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Questions and Answers
How does entrepreneurship contribute to the local community beyond merely providing employment opportunities?
How does entrepreneurship contribute to the local community beyond merely providing employment opportunities?
- By fostering constructive competition and creating new demand for local goods and services. (correct)
- By exclusively catering to local demands, preventing the need for external resources.
- By solely focusing on raising and collecting taxes, thus directly funding local government initiatives.
- By directly controlling the movement of factors of production, ensuring resources remain local.
In what way does an entrepreneur's perception of risk primarily differ from that of an ordinary small business owner?
In what way does an entrepreneur's perception of risk primarily differ from that of an ordinary small business owner?
- Both entrepreneurs and small business owners perceive risk identically, differing only in their strategies to avoid it.
- Entrepreneurs ignore risk altogether, focusing solely on potential rewards, while small business owners carefully assess all risks.
- Entrepreneurs view risk as a deterrent, while small business owners see it as inherent.
- Entrepreneurs see risk as inherent and manageable, while small business owners often perceive it as a deterrent. (correct)
Which characteristic distinguishes an entrepreneur's approach to business development and growth from that of an ordinary small business owner?
Which characteristic distinguishes an entrepreneur's approach to business development and growth from that of an ordinary small business owner?
- An entrepreneur relies heavily on chance, while a small business owner aligns daily activities with a strategic plan.
- An entrepreneur focuses solely on luck, while a small business owner avoids planning altogether so they can remain flexible.
- Entrepreneurs intentionally avoid creating plans to respond to changes easily, while small business owners make rigid annual plans.
- An entrepreneur aligns daily business activities with long-term plans, while a small business owner often relies on chance or luck. (correct)
How does entrepreneurship contribute to a nation's economic standing on a global scale?
How does entrepreneurship contribute to a nation's economic standing on a global scale?
How does an entrepreneur's reaction to changes in the business environment differ from that of a small business owner?
How does an entrepreneur's reaction to changes in the business environment differ from that of a small business owner?
Which of the following best describes the primary focus of entrepreneurship?
Which of the following best describes the primary focus of entrepreneurship?
Which action exemplifies the 'wealth-creating venture' aspect of entrepreneurship?
Which action exemplifies the 'wealth-creating venture' aspect of entrepreneurship?
In what scenario is a business best described as a 'self-owned enterprise' within the context of entrepreneurship?
In what scenario is a business best described as a 'self-owned enterprise' within the context of entrepreneurship?
Why is risk-taking considered an integral part of entrepreneurship?
Why is risk-taking considered an integral part of entrepreneurship?
What is the MOST significant way entrepreneurship benefits consumers?
What is the MOST significant way entrepreneurship benefits consumers?
Which of the following scenarios best illustrates the application of creativity and innovation in entrepreneurship?
Which of the following scenarios best illustrates the application of creativity and innovation in entrepreneurship?
How does successful entrepreneurship influence wealth creation beyond just increasing profits?
How does successful entrepreneurship influence wealth creation beyond just increasing profits?
What is a key difference between an entrepreneurial venture and an ordinary small business?
What is a key difference between an entrepreneurial venture and an ordinary small business?
Flashcards
Benefits of Entrepreneurship (Individual)
Benefits of Entrepreneurship (Individual)
Entrepreneurship helps individuals create wealth and improve their financial and social lives.
Benefits of Entrepreneurship (Community)
Benefits of Entrepreneurship (Community)
Entrepreneurship provides jobs, creates demand, generates taxes, and stimulates the economy at the local level.
Benefits of Entrepreneurship (Economy)
Benefits of Entrepreneurship (Economy)
Entrepreneurship fosters competition, helps businesses find global niches, and supports economic recovery and stability.
Entrepreneurial Perception of Risk
Entrepreneurial Perception of Risk
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Entrepreneurial View on Competition
Entrepreneurial View on Competition
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Entrepreneurship
Entrepreneurship
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Entrepreneur
Entrepreneur
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Self-Owned Enterprise
Self-Owned Enterprise
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Providing Value to Customers
Providing Value to Customers
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Wealth-Creating Venture
Wealth-Creating Venture
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Risk-Taking Venture
Risk-Taking Venture
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Wealth Creation
Wealth Creation
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Valuable Products and Services
Valuable Products and Services
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Study Notes
- Entrepreneurship involves observing correct practices in managing and operating a self-owned, wealth-creating business enterprise.
- An entrepreneur is someone who strongly advocates and correctly practices the concepts and principles of entrepreneurship in managing and operating a self-owned venture.
- Entrepreneurship is the art of correct practices that provides values to customers.
- It has a risk-taking venture which opens and manages self-owned business.
- Creativity and innovation are largely accountable for evolutionary processes occurring in entrepreneurship.
- Wealth is created in entrepreneurship when a business's value increases abundantly and the owner's life improves substantially.
Importance of Entrepreneurship for Filipinos
- Provides guidelines in their wealth-creating venture.
- It helps improve their financial and social lives.
- Helps broaden their creativity, facilitates happiness, and makes them fruitful and successful
Importance of Entrepreneurship for the Local Community
- Provides Employment
- Creates new demand
- Contributes to the raising and collection of taxes
- Facilitates movement of the factors of production
- Creates business opportunities
- Promotes peaceful and loving community
- Increases constructive competition
Importance of Entrepreneurship for the Economy
- Encourages competitiveness
- Helps find an entrepreneur niche in the world market
- Helps hasten economic recovery process
- Facilitates smooth flow of money in the local market
- Assists the national government in its desire to have favorable economic ratings in the world market
Distinguishing Entrepreneurs from Ordinary Small Businesses
- Entrepreneurial ventures focus on wealth creation, while ordinary small businesses focus on source of livelihood.
- Entrepreneurs view risk as inherent and react positively to changes.
- Small businesses consider risk a deterrent and stay passive to changes.
- Entrepreneurs see competition as healthy, while small businesses view it as an unhealthy element.
- Entrepreneurs align daily business activities in the attainment of the plans, ordinary small businesses rely upon chance or luck
- Entrepreneurs have both local and global perspectives as the horizon of business operation whereas ordinary small businesses are centered only on the local environment
- Entrepreneurs gain from internal motivations which ordinary small business gains with limited personal sources
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Description
Entrepreneurship involves managing a self-owned business. It is the art of correct practices that provides value to customers. It also helps improve financial and social lives and broadens creativity, leading to success.
