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Questions and Answers
What term describes an individual who has generated substantial value and profits from innovations in a very short period of time?
Which entrepreneur is known for founding Lamoiyan Corporation?
What is the term used to describe individuals who start small businesses with very little capital?
Which entrepreneur is associated with Philippine Airlines and Brewery?
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What term refers to individuals within a large organization who take direct responsibility for turning an idea into a profitable finished product?
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What is the focus of the social and cultural school of thought in entrepreneurship?
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Which traits are common to successful entrepreneurs according to the micro schools of thought?
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What is the primary focus of the financial/capital school of thought?
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What is the importance of strategic formulation in entrepreneurship?
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What do displacement factors refer to in the context of entrepreneurship?
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Which school of thought focuses on natural systems and constraints related to entrepreneurship?
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What is the main difference between business entrepreneurs and social entrepreneurs?
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Which type of entrepreneur is more likely to constantly innovate for market share?
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What is the key characteristic of an enterprising mindset?
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Which stage of the entrepreneurial process involves carrying out the business plan and confronting rivals?
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What is the main focus of social entrepreneurs when compared to small-business owners?
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Which factor does not affect the entrepreneurial journey according to the text?
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What is a key source of business ideas according to the text?
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Which category of entrepreneur requires being highly educated and tech-savvy for their concepts?
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What is an essential part of recognizing entrepreneurial opportunities according to the text?
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Which statement best describes the relationship between risk appetite and entrepreneurship?
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Study Notes
Key Terms in Entrepreneurship
- Unicorn: An individual who generates substantial value and profits from innovations in a very short period.
- Small Business Entrepreneur: Individuals who start small businesses with minimal capital.
Notable Entrepreneurs
- Dr. Cecilio K. Pedro: Founder of Lamoiyan Corporation.
- Lucio Tan: Entrepreneur associated with Philippine Airlines and Tanduay Brewery.
Roles and Responsibilities
- Intrapreneur: Individuals within a large organization who directly manage the process of turning ideas into profitable products.
Schools of Thought in Entrepreneurship
- Social and Cultural School: Focuses on the impact of social and cultural environments on entrepreneurship.
- Micro Schools: Highlight traits common to successful entrepreneurs; innovation, resilience, and adaptability.
- Financial/Capital School: Primarily focuses on the investment and financial aspects of entrepreneurship.
- Natural Systems School: Studies systems and constraints that affect entrepreneurship.
Entrepreneurial Characteristics and Process
- Business Entrepreneurs vs. Social Entrepreneurs: Business entrepreneurs typically focus on profit, while social entrepreneurs prioritize social change and community welfare.
- Innovative Entrepreneurs: More likely to innovate consistently to gain market share.
- Enterprising Mindset: Key characteristic includes a proactive approach to recognizing and seizing opportunities.
- Entrepreneurial Process: The stage where business plans are executed and competition is faced.
Focus Areas of Different Entrepreneurs
- Social Entrepreneurs: Focus on addressing social issues compared to small-business owners who may prioritize financial stability.
Influences on Entrepreneurship
- Displacement Factors: Refer to external forces that create disruptions leading to entrepreneurial opportunities.
- Educational and Technological Requirements: Certain entrepreneur categories need high education and tech-savviness for their innovative concepts.
Recognizing Opportunities
- Key Sources of Business Ideas: Identifying challenges in the environment can lead to new business opportunities.
- Risk Appetite: There is a direct relationship between an individual's willingness to take risks and their success in entrepreneurship.
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Description
Test your knowledge on various career/job opportunities available for individuals with an entrepreneurship degree, ranging from mid-level management and business consulting to teaching and business reporting. Learn about different types of entrepreneurs and the progression of economies based on entrepreneurship.
