23 Questions
What is entrepreneurship primarily focused on?
Developing and managing a business venture
In what areas do entrepreneurs innovate to gain competitive advantage?
Finance and R&D management
How is entrepreneurial innovation typically understood by entrepreneurs?
As product innovation only
What role has entrepreneurship played in the economic development of the global marketplace?
It has played a vital role in economic development
What is the main focus of the factors discussed in the text?
Economic, political, social, cultural, technological, environmental, legal, and infrastructural factors
Which phrase best defines entrepreneurship?
Willingness to start a new business venture
Which factor is NOT mentioned as a potential advantage of the Philippines as a business location?
Low rates of higher education
What do entrepreneurs need to search purposefully for to achieve successful innovation?
Sources of innovation and indicators of change
What type of businesses are classified as small businesses in the text?
Companies with fewer than 500 employees
Which factor might pose a risk to businesses operating in the Philippines based on the text?
Governmental corruption history
Why are small businesses important according to the text?
They contribute to innovation and have direct contact with consumers
Which of the following is NOT considered as a factor influencing organizational structure according to the text?
Technological advancements
What is a key advantage of small businesses mentioned in the text?
They are generally more open to trying out new ideas
How do small businesses benefit the area where they are based, according to the text?
By starting new products and concepts from home
What makes small businesses more adaptable to changing economic climates, as mentioned in the text?
Their direct connection to the community
Why do many consumers tend to support local favorites during economic downturns, according to the text?
To continue supporting their local favorites
How does customer loyalty differ between small businesses and larger companies, based on the text?
Customer loyalty tends to be much stronger for small businesses
According to Drucker (1985), how should innovation be viewed?
As an economic or social phenomenon
What are some impacts of entrepreneurship on the economy?
Improving standards of living through innovations
What contributes to the Philippines' economic dynamism?
Robust remittances and strong consumer demand
Which sector in the Philippines has notable performance according to the text?
Services sector including business process outsourcing
What makes the Philippines an attractive location for Western businesses looking to establish operations in Asia?
Many attributes that make it suitable for investment
How do great entrepreneurs impact society according to the text?
By changing the way people live and work and improving standards of living
Explore the different factors that influence the business environment, including economic, political, social, cultural, technological, environmental, legal, and infrastructure aspects. Test your knowledge on how these factors can impact businesses and industries.
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