Introduction to Entrepreneurship in the Philippines
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Questions and Answers

Which of the following is NOT a benefit provided by the HDMF?

  • Mutual fund services
  • Assistance in housing needs
  • Home loans
  • Social insurance program (correct)

    • What is a primary characteristic of the workforce in the Philippines?

  • Highly skilled with a preference for manual labor
  • Inexpensive and skilled, many speak English (correct)
  • Primarily focused on agricultural work
  • Access to expensive and educated labor

    • Which business idea requires the highest initial investment?

  • Vlogging
  • Costume rental
  • Water refilling station (correct)
  • Photo booth rental

    • What type of insurance does PhilHealth provide?

    <p>Basic health insurance</p> Signup and view all the answers

    Which statement about the agricultural sector in the Philippines is accurate?

    <p>It exports agricultural products and raw materials.</p> Signup and view all the answers

    What is entrepreneurship primarily defined as?

    <p>The art of starting a business</p> Signup and view all the answers

    Which stage in the Five Stages of Business Life is characterized by a business shutting down or taking a profit?

    <p>Exit Stage</p> Signup and view all the answers

    What was a significant outcome of the Industrial Revolution for entrepreneurs?

    <p>Invention and increased productivity</p> Signup and view all the answers

    What is one of the causes of business failures?

    <p>Neglect of business operations</p> Signup and view all the answers

    What stage follows the Growth Stage in the Five Stages of Business Life?

    <p>Exit Stage</p> Signup and view all the answers

    During which phase are small business owners likely to seek larger market shares?

    <p>Expansion Stage</p> Signup and view all the answers

    What did the Information Age contribute to the landscape of small businesses?

    <p>Global reach through the internet</p> Signup and view all the answers

    Which aspect of motivation is highlighted in relation to entrepreneurship?

    <p>It prompts individuals to act in particular ways</p> Signup and view all the answers

    What is the role of the Department of Labor and Employment (DOLE)?

    <p>To formulate policies and protect employers and workers</p> Signup and view all the answers

    Which of the following is not considered a component of the DTI 7M's?

    <p>Management Skills</p> Signup and view all the answers

    Which sector constitutes the backbone of the Philippine economy?

    <p>Micro, small, and medium enterprises (MSMEs)</p> Signup and view all the answers

    What percentage of land in the Philippines is arable and uncultivated?

    <p>15%</p> Signup and view all the answers

    What is a key reason to do business in the Philippines?

    <p>Incentives for foreign investors</p> Signup and view all the answers

    What primarily motivates an entrepreneur according to David McClelland?

    <p>An overwhelming need for achievement</p> Signup and view all the answers

    Which organization is responsible for the registration of securities in the Philippines?

    <p>Securities and Exchange Commission (SEC)</p> Signup and view all the answers

    What percentage of entrepreneurs in the Cooper, Woo, and Dunkelberg study believed their odds of success were greater than 70%?

    <p>81%</p> Signup and view all the answers

    What did Collins Moore conclude about entrepreneurs in his study?

    <p>They are tough and pragmatic individuals</p> Signup and view all the answers

    What type of entrepreneurs are known for introducing new ideas, goods, or services?

    <p>Innovating entrepreneurs</p> Signup and view all the answers

    How many small businesses exist as per the data provided?

    <p>86,955 small businesses</p> Signup and view all the answers

    Which of the following is part of the DTI 7M's that aids in Filipino entrepreneurship?

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

    Which of the following constitutes 42% of land in the Philippines?

    <p>Forested areas</p> Signup and view all the answers

    Which characteristic involves a large appetite for assuming risk as a key trait of entrepreneurs?

    <p>Risk Tolerance</p> Signup and view all the answers

    Which sector is emphasized for development in the Philippine Development Plan (PDP)?

    <p>Micro, Small, and Medium Enterprises (MSMEs)</p> Signup and view all the answers

    Which characteristic differentiates an imitative entrepreneur from an innovating entrepreneur?

    <p>Readiness to adopt successful innovations</p> Signup and view all the answers

    Which religious affiliation predominates in the Philippines?

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

    What percentage of entrepreneurs in the study perceive their odds of success as 10 out of 10?

    <p>33%</p> Signup and view all the answers

    What geographical feature is NOT associated with the Philippines?

    <p>A desert landscape</p> Signup and view all the answers

    What is one of the main responsibilities of the Department of Trade and Industry (DTI) in the Philippines?

    <p>To ensure consumer access to safe and quality goods</p> Signup and view all the answers

    Which of the following minerals is mined in the Philippines?

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

    What type of climate does the Philippines experience?

    <p>Tropical climate with a dry and typhoon season</p> Signup and view all the answers

    Which of the following is NOT a common agricultural product grown in the Philippines?

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

    What is one aspect of the DTI's goal for industry and services in the Philippines?

    <p>To improve productivity and efficiency</p> Signup and view all the answers

    Study Notes

    Introduction to Entrepreneurship

    • Entrepreneurship is the art of starting a business; the act of creating a business.
    • Businesses often initiate social change, create innovative products, or present new solutions.
    • Businesses go through five stages: Seed, Growth, Expansion, Decline, Exit.
    • Three common causes for business failure are Neglect, Fraud, and Lack of Self Analysis.
    • The Philippines has a diverse geography, resources, and culture that makes it suitable for agricultural activities.
    • The Philippines has rich mineral resources, oil reserves, and an important fishing industry.
    • MSMEs (Micro, Small, and Medium Enterprises) are the backbone of the Philippine economy, contributing significantly to employment and economic growth.

    Motivation for Entrepreneurship

    • Motivation, a crucial driving force, influences an individual's actions.
    • Competition and a dynamic market require strong motivation to create public demand.

    Entrepreneurial Support in the Philippines

    • DTI (Department of Trade and Industry) aims to improve the competitiveness of the Philippines' industry and services sector.
    • PDP (Philippine Development Plan) seeks to stimulate the economy by expanding economic opportunities for MSMEs.
    • BOI (Board of Investment) encourages foreign investment in the Philippines.
    • PEZA (Philippine Economic Zone Authority) facilitates the establishment of special economic zones.
    • BPS (Bureau of Product Standards) regulates the quality and safety of products.

    Business Opportunities in the Philippines

    • The Philippines offers several incentives for foreign investors, including the ability to freely convert earnings and capital.
    • The Philippines' diverse geography, skilled workforce, and potential for regional and global markets makes it an attractive location for businesses.

    Entrepreneurial Mindset

    • Essential Characteristics of an Entrepreneur include motivation to take initiatives, strong risk tolerance, a clear vision, mental agility, and creativity.
    • Types of Entrepreneurs include Innovators, Imitators, and those who adapt to market changes.
    • MSMEs make up a significant portion of the Philippine economy, with micro businesses being the most prevalent.
    • The Philippines has a strong entrepreneurial culture, driven by local values and the spirit of innovation.

    Business Ideas in the Philippines

    • Common business ideas in the Philippines include palamig (cold drink) stands, costume rentals, cellphone load businesses, online buy and sell ventures, vlogging, photo booth rentals, T-shirt printing, water refilling stations, and food cart franchises.

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    Description

    This quiz explores the fundamentals of entrepreneurship, focusing on the business lifecycle and common causes of failure. It highlights the significance of MSMEs in the Philippine economy and the country's unique resources that facilitate agricultural activities. Assess your understanding of the motivations driving entrepreneurial efforts in dynamic markets.

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