Entrepreneurship Reviewer

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Questions and Answers

What does the term 'entrepreneur' primarily signify?

A businessman who focuses solely on profit

A person who manages existing businesses

A person who avoids taking risks in business

An individual who creates unique ideas and takes risks (correct)

Which trait is NOT typically associated with successful entrepreneurs?

Calculated risk-taker (correct)

Persistence

Vision and mission

Ethical behavior

Which of the following best describes 'competitive spirit' as a trait of entrepreneurs?

The ability to collaborate with others

Success in pressure situations (correct)

Disinterest in market trends

The propensity to avoid competition

Which of the following is a characteristic that distinguishes entrepreneurs from traditional business managers?

Innovation and new product introduction Signup and view all the answers

Why is communication and listening considered an important skill for entrepreneurs?

It fosters clear instructions and team understanding. Signup and view all the answers

What aspect is crucial for the sustainability of a business led by an entrepreneur?

Ethics and integrity Signup and view all the answers

Which skill is related to managing relationships with customers?

Customer service skills Signup and view all the answers

What key aspect of entrepreneurship is associated with enduring challenges and failures?

Persistence Signup and view all the answers

Which skill is essential for effectively completing projects on time?

Time Management and Organization Skills Signup and view all the answers

What is the purpose of branding in a company?

To create an identity for the company Signup and view all the answers

Which of the following is an intangible product?

A consulting service Signup and view all the answers

Which skill involves using available data to make logical decisions?

Critical Thinking Skills Signup and view all the answers

What represents the visual identity of a company that customers remember?

Logo Signup and view all the answers

What encompasses the activities involved in promoting and marketing a product?

Branding, Marketing and Networking Skills Signup and view all the answers

Which skill allows managers to follow systematic procedures in decision-making?

Analytical and Problem-Solving Skills Signup and view all the answers

What type of skills are obtained through years of studies and experiences?

Technical Skills Signup and view all the answers

Study Notes

Entrepreneurship

Originates from the French word "entreprende," meaning "to undertake."
Refers to both the person engaging in business (entrepreneur) and the business establishment itself.
Encompasses a specific business field or process.

Entrepreneur vs. Businessman

Entrepreneurs:
- Pursue unique ideas and innovations.
- Aim to change the world through disruptive innovations.
- Embrace crazy risks associated with new ventures.
Businessmen:
- Operate based on existing ideas for profitability.
- Focus on sheer profit and calculated risks.

Character Traits of Entrepreneurs

Vision and Mission: Clear business vision and planning of long-term and short-term goals.
Innovative: Introduce new products and services to meet customer needs.
Risk Taker: Adventurous personality willing to face risks.
Leader: Ability to motivate and guide teams toward success.
Persistent: Tireless work ethic increases chances of success.
Ethical: Upholds ethics and integrity as foundations for long-term sustainability.
Competitive Spirit: Thrives in competitive and high-pressure situations.
Resilient: Possesses ability to overcome failures and obstacles.

Essential Entrepreneurship Skills

Business Management: Attributes necessary for executives to perform tasks effectively.
Teamwork and Leadership: Ensures team alignment towards common goals.
Communication and Listening: Clear instructions and effective listening skills enhance team interaction.
Customer Service: Personal relationship skills essential for satisfying customer needs.
Financial Skills: Proficient in bookkeeping and financial management to track company resources.
Analytical and Problem-Solving: Systematic approach to identifying and addressing issues.
Critical Thinking: Logical evaluation of data to generate optimal solutions.
Strategic Thinking and Planning: Planning is vital for decision-making and anticipating challenges.
Technical Skills: Knowledge and skills gained through experience and education.
Time Management and Organization: Essential for project completion within deadlines.
Branding, Marketing, and Networking: Skills in presenting products and building relationships within industries.

Business Identity Elements

Company Name: Legal name under which a business operates (e.g., San Miguel Corporation, Apple).
Brand Name: Specific name for products offered by a company (e.g., Jollibee, Colgate).
Logo: Visual representation that helps customers recognize a company or brand.
Branding: The process of creating a unique identity for a company.

Product Definition

Created by individuals to fulfill specific societal needs.
Physical Goods: Tangible products that can be touched or held.
Services: Intangible offerings that cannot be physically perceived before purchase.

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Description

This quiz reviews key concepts of entrepreneurship, including the definitions and characteristics of entrepreneurs and business individuals. It covers the traits necessary for successful entrepreneurial ventures and the distinctions between innovative and traditional business approaches.