Podcast
Questions and Answers
Entrepreneur means "to undertake".
Entrepreneur means "to undertake".
True
Entrepreneurship is a process of actions of an entrepreneur who is always in search of opportunities.
Entrepreneurship is a process of actions of an entrepreneur who is always in search of opportunities.
True
The greatest significance of entrepreneurship is to help identify and develop the managerial capabilities of entrepreneurs.
The greatest significance of entrepreneurship is to help identify and develop the managerial capabilities of entrepreneurs.
True
Entrepreneurship will lead to the creation of organizations.
Entrepreneurship will lead to the creation of organizations.
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Entrepreneurship can improve the life of the entrepreneur only.
Entrepreneurship can improve the life of the entrepreneur only.
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Coward people will become successful entrepreneurs.
Coward people will become successful entrepreneurs.
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An entrepreneur is a "Risk Taker".
An entrepreneur is a "Risk Taker".
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Entrepreneurship is not an economic activity.
Entrepreneurship is not an economic activity.
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Entrepreneurs are innovative.
Entrepreneurs are innovative.
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Profit potential is the compensation of the entrepreneur.
Profit potential is the compensation of the entrepreneur.
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An entrepreneur can become a business consultant.
An entrepreneur can become a business consultant.
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An entrepreneur can also be a researcher.
An entrepreneur can also be a researcher.
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An Entrepreneur can also become a salesman.
An Entrepreneur can also become a salesman.
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Entrepreneurship graduates can become business reporters.
Entrepreneurship graduates can become business reporters.
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The entrepreneur could easily see the results of his efforts.
The entrepreneur could easily see the results of his efforts.
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Which of the following does not belong to the group?
Which of the following does not belong to the group?
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The entrepreneurs who create new ideas are called
The entrepreneurs who create new ideas are called
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The entrepreneur who lives on the labor of others is called
The entrepreneur who lives on the labor of others is called
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These are entrepreneurs who are to follow the path shown by innovative entrepreneurs.
These are entrepreneurs who are to follow the path shown by innovative entrepreneurs.
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The entrepreneur who is skeptical about the changes in the company is called
The entrepreneur who is skeptical about the changes in the company is called
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Which is NOT a career for an entrepreneur?
Which is NOT a career for an entrepreneur?
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They are entrepreneurs who drive social innovation and transformation in various fields.
They are entrepreneurs who drive social innovation and transformation in various fields.
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Which of the statements below is true?
Which of the statements below is true?
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Which of the statements is NOT true?
Which of the statements is NOT true?
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Which of the following is NOT true?
Which of the following is NOT true?
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An entrepreneur enters a business because of its profitability.
An entrepreneur enters a business because of its profitability.
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New business ideas provide business opportunities.
New business ideas provide business opportunities.
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The entrepreneurial process starts with identification of entrepreneurial opportunities.
The entrepreneurial process starts with identification of entrepreneurial opportunities.
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Not all changes in the external environment provides business opportunities.
Not all changes in the external environment provides business opportunities.
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Discovery and advancement in the use of technology are additional good sources of business opportunities.
Discovery and advancement in the use of technology are additional good sources of business opportunities.
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Interest and hobbies of the people are possible good sources of entrepreneurial ideas.
Interest and hobbies of the people are possible good sources of entrepreneurial ideas.
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The industry environment of the business is under technological discovery and advacement sources of opportunities.
The industry environment of the business is under technological discovery and advacement sources of opportunities.
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The variables in the physical environment include the economic forces.
The variables in the physical environment include the economic forces.
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Entrepreneurial heart flame refers to the ability of the entrepreneur to sense without using the five senses.
Entrepreneurial heart flame refers to the ability of the entrepreneur to sense without using the five senses.
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Entrepreneurial mind frame permits the entrepreneur to see things in a very positive and optimistic light.
Entrepreneurial mind frame permits the entrepreneur to see things in a very positive and optimistic light.
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The business operates in the industry environment.
The business operates in the industry environment.
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Opening a Halo – halo business during summer season is ideal.
Opening a Halo – halo business during summer season is ideal.
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Environmental scanning is conducted only when a new business is opened.
Environmental scanning is conducted only when a new business is opened.
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When the barriers to the competitive forces are high, the effect to the growth of the business is likewise high.
When the barriers to the competitive forces are high, the effect to the growth of the business is likewise high.
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Which of the following is an example of a substitute product?
Which of the following is an example of a substitute product?
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Match the following elements of the external environment with their corresponding descriptions:
Match the following elements of the external environment with their corresponding descriptions:
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The priorities, projects, programs, and policies of the government are also good sources of ideas.
The priorities, projects, programs, and policies of the government are also good sources of ideas.
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Which of the following is NOT a factor included in the five forces of competition?
Which of the following is NOT a factor included in the five forces of competition?
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The threat of new entrants to the market is reduced when there are high capital requirements for entering the industry.
The threat of new entrants to the market is reduced when there are high capital requirements for entering the industry.
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Which of the following is NOT a source of entrepreneurial ideas?
Which of the following is NOT a source of entrepreneurial ideas?
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What does 'entrepreneurial gut game' refer to?
What does 'entrepreneurial gut game' refer to?
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Explain why the five forces of competition model is important for entrepreneurs.
Explain why the five forces of competition model is important for entrepreneurs.
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The entrepreneurial process is a linear, straightforward process that can be easily replicated.
The entrepreneurial process is a linear, straightforward process that can be easily replicated.
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Entrepreneurial heart flame is a driving force that fuels an entrepreneur's passion for their endeavors.
Entrepreneurial heart flame is a driving force that fuels an entrepreneur's passion for their endeavors.
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What is the significance of identifying potential new entrants to the market?
What is the significance of identifying potential new entrants to the market?
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Explain the concept of 'economies of scale'.
Explain the concept of 'economies of scale'.
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The threat of substitute products is greater when the switching costs for consumers are high.
The threat of substitute products is greater when the switching costs for consumers are high.
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Which of the following is NOT a core competency of entrepreneurship?
Which of the following is NOT a core competency of entrepreneurship?
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The entrepreneurial process is characterized by its iterative nature, requiring entrepreneurs to frequently adapt and refine their plans and actions.
The entrepreneurial process is characterized by its iterative nature, requiring entrepreneurs to frequently adapt and refine their plans and actions.
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Which of the following is a typical sign that the market is saturated?
Which of the following is a typical sign that the market is saturated?
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Identifying potential new entrants is an important aspect of understanding the competitive landscape in your industry.
Identifying potential new entrants is an important aspect of understanding the competitive landscape in your industry.
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Government regulations and policies typically have no impact on the entrepreneurial process.
Government regulations and policies typically have no impact on the entrepreneurial process.
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The cost of switching to a substitute product is irrelevant to the competitive landscape in an industry.
The cost of switching to a substitute product is irrelevant to the competitive landscape in an industry.
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Market research is essential for entrepreneurs to understand their target market and to identify opportunities.
Market research is essential for entrepreneurs to understand their target market and to identify opportunities.
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Entrepreneurial gut game is based on rational decision-making, relying heavily on data and analysis.
Entrepreneurial gut game is based on rational decision-making, relying heavily on data and analysis.
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High switching costs often discourage consumers from switching to substitute products.
High switching costs often discourage consumers from switching to substitute products.
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The entrepreneurial process is an ongoing cycle of identifying opportunities, developing plans, and adapting to changing circumstances.
The entrepreneurial process is an ongoing cycle of identifying opportunities, developing plans, and adapting to changing circumstances.
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'Risk bearing' is a crucial element in entrepreneurship, as it involves taking calculated risks to develop and grow a business.
'Risk bearing' is a crucial element in entrepreneurship, as it involves taking calculated risks to develop and grow a business.
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What can entrepreneurs do to mitigate the threat of substitute products?
What can entrepreneurs do to mitigate the threat of substitute products?
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Which of the following is NOT a factor to consider when evaluating the competitive landscape in an industry?
Which of the following is NOT a factor to consider when evaluating the competitive landscape in an industry?
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Identifying a profitable niche market can help entrepreneurs overcome the barriers to entry and build a successful business.
Identifying a profitable niche market can help entrepreneurs overcome the barriers to entry and build a successful business.
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Entrepreneurial heart flame refers to a business's financial stability and its ability to generate profits.
Entrepreneurial heart flame refers to a business's financial stability and its ability to generate profits.
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Study Notes
Entrepreneurship Module 1
- This module introduces entrepreneurship, exploring core concepts and the role of entrepreneurs in society.
- Entrepreneurship is defined as the process of business ventures.
- It also involves understanding the factors affecting entrepreneurial activities.
- Successful entrepreneurs typically demonstrate qualities like initiative, proactive decision-making, problem-solving, and persuasive communication.
- Entrepreneurs play a vital role in economic development and improving people's standards of living.
- The module emphasizes the importance of entrepreneurial principles in business success.
- It also covers identifying opportunities, developing business plans, and understanding market factors.
What I Know (Assessment)
- This section is an introductory assessment of prior knowledge about entrepreneurship.
- It tests understanding of concepts relating to entrepreneurs as individuals and their actions, as well as the entrepreneurial concept itself.
- This section's questions cover different aspects including the definition of Entrepreneur, identification of entrepreneurial competencies, and analyzing the significance of Entrepreneurship in organizations.
- Assessment questions are displayed for evaluation and self-assessment.
What's In
- This section aims to connect previous knowledge to the new lesson on entrepreneurship.
- Students are asked to reflect on their understanding of entrepreneurship using a discussion prompt.
- Activities are likely designed to elicit answers and build a foundation for the information in the module.
What's New
- Students are asked to identify entrepreneurs and their traits in the community.
- Students are expected to find entrepreneurs either in their immediate surroundings or in the Philippines.
- This activity helps students recognize real-world examples of entrepreneurs and gain insight on the competencies associated with entrepreneurs.
What is It?
- This focuses on understanding competencies of entrepreneurs.
- Includes identifying common characteristics among entrepreneurs, researching entrepreneurial figures of interest, and determining traits needed for entrepreneurial success.
- Explains significant concepts and factors that influence entrepreneurship.
Relevance of Entrepreneurship
- This section explores the significance of entrepreneurship within organizations and to society.
- It includes: benefits of entrepreneurial managerial skills, importance of starting new organizations, solutions to unemployment, and improvements in living standards.
Types of Entrepreneurs
- This section describes various types of entrepreneurs.
- Includes innovative, imitating, fabian, and drone entrepreneurs.
- It examines common traits within these categories and further analyses their differences, behaviors and characteristics with respect to their entrepreneurial practices.
Career Opportunities in Entrepreneurship
- This part lists potential careers involving entrepreneurship including, but not limited to: Business consultant, teacher, researcher, salesman and business reporter.
Additional Activities
- This segment directs students to conduct more research on real-life entrepreneurs.
- This activity might require students to investigate local entrepreneurs, analyze their entrepreneurial journeys, and discuss their start-up capitals.
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Description
This quiz assesses your prior knowledge of entrepreneurship concepts covered in Module 1. You will explore key characteristics of entrepreneurs and the significance of their roles in society and economic development. Prepare to test your understanding of entrepreneurial principles and business planning.
