Entrepreneurship

Question 1

Process of designing a new
business, e.g. a startup company offering
a product, process or service

Answer 1

Entrepreneurship

Question 2

Characteristics of Entrepreneurship

Answer 2

Ventures for new innovative
offerings; unique ideas; people-oriented, impact more economies & communities

Question 3

Characteristics of Small Business

Answer 3

Deal with known and
established products & services; profit-oriented; confined in a small group & limited impact

Question 3

Magna Carta was passed in 1991 as what republic act? and what republic acts amended it?

Answer 3

RA 6977, amended by RA 8289 (1997) & RA 9501 (2008)

Question 3

Provides the legal framework for enterprise development
in our country. A landmark legislation which
reflects the current national policy to foster a dynamic
SME sector, i.e.’ rural and agri-based manufacturing ventures.

Answer 3

Magna Carta for Micro, Small and Medium Enterprises
(MSMEs)

Question 4

Categories of Firm Sizes

Answer 4

Micro, Small, & Medium

Question 5

Asset size & employment size of
micro business

Answer 5

Not more than
P3,000,000 with employment size 1-9

Question 6

Asset size & employment size of
small business

Answer 6

Range from P3,000,001 - P
15,000,000 with employment size of 10-99

Question 7

Asset size & employment size of
medium business

Answer 7

15,000,000 - 100, 000, 000 with employment size of 100-199

Question 8

In what percentage does MSMEs cover in the overall business enterprise operations in the country?

Answer 8

99.51%

Question 9

As of 2020, what is the total generated jobs contributed by MSMEs? In what percent in the
country’s total employment

Answer 9

5,380,815 jobs
or 62.66% of the
country’s total
employment

Question 10

Importance of the fisheries industry

Answer 10

• 1.9 million Filipinos were employed in the fishing sector
• Million worth of assets from the municipal fish production
• Contribution to the total GDP (at current prices, 2019)– 1.2%

Question 11

What is the rank of the Philippines in terms of (a) top fish producing countries in
the world (as of 2018), (b) largest producer of aquatic plants (including seaweeds), and (c) world in aquaculture production.

Answer 11

(a) 8th
(b) 4th
(c) 11th

Question 12

Potential Entrepreneurial Opportunities in the
Fisheries Industry

Answer 12

Abundance of Fisheries Resources, >60% are Coastal Populations, and 11% of Filipino diet are fishery products

Question 13

According to FNRDI-DOST,
what kilograms of fish and fish
products per year on average each Filipino consumes?

Answer 13

36.8

Question 14

An individual who has innovative ideas and makes these ideas actualize by creating a new business ventures and assumes risks with the desire of making a profit.

Answer 14

Entrepreneur

Question 15

Personal Entrepreneurial Competencies

Answer 15

1. Opportunity seeking
2. Persistence
3. Commitment to Work Contract
4. Risk-taking
5. goal seeking
6. information seeking
7. Systematic planning and monitoring
8. Persuasion and networking
9. Self-confidence
10. Demand for efficiency and equality

Question 16

Risks of Being an Entrepreneur

Answer 16

• Financial Risks
• Career Risks
• Environmental Risks
• Social Risks
• Health Risks

Question 17

Committing
investments
from savings
or bank loans

Answer 17

Financial Risks

Question 18

Includes
economic
depression,
environment
al disaster,
and
pandemic

Answer 18

Environmental Risks

Question 19

Finding
employment
if the venture
failed

Answer 19

Career Risks

Question 20

Spending
energy and
time on
business;
social
relationships
may suffer

Answer 20

Social Risks

Question 21

Entrepreneur
ship requires
a lot of
physical and
mental
efforts

Answer 21

Health Risks