Entrepreneurship Chapter 1: Understanding Entrepreneurship
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Questions and Answers

What is the meaning of the word 'entrepreneur'?

  • Someone who only undertakes to manage a business
  • Someone who organizes and assumes the risks of a business (correct)
  • Someone who only assumes the risks of a business
  • Someone who manages a business but doesn't assume risks

    • What is the main objective of Republic Act No 10679?

  • To encourage young Filipinos to pursue higher education
  • To promote employment opportunities for young Filipinos
  • To promote entrepreneurship and financial education among Filipino youth (correct)
  • To provide subsidies for existing Filipino businesses

    • Who coined the term 'entrepreneur'?

  • Richard Cantillon (correct)
  • Adam Smith
  • Karl Marx
  • John Stuart Mill

    • What is entrepreneurship?

    <p>A mindset related to business ownership and risk-taking</p> Signup and view all the answers

    What is the purpose of the Act promoting entrepreneurship and financial education among Filipino youth?

    <p>To foster sustained development of young Filipinos in finance and entrepreneurship</p> Signup and view all the answers

    What is the origin of the word 'entrepreneur'?

    <p>It is derived from French, meaning 'to undertake'</p> Signup and view all the answers

    What does entrepreneurship refer to?

    <p>The ability to turn ideas into action</p> Signup and view all the answers

    What are the three primary reasons that people become entrepreneurs and start their own business?

    <p>Desire to be their own boss, desire to pursue their own ideas, financial rewards</p> Signup and view all the answers

    What is one of the essential components of entrepreneurship?

    <p>The willingness to take calculated risks</p> Signup and view all the answers

    What is the importance of entrepreneurship to the Filipino people?

    <p>It provides guidelines in their wealth-creating ventures</p> Signup and view all the answers

    What is one of the myths of entrepreneurship?

    <p>Entrepreneurs are doers only and not thinkers</p> Signup and view all the answers

    What is the flow of entrepreneurial benefits in the Philippines?

    <p>Contribution of Entrepreneurship, The Flow of Entrepreneurial Benefits, Local Community, Filipino People</p> Signup and view all the answers

    What does recitation question about entrepreneurial principles imply?

    <p>&quot;Entrepreneurial principles cannot guarantee success in entrepreneurship.&quot;</p> Signup and view all the answers

    What is the contribution of entrepreneurship to the Philippine economy?

    <p>It encourages competitiveness and challenges entrepreneurs to keep improving their products and services.</p> Signup and view all the answers

    What is one of the compounded benefits of entrepreneurship for the local community?

    <p>It provides employment in the community</p> Signup and view all the answers

    What is one of the primary reasons that people become entrepreneurs?

    <p>Desire to be their own boss</p> Signup and view all the answers

    Entrepreneurship is a mindset.

    <p>True</p> Signup and view all the answers

    Republic Act No 10679 promotes entrepreneurship and financial education among Filipino youth.

    <p>True</p> Signup and view all the answers

    The word 'entrepreneur' is derived from the French word 'entreprise.'

    <p>False</p> Signup and view all the answers

    Richard Cantillon, a French economist, coined the term 'entrepreneur'.

    <p>True</p> Signup and view all the answers

    There is a single, universally accepted definition of an entrepreneur.

    <p>False</p> Signup and view all the answers

    The government intends to change the mindset of Filipinos from wanting to be employees to being business owners through Republic Act No 10679.

    <p>True</p> Signup and view all the answers

    Entrepreneurship only involves seeking opportunities and taking risks.

    <p>False</p> Signup and view all the answers

    Entrepreneurship refers to an individual's ability to turn ideas into action.

    <p>True</p> Signup and view all the answers

    One of the essential components of entrepreneurship is the unwillingness to take calculated risks.

    <p>False</p> Signup and view all the answers

    One of the primary reasons that people become entrepreneurs is the desire to work for someone else.

    <p>False</p> Signup and view all the answers

    Entrepreneurship provides employment in the local community.

    <p>True</p> Signup and view all the answers

    Entrepreneurship encourages competitiveness and challenges entrepreneurs to keep improving their products and services.

    <p>True</p> Signup and view all the answers

    Recitation questions imply that entrepreneurial principles cannot provide assurance of becoming a successful entrepreneur.

    <p>True</p> Signup and view all the answers

    Entrepreneurs are only doers and not thinkers, according to the myths of entrepreneurship.

    <p>False</p> Signup and view all the answers

    Entrepreneurship helps make Filipino lives happy, fruitful, and successful.

    <p>True</p> Signup and view all the answers

    The ability to plan and manage projects is not included in entrepreneurship.

    <p>False</p> Signup and view all the answers

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