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Questions and Answers
What is the primary benefit of entrepreneurship beyond starting a business?
Which approach to entrepreneurship follows a linear process?
In the Creation Approach, where do the goals originate from?
How do entrepreneurs gather information according to the Creation Approach?
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What is the government's aim regarding entrepreneurship in the Philippines?
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Which of the following statements aligns with the Predictive Approach to entrepreneurship?
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Which aspect is emphasized in the Creation Approach to entrepreneurship?
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What role does entrepreneurship play in addressing poverty in the Philippines?
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What percentage of business enterprises recorded by DTI in 2019 in the Philippines is mentioned?
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Which of the following is not cited as a barrier to entrepreneurship according to the Global Entrepreneurship Network survey?
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What skill is emphasized for allowing imagination to explore new opportunities in entrepreneurship?
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Which skill involves learning from attempts and structuring what has been learned?
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The Philippine Center for Entrepreneurship (PCE) was established to create which of the following?
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What is a common cultural barrier that affects entrepreneurship as noted in the survey?
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Which skill is associated with challenging creativity and exploring innovation?
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Which of the following reasons is often a barrier to accessing markets for potential entrepreneurs?
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Study Notes
Entrepreneurship Overview
- Entrepreneurship is recognized as a crucial life skill and prepares individuals for uncertainty in the business realm.
- It promotes adaptability and innovation beyond merely launching a business.
Old vs. New Entrepreneurship Views
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Predictive Approach (Old View)
- Linear process leading to predictable results.
- Involves identifying goals and utilizing available resources.
- Typically adopted by established companies with predictable business environments.
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Creation Approach (New View)
- Entrepreneurship is viewed as both a mindset and a necessary method practiced in unpredictable circumstances.
- Goals are derived from the resources at hand, emphasizing innovation and creativity.
- Focuses on real-world information gathering to inform predictions and decision-making.
Entrepreneurship in the Philippines
- Seen as a solution to rising poverty by creating jobs, wealth, and promoting social empowerment.
- Governed by the 1987 Philippine Constitution, which highlights entrepreneurship as a key driver of economic growth.
- Article XII, Section 1 focuses on private enterprise's role in wealth distribution, goods production, and productivity enhancement.
- The Philippine Chamber of Commerce and Industry established the Philippine Center for Entrepreneurship (PCE), fostering “Go Negosyo Communities”.
- In 2019, the Department of Trade and Industry (DTI) reported over a million business enterprises in the Philippines.
Barriers to Entrepreneurship in the Philippines
- According to a 2019 Global Entrepreneurship Network (GEN) survey, six main barriers prevent Filipinos from becoming entrepreneurs:
- Insufficient access to capital.
- Inadequate skills and training.
- Weak support systems for aspiring entrepreneurs.
- Regulatory and political obstacles complicating entrepreneurship.
- Challenges in accessing markets.
- Cultural perceptions and personal mindset issues.
Ways to Foster an Entrepreneurial Mindset in Schools
- Schools can help students develop essential entrepreneurial skills:
- The Skill of Play: Encourages imaginative exploration and creative problem-solving.
- The Skill of Experimentation: Promotes active learning through trial and error, allowing students to structure their learning from experiences.
- The Skill of Empathy: Understanding the needs of others to identify opportunities.
- The Skill of Creativity: Fostering innovation and unique solutions to problems.
- The Skill of Reflection: Analyzing experiences and learning outcomes to improve future actions.
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Description
This quiz explores the fundamental concepts of entrepreneurship, emphasizing its importance as a life skill beyond just business initiation. It covers various aspects including predictive approaches and mindsets essential for navigating the business landscape.
