Entrepreneurship Overview and Lessons Unit 1

It is a proactive process of developing a business venture to make a profit.

True (A)

True (A)

<p>Communicator (A), Opportunity Seeker (B), Risk Taker (C), Leader (D), Innovative (E), Proactive (F), Decisive (G)</p> Signup and view all the answers

<p>The word &quot;entrepreneur&quot; was derived from the French verb &quot;enterprendre,&quot; which means &quot;to undertake.&quot;</p> Signup and view all the answers

<p>An entrepreneur is successful if the business that he or she envisioned has materialized into a thriving industry with regular customers and financial gain.</p> Signup and view all the answers

<p>The two main categories are Entrepreneurial Traits and Creation of Value-added, and Entrepreneurial Traits and Entrepreneurial Intentions.</p> Signup and view all the answers

<p>Internal factors are characteristics of an entrepreneur, such as their demographics, personal traits, psychological characteristics, individual skills, prior knowledge, and social ties. While external factors include environmental support and influence.</p> Signup and view all the answers

<p>The four core competencies are Economic and Dynamic Activity, Innovative, Profit Potential, and Risk Bearing.</p> Signup and view all the answers

<p>91.75% of establishments and 95% are women (A)</p> Signup and view all the answers

<p>Business Consultant, Teacher, Researcher, Sales and Business Reporter (D)</p> Signup and view all the answers

<p>Transformative entrepreneurs (D)</p> Signup and view all the answers

<p>They have the ability to think newer, better, and more economical ideas.</p> Signup and view all the answers

<p>These are people who follow the path shown by innovative entrepreneurs.</p> Signup and view all the answers

<p>They are skeptical about changes to be made in the Organization.</p> Signup and view all the answers

<p>These are persons who live on the labor of others.</p> Signup and view all the answers

Entrepreneurship involves creating a business venture with the goal of generating profit. This includes identifying market opportunities, establishing and running a business based on those opportunities, and carefully managing risks and potential rewards through ongoing monitoring.

An entrepreneur is an individual who takes an idea and acts on it, often disrupting existing markets with a novel product or service. Typically starting small, their vision is larger: to achieve high profits and gain market share through innovation.

Entrepreneurs are innovators who embrace risk and create unique solutions that meet both market and social needs, potentially generating profits.

Entrepreneurship education equips individuals from all socioeconomic backgrounds to cultivate unconventional talents and skills, fostering a mindset of creative problem-solving. This, in turn, generates opportunities, promotes social justice, builds confidence, and drives economic growth.

Entrepreneurship education is a lifelong learning process, starting from early elementary school and continuing through all levels of education, including adult learning programs.

Decisive entrepreneurs are confident in their ability to make firm decisions, even in challenging situations.

Effective communication skills, including the ability to persuade and influence others, are essential for entrepreneurs.

Entrepreneurs are natural leaders who possess charisma and inspire trust in their employees, motivating them to follow their vision.

Entrepreneurs have a keen ability to identify business opportunities that others might miss, often seeing potential where others see obstacles.

Proactive entrepreneurs take control of situations by actively making things happen and preparing for potential problems before they arise.

Entrepreneurs are willing to take calculated risks, pursuing their business ideas even when there's a chance of failure. This requires a strong belief in their vision.

Innovative entrepreneurs constantly strive to improve and generate new, valuable ideas for their businesses.

Economic and Dynamic Activity: Entrepreneurs create new businesses and contribute to economic growth by introducing products or services to the market, while also generating income and jobs.

Innovation drives progress and enables entrepreneurs to create solutions for unmet needs, often disrupting existing markets with unique products and services.

Entrepreneurs are motivated by the potential for profit, which drives them to build successful businesses and generate returns on their investments.

Entrepreneurs accept and manage the risks associated with starting and growing a business, including uncertainties in the market and potential financial losses.

The word 'entrepreneur' originated from the French words 'entre', meaning 'between', and 'prendre', meaning 'to take'.

The term “entrepreneur” comes from the French verb “enterprendre,” meaning “to undertake,” highlighting the role of taking risks in establishing and managing a business venture. This process is known as 'entrepreneurship'.

An entrepreneur is a unique individual with an inherent aptitude and extraordinary dedication to establishing and managing a business, understanding the associated risks and potential rewards.

An entrepreneur encompasses a broad range of business talent, including expertise in product development, marketing, operations, financial management, and more, demonstrating a holistic approach to business acumen.

An entrepreneur is considered successful when their envisioned business becomes a thriving industry with consistent customers and financial gains. They then choose to either maintain or expand their ventures.

The 2003 Census of Philippine Business Industries found that 91.75% of establishments are microenterprises, with women comprising 95% of these. Over half (52%) of Filipino entrepreneurs fall within the age group of 18-44 years.

Entrepreneurs can contribute their experience and knowledge to various fields. They can become teachers, sharing their entrepreneurial expertise with future generations. They can also become researchers, analyzing and contributing to the body of knowledge on entrepreneurship.

Entrepreneurs have a knack for understanding and navigating the complexities of business. They can excel as business consultants by offering advice and solutions to other entrepreneurs and aspiring business owners.

Innovative entrepreneurs are characterized by their ability to think creatively and develop new, better, and more economical ideas. They are driven by a desire to improve existing products or services or introduce entirely novel concepts.

Imitating entrepreneurs follow the path laid out by innovative entrepreneurs, often implementing successful ideas in a slightly different context or market. They learn from existing successes and adapt them to their own ventures.

Fabian entrepreneurs are hesitant to embrace change and prefer maintaining the status quo. They are skeptical of new ideas and often resist innovation, preferring to stick with tried and true approaches.

Drone entrepreneurs, also known as 'parasite entrepreneurs', rely on the efforts of others for their success, often leveraging borrowed ideas or resources without contributing significantly to the innovation or development of the venture.

Social entrepreneurs are driven by a mission to address social issues and make a positive impact on society. They use business principles and entrepreneurial strategies to create innovative solutions for social problems, often focusing on areas like education, healthcare, or environmental sustainability.