Podcast
Questions and Answers
What is a key characteristic that differentiates an entrepreneur from a businessman?
What is a key characteristic that differentiates an entrepreneur from a businessman?
- Operates in high competition
- Focus on profit maximization
- Sets up an existing idea
- Starts with a new idea (correct)
How does a 21st-century entrepreneur primarily engage with the market?
How does a 21st-century entrepreneur primarily engage with the market?
- By minimizing the use of technology
- By focusing on customer needs and global thinking (correct)
- By creating traditional business models
- By establishing local enterprises only
What does innovation in entrepreneurship typically involve?
What does innovation in entrepreneurship typically involve?
- Exploiting existing products
- Maintaining established services
- Reducing risks in business operations
- Creating entirely new market opportunities (correct)
Which statement best describes the risk associated with entrepreneurship?
Which statement best describes the risk associated with entrepreneurship?
Which of the following is NOT a trait of an entrepreneur?
Which of the following is NOT a trait of an entrepreneur?
What motivates an entrepreneur to create a new business?
What motivates an entrepreneur to create a new business?
In terms of business competition, how do entrepreneurs typically operate?
In terms of business competition, how do entrepreneurs typically operate?
Which best describes an entrepreneur's approach to market opportunities?
Which best describes an entrepreneur's approach to market opportunities?
What is a key aspect of entrepreneurship according to the new definition?
What is a key aspect of entrepreneurship according to the new definition?
Which characteristic is essential for someone to be considered an entrepreneur?
Which characteristic is essential for someone to be considered an entrepreneur?
What do entrepreneurs seek to gain from their ventures?
What do entrepreneurs seek to gain from their ventures?
How do entrepreneurs typically respond to change?
How do entrepreneurs typically respond to change?
What does the assumption of risk in entrepreneurship often involve?
What does the assumption of risk in entrepreneurship often involve?
Which of these motivations could drive an individual to become an entrepreneur?
Which of these motivations could drive an individual to become an entrepreneur?
What does the process of entrepreneurship primarily focus on?
What does the process of entrepreneurship primarily focus on?
Which statement best describes an entrepreneur's approach to new opportunities?
Which statement best describes an entrepreneur's approach to new opportunities?
Which of the following best defines entrepreneurship?
Which of the following best defines entrepreneurship?
What is a key characteristic that differentiates an entrepreneur from a businessman?
What is a key characteristic that differentiates an entrepreneur from a businessman?
What type of risk is commonly associated with entrepreneurship?
What type of risk is commonly associated with entrepreneurship?
What motivates entrepreneurs to create new ventures?
What motivates entrepreneurs to create new ventures?
Innovation in entrepreneurship primarily refers to which of the following?
Innovation in entrepreneurship primarily refers to which of the following?
Which statement best captures the essence of the entrepreneurial process?
Which statement best captures the essence of the entrepreneurial process?
How does entrepreneurship contribute to local communities?
How does entrepreneurship contribute to local communities?
What is an important misconception about entrepreneurship?
What is an important misconception about entrepreneurship?
Flashcards are hidden until you start studying
Study Notes
Definition of an Entrepreneur
- An entrepreneur is an individual who establishes an organization for commercial purposes, engaging in capital supply and management.
- Entrepreneurship entails creating new business ventures amid risk and uncertainty, with profit and growth as primary goals.
- The term "entrepreneur" derives from French, meaning "to undertake," indicating proactive engagement and risk-taking in business.
Characteristics of a 21st Century Entrepreneur
- Focuses on customer needs and employs e-knowledge to enhance efficiency.
- Generates value through innovation and is responsive to local and global market changes.
- Can introduce new products or create new markets, thereby contributing to economic activity.
Differences Between Businessman and Entrepreneur
- A businessman typically sets up existing ideas, whereas an entrepreneur initiates new concepts.
- Businessmen aim to establish a place in existing markets, while entrepreneurs forge new markets.
- Businessmen are market players; entrepreneurs often lead market changes.
- Entrepreneurs generally take on higher risks compared to traditional businessmen.
Definition and Nature of Entrepreneurship
- Entrepreneurship is the art of managing a self-owned business, focusing on innovation and value creation for customers.
- It encompasses the identification of new market opportunities and the implementation of new processes and products.
- The discipline encourages individuals to pursue opportunities without being limited by available resources.
Understanding Entrepreneurship
- It’s a mindset that emphasizes creativity, assuming risks, and the potential for personal satisfaction and financial independence.
- Entrepreneurship encourages individuals to innovate and continuously search for opportunities for improvement and growth.
Key Aspects of Entrepreneurship
- The creation process involves dedicating time and effort while assuming financial, social, and psychological risks.
- Rewards encompass both monetary benefits and personal satisfaction, enhancing an entrepreneur's sense of control.
- Exposure to entrepreneurship boosts self-esteem and fosters creative freedom.
Importance of Entrepreneurship
- Entrepreneurship significantly contributes to economic development by creating new jobs and fostering innovation.
- It plays a vital role in addressing economic challenges and driving local community growth through new business activities.
Educating Future Entrepreneurs
- Understanding entrepreneurship's relevance prepares students to recognize opportunities, differentiate between business roles, and foster an entrepreneurial spirit.
- Embracing entrepreneurship equips learners with skills beneficial for their careers and personal growth, particularly in local contexts like the Philippine economy.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
