Entrepreneurship Basics

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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?

Taking risks and investing resources to create something unique Signup and view all the answers

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

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

What percentage of entrepreneurs donate their time to charity?

70% Signup and view all the answers

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

Opportunity Seeking and Initiative Signup and view all the answers

What differentiates an entrepreneur from an ordinary businessman?

Creativity and innovation Signup and view all the answers

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

Demand for Quality and Efficiency Signup and view all the answers

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

Increase in goods and services produced Signup and view all the answers

Entrepreneurship Basics

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Questions and Answers

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

What is the main responsibility of an entrepreneur?

How do entrepreneurs support the economy?

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

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

What percentage of entrepreneurs donate their time to charity?

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

What differentiates an entrepreneur from an ordinary businessman?

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

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

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