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Questions and Answers
What is the primary contribution of entrepreneurship to economic development?
Which of the following is NOT considered a characteristic of successful entrepreneurs?
Which type of business is involved in the conversion of raw materials into products?
Which of the following is NOT listed as a career opportunity for entrepreneurs?
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Which of the following is NOT considered a type of innovation?
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Which of the following is the LEAST important characteristic of successful entrepreneurs?
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What is the main focus of a businessman/businesswoman compared to an entrepreneur?
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How does entrepreneurship differ from traditional business in terms of idea implementation?
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Which term best describes the readiness of an entrepreneur to embrace challenges and changes?
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What is the primary motivation for a businessman/businesswoman according to the text?
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Which of the following characteristics is essential for an entrepreneur based on the text?
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What distinguishes entrepreneurship from economic development according to the text?
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Which of the following statements accurately describes a service business?
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In a general partnership, which of the following statements is true?
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Which of the following accurately describes a corporation?
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Which of the following is the primary characteristic of a merchandising business?
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Which of the following business types is involved in the farming, management, production and marketing of agricultural commodities?
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In a limited partnership, which of the following statements is true?
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Study Notes
Entrepreneurship and Economic Development
- Effective and efficient utilization of economic resources contributes to economic development, which is driven by entrepreneurship.
Contributions of Entrepreneurship to Economic Development
- Develop new products
- Discover new sources of materials
- Mobilize capital resources
- Introduce new technologies and processes to improve existing products
- Create employment opportunities
- Pay taxes
Career Opportunities for Entrepreneurs
- Starting a new business
- Consulting
- Investing
- Teaching or mentoring
- Franchising
- Intrapreneurship
- Non-profit work
- Freelancing or contracting
Entrepreneurship and Innovation
- Innovation is the introduction of a new idea, method, procedure, or change to an existing product or process that adds value.
- Types of innovation include new products, new processes of production, substitution of cheaper materials, reorganization of production, and improvement in instruments or methods of production.
Characteristics of Entrepreneurs
- Drive
- Creativity
- Human relations ability
- Ability to communicate
- Technical knowledge
- Risk-taking
- Self-confidence
- Goal setting
- Accountability
- Innovation
Types of Businesses
- Manufacturing: converts raw materials into products
- Service Business: performs tasks for the benefit of customers
- Merchandising Business: purchases finished products and resells them
- Wholesaling: sells to retailers, industry institutions, and commercial users
- Retailing: sells to final consumers/end users
- Extractive Business: involves the extraction of raw materials from the earth
- Agricultural Business/Agribusiness: involves the farming, management, production, and marketing of agricultural commodities
- General Construction: involves various forms of construction projects
Major Forms of Business Organizations
- Sole Proprietorship: a business owned and run by one person for their own benefit
- Partnership: a business owned by two or more people, can be either general or limited
- Corporation: a business owned by shareholders, structured as a separate legal entity
Entrepreneurship Definition and Key Concepts
- Entrepreneurship is the process of identifying, creating, and pursuing opportunities to start and manage a new business.
- Entrepreneurship involves taking risks, organizing resources, and making innovations to bring a new product, service, or idea to the market.
Businessman/Business Woman VS Entrepreneur
- Businessman/businesswoman: follows traditional ways, focuses on pursuing profits, and finds it difficult to get out of their comfort zone.
- Entrepreneur: brings up new ideas, focuses on their passion, and is flexible, easy to adapt to changes, and can easily get out of their comfort zone.
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Description
Test your knowledge of key concepts, principles, and core competencies in entrepreneurship with this quiz. Learn about the process of identifying, creating, and pursuing opportunities to start and manage a new business, taking risks, organizing resources, and making innovations.
