Chapter 1: Introduction of Entrepreneurship

Question 1

the practice of consistently converting good ideas into profitable commercial ventures.

Answer 1

Entrepreneurship

Question 2

Is one of the drivers of economic growth.

Answer 2

Entrepreneurship

Question 3

the 13th century French word meant to undertake.

Answer 3

Enreprendre

Question 4

said that entrepreneur is the bearer of uncertainty. (Buy Low, sell High)

Answer 4

Richard Cantillon (1755)

Question 5

said that Entrepreneurs were “projectors”

Answer 5

Daniel Defoe

Question 6

said that entrepreneur is the rare yet indispensable individual who actually makes the economy works.

Answer 6

Jean Baptiste Say

Question 7

said that entrepreneur is someone who was more than the venture capitalist, but also one who managed the venture.

Answer 7

John Stuart Mill

Question 8

said that entrepreneur was one who coordinated the four factors of production together.

Answer 8

Alfred Marshall

Question 9

said that entrepreneurship is the act of innovation involving existing resources with new wealth producing capacities.

Answer 9

Peter Drucker

Question 10

entrepreneurs innovate by not just figuring out on how to use inventions, but also introducing new means of production, new products, and new form of organization.

Answer 10

Joseph Schumpeter

Question 11

Five (5) Forms of Innovation

Answer 11

1. Product
2. Process
3. Business Model
4. Source of Supply
5. Mergers and Divestments

Question 12

the introduction of a new good or quality

Answer 12

Products

Question 13

the introduction of a new method of production

Answer 13

Process

Question 14

the opening of a new market

Answer 14

Business Model

Question 15

the conquest of a new source of supply of new material or parts.

Answer 15

Source of Supply

Question 16

the carrying out of the new organization of any industry.

Answer 16

Mergers and Divestments

Question 17

4 Roles of an Entrepreneur

Answer 17

1. Organizes labor and production
2. Makes decision
3. Plans ahead
4. Sells his product at a profit

Question 18

4 Impact of Entrepreneurship

Answer 18

1. Spurs economic growth
2. Create jobs
3. Bring innovation
4. Creates wealth

Question 19

these are the entrepreneurial capacities that are translated into action, demonstrated, and exhibited by an individual.

Answer 19

Personal Entrepreneurial Competencies

Question 20

3 Cluster in Entrepreneurship

Answer 20

1. Achievement Cluster
2. Planning Cluster
3. Power Cluster

Question 21

this cluster involves opportunity seeking, persistence, risk taking, and commitment to work.

Answer 21

Achievement Cluster

Question 22

this cluster involves goal setting, information seeking, and systematic planning and monitoring.

Answer 22

Planning Cluster

Question 23

this cluster involves persuasion and networking, and self-confidence.

Answer 23

Power Cluster

Question 24

a set of circumstances that makes it possible to do something.

Answer 24

Opportunity

Question 25

it is a chance to meet a market need. A creative process in which novel and valuable business ideas are produced.

Answer 25

Opportunity Identification

Question 26

[4] Requirements for Effective Identification of Business Opportunities:

Answer 26

1. Identifying and using your strength
2. Identifying social resources
3. Creativity
4. Problem Solving

Question 27

are your most precious assets.

Answer 27

Strength, Hobbies, and Unique Abilities

Question 28

are your second important assets.

Answer 28

Social Networks and Good Relation

Question 29

the act of producing new ideas, approaches, or actions.

Answer 29

Creativity

Question 30

is the ability to develop new ideas and solution to problems

Answer 30

Entrepreneurial Creativity

Question 31

the ability to see problem as opportunities.

Answer 31

Problem Solving

Question 32

communicated judgement, it determines whether a developing opportunity will receive the resources to mature to its next stage.

Answer 32

Evaluation