Introduction to Entrepreneurship
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Questions and Answers

What characteristics define an innovative entrepreneur?

  • They rely on others for their work.
  • They are skeptical about change.
  • They create new ideas and solutions. (correct)
  • They replicate existing ideas.

    • Imitating entrepreneurs create new products and ideas.

    False

    What is one of the benefits of entrepreneurship?

  • Increased dependency on others
  • Reduced job opportunities
  • Development of managerial skills (correct)
  • Decreased economic status

    • What do Fabian entrepreneurs do before accepting changes?

    <p>They wait until they are satisfied.</p> Signup and view all the answers

    Entrepreneurship only benefits the entrepreneur, not the surrounding society.

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

    A ______ entrepreneur relies on the labor of others.

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

    Match the type of entrepreneur with their characteristics:

    <p>Innovative entrepreneur = Creates new ideas Imitating entrepreneur = Follows others' ideas Fabian entrepreneur = Skeptical about changes Drone entrepreneur = Relies on the labor of others</p> Signup and view all the answers

    What is the French verb from which the word 'entrepreneur' is derived?

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

    Entrepreneurship can lift up the economic status of an individual, thereby improving their _____ standard of living.

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

    Match the following terms with their definitions:

    <p>Entrepreneurship = The act of undertaking risks in business Managerial Skills = Abilities needed to manage an organization effectively Economic Development = Improvement in the economic well-being of a community Standard of Living = The level of wealth, comfort, and access to necessities that an individual possesses</p> Signup and view all the answers

    What is a key characteristic of innovative entrepreneurs?

    <p>They consistently seek new business ideas.</p> Signup and view all the answers

    What is the primary role of an entrepreneur?

    <p>To create an enterprise</p> Signup and view all the answers

    Entrepreneurship is purely a creative activity.

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

    What do entrepreneurs aim to create through their enterprises?

    <p>Value or wealth</p> Signup and view all the answers

    Entrepreneurs are primarily focused on avoiding risks.

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

    What does it mean to be proactive in the context of entrepreneurship?

    <p>To classify opportunities and seize them without being told.</p> Signup and view all the answers

    Entrepreneurs need to be _____ in order to constantly look for new ideas.

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

    Match the following entrepreneurial terms with their definitions:

    <p>Innovative = Constantly seeking new ideas Profit Potential = Compensation from business operations Risk Bearing = Willingness to undertake challenges Economic Activity = Creation and operation of an enterprise</p> Signup and view all the answers

    An entrepreneur is someone who takes risks and generates new ideas to make solutions unique and __________.

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

    Match the following personality factors with their meanings:

    <p>Initiative = Doing things without being told Perseverance = Pursuing tasks regardless of challenges Persuasion = Enticing people to buy A Planner = Making plans and monitoring them</p> Signup and view all the answers

    Why do entrepreneurs take risks?

    <p>To gain profits and offset potential losses.</p> Signup and view all the answers

    Which of the following is NOT a personality factor affecting entrepreneurship?

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

    Entrepreneurship does not require the utilization of limited resources.

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

    A problem solver can maintain good relationships with people while resolving issues.

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

    What compensates an entrepreneur for their business operations?

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

    What is the significance of a planner in entrepreneurship?

    <p>A planner makes plans before acting and monitors them to ensure success.</p> Signup and view all the answers

    Which of the following describes a risk-taker in entrepreneurship?

    <p>Someone who carefully calculates before gambling</p> Signup and view all the answers

    An entrepreneur classified as a decisive individual often hesitates to make decisions.

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

    What is one key ability that an entrepreneur must have according to the competencies listed?

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

    An entrepreneur must possess the ability to be the first to see business __________.

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

    Match the following competencies in entrepreneurship with their descriptions:

    <p>Decisive = Firm in making decisions Communicator = Has convincing power Leader = Charismatic and can be obeyed by employees Proactive = Controls situations and prepares for challenges</p> Signup and view all the answers

    Which competency involves controlling a situation by taking initiative?

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

    A proactive entrepreneur waits for opportunities to arise before acting.

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

    What characteristic is essential for an entrepreneur to inspire obedience from team members?

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

    An entrepreneur who actively looks for new opportunities can be referred to as an __________ seeker.

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

    Which of the following roles can a graduate of entrepreneurship fill?

    <p>Business consultant</p> Signup and view all the answers

    Social entrepreneurs mainly focus on profit generation.

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

    Name one field in which social entrepreneurs initiate changes.

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

    A graduate of entrepreneurship can work as a ____________ to teach others.

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

    Match the following career opportunities with their descriptions:

    <p>Business Consultant = Source of advice for entrepreneurs Researcher = Conducts studies for enterprises Salesman = Offers products to customers Business Reporter = Reports on business news</p> Signup and view all the answers

    What is one quality of die-hard conservatives mentioned?

    <p>Ready to suffer loss of business</p> Signup and view all the answers

    An entrepreneurship graduate can only work in a business setting.

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

    Identify one area where social innovation can occur.

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

    A business reporter is an expert in the field of __________.

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

    Match the following roles to the suitable descriptions:

    <p>Teacher = Uses entrepreneurship knowledge to educate others Salesman = Sells goods and services Researcher = Studies market trends Business Consultant = Advises on business strategies</p> Signup and view all the answers

    Study Notes

    Introduction to Entrepreneurship

    • This module introduces entrepreneurship.
    • The course's objectives include discussing its relevance, explaining common competencies, core competencies in entrepreneurship, job opportunities, and entrepreneurship as a career.

    Relevance of Entrepreneurship to an Organization

    • Entrepreneurship creates opportunities for managerial skill development.
    • Entrepreneurship leads to the creation of several organizations.
    • Entrepreneurship improves the standard of living for individuals.
    • Entrepreneurship acts as a means of economic development, impacting the entrepreneur and the community.

    Development of Managerial Capabilities

    • Entrepreneurship leads to the development of managerial skills.

    Creation of Organizations

    • Entrepreneurship results in the existence of many organizations.

    Improving Standard of Living

    • Entrepreneurship can raise an individual's financial status.

    Means of Economic Development

    • Entrepreneurship benefits not only the entrepreneur but the entire community.

    Concept of Entrepreneurship

    • The term "entrepreneur" originates from the French verb "enterprendre," meaning "to undertake."
    • An entrepreneur is someone who takes on the risk of starting a business.
    • Entrepreneurship is the process of creating an enterprise.

    Entrepreneurs

    • Entrepreneurs are innovators who take calculated risks to develop unique solutions to contemporary problems.

    Factors Affecting Entrepreneurship

    • Personality Factors:

      • Initiative: Doing things proactively, even without explicit instruction.
      • Proactive: Identifying and seizing opportunities.
      • Problem solver: Maintaining positive relations with others.
      • Persuasiveness: Motivating people to buy.
      • Perseverance: Pursuing goals despite challenges.
      • Planner: Planning before acting and monitoring progress.
      • Risk-taker: Willing to gamble, but with careful calculation.

    • Environmental Factors:

      • Political: Political climate
      • Climate: Weather
      • Legal System: Legal Framework
      • Economic Conditions: Economic Situation
      • Social Conditions: Social structures
      • Market Situation: Market trends

    Common Competencies in Entrepreneurship

    • Decisive: Making firm decisions
    • Communicator: Effectively conveying messages
    • Leader: Inspiring and motivating employees
    • Opportunity Seeker: Recognizing business opportunities
    • Proactive: Controlling and managing situations
    • Risk Taker: Taking necessary risks strategically.
    • Innovative: Generating novel ideas.

    Core Competencies in Entrepreneurship

    • Economic and dynamic activity: Entrepreneurship involves economic activity through creation of enterprises and striving to maximize value of wealth using limited resources.
    • Innovative: Entrepreneurs are constantly looking for new solutions, demonstrating creativity and imagination.
    • Profit Potential: Entrepreneurs benefit directly from the profitability of business operations.
    • Risk bearing: Entrepreneurs are willing to take on risk, but manage risks through careful planning.

    Types of Entrepreneurs

    • Innovative: Always finding and applying new ideas
    • Imitating: Following other entrepreneurs' ideas
    • Fabian: Skeptical of change, only adapting after it is established
    • Drone: Relying on the labor of others
    • Social: Aiming to make social impact

    Career Opportunities in Entrepreneurship

    • Business Consultant: Provides advice based on experience
    • Teacher: Shares entrepreneurial knowledge gained through experience
    • Researcher: Conducts business research
    • Salesperson: Marketing goods and services
    • Business Reporter: Reporting on business developments

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    Introduction to Entrepreneurship - Bulihan Integrated National High School

    Description

    This quiz covers the fundamentals of entrepreneurship, focusing on its significance in organizations, development of managerial skills, and the economic impact it has on individuals and communities. Explore how entrepreneurship can enhance job opportunities and improve living standards.

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