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Questions and Answers
What is a key behavior associated with entrepreneurship according to Albert Shapero?
What is a key behavior associated with entrepreneurship according to Albert Shapero?
According to Professor Robert Nelson, an entrepreneur does not need to identify opportunities.
According to Professor Robert Nelson, an entrepreneur does not need to identify opportunities.
False
Who defined entrepreneurship as the ability to identify opportunities, marshal resources, and take action?
Who defined entrepreneurship as the ability to identify opportunities, marshal resources, and take action?
Professor Robert Nelson
Entrepreneurship involves the acceptance of _____ and failure.
Entrepreneurship involves the acceptance of _____ and failure.
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Match the following terms with their descriptions:
Match the following terms with their descriptions:
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What dimension is NOT part of the entrepreneurial process as highlighted by Albert Shapero?
What dimension is NOT part of the entrepreneurial process as highlighted by Albert Shapero?
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The entrepreneurial age refers to the period in the 21st century according to William Bygrave.
The entrepreneurial age refers to the period in the 21st century according to William Bygrave.
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What is the main role of an entrepreneur according to William Bygrave?
What is the main role of an entrepreneur according to William Bygrave?
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Entrepreneurship is seen as a ____ and approach.
Entrepreneurship is seen as a ____ and approach.
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Which of the following best describes the approach of an entrepreneur towards business opportunities?
Which of the following best describes the approach of an entrepreneur towards business opportunities?
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What is the primary focus of ecopreneurship?
What is the primary focus of ecopreneurship?
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Corporate entrepreneurs do not need to take risks in their business endeavors.
Corporate entrepreneurs do not need to take risks in their business endeavors.
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What term was first used in 1987 to describe entrepreneurs utilizing technology in business?
What term was first used in 1987 to describe entrepreneurs utilizing technology in business?
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Social entrepreneurship focuses on solving ________ problems through innovation.
Social entrepreneurship focuses on solving ________ problems through innovation.
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Match the following types of entrepreneurship with their descriptions:
Match the following types of entrepreneurship with their descriptions:
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Which of the following statements best defines the mindset associated with entrepreneurship?
Which of the following statements best defines the mindset associated with entrepreneurship?
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What is a critical step in creating a meaningful enterprise?
What is a critical step in creating a meaningful enterprise?
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The Youth Entrepreneurship Act seeks to encourage Filipinos to remain as employees.
The Youth Entrepreneurship Act seeks to encourage Filipinos to remain as employees.
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What does the micro view in entrepreneurial thought refer to?
What does the micro view in entrepreneurial thought refer to?
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Through the Youth Entrepreneurship Act, the government intends to change the mindset of Filipinos from wanting to be employees to being __________.
Through the Youth Entrepreneurship Act, the government intends to change the mindset of Filipinos from wanting to be employees to being __________.
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Match the following terms to their definitions:
Match the following terms to their definitions:
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Which of the following is a goal of the Youth Entrepreneurship Act?
Which of the following is a goal of the Youth Entrepreneurship Act?
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The environmental school of thought considers only internal factors that influence entrepreneurship.
The environmental school of thought considers only internal factors that influence entrepreneurship.
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What program aims to develop mentoring and coaching for young entrepreneurs?
What program aims to develop mentoring and coaching for young entrepreneurs?
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The __________ School of Thought considers external factors that influence a potential entrepreneur's lifestyle.
The __________ School of Thought considers external factors that influence a potential entrepreneur's lifestyle.
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Which of these is NOT a focus area of the Youth Entrepreneurship Act?
Which of these is NOT a focus area of the Youth Entrepreneurship Act?
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According to Carl Jung, who looks inside their heart?
According to Carl Jung, who looks inside their heart?
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Personal values are irrelevant when it comes to having a vision.
Personal values are irrelevant when it comes to having a vision.
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What does having a clear vision provide individuals with?
What does having a clear vision provide individuals with?
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Living without perusing what is in your heart is just like living in a _____ dream.
Living without perusing what is in your heart is just like living in a _____ dream.
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Match the following concepts with their descriptions:
Match the following concepts with their descriptions:
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What is the consequence of looking outside instead of inside?
What is the consequence of looking outside instead of inside?
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Self-discovery is an unconscious process.
Self-discovery is an unconscious process.
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What do personal values help you build?
What do personal values help you build?
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Your highest values will serve as a guide in creating better _______.
Your highest values will serve as a guide in creating better _______.
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What is the primary reason for defining short and long-term goals?
What is the primary reason for defining short and long-term goals?
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What does the term 'entrepreneur' originate from?
What does the term 'entrepreneur' originate from?
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All entrepreneurs are extreme risk takers.
All entrepreneurs are extreme risk takers.
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What is a major reason why some entrepreneurs experience failure?
What is a major reason why some entrepreneurs experience failure?
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The term 'entrepreneurship' has evolved from providing services in a __________ society.
The term 'entrepreneurship' has evolved from providing services in a __________ society.
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Match the myths of entrepreneurship with their corresponding facts:
Match the myths of entrepreneurship with their corresponding facts:
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Why do entrepreneurs weigh chances before taking action?
Why do entrepreneurs weigh chances before taking action?
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The entrepreneur is just a developer of ideas.
The entrepreneur is just a developer of ideas.
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During which historical period did the term entrepreneur first emerge?
During which historical period did the term entrepreneur first emerge?
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Early entrepreneurs provided ________ and materials needed for feudal lords.
Early entrepreneurs provided ________ and materials needed for feudal lords.
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Study Notes
Myths of Entrepreneurship
- Myth: Ignorance is bliss for entrepreneurs; reality: informed decision-making is crucial.
- High failure rates among entrepreneurs; however, not all entrepreneurs fail, some learn and eventually succeed.
- Myth: Entrepreneurs are extreme risk-takers; truth: they are often calculated, moderate risk-takers who assess potential outcomes before acting.
Origin and Nature of Entrepreneurship
- Definition: Entrepreneurs are inventors, developers, and change agents, characterized by creativity and persistence.
- The term "entrepreneur" is derived from the French word "Entreprendre," meaning "to undertake."
- Historical context: The concept originated in Europe during the Middle Ages, with early entrepreneurs supporting feudal lords in warfare.
Contemporary Views on Entrepreneurship
- Robert Nelson defines entrepreneurs as those who identify opportunities, gather resources, and take action to optimize these opportunities.
- Albert Shapero emphasizes behaviors such as initiative-taking, organizing economic mechanisms, and accepting risks and failures.
Process and Approach of Entrepreneurship
- Entrepreneurship is seen as a problem-solving approach rather than just identifying problems.
- Shapero identifies five dimensions essential for entrepreneurship success: individuals, organization, environment, process, and institutions.
Personal Values and Vision
- Discovering personal values is fundamental for defining an entrepreneur's vision.
- Carl Jung's insights highlight that true self-awareness and clarity come from looking inward.
- A clear vision directs decision-making and personal growth, leading to more balanced and purposeful entrepreneurship.
Education and Development Initiatives
- The Youth Entrepreneurship Act (Republic Act No. 10679) aims to foster entrepreneurship and financial literacy among young Filipinos.
- The Act promotes a cultural shift from seeking employment to pursuing business ownership through education and training.
Schools of Thought in Entrepreneurship
- Micro view: Focuses on personal factors influencing entrepreneurial decisions and venture outcomes.
- Macro view: Examines external environmental factors affecting entrepreneurs.
Corporate Entrepreneurship
- Involves managers or employees leading companies toward innovation and growth.
- Encouragement of entrepreneurial initiatives within corporations fosters a culture of creativity and risk-taking.
Categories of Entrepreneurship
- Technopreneurship: Utilizes technology to innovate new products and improve operations, first termed in 1987.
- Ecopreneurship: Combines entrepreneurial practices with environmental sustainability, focusing on profit and ecological responsibility.
- Social entrepreneurship: Tackles social issues through innovative business models, distinct from corporate social responsibility.
Key Concepts in Entrepreneurship
- It's a mindset centered on change, development, and value creation.
- Innovation and creativity are fundamental to successful entrepreneurship, which inherently involves risk and uncertainty.
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Description
Explore common myths surrounding entrepreneurship in this quiz, focusing on the belief that ignorance is bliss for entrepreneurs. Understand how the right information is crucial for making sound decisions and the reality of high failure rates in entrepreneurial ventures.
