Factors Affecting Business Environment

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23 Questions

What is entrepreneurship primarily focused on?

Developing and managing a business venture

In what areas do entrepreneurs innovate to gain competitive advantage?

Finance and R&D management

How is entrepreneurial innovation typically understood by entrepreneurs?

As product innovation only

What role has entrepreneurship played in the economic development of the global marketplace?

It has played a vital role in economic development

What is the main focus of the factors discussed in the text?

Economic, political, social, cultural, technological, environmental, legal, and infrastructural factors

Which phrase best defines entrepreneurship?

Willingness to start a new business venture

Which factor is NOT mentioned as a potential advantage of the Philippines as a business location?

Low rates of higher education

What do entrepreneurs need to search purposefully for to achieve successful innovation?

Sources of innovation and indicators of change

What type of businesses are classified as small businesses in the text?

Companies with fewer than 500 employees

Which factor might pose a risk to businesses operating in the Philippines based on the text?

Governmental corruption history

Why are small businesses important according to the text?

They contribute to innovation and have direct contact with consumers

Which of the following is NOT considered as a factor influencing organizational structure according to the text?

Technological advancements

What is a key advantage of small businesses mentioned in the text?

They are generally more open to trying out new ideas

How do small businesses benefit the area where they are based, according to the text?

By starting new products and concepts from home

What makes small businesses more adaptable to changing economic climates, as mentioned in the text?

Their direct connection to the community

Why do many consumers tend to support local favorites during economic downturns, according to the text?

To continue supporting their local favorites

How does customer loyalty differ between small businesses and larger companies, based on the text?

Customer loyalty tends to be much stronger for small businesses

According to Drucker (1985), how should innovation be viewed?

As an economic or social phenomenon

What are some impacts of entrepreneurship on the economy?

Improving standards of living through innovations

What contributes to the Philippines' economic dynamism?

Robust remittances and strong consumer demand

Which sector in the Philippines has notable performance according to the text?

Services sector including business process outsourcing

What makes the Philippines an attractive location for Western businesses looking to establish operations in Asia?

Many attributes that make it suitable for investment

How do great entrepreneurs impact society according to the text?

By changing the way people live and work and improving standards of living

Explore the different factors that influence the business environment, including economic, political, social, cultural, technological, environmental, legal, and infrastructure aspects. Test your knowledge on how these factors can impact businesses and industries.

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