Entrepreneurship Reviewer

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Questions and Answers

How does entrepreneurship typically perceive business risks compared to ordinary small business owners?

  • Entrepreneurs face risks squarely and seek ways to mitigate them. (correct)
  • Entrepreneurs view risk as a hindrance.
  • Ordinary small business owners are prepared for risks from the outset.
  • Ordinary small business owners embrace risk positively.

What best describes the reaction of entrepreneurs to changes in their business environment?

  • They avoid all changes.
  • They rely solely on established practices.
  • They find opportunities for new ideas. (correct)
  • They remain passive.

What is a primary difference in how entrepreneurs and ordinary small business owners view competition?

  • Both view competition as a negative factor.
  • Entrepreneurs consider competition a sign of a healthy economy. (correct)
  • Ordinary small business owners see competition as beneficial.
  • Entrepreneurs see competition as unhealthy.

How do entrepreneurs typically approach the funding of their businesses?

<p>They explore both internal and external funding sources. (D)</p> Signup and view all the answers

What distinguishes entrepreneurship's vision for growth compared to ordinary small business activities?

<p>Entrepreneurs align daily activities towards long-term plans. (B)</p> Signup and view all the answers

In terms of their business horizon, how do entrepreneurs differ from ordinary small business owners?

<p>Entrepreneurs have a global perspective. (B)</p> Signup and view all the answers

What is a common misconception about entrepreneurship?

<p>Entrepreneurship is strictly about opening a small business. (C)</p> Signup and view all the answers

What distinguishes a small business from an ordinary small business?

<p>A small business practices principles of entrepreneurship. (D)</p> Signup and view all the answers

What motivates an entrepreneur to start a business compared to an ordinary small business owner?

<p>The pursuit of innovative ideas and solutions. (B)</p> Signup and view all the answers

Which statement best describes entrepreneurship according to the provided content?

<p>Entrepreneurship thrives on innovation and change. (D)</p> Signup and view all the answers

What is a merchant defined as?

<p>A person who buys and sells goods in large quantities. (A)</p> Signup and view all the answers

Which of the following describes a feasibility study?

<p>A plan outlining possible outcomes of a proposed project. (B)</p> Signup and view all the answers

What is a common misconception about entrepreneurship?

<p>Entrepreneurship applies only to manufacturing businesses. (C)</p> Signup and view all the answers

What role does creativity play in entrepreneurship?

<p>It is essential for developing new ideas and opportunities. (A)</p> Signup and view all the answers

What is NOT a characteristic of management?

<p>Providing infrastructure for the production of goods. (A)</p> Signup and view all the answers

Which statement accurately describes an entrepreneur?

<p>An entrepreneur transforms feasible ideas into ventures. (A)</p> Signup and view all the answers

Which country is characterized as one of the friendliest for entrepreneurs?

<p>United States (B)</p> Signup and view all the answers

What role do incubators serve in entrepreneurship?

<p>They provide management assistance and necessary facilities. (D)</p> Signup and view all the answers

What typically characterizes an ordinary small business?

<p>It is managed without principles of entrepreneurship. (C)</p> Signup and view all the answers

Which country utilizes entrepreneurship prominently in its tourism and agricultural exports?

<p>Thailand (C)</p> Signup and view all the answers

What is an example of an entrepreneurial activity?

<p>Implementing new methods to improve a product. (B)</p> Signup and view all the answers

How do entrepreneurs differentiate themselves from ordinary small business persons?

<p>Entrepreneurs seek new ideas and transformation. (D)</p> Signup and view all the answers

What is a main focus of entrepreneurship in Canada as described?

<p>Exploring internet-based opportunities. (B)</p> Signup and view all the answers

Which country’s entrepreneurs are known for innovating existing services?

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

What is a fundamental aspect of entrepreneurship according to its salient features?

<p>Wealth creating venture (B)</p> Signup and view all the answers

Which characteristic is NOT considered an emerging dimension of today's entrepreneur?

<p>Sociability (B)</p> Signup and view all the answers

From a management perspective, what is a key role of an entrepreneur?

<p>To identify opportunities and plan resources (C)</p> Signup and view all the answers

Which quality is essential for an entrepreneur to be successful?

<p>Goal-oriented (D)</p> Signup and view all the answers

What drives an entrepreneur from a psychological perspective?

<p>Need to escape authority (A)</p> Signup and view all the answers

What characterizes the art of entrepreneurship?

<p>Correct practices (B)</p> Signup and view all the answers

Which emerging characteristic reflects a modern entrepreneur's method of operation?

<p>Use of work structure (B)</p> Signup and view all the answers

Which of the following best describes an entrepreneur's approach to risk?

<p>Risk is inherent and part of their ventures (C)</p> Signup and view all the answers

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Study Notes

Entrepreneurship Overview

  • Entrepreneurship involves managing and operating a self-owned business that creates wealth through valuable goods and services.
  • Originates from the term "entreprende," meaning to undertake.
  • It encompasses the effective use of resources to transform them into profitable ventures.

Small Business vs. Ordinary Small Business

  • Small Business: Adopts entrepreneurial principles, owned by one person, typically with fewer than 20 employees.
  • Ordinary Small Business: Managed without entrepreneurial principles; primarily for livlihood, typical examples include simple stores or stalls.
  • Many families in the Philippines engage in ordinary small businesses for practical income solutions.

Salient Features of Entrepreneurship

  • Recognized as an art rather than a science, marked by innovation and adaptability.
  • Constant growth and evolution are key, driven by creativity and the quest for new ideas.
  • Entrepreneurs transform innovative ideas into business ventures, unlike ordinary business owners who replicate existing concepts.

Misconceptions about Entrepreneurship

  • Misunderstood as applicable only to manufacturing, small businesses, or requiring a business education.
  • Incorrectly equated to merely opening a small business.

Comparison: Entrepreneurship vs. Ordinary Small Business

  • Motivation: Entrepreneurs seek fresh ideas; ordinary small business owners focus on livelihood.
  • Risk Perception: Entrepreneurs embrace and manage risk; ordinary owners see risk as a deterrent.
  • Reactions to Change: Entrepreneurs adapt positively; ordinary owners tend to be passive.
  • Competition View: Entrepreneurs view competition as healthy; ordinary owners consider it negative and avoid it.
  • Vision for Growth: Entrepreneurs plan for development, while ordinary owners rely on luck.
  • Business Horizon: Entrepreneurs operate with a global perspective; ordinary owners are local-focused.
  • Funding Sources: Entrepreneurs explore diverse funding; ordinary owners limit themselves to personal resources.
  • Market: Place for buying and selling goods, with potential buyers.
  • Merchandise: Goods sold in trade.
  • Merchant: Sells goods in bulk.
  • Economy: System of money, industry, and trade organization.
  • Feasibility Study: Assesses potential outcomes of a project.
  • Business: Collaborative effort to produce and sell goods/services.

Examples of Entrepreneurship Across Countries

  • United States: Known for supportive entrepreneurial environment, home to major companies like Apple and Google.
  • China: Entrepreneurs manufacturing a variety of products with generic branding.
  • Singapore: Innovates services within its strong economy.
  • Canada: Online business opportunities, notably regional craftsmanship.
  • India: Youth-led entrepreneurial growth in the Asia-Pacific region.
  • Taiwan: Supportive incubation centers for small/medium enterprises.
  • Hong Kong: Focus on knowledge-based economy with tourism and agriculture.
  • Thailand: Emphasis on tourism and agricultural exports.
  • Malaysia: Increasing numbers of new businesses.
  • South Korea: Thriving post-economic crisis, notable tech industries.

Characteristics of Today's Entrepreneur

  • Influenced by various factors including education, age, experience, technology use, innovation orientation, and self-confidence.

Definitions of Entrepreneur

  • Economist's View: Combines resources creatively to enhance value.
  • Psychologist's View: Driven by needs for achievement, experimentation, and autonomy.
  • Management Perspective: Seizes opportunities, manages resources, and embraces risks for positive societal impact.

Qualities of a Successful Entrepreneur

  • Risk-taker, goal-oriented, persistent, energetic, receptive to feedback, responsible, confident, knowledgeable, skilled in human management, and achievement-driven.

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