Entrepreneurship Basics Quiz

Overview of Entrepreneurs

• Entrepreneurs play a vital role in economic development, providing needed goods and services, and addressing unemployment.
• Entrepreneurs are valued for creating opportunities for young people, boosting per capita income, and improving living standards.
• Increased individual savings and revenue, in the form of taxes (income tax, value-added tax, export duties, import duties), and balanced regional development benefit the economy through entrepreneurship.

What You Need to Know

• Learners should be able to discuss the relevance of the course about entrepreneurship.
• They need to explain fundamental concepts of entrepreneurial competencies.
• They should understand the core competencies essential for entrepreneurship.

Meaning of Entrepreneurship and Entrepreneur

• Entrepreneurship is the process of creating and scaling businesses to generate profit.
• It's a crucial driver of economic advancement and innovation.
• Entrepreneurship represents the personal pursuit of career dreams and goals.
• Entrepreneurship implies the independence to create a life on one's terms sans restrictions or limitations.

Meaning of Entrepreneurship and Entrepreneur (continued)

• An entrepreneur establishes a business aiming for profit, taking on most risks and reaping most rewards.
• Entrepreneurs serve as innovators, introducing new ideas, goods, services, and business or procedural advancements.
• Entrepreneurs are essential components of economies, using skills and insights to identify market opportunities.

Note

• Understanding the essence of entrepreneurship helps recognize the significant contributions to societal advancement.
• Entrepreneurs are defined by their ability to take an idea and execute it successfully.

Entrepreneurship in the Philippines (Batalla, V. (2011))

• Government programs aiming to promote small-scale industries emphasize the entrepreneur's role in business formation and management.
• Statistics on business establishment formation indicate a steady upward trend over the past 50 years, even in the absence of direct government support.
• Industries focusing on food processing, property development, and retail trade (including shopping malls) are prominent in this context.
• The top 50 Philippine corporations in 2005 involved prominent families and individuals, predominantly Filipinos of Chinese descent, running a substantial amount of private domestic firms, foreign firms, and government-controlled corporations.

Importance of Entrepreneurship

• Entrepreneurship generates wealth, reduces poverty, stimulates economic growth and confidence, and enhances productivity.
• It creates job opportunities and fuels innovation, fostering social change.

Relevance of Entrepreneurship to SHS Students

• Entrepreneurship prepares students for livelihoods, even before college, by fostering adaptability, self-confidence, and societal responsibility.
• It empowers students from diverse economic backgrounds to think outside the box, nurturing unique talents.
• Recognizing interconnected factors are vital for informed decision-making.
• Real-life examples and experiences are crucial for practical learning.
• Collaborative and innovative approaches are essential for successful entrepreneurs.

Relevance of Entrepreneurship to an Organization

• Entrepreneurial endeavors promote managerial talent development.
• Entrepreneurship leads to organizational development and diversification.
• It promotes economic improvement for individuals and communities.
• Entrepreneurial developments improve the economic situation for both entrepreneurs and the broader community.

Concept of Entrepreneurship

• Economists consider entrepreneurship as a key resource in production alongside land/natural resources, labor, and capital.
• Entrepreneurs combine these resources in business planning, labor hiring, acquiring finances, and providing leadership for success.

Concept of Entrepreneurship (continued)

• "Entrepreneur" stems from the French word "enterprendre," meaning "to undertake," highlighting the entrepreneur's act of initiating new business ventures.
• Entrepreneurs are characterized by innovation, willingness to take risks, and generating profitable solutions to contemporary problems.

Factors Affecting Entrepreneurship

• Personality Factors: Initiative, proactiveness, problem-solving abilities, perseverance, persuasive skills, planning, and risk assessment.
• Environmental Factors: Political, climate, legal, economic, and market situations significantly influence entrepreneurial endeavors.

Are Entrepreneurs Born or Made?

• While certain personality traits and dispositions contribute to success, entrepreneurship emphasizes practical, learnable attributes rather than inherent traits.
• Entrepreneurial competence includes innovation, assertiveness, and visions, which are considered essential for success.

Is there such a thing as a natural-born entrepreneur?

• Entrepreneurship is not an inherent quality; it involves learned techniques and habits.
• Success requires both business skills and interpersonal/self-management abilities, which are developed.

Personal Competencies

• Personal competencies are vital for self-confidence and security in various situations.
• Examples include creativity, determination, integrity, and self-criticism.

Interpersonal Competencies

• Interpersonal competencies involve leadership, influence, communication, supervision, negotiation, and motivating employees at multiple levels.
• Effective management of people is crucial for entrepreneurs.

Business Competencies

• These uniquely identify a company among its competitors, incorporating key attributes like business vision, financial literacy, and networking.

Core vs. Common Competencies in Entrepreneurship

• Core competencies are critical for recognizing opportunities, adaptability, and achieving organizational success.
• They encompass entrepreneurial personality traits, abilities, and knowledge.
• Common competencies are fundamental skills applicable to various roles (e.g., decision-making, communication, leadership, time management).

Core Competencies in Entrepreneurship

• Entrepreneurship is an economic activity entailing enterprise development and optimum resource utilization.
• Entrepreneurs need innovative ideas and the capacity for creativity.
• Entrepreneurship offers profit potential, but risk taking is also involved.

Types of Entrepreneurs

• Innovative: Always seek new ideas.
• Imitating: Following existing successful ideas.
• Fabian: Hesitant to initiate change.
• Drone: Relying on the efforts of others.
• Social: Focusing on social change.

Examples of Core and Common Competencies in Entrepreneurship

• A table presents core competencies (organizing, planning, cash flow management, etc.) and common competencies (analytical thinking, decision-making, leadership, etc.).

Explore Job Opportunities for Entrepreneurship as a Career

• Aspiring entrepreneurs have diverse paths to turn their dreams into a reality.
• Career selections depend on experience, skills, finances, and desired flexible future goals.

Entrepreneurship Career Opportunities for the Academic Track

• This list includes Business Consultant, Sales, Research & Development, Teacher, Talent Recruiter, Business Reporter, New venture creation, and existing ventures roles.

Entrepreneurship Career Opportunities for the TECHVOC Track - Fine Arts

• This track's careers include Artist, Graphic Designer, Photographer, Art Gallery Manager, and Film Director.

Entrepreneurship Career Opportunities for the TECHVOC Track - Fashion Designing

• This track's careers include Designer wear production, Fashion marketing, planner, fashion media manager, accessory designer (quality control, promotion), costume designer, fashion consultant, personal stylist, technical designer, and fashion coordinator.

Entrepreneurship Career Opportunities for the TECHVOC Track - Sports

• Careers in this track include health club manager, strength and conditioning coach, fitness program manager, professional/amateur team manager, sports facility manager, corporate fitness director, rehabilitation center director, and nutrition center manager.

Other TECHVOC Track

• This track's other careers include cook, chef, automotive mechanic, electrician, technical support specialist, network support associate, tool keeper, and mechanical technologist.

Reasons why many would like to become an entrepreneur

• Entrepreneurs are motivated by factors like achievement, independence, autonomy, financial success, recognition, family needs, dissatisfaction with existing work arrangements, and community involvement.

Test your knowledge on the fundamentals of entrepreneurship and its role in economic growth. This quiz covers key concepts, benefits, and career opportunities related to entrepreneurship. It's perfect for anyone interested in understanding the impact of entrepreneurs on the economy.