Questions and Answers
What distinguishes an entrepreneur from a businessman?
An entrepreneur has a mindset focused on innovation and future vision, while a businessman is often involved in day-to-day operations.
Define entrepreneurship in your own words.
Entrepreneurship is the process of starting and developing a new business, aiming to deliver innovative products or services to the market.
List two key traits or characteristics of an entrepreneur.
Risk-taking and a strong vision for the future are key traits of an entrepreneur.
What does the term 'add value' mean in the context of entrepreneurship?
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Explain the significance of risk in the entrepreneurial process.
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Describe the creative aspect of entrepreneurship.
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Why is self-discipline important for an entrepreneur according to Henry Sy Sr.'s principles?
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What role does vision play in the entrepreneurial process?
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Study Notes
Learning Outcomes
- Define critical concepts: Entrepreneur and Entrepreneurship.
- Differentiate between a Businessman and an Entrepreneur.
- Assess essential traits and characteristics of Entrepreneurs.
- Apply the 10 Principles of Entrepreneurship and the Life Principles of Henry Sy Sr.
What is an Entrepreneur?
- An entrepreneur creates a new business and bears most risks while enjoying most rewards.
- The term "entrepreneur" originates from the French word “entreprendre,” meaning "to undertake."
- Key roles of an entrepreneur include:
- Recognizing and seizing business opportunities.
- Converting opportunities into workable and marketable ideas.
- Adding value through resources like time, money, skills, and effort.
- Assuming risks in a competitive marketplace to implement ideas.
- Realizing rewards from entrepreneurial efforts.
Difference Between Businessman and Entrepreneur
- Mindset: Entrepreneurs have a forward-thinking vision while businessmen may focus on current operations.
- Involvement in Day-to-Day Operations: Entrepreneurs often innovate beyond daily tasks compared to businessmen who may stay within established framework.
- Approach to Innovation: Entrepreneurs prioritize innovation and transformational change.
- Risk-Taking Behavior: Entrepreneurs are generally more willing to take significant risks to achieve their vision.
- Approach to Failure: Entrepreneurs view failure as a learning opportunity, whereas businessmen may fear failure.
- Vision for the Future: Entrepreneurs plan for long-term impacts and changes.
- Approach to Challenges and Competition: Entrepreneurs embrace challenges as opportunities for growth, while businessmen may avoid risks.
- Focus on Innovation: Entrepreneurs consistently pursue novel ideas and solutions.
- Relationship with Money: Entrepreneurs often invest reinvested profits for growth rather than immediate returns.
What is Entrepreneurship?
- Entrepreneurship involves starting and developing a company to deliver innovative or improved products/services to the market.
- It is characterized as a dynamic process involving vision, change, and creation.
- Effective entrepreneurship requires energy, passion, and innovative thinking to develop creative solutions.
Filipino Entrepreneur: Henry Sy Sr.
- Henry Sy Sr. is the founder of the SM Group of Companies and is listed among Forbes' billionaires.
- He attributes success to hard work, tenacity, frugality, self-discipline, Confucian values, and a relentless desire to learn.
- Sy emphasizes perseverance and solution-seeking in overcoming challenges, reflecting typical entrepreneurial traits.
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Description
This quiz covers the fundamental concepts of entrepreneurship, including definitions, traits of entrepreneurs, and key principles. By engaging with this quiz, students will gain insights into what distinguishes an entrepreneur from a businessman and learn about the life principles of successful entrepreneurs like Henry Sy Sr.
