Entrepreneurship Module 1 Assessment
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Questions and Answers

Entrepreneur means "to undertake".

True (A)

Entrepreneurship is a process of actions of an entrepreneur who is always in search of opportunities.

True (A)

The greatest significance of entrepreneurship is to help identify and develop the managerial capabilities of entrepreneurs.

True (A)

Entrepreneurship will lead to the creation of organizations.

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

Entrepreneurship can improve the life of the entrepreneur only.

<p>False (B)</p> Signup and view all the answers

Coward people will become successful entrepreneurs.

<p>False (B)</p> Signup and view all the answers

An entrepreneur is a "Risk Taker".

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

Entrepreneurship is not an economic activity.

<p>False (B)</p> Signup and view all the answers

Entrepreneurs are innovative.

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

Profit potential is the compensation of the entrepreneur.

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

An entrepreneur can become a business consultant.

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

An entrepreneur can also be a researcher.

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

An Entrepreneur can also become a salesman.

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

Entrepreneurship graduates can become business reporters.

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

The entrepreneur could easily see the results of his efforts.

<p>False (B)</p> Signup and view all the answers

Which of the following does not belong to the group?

<p>Make no changes with his product (A)</p> Signup and view all the answers

The entrepreneurs who create new ideas are called

<p>Innovative (B)</p> Signup and view all the answers

The entrepreneur who lives on the labor of others is called

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

These are entrepreneurs who are to follow the path shown by innovative entrepreneurs.

<p>Imitating (B)</p> Signup and view all the answers

The entrepreneur who is skeptical about the changes in the company is called

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

Which is NOT a career for an entrepreneur?

<p>Domestic Helper (C)</p> Signup and view all the answers

They are entrepreneurs who drive social innovation and transformation in various fields.

<p>Social entrepreneur (C)</p> Signup and view all the answers

Which of the statements below is true?

<p>Entrepreneurs are contributors to the development of the society. (D)</p> Signup and view all the answers

Which of the statements is NOT true?

<p>The profit of the entrepreneur is immediate. (A)</p> Signup and view all the answers

Which of the following is NOT true?

<p>Entrepreneurs improve the life of the entrepreneur alone. (A)</p> Signup and view all the answers

An entrepreneur enters a business because of its profitability.

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

New business ideas provide business opportunities.

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

The entrepreneurial process starts with identification of entrepreneurial opportunities.

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

Not all changes in the external environment provides business opportunities.

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

Discovery and advancement in the use of technology are additional good sources of business opportunities.

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

Interest and hobbies of the people are possible good sources of entrepreneurial ideas.

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

The industry environment of the business is under technological discovery and advacement sources of opportunities.

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

The variables in the physical environment include the economic forces.

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

Entrepreneurial heart flame refers to the ability of the entrepreneur to sense without using the five senses.

<p>False (B)</p> Signup and view all the answers

Entrepreneurial mind frame permits the entrepreneur to see things in a very positive and optimistic light.

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

The business operates in the industry environment.

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

Opening a Halo – halo business during summer season is ideal.

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

Environmental scanning is conducted only when a new business is opened.

<p>False (B)</p> Signup and view all the answers

When the barriers to the competitive forces are high, the effect to the growth of the business is likewise high.

<p>False (B)</p> Signup and view all the answers

Which of the following is an example of a substitute product?

<p>Margarine (B)</p> Signup and view all the answers

Match the following elements of the external environment with their corresponding descriptions:

<p>Climate = The weather conditions Natural Resources = Minerals, forests, water, fertile land Wildlife = Mammals, birds, reptiles, fish living in wild Political Forces = Laws, rules, regulations, permits Economic Forces = Income level, employment rate Sociocultural Forces = Customs, lifestyles, values Technological Environment = Inventions, technology innovations Competitors = Businesses offering similar products/services Customers = Individuals who purchase products/services Creditors = Lenders who provide financing Employees = Individuals working for the business Government = Local, national governing bodies Suppliers = Providers of raw materials, components</p> Signup and view all the answers

The priorities, projects, programs, and policies of the government are also good sources of ideas.

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

Which of the following is NOT a factor included in the five forces of competition?

<p>Government (B)</p> Signup and view all the answers

The threat of new entrants to the market is reduced when there are high capital requirements for entering the industry.

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

Which of the following is NOT a source of entrepreneurial ideas?

<p>Personal experiences (B)</p> Signup and view all the answers

What does 'entrepreneurial gut game' refer to?

<p>Entrepreneurial gut game refers to the ability of the entrepreneur to trust their intuition and make decisions based on their instincts.</p> Signup and view all the answers

Explain why the five forces of competition model is important for entrepreneurs.

<p>Understanding the five forces of competition helps entrepreneurs identify potential threats and opportunities in their industry, allowing them to make informed decisions about their business strategy.</p> Signup and view all the answers

The entrepreneurial process is a linear, straightforward process that can be easily replicated.

<p>False (B)</p> Signup and view all the answers

Entrepreneurial heart flame is a driving force that fuels an entrepreneur's passion for their endeavors.

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

What is the significance of identifying potential new entrants to the market?

<p>Identifying potential new entrants helps businesses assess the threat of new competitors entering the market and adjust their strategies accordingly.</p> Signup and view all the answers

Explain the concept of 'economies of scale'.

<p>Economies of scale occur when the cost per unit of production decreases as the volume of production increases.</p> Signup and view all the answers

The threat of substitute products is greater when the switching costs for consumers are high.

<p>False (B)</p> Signup and view all the answers

Which of the following is NOT a core competency of entrepreneurship?

<p>Government support (D)</p> Signup and view all the answers

The entrepreneurial process is characterized by its iterative nature, requiring entrepreneurs to frequently adapt and refine their plans and actions.

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

Which of the following is a typical sign that the market is saturated?

<p>Declining profit margins for businesses in the industry (B)</p> Signup and view all the answers

Identifying potential new entrants is an important aspect of understanding the competitive landscape in your industry.

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

Government regulations and policies typically have no impact on the entrepreneurial process.

<p>False (B)</p> Signup and view all the answers

The cost of switching to a substitute product is irrelevant to the competitive landscape in an industry.

<p>False (B)</p> Signup and view all the answers

Market research is essential for entrepreneurs to understand their target market and to identify opportunities.

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

Entrepreneurial gut game is based on rational decision-making, relying heavily on data and analysis.

<p>False (B)</p> Signup and view all the answers

High switching costs often discourage consumers from switching to substitute products.

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

The entrepreneurial process is an ongoing cycle of identifying opportunities, developing plans, and adapting to changing circumstances.

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

'Risk bearing' is a crucial element in entrepreneurship, as it involves taking calculated risks to develop and grow a business.

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

What can entrepreneurs do to mitigate the threat of substitute products?

<p>Entrepreneurs can mitigate the threat of substitute products by differentiating their offerings, building brand loyalty, and focusing on features and benefits that are unique to their products or services.</p> Signup and view all the answers

Which of the following is NOT a factor to consider when evaluating the competitive landscape in an industry?

<p>The government's social welfare programs (D)</p> Signup and view all the answers

Identifying a profitable niche market can help entrepreneurs overcome the barriers to entry and build a successful business.

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

Entrepreneurial heart flame refers to a business's financial stability and its ability to generate profits.

<p>False (B)</p> Signup and view all the answers

Flashcards

Entrepreneur

A person who starts and manages a business, taking on risks and opportunities.

Entrepreneurship

The process of creating and managing a business.

Business Plan

A written document outlining a business's goals, strategies, and financial projections.

Market

Potential customers or buyers for a product or service.

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Risk-Taker

Someone willing to gamble and take chances in business.

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Innovation

Creating new ideas and products to solve problems.

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Opportunity Seeker

Someone who actively looks for chances to start a business.

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Proactive

Taking initiative and anticipating problems rather than reacting to them.

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Decisive

Able to make firm and quick decisions.

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Communicator

Excellent at conveying ideas to others.

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Leader

Someone who inspires and guides others.

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Innovative Entrepreneur

An entrepreneur who creates new products or services.

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Imitating Entrepreneur

An entrepreneur who copies existing business models.

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Fabian Entrepreneur

An entrepreneur who is hesitant to change.

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Drone Entrepreneur

An entrepreneur who relies on others' work.

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Social Entrepreneur

An entrepreneur who focuses on solving social problems.

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Business Consultant

Advises businesses on strategies and operations.

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Managerial Skills

Skills needed to manage a business effectively.

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Economic Activity

Producing and exchanging goods and services.

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Profit Potential

The possible return that a business can generate.

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Risk Bearing

Taking on financial risks associated with business decisions.

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Entrepreneurial Mind Frame

The ability to approach situations positively and optimistically even when facing challenges. This mindset helps entrepreneurs find solutions amidst difficulties.

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Entrepreneurial Heart Flame

The driving passion and desire that fuels an entrepreneur's efforts to achieve their goals. This passionate drive stems from finding satisfaction in creating and discovering.

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Entrepreneurial Gut Game

The ability to make intuitive decisions based on gut feelings and confidence in oneself. This comes from self-belief and the conviction that your goals are achievable.

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Physical Environment

The external factors that affect a business, such as weather conditions, natural resources, and wildlife.

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Societal Environment

The social forces that influence a business, including political laws, economic conditions, cultural values, and technological advancements.

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Industry Environment

The specific environment in which a business operates, including competitors, customers, creditors, employees, government regulations, and suppliers.

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Technological Discovery and Advancement

New inventions and technological innovations that can create business opportunities.

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Government's Thrust, Programs, and Policies

The priorities, projects, programs, and regulations set by the government that can influence business opportunities.

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People's Interest

The interests, hobbies, and preferences of individuals, which can inspire business ideas.

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Past Experiences

The skills, knowledge, and expertise gained from previous work experiences, which can lead to new business ventures.

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Forces of Competition Model

A framework that analyzes five competitive forces that influence an industry's profitability: buyers, potential new entrants, rivalry among existing firms, substitute products, and suppliers.

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Buyers

Customers or consumers who purchase goods and services from a business.

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Potential New Entrants

Companies or businesses that have the potential to enter a particular industry.

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Rivalry among Existing Firms

Competition between businesses within the same industry, often fighting for market share and customers.

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Substitute Products

Products that can be used as alternatives to another product, and which can impact an industry's profitability.

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Suppliers

Companies or businesses that provide raw materials, components, or services needed to make products.

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Opportunity-Seeking

The process of identifying, evaluating, and pursuing market-based opportunities that can benefit a business.

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Opportunity-Screening

The process of assessing and filtering potential business opportunities to determine their viability, profitability, and fit with the company's goals.

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Opportunity-Seizing

Taking action to capitalize on a promising opportunity and implement the necessary actions to realize its potential.

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Entrepreneurial Process

The steps involved in starting and running a business, including idea generation, opportunity assessment, resource mobilization, and venture launch.

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Entrepreneurial Ideas

Innovative concepts that can be used to solve problems or meet market needs and create a path for financial gain.

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Essentials of Entrepreneur's Opportunity-Seeking

The core qualities and skills that entrepreneurs need to have in order to effectively identify and pursue opportunities, such as a positive mindset, passionate drive, and intuitive decision-making.

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External Environment

All of the factors outside of a business that can affect its operations, including physical environment, societal environment, and industry environment.

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New Entrants

Companies or businesses that are entering a particular industry for the first time.

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Rivalry

Competition between businesses within the same industry, fighting for market share and customers.

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Substitute

A product or service that can be used in place of another, potentially affecting an industry's profitability.

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Sources of Opportunity

Various sources from which entrepreneurs can identify and explore potential business ventures, such as changes in the environment, technological advances, government policies, and consumer trends.

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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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Related Documents

Entrepreneurship Q1 Module 2 (2021) PDF
Entrepreneurship Grade 12 Quarter 1 Module 1 PDF

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.

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