Understanding Entrepreneurship Concepts
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Questions and Answers

What is the primary goal of an entrepreneur?

  • Profit oriented
  • Market player
  • Customer oriented (correct)
  • Resource oriented

    • Entrepreneurship decreases poverty.

    True

    What is a key characteristic of an entrepreneur compared to a business individual?

    Innovative

    Entrepreneurs create opportunities and ensure social __________.

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

    Match the following terms to their correct descriptions:

    <p>Entrepreneurship = Generates new wealth Risk Margin = High risk for high reward Market Position = Market leader Orientation = Opportunity oriented</p> Signup and view all the answers

    Which of the following is NOT a relevance of entrepreneurship to SHS students?

    <p>Ensures all students become wealthy</p> Signup and view all the answers

    Entrepreneurs focus on a low risk margin.

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

    What does entrepreneurship education promote among students?

    <p>Critical thinking and creativity</p> Signup and view all the answers

    What is the primary role of an entrepreneur?

    <p>To assume the risks of starting a new business venture</p> Signup and view all the answers

    Entrepreneurship involves only low-risk business activities.

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

    Define entrepreneurship in one sentence.

    <p>Entrepreneurship is the activity of setting up a business or businesses, taking on financial risks in the hope of profit.</p> Signup and view all the answers

    An entrepreneur is someone who organizes and operates a business venture while assuming the _____ of that business.

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

    What is one key outcome of entrepreneurship?

    <p>Economic wealth and innovation generation</p> Signup and view all the answers

    Match the following concepts with their correct definitions:

    <p>Entrepreneur = A person who organizes and runs a business Entrepreneurship = The process of starting and managing a business Risk = The possibility of loss or failure in business ventures Innovation = The introduction of new ideas or products</p> Signup and view all the answers

    All business individuals are considered entrepreneurs.

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

    What does the term 'entrepreneur' derive from?

    <p>The French word 'entreprendre', which means 'to undertake'.</p> Signup and view all the answers

    Which group is responsible for researching and presenting the factors affecting entrepreneurship?

    <p>Group 1</p> Signup and view all the answers

    Group 5 is tasked with presenting the skills that an entrepreneur should possess.

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

    Name one activity format that groups can use for their presentations.

    <p>Role play</p> Signup and view all the answers

    Group 4 will research the skills that an entrepreneur should ______.

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

    Match the groups to their specific tasks:

    <p>Group 1 = Factors affecting entrepreneurship Group 2 = Functions of an entrepreneur Group 3 = Types of entrepreneurs Group 4 = Skills an entrepreneur should possess Group 5 = Career opportunities for entrepreneurship graduates</p> Signup and view all the answers

    What is a key component of entrepreneurship education?

    <p>Learning from real-world examples</p> Signup and view all the answers

    Entrepreneurship education exclusively focuses on theoretical knowledge.

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

    Name one of the skills that entrepreneurship education provides to budding entrepreneurs.

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

    Entrepreneurship education helps individuals develop their own ______.

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

    Which entrepreneur founded Jollibee?

    <p>Tony Tan Caktiong</p> Signup and view all the answers

    Match the entrepreneurs with the companies they founded:

    <p>Tony Tan Caktiong = Jollibee Mariano Que = Mercury Drug Corazon D.Ong = National Bookstore Henry Sy = SM Supermalls</p> Signup and view all the answers

    Collaboration is not important in entrepreneurship education.

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

    Who among the following is known for founding the National Bookstore?

    <p>Corazon D.Ong</p> Signup and view all the answers

    Study Notes

    Understanding the Concept of Entrepreneurship

    • An entrepreneur is an individual who takes on the risks of starting and managing a new business venture.
    • Entrepreneurship is characterized by high risk but potential for high rewards, contributing to economic growth and innovation.
    • The process involves creating a business to produce goods/services for profit while managing financial risks.

    Characteristics of Entrepreneurs vs. Ordinary Business Individuals

    • Nature: Entrepreneurs are innovative and creative, whereas ordinary business individuals tend to follow existing ideas.
    • Goal: Entrepreneurs focus on customer needs, while ordinary individuals are profit-oriented.
    • Risk Margin: Entrepreneurs assume high risks for potentially higher returns, while ordinary individuals prefer minimal risks.
    • Market Position: Entrepreneurs typically aim to be market leaders, while ordinary individuals are viewed as market players.
    • Orientation: Entrepreneurs are opportunity-oriented and willing to explore new ventures, whereas ordinary individuals are more resource-oriented.

    Relevance of Entrepreneurship

    • Entrepreneurship contributes to wealth generation and decreases poverty in the economy.
    • It creates job opportunities, fosters social justice, and stimulates economic productivity and confidence.
    • Addresses critical social issues by driving innovation and social change.

    Importance of Entrepreneurship Education for Students

    • Prepares students for livelihood opportunities even before pursuing higher education.
    • Encourages creative thinking and nurtures unconventional talents across various socioeconomic backgrounds.
    • Enhances initiative, creativity, and self-confidence, fostering socially responsible behavior.
    • Equips students with critical thinking skills, enabling them to analyze and make informed decisions.
    • Provides exposure to real-world experiences, promoting innovation, creativity, and collaboration among peers.
    • Facilitates development of business ideas and venture management skills.

    Notable Entrepreneurs and Their Companies

    • Tony Tan Caktiong
    • Mariano Que
    • Corazon D. Ong
    • Cecilio Pedro
    • Ernesto L. Cu
    • Henry Sy
    • Socorro Ramos

    Group Activity Suggestions

    • Group 1: Present on personality and environmental factors affecting entrepreneurship.
    • Group 2: Discuss the essential functions of an entrepreneur with examples.
    • Group 3: Explore different types of entrepreneurs and provide examples.
    • Group 4: Identify key skills required for successful entrepreneurship.
    • Group 5: Examine potential career opportunities for entrepreneurship graduates.

    Inspirational Quote

    • “If you can dream it, you can do it.” – Walt Disney

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    Related Documents

    Overview of Entrepreneurship PDF

    Description

    This quiz explores the fundamental concepts of entrepreneurship, highlighting the characteristics that differentiate entrepreneurs from ordinary business individuals. Learn about the risks, rewards, and the innovative nature that defines successful entrepreneurs. Test your knowledge on how entrepreneurship drives economic growth and innovation.

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