Entrepreneurship Basics
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Questions and Answers

What is the definition of entrepreneurship according to Fajardo (2009)?

  • The science of converting processed ideas into a remarkable business venture
  • The process of selling goods in exchange for profit
  • The ability to manage and direct a business venture effectively
  • The capacity for innovation and expansion of new market, products, and techniques (correct)

    • What is the main responsibility of an entrepreneur?

  • Organizing, managing, and assuming risks of a business (correct)
  • Minimizing risks in a business venture
  • Creating job opportunities for others
  • Selling products in a market

    • How do entrepreneurs support the economy?

  • By solely creating jobs in their own company
  • By only focusing on profit generation
  • By promoting the growth of businesses in the local area (correct)
  • By encouraging the spending of money within the community

    • What differentiates an entrepreneur from other individuals in terms of business activities?

    <p>Taking risks and investing resources to create something unique</p> Signup and view all the answers

    How does the existence of a new company impact the local economy according to the text?

    <p>It creates job opportunities and encourages others to open businesses in the same area</p> Signup and view all the answers

    What percentage of entrepreneurs donate their time to charity?

    <p>70%</p> Signup and view all the answers

    Which personal entrepreneurial competency involves the ability to seek and identify new opportunities?

    <p>Opportunity Seeking and Initiative</p> Signup and view all the answers

    What differentiates an entrepreneur from an ordinary businessman?

    <p>Creativity and innovation</p> Signup and view all the answers

    Which entrepreneurial skill involves striving to produce quality products or services efficiently?

    <p>Demand for Quality and Efficiency</p> Signup and view all the answers

    What contributes to the continuous growth of a country's Gross Domestic Product (GDP) according to the text?

    <p>Increase in goods and services produced</p> Signup and view all the answers

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