Risk Activity 3 Personal Entrepreneurial Competencies Quiz
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Questions and Answers

Which type of entrepreneur taps into their creativity while bringing joy to customers and success to their venture?

  • Not-for-profit fundraiser
  • Philippine Economy
  • Filipino Entrepreneur (correct)
  • Local Community
  • What type of venture contributes to stability during economic downturns, aiding faster recovery from financial turmoil?

  • Not-for-profit fundraiser
  • Entrepreneurial ventures (correct)
  • Teacher
  • Recruiter
  • Which entrepreneur contributes to the growth of a country's export sector by capitalizing on a niche market abroad?

  • Philippine Economy
  • Recruiter
  • Filipino Entrepreneur (correct)
  • Not-for-profit fundraiser
  • Who plays a significant role in diversifying the economy and reducing reliance on traditional sectors by identifying new industries for investment?

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

    An entrepreneur establishing a social enterprise that addresses a pressing community issue leads to:

    <p>Improvement in financial and social conditions</p> Signup and view all the answers

    Which scenario provides employment opportunities for local residents?

    <p>A new factory opening in the community</p> Signup and view all the answers

    What trait is synonymous with the ability to accept change in entrepreneurship?

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

    How does the concept of initiative relate to an entrepreneur's success?

    <p>It drives success and personal responsibility</p> Signup and view all the answers

    What aspect is a profit-oriented mindset in entrepreneurship primarily focused on?

    <p>Maximizing financial gains</p> Signup and view all the answers

    How does creativity differentiate successful entrepreneurs from their competitors?

    <p>It helps in standing out and surpassing competitors</p> Signup and view all the answers

    What key role does entrepreneurship play in an individual's life according to the text?

    <p>Providing guidelines in wealth creation</p> Signup and view all the answers

    How does corporate entrepreneurship contribute to innovation within established companies?

    <p>Encourages intrapreneurship and new idea generation</p> Signup and view all the answers

    Which entrepreneur in the provided statements demonstrates adaptability to changing consumer behaviors?

    <p>Elena, a bookstore owner</p> Signup and view all the answers

    Which entrepreneur showcases commitment to creating positive social impact despite setbacks?

    <p>Maria, a social entrepreneur</p> Signup and view all the answers

    Which entrepreneur focuses on maximizing income potential by tailoring offerings to high-demand services?

    <p>A retail store owner</p> Signup and view all the answers

    Which entrepreneur sets their business apart by introducing eco-friendly products with innovative designs?

    <p>An entrepreneur focusing on online marketing efforts</p> Signup and view all the answers

    Which entrepreneur leverages creativity to generate buzz and increase foot traffic to the store?

    <p>A bakery owner creating limited-edition desserts</p> Signup and view all the answers

    Which entrepreneur exemplifies working long hours to ensure a bountiful harvest?

    <p>Miguel, a farmer cultivating crops</p> Signup and view all the answers

    Study Notes

    Personal Entrepreneurial Competencies

    • Identifying high-demand services in the market and tailoring offerings to meet those needs demonstrates Opportunity Recognition and Adaptability.
    • Embracing e-commerce and digital platforms in response to technological advancements demonstrates Adaptability and Innovativeness.
    • Staying committed to a mission of creating positive social impact despite setbacks demonstrates Commitment and Resilience.
    • Regularly reviewing and adjusting pricing strategies based on market demand demonstrates Strategic Thinking and Adaptability.
    • Remaining committed to a vision despite early challenges demonstrates Resilience and Risk-Taking.
    • Creating a professional website and driving digital marketing efforts to boost business visibility demonstrates Initiative and Innovativeness.
    • Sticking to a strict budget and ensuring well-managed business expenses demonstrates Financial Management and Self-Discipline.
    • Introducing a line of eco-friendly office supplies with innovative designs demonstrates Innovativeness and Creativity.
    • Creating a limited-edition dessert inspired by current social media trends demonstrates Creativity and Innovativeness.
    • Confidently pitching a business idea to potential investors demonstrates Self-Confidence and Risk-Taking.

    Entrepreneurship and Economy

    • The establishment of a weekly farmers market boosts demand for local produce and supports small-scale farmers, benefiting the Local Community.
    • Entrepreneurial ventures provide stability during economic downturns, helping the economy recover more quickly from financial turmoil, benefiting the Philippine Economy.
    • Starting a small business producing artisanal crafts contributes to the growth of the country's Export Sector.
    • Entrepreneurial ventures that address a pressing community issue improve both financial and social conditions, benefiting the Local Community.
    • A thriving startup ecosystem emerges, attracting investment and talent, and fostering innovation and economic growth, benefiting the Philippine Economy.

    Entrepreneurial Concepts

    • Open-Mindedness is the ability to accept change and try different things or hear and consider fresh ideas.
    • Creativity is what makes one stand out and go over competitors.
    • Initiative is taking personal responsibility for the failure or success of the business.
    • Profit-Oriented refers to a business mindset primarily focused on maximizing financial gains or profitability.

    Salient Features of Entrepreneurship

    • Art of Correct Practices is a key feature of entrepreneurship.
    • Wealth Creating Venture is a key feature of entrepreneurship.
    • Providing Values to Customers is a key feature of entrepreneurship.

    Personal Entrepreneurial Competencies (PECs)

    • Hardworking is a key PEC.
    • Self-Confidence is a key PEC.
    • Discipline is a key PEC.
    • Committed is a key PEC.

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    Description

    Test your knowledge on the Personal Entrepreneurial Competencies demonstrated in different scenarios. Answer the questions based on statements about consultants, bookstore owners, and social entrepreneurs showcasing their entrepreneurial skills.

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