Entrepreneurship Reviewer
32 Questions
2 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

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.</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.</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.</p> Signup and view all the answers

    What is a common misconception about entrepreneurship?

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

    Which statement best describes entrepreneurship according to the provided content?

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

    What is a merchant defined as?

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

    What is a common misconception about entrepreneurship?

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

    What role does creativity play in entrepreneurship?

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

    What is NOT a characteristic of management?

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

    Which statement accurately describes an entrepreneur?

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

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

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

    What role do incubators serve in entrepreneurship?

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

    What typically characterizes an ordinary small business?

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

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

    <p>Thailand</p> Signup and view all the answers

    What is an example of an entrepreneurial activity?

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

    How do entrepreneurs differentiate themselves from ordinary small business persons?

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

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

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

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

    <p>Singapore</p> Signup and view all the answers

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

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

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

    <p>Sociability</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</p> Signup and view all the answers

    Which quality is essential for an entrepreneur to be successful?

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

    What drives an entrepreneur from a psychological perspective?

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

    What characterizes the art of entrepreneurship?

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

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

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

    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.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Description

    This quiz delves into the fundamentals of entrepreneurship, focusing on best practices for managing and operating a small business. Explore concepts such as wealth creation, customer service, and resource management essential to successful entrepreneurship.

    More Like This

    Entrepreneurship Basics Quiz
    7 questions
    Entrepreneurial Marketing Basics
    12 questions
    Entrepreneurship Basics Quiz
    10 questions

    Entrepreneurship Basics Quiz

    VirtuousSaxophone3050 avatar
    VirtuousSaxophone3050
    Entrepreneurship Basics
    13 questions
    Use Quizgecko on...
    Browser
    Browser