Entrepreneurship in the Philippines

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Questions and Answers

Which characteristic associated with an entrepreneurial mind-set focuses on well-informed decision-making in uncertain situations?

  • Determination and Perseverance
  • High Energy Level
  • Tolerance for Ambiguity (correct)
  • Drive to Achieve

What is a defining feature of a Micro Enterprise in the Philippines?

  • Employs between 50 and 100 people
  • Operates larger than Small Enterprises
  • Part of the manufacturing sectors only
  • Below a certain size with a limited employee count (correct)

Which classification of MSME in the Philippines is based on the kind of production performed?

  • Ownership-Based Classification
  • Market-Based Classification
  • Industry-Based Classification (correct)
  • Capital-Based Classification

Which of the following is considered a challenge of entrepreneurship?

<p>Financial Risk (C)</p> Signup and view all the answers

What type of manufacturing production focuses on customer-specific orders?

<p>Make to order (A)</p> Signup and view all the answers

Which characteristic is most associated with an entrepreneur’s ability to face challenging situations?

<p>Persistent Problem Solving (C)</p> Signup and view all the answers

What is a key trait that distinguishes entrepreneurs regarding their approach to risk?

<p>Calculated Risk Taking (A)</p> Signup and view all the answers

Which of the following is a common challenge faced by entrepreneurs?

<p>Financial Risk (A)</p> Signup and view all the answers

What type of enterprise typically has a total asset limit of 3 million or less?

<p>Micro Enterprise (C)</p> Signup and view all the answers

Which behavioral aspect reflects an entrepreneur's belief in their own abilities?

<p>Internal Locus of Control (D)</p> Signup and view all the answers

Flashcards

Internal Locus of Control

The belief that you control your own success, not outside factors.

Calculated Risk-Taking

An entrepreneur is willing to take measured risks to reach their goals, but they don't gamble.

Manufacturing

A business that involves creating or producing goods.

Make to Assemble

The process of assembling products after the order is placed.

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Capital-Based Classification

A classification of MSMEs based on their size in terms of employees and assets.

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Entrepreneurial Mindset

A mentality characterized by a strong desire to achieve, a focus on opportunities, and a willingness to take calculated risks.

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Tolerance for Ambiguity

The ability to handle uncertainty and change with resilience and a positive outlook. Not being afraid of the unknown.

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Seeking Feedback

Entrepreneurs are constantly seeking new ways to improve their products, processes, and businesses. They embrace feedback to learn and grow.

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Service-based SME

A type of business organization that provides services instead of producing tangible goods.

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Agribusiness

A type of business organization focused on farming and agricultural production.

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