Podcast
Questions and Answers
Entrepreneurship requires the combination of entrepreneurship with capital, land, and natural resources to produce profit.
Entrepreneurship requires the combination of entrepreneurship with capital, land, and natural resources to produce profit.
True
An entrepreneurial mindset is characterized solely by financial risk-taking without the need for innovation.
An entrepreneurial mindset is characterized solely by financial risk-taking without the need for innovation.
False
Personal competencies of an entrepreneur include attributes such as creativity and emotional balance.
Personal competencies of an entrepreneur include attributes such as creativity and emotional balance.
True
All entrepreneurs share the same level of interpersonal competencies regardless of their business context.
All entrepreneurs share the same level of interpersonal competencies regardless of their business context.
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The use of intuition in decision-making is irrelevant to successful entrepreneurs.
The use of intuition in decision-making is irrelevant to successful entrepreneurs.
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Affect infusion suggests that an entrepreneur's mood can impact their decision-making process.
Affect infusion suggests that an entrepreneur's mood can impact their decision-making process.
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Entrepreneurs do not need to engage in networking as part of their business competencies.
Entrepreneurs do not need to engage in networking as part of their business competencies.
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Tenacity is an example of an interpersonal competency required for entrepreneurial success.
Tenacity is an example of an interpersonal competency required for entrepreneurial success.
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Innovation is a driving force behind both opportunities and value creation in entrepreneurship.
Innovation is a driving force behind both opportunities and value creation in entrepreneurship.
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The rational/scientific method is the only approach to decision-making utilized by entrepreneurs.
The rational/scientific method is the only approach to decision-making utilized by entrepreneurs.
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Attribution style refers to the entrepreneurs' self-serving ______.
Attribution style refers to the entrepreneurs' self-serving ______.
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Counterfactual thinking involves discussing the procedures followed to perform a task and the alternatives that cannot be considered.
Counterfactual thinking involves discussing the procedures followed to perform a task and the alternatives that cannot be considered.
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Over-confidence is characterized by entrepreneurs believing they know less than they actually do when making decisions.
Over-confidence is characterized by entrepreneurs believing they know less than they actually do when making decisions.
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Knowing style combines analytical and conceptual thinking in decision-making.
Knowing style combines analytical and conceptual thinking in decision-making.
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Creative style is characterized by repetitive and conventional thinking among entrepreneurs.
Creative style is characterized by repetitive and conventional thinking among entrepreneurs.
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Common traits among successful entrepreneurs typically include risk avoidance, assertiveness, and vision.
Common traits among successful entrepreneurs typically include risk avoidance, assertiveness, and vision.
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The belief that only certain types of people make good entrepreneurs is valid and supported by research.
The belief that only certain types of people make good entrepreneurs is valid and supported by research.
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The competencies of entrepreneurs include learned behaviors and skills that enhance their decision-making capabilities.
The competencies of entrepreneurs include learned behaviors and skills that enhance their decision-making capabilities.
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Risk seeking is not a typical characteristic of successful entrepreneurs.
Risk seeking is not a typical characteristic of successful entrepreneurs.
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All entrepreneurs have the same innate predispositions that guarantee their success.
All entrepreneurs have the same innate predispositions that guarantee their success.
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Study Notes
Entrepreneurship Lesson 1
- Entrepreneurship is the capacity to develop, organize, and manage a business venture to gain profit, encompassing related risks
- A prime example of entrepreneurship is establishing a new business
- Entrepreneurial spirit is characterized by innovation and risk-taking, integral to a nation's competitiveness in a global market
- Entrepreneurship combines land, labor, natural resources, and capital to produce profit
- Entrepreneurial mindset manifests in a specific state of mind, which guides human actions and outcomes related to entrepreneurial activities
- Entrepreneurial mindsets center on opportunities, innovation, and value creation, with calculated risk-taking and adaptability to change and uncertainty
- Entrepreneurial behavior stems from a combination of strong motivation to achieve something and the capabilities to achieve it
- Entrepreneurship competencies manifest in three levels: personal (creativity, determination, integrity, tenacity, emotional balance, self-criticism), interpersonal (communication, engagement, delegation, and respect), and business (business vision, resource management, networking, and negotiation)
- Qualities of an entrepreneur include: orientation towards hard work, initiative, wide knowledge, leadership qualities, self-confidence, adaptability, willingness to assume risk, and an open mind with an optimistic outlook
- Two methods exist for entrepreneurial decision-making: the rational/scientific method, which follows a six-step decision-making process, and the use of intuition, leveraging gut feeling to arrive at a conclusion
- Factors influencing entrepreneurial decision-making include mood, with current moods affecting judgment and choices; and self-serving bias influencing decisions (attribution style)
- Additional decision-making components include: counterfactual thinking (after-the-fact review of procedures and alternatives), excessive confidence in making decisions, and either analytical/conceptual thinking or holistic/conceptual thinking approaches.
Activity 1
- Students are assigned the task of listing 5 local or Philippine entrepreneurs, identifying shared traits.
- The task requires reporting to the teacher within one day of the assignment.
Activity 2
- Explain the questions regarding competencies of entrepreneurs. - Characteristics common in listed entrepreneurs - Favorite entrepreneurs and reason - Essential Qualities for successful entrepreneurship
- The answer's grading follows specified criteria
Rubric for Essay
- Essay grading rubric highlights content (thoroughness and clarity of answers), organization (structure and flow of ideas), and development (depth of explanation).
Are Entrepreneurs Born or Made?
- Common entrepreneurial traits (risk-taking, assertiveness, vision) are often considered innate qualities, however, entrepreneurial behavior is a learnable skill.
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Description
This quiz covers the foundational concepts of entrepreneurship, including the characteristics and mindsets that drive entrepreneurial success. It explores the significance of innovation, risk-taking, and the integration of various resources in establishing a profitable business. Enhance your understanding of what makes an entrepreneur effective in a competitive landscape.
