BECOMING AN ENTREPRENEUR Flashcards
ranks as the most significant one Among all economic resources
entrepreneurship
TRUE OR FALSE:
The economic performance of a country is dependent on how quick and efficient entrepreneurs are in discovering new ideas and channeling economic resources towards profitable business ventures
TRUE
TRUE OR FALSE:
The economic resources of a country is dependent on how quick and efficient entrepreneurs are in discovering new ideas and channeling economic resources towards profitable business ventures
FALSE
TRUE OR FALSE:
Entrepreneurs are not only ones who benefits when they start businesses.
TRUE
TRUE OR FALSE:
Entrepreneurs are the only ones who benefits when they start businesses.
FALSE
What are the contributions of entrepreneurship to the society?
HELP WANTED
SUPPORT FOR THE ECONOMY
GIVINGBACK
IT IS BRAND NEW
Entrepreneurs not only create employments for themselves but for other PEOPLE IN THEIR COMMUNITIES.
The cumulative effect of multiple small business start-ups creates a significant impact when it comes to JOB CREATION.
It is viewed as important to empowering the poor, enhancing production and as an impetus to innovation.
HELP WANTED
Entrepreneurs not only create jobs in their own companies but also contribute to IMPROVING THEIR LOCAL ECONOMIES.
The new company establishes relationships with suppliers, vendors and other companies and spends money purchasing good and services from those companies.
The existence of a new company can encourage others to open businesses in the same area, which in turns spurs new job creation.
SUPPORT FOR THE ECONOMY
Entrepreneurs contribute to their communities with their CHARITABLE CONTRIBUTIONS.
GIVINGBACK
The freedom from corporate rules and regulations can free entrepreneurs to create NEW PRODUCTS that benefit society.
Although entrepreneurs can succeed with tried-and-true business models, it is often innovation that sets them apart from competitors whose employees might not have the same passion for finding new solutions to problems.
IT IS BRAND NEW
SIGNIFICANT ROLE ENTREPRENEURS PLAY IN OUR ECONOMY:
AS AN AGENT OF CHANGE
AS A RESOURCE-USER OR EMPLOYER
AS A DRIVING FORCE FOR ECONOMIC GROWTH AND DEVELOPMENT
An _______ is an individual who can create a new product and sell them in the market.
entrepreneur
He/she is someone who introduces innovation on existing product, service, and/or instigate changes in the production process. Creating new solution to an old problem or using resources in unusual ways can be risky, yet entrepreneurs do that anyway
entrepreneur
Entrepreneur combines and employs different types of resources to produce a new good or service. By putting up your own business you do not only realize profit, but you also help prevent unemployment by creating jobs and generating income for other people.
Locally grown and indigenous raw materials are utilized to their fullest because local entrepreneurs have found ways to make them useful. Water lilies, for instance, are now used to make bags, slippers among many other things.
AS A RESOURCE-USER OR EMPLOYER
The standard living in some countries has become better because of the contributions of the entrepreneurs in their economy. As more and more goods and services are produced, more income is generated, thus the Gross Domestic Product of the country continues to grow.
A high-income level in the country enables the government to realize higher tax revenue which can be spent for better roads and highways, transportation and communication facilities, and other social services.
AS A DRIVING FORCE FOR ECONOMIC GROWTH AND DEVELOPMENT
