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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?
What type of venture contributes to stability during economic downturns, aiding faster recovery from financial turmoil?
Which entrepreneur contributes to the growth of a country's export sector by capitalizing on a niche market abroad?
Who plays a significant role in diversifying the economy and reducing reliance on traditional sectors by identifying new industries for investment?
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An entrepreneur establishing a social enterprise that addresses a pressing community issue leads to:
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Which scenario provides employment opportunities for local residents?
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What trait is synonymous with the ability to accept change in entrepreneurship?
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How does the concept of initiative relate to an entrepreneur's success?
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What aspect is a profit-oriented mindset in entrepreneurship primarily focused on?
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How does creativity differentiate successful entrepreneurs from their competitors?
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What key role does entrepreneurship play in an individual's life according to the text?
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How does corporate entrepreneurship contribute to innovation within established companies?
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Which entrepreneur in the provided statements demonstrates adaptability to changing consumer behaviors?
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Which entrepreneur showcases commitment to creating positive social impact despite setbacks?
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Which entrepreneur focuses on maximizing income potential by tailoring offerings to high-demand services?
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Which entrepreneur sets their business apart by introducing eco-friendly products with innovative designs?
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Which entrepreneur leverages creativity to generate buzz and increase foot traffic to the store?
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Which entrepreneur exemplifies working long hours to ensure a bountiful harvest?
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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.
