Questions and Answers
What are the stages of the entrepreneurial process?
Development of Concept, Organizing Resources, Implementation, Reaping the Returns.
What is the concept of entrepreneurship?
A process of initiating a business or expanding an existing enterprise for providing goods or services to the market and realizing profit.
What are the different types of entrepreneurs?
Mega Entrepreneurs and Micro Entrepreneurs.
Which of the following traits are important for entrepreneurs?
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What influences individuals to pursue entrepreneurial outcomes?
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Passions + Hard Work + Business = ____
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What is a common characteristic of Filipino entrepreneurs?
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Entrepreneurial decision-making only considers financial risks.
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What are internal risks in entrepreneurship?
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Study Notes
Entrepreneurship Overview
- Defined as the process of initiating or expanding a business to provide goods/services and earn profit.
- Fuels innovation by introducing new products, processes, markets, and organizations.
Characteristics of Entrepreneurs
- Passion, creativity, and resilience are crucial for entrepreneurship.
- Entrepreneurs are individuals generating substantial value and profit rapidly through innovative practices.
Types of Entrepreneurs
- Mega Entrepreneurs: Willing to absorb significant risks with large capital investments.
- Micro Entrepreneurs: Engage in small business ventures as alternatives to formal employment; often limited by funds and skills.
Entrepreneurial Process
- Consists of distinct stages:
- Discovery: Recognizing a viable business idea or opportunity.
- Development of Concept: Detailing how the business idea can be realized, including preparation of a business plan.
- Organizing Resources: Identifying and sourcing necessary human and nonhuman resources for business operations.
- Implementation: Carrying out the business plan.
- Reaping Returns: Executing strategies for business growth and expansion.
Key Characteristics of Filipino Entrepreneurs
- High participation due to positive media exposure showcasing successful entrepreneurs.
- More females than males involved in early-stage entrepreneurial activities.
- Majority of entrepreneurs engaged in consumer services like retail, food, and personal care.
- The entrepreneurial demographic skews younger, with many having completed at least secondary education.
Internal Influences on Entrepreneurial Intentions
- Includes demographics, personal traits, psychological characteristics, skills, prior knowledge, and social connections.
- Positive traits: self-confidence, determination, enthusiasm, and a high need for achievement.
External Influences on Entrepreneurial Intentions
- Environmental Support: Government and financial institution support play a crucial role in business setup.
- Environmental Influence: Factors such as regulatory structures, property rights, and competitive environments affect entrepreneurial ventures.
Entrepreneurial Decision-Making
- Involves critical, creative, and strategic thinking processes that assist entrepreneurs in formulating effective plans and responses to challenges.
- Critical Thinking: Systematic and rational problem-solving approach.
- Creative Thinking: Generates new ideas and approaches.
- Strategic Thinking: Evaluates situations to form future plans.
Understanding Risks in Entrepreneurship
- Risks are uncertainties that may lead to financial loss or business failure, categorized as:
- Internal Risks: Issues arising from resource management, such as financial liquidity and organizational reputation.
- External Risks: Threats from outside factors, including economic conditions and regulatory changes.
Cognitive Adaptability
- An entrepreneur's ability to adjust decision-making strategies based on environmental changes, requiring flexibility and self-control.
Quote for Inspiration
- "Passion, creativity, and resilience are the most crucial skills in business." - Jo Malone, Founder of Jo Malone.
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Description
Explore the essential skills and concepts that define entrepreneurship. This quiz covers various types of entrepreneurs and the importance of passion, creativity, and resilience in building a successful business. Prepare to embark on your journey to wealth through hard work and innovation.
