Introduction to Entrepreneurship: Concept of Entrepreneurship

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What is the origin of the word 'entrepreneur'?

Spanish

French (correct)

German

Italian

What characterizes entrepreneurs?

Passive and traditional

Risk-averse and conventional

Cautious and uncreative

Innovative and risk-taking (correct)

What is a key aspect of entrepreneurship according to the text?

Generating unique ideas (correct)

Following market trends blindly

Avoiding risks at all costs

Sticking to traditional methods

How does entrepreneurship contribute to economic development?

By maximizing output from resources Signup and view all the answers

What is one way in which entrepreneurship improves the standard of living?

By creating productive organizations that provide goods and services Signup and view all the answers

What is a key aspect of an entrepreneur's decision-making process?

Identifying alternatives and comparing them in terms of cost and benefits Signup and view all the answers

What is the Profit Potential related to entrepreneurship?

The level of return to the entrepreneur for taking risks Signup and view all the answers

Which type of entrepreneur is known for making new things by generating new ideas?

Innovative Entrepreneurs Signup and view all the answers

What characterizes Imitating Entrepreneurs?

Following ideas of other entrepreneurs Signup and view all the answers

Which type of entrepreneur is skeptical about making changes and only follows once satisfied?

Fabian Entrepreneurs Signup and view all the answers

What do Drone Entrepreneurs typically rely on?

Labor of others Signup and view all the answers

Which type of entrepreneur drives social innovation in various fields like education and health?

Social Entrepreneurs Signup and view all the answers

What are the 4Cs of marketing from the consumer's perspective?

Consumer's needs, Consumer's cost, Consumer's convenience, Communication to customer Signup and view all the answers

According to Dr. Roberto, what is considered the base P in the marketing mix?

Product Signup and view all the answers

Which components are classified as the three support Ps according to Dr. Roberto?

Placement, Pricing, Promotion Signup and view all the answers

What distinguishes tangible products from intangible products?

Tangible products have measurable characteristics while intangible do not. Signup and view all the answers

Which support P is responsible for making the product available to the target market?

Placement Signup and view all the answers

What does AIDA stand for in the remodeled marketing approach?

Attention, Interest, Desire, Action Signup and view all the answers

What is the core product in the context of product levels?

The benefit offering that satisfies a need and want Signup and view all the answers

Which of the following is an example of an augmented product?

Refund guarantee for defective products Signup and view all the answers

What does 'Customer Care' signify in the context of augmented products?

Promised attention to customer needs and availability for inquiries Signup and view all the answers

Why is understanding Philippines business laws important for entrepreneurs?

To ensure compliance, protect interests, and foster business growth Signup and view all the answers

What does the 'Actual Product' refer to in the context of product levels?

Physical delivery of the purchased product Signup and view all the answers

Which component of an augmented product ensures that a defective product can be refunded, replaced, or repaired within a specific period?

Warranty guarantee Signup and view all the answers

What is the first step entrepreneurs in the Philippines need to undertake to legally establish a business?

Undergo registration overseen by the Securities and Exchange Commission Signup and view all the answers

Which government body oversees the registration process for sole proprietorships and partnerships in the Philippines?

Department of Trade and Industry (DTI) Signup and view all the answers

What is a key component of the Philippine tax system that businesses need to understand to ensure compliance?

Value-added tax (VAT) Signup and view all the answers

Why is it important for entrepreneurs in the Philippines to navigate tax registration, reporting, and payment obligations effectively?

To prevent potential penalties Signup and view all the answers

Which professionals can provide valuable insights tailored to the specific business needs of entrepreneurs navigating Philippine business laws?

Legal professionals specializing in business law Signup and view all the answers

What role does the Department of Trade and Industry play in the establishment of businesses in the Philippines?

Handles registration for sole proprietorships and partnerships Signup and view all the answers