneur' signify?
What does the term 'entrepreneur' signify?
Which of the following services would fall under business services?
Which of the following services would fall under business services?
What is meant by entrepreneurial development?
What is meant by entrepreneurial development?
Which of the following types of products is considered perishable?
Which of the following types of products is considered perishable?
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Which of the following industries primarily offers entertainment and recreation services?
Which of the following industries primarily offers entertainment and recreation services?
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The French word 'entreprendre' means what in English?
The French word 'entreprendre' means what in English?
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Which of the following best describes an enterprise?
Which of the following best describes an enterprise?
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Which kind of service focuses on maintaining and securing physical spaces?
Which kind of service focuses on maintaining and securing physical spaces?
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What is one key responsibility of a business owner?
What is one key responsibility of a business owner?
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Which action is associated with observing in a business context?
Which action is associated with observing in a business context?
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What inspired Ratan Tata to create the Nano car?
What inspired Ratan Tata to create the Nano car?
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Which of the following is a characteristic of a small business?
Which of the following is a characteristic of a small business?
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What method involves continuous testing of new ideas in business?
What method involves continuous testing of new ideas in business?
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Which of the following questions evaluates a business opportunity?
Which of the following questions evaluates a business opportunity?
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Michael Lazaridis was inspired by which type of system for creating the BlackBerry?
Michael Lazaridis was inspired by which type of system for creating the BlackBerry?
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What type of small business involves taking raw materials from nature?
What type of small business involves taking raw materials from nature?
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What is the primary focus of wholesaling?
What is the primary focus of wholesaling?
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Why is crafting a comprehensive business plan important?
Why is crafting a comprehensive business plan important?
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Which of the following is NOT a key component of managing a company?
Which of the following is NOT a key component of managing a company?
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What does harvesting in a business context mainly involve?
What does harvesting in a business context mainly involve?
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How does entrepreneurship enhance competitive consciousness?
How does entrepreneurship enhance competitive consciousness?
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What is a benefit of an entrepreneur's desire for innovation?
What is a benefit of an entrepreneur's desire for innovation?
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Which aspect is essential for overcoming ongoing operational challenges?
Which aspect is essential for overcoming ongoing operational challenges?
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What role do entrepreneurs play in the equitable distribution of income and wealth?
What role do entrepreneurs play in the equitable distribution of income and wealth?
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Who is primarily responsible for building several units of an effective business?
Who is primarily responsible for building several units of an effective business?
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What is a primary function of entrepreneurs in the economy?
What is a primary function of entrepreneurs in the economy?
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Which type of entrepreneur is known for selling goods at reduced prices?
Which type of entrepreneur is known for selling goods at reduced prices?
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Which example best describes someone who is an acquirer?
Which example best describes someone who is an acquirer?
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How do entrepreneurs contribute to the economy in terms of taxes?
How do entrepreneurs contribute to the economy in terms of taxes?
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What is a key characteristic of capital aggregators?
What is a key characteristic of capital aggregators?
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What is one major contribution of entrepreneurs in the private sector?
What is one major contribution of entrepreneurs in the private sector?
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What is typically used by acquirers in the process of taking over a business?
What is typically used by acquirers in the process of taking over a business?
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What is one of the main characteristics of a buy-sell artist?
What is one of the main characteristics of a buy-sell artist?
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Which of the following is NOT an advantage of self-employment?
Which of the following is NOT an advantage of self-employment?
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What is a key trait of successful entrepreneurs concerning risk?
What is a key trait of successful entrepreneurs concerning risk?
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What does it mean to have self-confidence as an entrepreneur?
What does it mean to have self-confidence as an entrepreneur?
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Which characteristic involves being accountable for one's actions in business?
Which characteristic involves being accountable for one's actions in business?
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What should an entrepreneur focus on when setting goals?
What should an entrepreneur focus on when setting goals?
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Which of the following is a disadvantage of self-employment?
Which of the following is a disadvantage of self-employment?
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What describes the necessity for having technical knowledge as an entrepreneur?
What describes the necessity for having technical knowledge as an entrepreneur?
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Study Notes
Entrepreneurship
- The term "entrepreneur" comes from the French word "ENTREPRENDRE", meaning "to UNDERTAKE."
- An entrepreneur organizes and directs a business enterprise.
- Entrepreneurs provide products and services in exchange for payment.
- Products can be tangible, manufactured, perishable, and can be sold in the international market.
Types of Businesses
- Extractive: Take raw materials from nature (e.g., mining, forestry).
- Manufacturing: Transform raw materials into finished goods (e.g., factories, production facilities).
- Wholesaling: Buy goods from extractive or manufacturing businesses and sell them to other businesses (e.g., distributors, suppliers).
- Retailing: Buy goods from wholesalers, manufacturers, or extractive businesses and sell them directly to consumers (e.g., stores, shops).
- Service: Provide services to customers in exchange for payment (e.g., hair salons, cleaning services, repair shops).
Entrepreneurial Development
- Assuming Responsibility: Entrepreneurs proactively observe their customers and competitors for insights.
- Experimenting: Entrepreneurs embrace trial and error to test new ideas.
- Networking: Entrepreneurs connect with diverse individuals to gain fresh perspectives.
- Evaluation: Entrepreneurs critically assess their business opportunities.
- Developing a Plan: Comprehensive business plans help entrepreneurs set standards, goals, and track progress.
- Resources: Entrepreneurs identify funding sources, acquire human resources, and seek investors.
- Managing the Company: Entrepreneurs implement management structures, operational strategies, and address ongoing operational challenges.
- Harvesting: Entrepreneurs evaluate business performance against projected growth and plan for future expansion or security.
Benefits of Entrepreneurs
- Empower Individuals: Entrepreneurs provide an opportunity for individuals to accumulate wealth.
- Enhanced National Identity and Pride: Successful entrepreneurs contribute to a country's identity and pride.
- Enhance Competitive Consciousness: Entrepreneurs introduce competitiveness and innovation that benefits other individuals and sectors.
- Improves Quality of Life: Entrepreneurs' innovations and product development contribute to the betterment of products, services, and overall quality of life.
- Enhance Equitable Distribution of Income and Wealth: Entrepreneurs create opportunities for individuals to achieve financial success.
- Introduce New Technologies, New Industries, and New Products: Entrepreneurs drive innovation and development.
- Create Employment: Entrepreneurs are a key driver of private-sector employment.
- Provide Taxes to the Economy: Entrepreneurs contribute to government revenue through taxes.
- Capital Aggregators: Entrepreneurs establish financial institutions, such as banks and insurance companies, which require large amounts of starting capital..
- Acquirers: Entrepreneurs acquire existing businesses by buying out a significant portion of the company's stock.
- Buy and Sell Artists: Entrepreneurs profit by buying and selling businesses at higher prices.
Entrepreneurial Traits and Characteristics
- Moderate Risk Takers: Entrepreneurs assess and manage financial, government, and legal risk.
- Self-Confidence: Entrepreneurs believe in their ability to achieve their goals.
- Hard Workers: Entrepreneurs are willing to sacrifice time, energy, and personal life for their business.
- Goal-Oriented: Entrepreneurs set clear goals and focus on achieving them.
- Responsible: Entrepreneurs take accountability for their actions and the success or failure of their business.
- Innovative: Entrepreneurs introduce new ideas and seek improvements.
- Technical and Business Knowledge: Entrepreneurs possess knowledge about their products and how to operate a business.
Self-Employment
- Advantages: Personal satisfaction, independence, potential for profit, job security, and status.
- Disadvantages: Possible loss of invested capital, uncertain or low income, long hours, and routine chores.
How to Become Successful
- Identify a Business Opportunity: Recognize a need or problem that can be solved through a business.
- Develop a Business Plan: Create a comprehensive plan outlining your business goals, strategies, and financial projections.
- Secure Funding: Obtain financial resources to start and operate your business.
- Build a Team: Assemble a skilled and motivated team to support your business.
- Market Your Business: Promote your products or services to target customers.
- Provide Excellent Customer Service: Go above and beyond to satisfy customers.
- Adapt to Change: Be flexible and responsive to changing market conditions.
- Learn from Your Mistakes: Analyze setbacks and use them as opportunities for growth.
Successful Filipino Entrepreneurs:
- Henry Sy Sr. (SM Group): Retail and real estate
- John Gokongwei Jr. (JG Summit Holdings): Diversified businesses, including food and beverage
- Lucio Tan (LT Group): Tobacco, banking, and beverage
- Tony Tan Caktiong (Jollibee Foods Corporation): Fast food chain
- Socorro Ramos (National Bookstore): Bookstore chain
- Cecilio Kwok Pedro (Happeee Toothpaste): Toothpaste brand
- Mariano Que (Mercury Drugs): Drugstore chain
- Alfredo M. Yao (Zest-O): Juice and beverage brand
- Corazon D. Ong (CDO): Food products
- Gregorio Sanchez Jr. (Asia Brewery): Beverage company
- Diosdado Banatao (Computer Chips): Semiconductor industry
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Description
This quiz covers fundamental concepts of entrepreneurship, including the definition and various types of businesses. Learn about extractive, manufacturing, wholesaling, retailing, and service-based business models. Test your understanding of how entrepreneurs operate in different sectors.
