Understanding Entrepreneurship Definitions by Fajardo and Dontigney

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What type of resources do entrepreneurs leverage according to the Resource-based Theory?

Marketing resources

Physical resources only

Social networks and information (correct)

Financial resources only

According to Julian Rotter's Locus of Control Theory, what does 'Locus of Control' refer to?

The location of the business

The technology used in the business

The individual's perception of the causes of events in their life (correct)

The financial control of the entrepreneur

Which theory focuses on the mental and emotional elements that drive entrepreneurial individuals?

Resource-based Theory

Industrial Policy Theory

Economic Theory of Entrepreneurship

Psychological Theory of Entrepreneurship (correct)

What do individuals with a strong internal locus of control believe?

Their actions can influence the external world Signup and view all the answers

What other than physical resources might entrepreneurs leverage to get entrepreneurial efforts off the ground?

Social networks and education Signup and view all the answers

'Personality traits ranging from creativity and resilience to optimism' driving entrepreneurial behavior is suggested by which theory?

Unsupported Personality Theory Signup and view all the answers

What is the Opportunity-Based Theory of Entrepreneurship anchored on?

Peter Ducker and Howard Stevenson Signup and view all the answers

How is opportunity-based entrepreneurship defined?

Business creation that emerges when there is an entrepreneurial opportunity Signup and view all the answers

Who are entrepreneurs?

Individuals alert to profitable opportunities for goods or services Signup and view all the answers

How is the entrepreneur described in the text?

Someone who creates an environment for success and controllable failure Signup and view all the answers

What drives opportunity-based entrepreneurs to initiate venture activity?

Attractiveness of the business idea and its implications Signup and view all the answers

When do entrepreneurs work, according to the text?

When they take risk and invest their talents and resources in something new or different Signup and view all the answers

What does the definition of entrepreneurship according to Fajardo (2009) imply?

It involves taking risks and investing resources to create something new. Signup and view all the answers

Which theory introduced the concept of entrepreneurs as risk-takers?

Classical Theory of Entrepreneurship Signup and view all the answers

What do economic theories of entrepreneurship often fail to recognize according to the text?

The dynamic nature of market systems and unique entrepreneurial activity. Signup and view all the answers

According to Dontigney (2018), what motivates entrepreneurial activities?

Maximizing profit through economic incentives Signup and view all the answers

What is a key aspect of entrepreneurship based on the provided text?

Investing resources to create something unique or new Signup and view all the answers

What role does innovation play in entrepreneurship?

Innovation is essential for creating something new in entrepreneurship. Signup and view all the answers

What drives the entrepreneur to exploit opportunities for profit?

Additional knowledge Signup and view all the answers

What characteristic makes the entrepreneur goal-driven?

Exercising locus of control Signup and view all the answers

What is the key factor that propels the entrepreneur to take opportunities for profit?

Identifying customers' needs and wants Signup and view all the answers

How does the entrepreneur ensure people work effectively in the enterprise?

By setting specific work programs and schedules Signup and view all the answers

What role does marketing play for the entrepreneur?

Identifying the marketing environment Signup and view all the answers

What does the entrepreneur do to make customers aware of the superiority of his product or service?

Innovates and makes modifications Signup and view all the answers

What is a significant factor contributing to the slow development of entrepreneurial activity in the Philippines?

Historical colonization for over 300 years Signup and view all the answers

What does the text suggest about the Filipino concept of owning a small business?

It is primarily to support family needs Signup and view all the answers

What key trait does an entrepreneur exhibit according to the text?

Taking initiative to capitalize on opportunities Signup and view all the answers

How does an entrepreneur typically start operations according to the text?

By using personal savings and other financial resources Signup and view all the answers

Why is the development of administrative machinery important for entrepreneurship?

To establish an organizational structure based on operational needs Signup and view all the answers

What role do talents and ambitions play in entrepreneurship according to the text?

They are important but financial resources are also crucial Signup and view all the answers