5 Questions
What is the origin of the term "entrepreneur"?
From the French word "entreprendre"
What do entrepreneurs do to create value?
They both introduce new products or services and find better ways of making existing ones
What is entrepreneurship?
An art of observing correct practices in managing and operating a self-owned wealth-creating business enterprise by providing valuable goods and services to customers
How is wealth creation in entrepreneurship defined?
As improving the economic, financial, social, moral, and psychological aspects of an entrepreneur's life, in addition to profit
What is the difference between entrepreneurship and intrapreneurship?
Entrepreneurship involves opening and managing a self-owned business, while intrapreneurship involves managing a business for someone else's benefit
Study Notes
- The term entrepreneur comes from the French word "entreprendre" meaning "to undertake".
- Entrepreneurs are innovative opportunity seekers who create value by introducing new products or services or finding better ways of making them.
- Entrepreneurship is an art of observing correct practices in managing and operating a self-owned wealth-creating business enterprise by providing valuable goods and services to customers.
- Entrepreneurship is closely related to creativity, and failure can make people more creative and innovative.
- Wealth creation in entrepreneurship is not just about profit but also improving the economic, financial, social, moral, and psychological aspects of an entrepreneur's life.
- Providing value to customers is crucial in entrepreneurship as it satisfies their needs and wants and encourages repeat purchases and referrals.
- Entrepreneurship involves opening and managing a self-owned business, different from intrapreneurship where businesses are managed by others for the owner's benefit.
- Risk-taking is a part of entrepreneurship, and good decision-making skills are essential for the survival of the venture.
- Entrepreneurship benefits Filipinos, the local community, and the Philippine economy.
- The benefits of entrepreneurship flow from the entrepreneurs to the local community and then to the national economy, ultimately benefiting Filipinos and the community.
Test your knowledge on entrepreneurship with this informative quiz! Learn about the roots of the term "entrepreneur," the characteristics of successful entrepreneurs, and the importance of providing value to customers. Discover the differences between entrepreneurship and intrapreneurship and the role of risk-taking in starting a self-owned business. Explore the impact of entrepreneurship on the Filipino community and economy. Sharpen your understanding of this vital aspect of modern business and challenge yourself to become a more knowledgeable entrepreneur.
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