Entrepreneurship Basics
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Questions and Answers

What is the primary trait of an entrepreneur that enables them to develop, organize, and manage a business venture?

  • Innovative thinking
  • Achievement motivation
  • Risk-taking ability
  • Calculated risk-taking (correct)

    • Which of the following is NOT a characteristic of an entrepreneur?

  • Risk-averse (correct)
  • Visionary
  • Optimistic
  • Technically competent

    • What drives an entrepreneur to spot and exploit opportunities?

  • Desire for social responsibility
  • Need for achievement (correct)
  • Fear of failure
  • Confidence in their abilities

    • Which of the following best describes an entrepreneur's working profile?

    <p>Self-confident and driven</p> Signup and view all the answers

    What is the main purpose of a business plan for an entrepreneur?

    <p>To create a roadmap for business success</p> Signup and view all the answers

    Which of the following is a key contributor to an entrepreneur's entrepreneurial mindset?

    <p>Optimism and self-confidence</p> Signup and view all the answers

    What is the primary motivation for entrepreneurs to take risks and venture into new businesses?

    <p>Achievement motivation</p> Signup and view all the answers

    Which of the following best describes the role of an entrepreneur in small business management?

    <p>Make strategic decisions and drive the business forward</p> Signup and view all the answers

    What is the primary characteristic of an entrepreneur in terms of risk-taking?

    <p>They are able to recognize and take advantage of opportunities.</p> Signup and view all the answers

    Which of the following types of entrepreneurs is concerned with trading activities?

    <p>Trading entrepreneur</p> Signup and view all the answers

    What is the key difference between an entrepreneur and a small business owner?

    <p>Entrepreneurs have a plan for growth.</p> Signup and view all the answers

    Which of the following is NOT a characteristic of an entrepreneur's mindset?

    <p>Risk-averse nature</p> Signup and view all the answers

    What is the primary motivation for a corporate entrepreneur?

    <p>To develop and manage a corporate body</p> Signup and view all the answers

    What is the key characteristic of a small business?

    <p>It is independently owned and managed.</p> Signup and view all the answers

    Which of the following is a characteristic of an entrepreneur's leadership behavior?

    <p>Gets along with others and is responsive to situations.</p> Signup and view all the answers

    What is the primary goal of an entrepreneur in terms of business planning?

    <p>To create a business plan for growth</p> Signup and view all the answers

    What is the primary reward of an entrepreneur?

    <p>Profit earned from the business</p> Signup and view all the answers

    What is the key to achieving maximum utilization of resources in an entrepreneurial venture?

    <p>Time management</p> Signup and view all the answers

    Which of the following is a reason for the failure of an entrepreneurial venture?

    <p>Poor management</p> Signup and view all the answers

    What is the primary function of an entrepreneur?

    <p>All of the above</p> Signup and view all the answers

    What is the recommended approach to calculating income and expenditure in an entrepreneurial venture?

    <p>Be conservative in calculating income and lavish in calculating expenditure</p> Signup and view all the answers

    What is the primary purpose of conducting a SWOT analysis in an entrepreneurial venture?

    <p>To identify opportunities and threats</p> Signup and view all the answers

    What is a key characteristic of a successful entrepreneur?

    <p>Hard work and dedication</p> Signup and view all the answers

    What is the primary benefit of taking moderate risks in an entrepreneurial venture?

    <p>Minimizing potential losses</p> Signup and view all the answers

    Study Notes

    Entrepreneurship vs. Small Business

    • Entrepreneurship involves accepting risks and opportunities to create, operate, and grow a new business.
    • Small business owners do not have plans for growth.

    Types of Entrepreneurs

    • According to the type of business:
      • Business entrepreneurs conceive and translate ideas into reality.
      • Trading entrepreneurs focus on trading activities.
      • Industrial entrepreneurs set up industrial units.
      • Corporate entrepreneurs plan, develop, and manage corporate bodies.
      • Agricultural entrepreneurs engage in agricultural activities.
    • According to motivation:
      • Rewards: Entrepreneurs earn profits, while managers receive a monthly salary.

    Characteristics of an Entrepreneur

    • Calculated risk-taker
    • Innovator
    • Organiser
    • Creative
    • Achievement motivated
    • Technically competent
    • Self-confident
    • Socially responsible
    • Optimistic
    • Equipped with capability to drive
    • Blessed with mental ability
    • Human relations ability
    • Communication ability
    • Decision-making
    • Business planning
    • Venture capitalist
    • Visionary
    • Ability to spot and exploit opportunities
    • Courage to face adversities
    • Leadership

    Tips to Become a Successful Entrepreneur

    • Acquire sufficient and all-round knowledge about an enterprise.
    • Be conservative in calculating income and lavish in calculating expenditure.
    • Don't expect quick and easy returns.
    • Be prepared for delegation of work.
    • Take moderate risks.
    • Plan systematically and march ahead step by step.
    • Manage time effectively.
    • Collect maximum information about competitors.
    • Don't avoid or run away from problems.
    • Take help from experts and experienced persons when needed.

    Reasons for Success and Failure

    • Reasons for failure:
      • Poor management
      • Neglect
      • Weak control systems
      • Insufficient capital
    • Reasons for success:
      • Hard work, drive, and dedication
      • Market demand
      • Strong management
      • Luck

    Definition and Nature of Entrepreneurship

    • The word 'entrepreneur' is derived from the French word 'entreprendre', meaning 'to undertake'.
    • The 1987 Philippine Constitution recognizes entrepreneurship as an engine of economic growth.
    • Entrepreneurship is the capacity and willingness to develop, organize, and manage a business venture with its risks to make a profit.

    Working Profile of an Entrepreneur

    • Self-confidence:
      • Confidence
      • Independence
      • Optimism
      • Individuality
    • Drive:
      • Need for achievement
      • Profit-oriented
      • Energy
      • Risk-taking ability
      • Likes challenges.

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