Factors Affecting Business Environment

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What is entrepreneurship primarily focused on?

Minimizing risks in business

Expanding the global marketplace

Creating new products in the market

Developing and managing a business venture (correct)

In what areas do entrepreneurs innovate to gain competitive advantage?

Product innovation only

Culture and personnel management

Finance and R&D management (correct)

Organization structure and government relations

How is entrepreneurial innovation typically understood by entrepreneurs?

As innovation in various areas beyond products

As product innovation only (correct)

As a risk-taking process

As a process of minimizing risks

What role has entrepreneurship played in the economic development of the global marketplace?

It has played a vital role in economic development Signup and view all the answers

What is the main focus of the factors discussed in the text?

Economic, political, social, cultural, technological, environmental, legal, and infrastructural factors Signup and view all the answers

Which phrase best defines entrepreneurship?

Willingness to start a new business venture Signup and view all the answers

Which factor is NOT mentioned as a potential advantage of the Philippines as a business location?

Low rates of higher education Signup and view all the answers

What do entrepreneurs need to search purposefully for to achieve successful innovation?

Sources of innovation and indicators of change Signup and view all the answers

What type of businesses are classified as small businesses in the text?

Companies with fewer than 500 employees Signup and view all the answers

Which factor might pose a risk to businesses operating in the Philippines based on the text?

Governmental corruption history Signup and view all the answers

Why are small businesses important according to the text?

They contribute to innovation and have direct contact with consumers Signup and view all the answers

Which of the following is NOT considered as a factor influencing organizational structure according to the text?

Technological advancements Signup and view all the answers

What is a key advantage of small businesses mentioned in the text?

They are generally more open to trying out new ideas Signup and view all the answers

How do small businesses benefit the area where they are based, according to the text?

By starting new products and concepts from home Signup and view all the answers

What makes small businesses more adaptable to changing economic climates, as mentioned in the text?

Their direct connection to the community Signup and view all the answers

Why do many consumers tend to support local favorites during economic downturns, according to the text?

To continue supporting their local favorites Signup and view all the answers

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 Signup and view all the answers

According to Drucker (1985), how should innovation be viewed?

As an economic or social phenomenon Signup and view all the answers

What are some impacts of entrepreneurship on the economy?

Improving standards of living through innovations Signup and view all the answers

What contributes to the Philippines' economic dynamism?

Robust remittances and strong consumer demand Signup and view all the answers

Which sector in the Philippines has notable performance according to the text?

Services sector including business process outsourcing Signup and view all the answers

What makes the Philippines an attractive location for Western businesses looking to establish operations in Asia?

Many attributes that make it suitable for investment Signup and view all the answers

How do great entrepreneurs impact society according to the text?

By changing the way people live and work and improving standards of living Signup and view all the answers