Podcast
Questions and Answers
What is the primary trait of an entrepreneur that enables them to develop, organize, and manage a business venture?
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?
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?
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?
Which of the following best describes an entrepreneur's working profile?
What is the main purpose of a business plan for an entrepreneur?
What is the main purpose of a business plan for an entrepreneur?
Which of the following is a key contributor to an entrepreneur's entrepreneurial mindset?
Which of the following is a key contributor to an entrepreneur's entrepreneurial mindset?
What is the primary motivation for entrepreneurs to take risks and venture into new businesses?
What is the primary motivation for entrepreneurs to take risks and venture into new businesses?
Which of the following best describes the role of an entrepreneur in small business management?
Which of the following best describes the role of an entrepreneur in small business management?
What is the primary characteristic of an entrepreneur in terms of risk-taking?
What is the primary characteristic of an entrepreneur in terms of risk-taking?
Which of the following types of entrepreneurs is concerned with trading activities?
Which of the following types of entrepreneurs is concerned with trading activities?
What is the key difference between an entrepreneur and a small business owner?
What is the key difference between an entrepreneur and a small business owner?
Which of the following is NOT a characteristic of an entrepreneur's mindset?
Which of the following is NOT a characteristic of an entrepreneur's mindset?
What is the primary motivation for a corporate entrepreneur?
What is the primary motivation for a corporate entrepreneur?
What is the key characteristic of a small business?
What is the key characteristic of a small business?
Which of the following is a characteristic of an entrepreneur's leadership behavior?
Which of the following is a characteristic of an entrepreneur's leadership behavior?
What is the primary goal of an entrepreneur in terms of business planning?
What is the primary goal of an entrepreneur in terms of business planning?
What is the primary reward of an entrepreneur?
What is the primary reward of an entrepreneur?
What is the key to achieving maximum utilization of resources in an entrepreneurial venture?
What is the key to achieving maximum utilization of resources in an entrepreneurial venture?
Which of the following is a reason for the failure of an entrepreneurial venture?
Which of the following is a reason for the failure of an entrepreneurial venture?
What is the primary function of an entrepreneur?
What is the primary function of an entrepreneur?
What is the recommended approach to calculating income and expenditure in an entrepreneurial venture?
What is the recommended approach to calculating income and expenditure in an entrepreneurial venture?
What is the primary purpose of conducting a SWOT analysis in an entrepreneurial venture?
What is the primary purpose of conducting a SWOT analysis in an entrepreneurial venture?
What is a key characteristic of a successful entrepreneur?
What is a key characteristic of a successful entrepreneur?
What is the primary benefit of taking moderate risks in an entrepreneurial venture?
What is the primary benefit of taking moderate risks in an entrepreneurial venture?
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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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