Entrepreneurship Lesson 1

Question 1

Entrepreneurship came from the pioneering work of __________?

Answer 1

Joseph Schumpeter

Question 2

According to him that it is an art of creating new venture businesses?

Answer 2

Dr. Ralph Sorensen

Question 3

is a reference to individuals who have initiated the establishment of a business enterprise

Answer 3

Entrepreneur

Question 4

Term for owning a business?

Answer 4

Businessman or woman

Question 5

Term for managing a business?

Answer 5

professional manager

Question 6

term used If you bought a franchise?

Answer 6

franchisee

Question 7

Characteristics & Traits of Entrepreneurs

Answer 7

1. Passion fro business
2. Confidence
3. Self-Determination
4. Management of risk
5. Initiative & need for achievement
6. Creativity
7. Seeing the big picture

Question 8

the trait refers to the eagerness to be involved in commercial activities.

Answer 8

Passion for business

Question 9

a trait of belief in themselves and their capabilities to see things through and get things done

Answer 9

Confidence

Question 10

the belief that one’s fate lies really on oneself.

Answer 10

Self-determination

Question 11

knowing how to take risks but these risks are calculated that are well thought out and considered done

Answer 11

Management of Risk

Question 12

entrepreneurs usually have a great need to achieve things and to have accomplishments

Answer 12

Initiative & need for achievement

Question 13

they are not satisfied with just copying or doing the same routine or churning out the same products

Answer 13

Creativity

Question 14

able to assess how particular decisions about operations or human resources can affect the other aspects of the business

Answer 14

Seeing the big picture

Question 15

Types of Entrepreneurs

Answer 15

1. Innovative
2. Imitating
3. Fabian
4. Drone
5. Social

Question 16

they are those who always make new things by thinking new ideas

Answer 16

Innovative Entrepreneurs

Question 17

They are those who do not really create new things but only follow the ideas of other entrepreneurs

Answer 17

Imitating Entrepreneurs

Question 18

They are those skeptical, They don’t initiate but follow only after they are satisfied

Answer 18

Fabian Entrepreneurs

Question 19

They are those who lives on the labor of others; They are die-hard conservations even ready to suffer the loss of business

Answer 19

Drone Entrepreneurs

Question 20

Common Competencies in Entrepreneurship

Answer 20

1. Decisive
2. Communicator
3. Leader
4. Opportunity Seeker
5. Proactive
6. Risk Taker
7. Innovative

Question 21

an entrepreneur must be firm in making decisions

Answer 21

Decisive

Question 22

an entrepreneur must have a convincing power

Answer 22

Communicator

Question 23

an entrepreneur must have the charisma to be obeyed by his employees

Answer 23

Leader

Question 24

an entrepreneur must have the ability to be the first to see business chances

Answer 24

Opportunity seeker

Question 25

controlling a situation by making things to happen or by preparing for possible future problems

Answer 25

Proactive

Question 26

they have the courage to pursue what is their business ideas

Answer 26

Risk Taker

Question 27

the entrepreneurs have big business ideas and they do not stop improving and thinking of new worthwhile ideas for their business

Answer 27

Innovative

Question 28

Core Competencies in Entrepreneurship

Answer 28

1. Economic and dynamic activity
2. Innovative
3. Profit Potential
4. Risk Bearing

Question 29

it involves the creation and operation of an enterprise with a view of creating value and wealth by ensuring optimum utilization of limited resources

Answer 29

Economic and Dynamic activity

Question 30

Entrepreneurs constantly look fro new ideas, thus needs to be creative

Answer 30

Innovative

Question 31

the entrepreneur can be compensated by his profit coming from the operation

Answer 31

Profit Potential

Question 32

the entrepreneur needs to gamble but wise enough to offset the risk.

Answer 32

Risk Bearing

Question 33

is the exposure a company or organization has to factor(s) that will lower its profits or lead it to fail.

Answer 33

Business Risk

Question 34

3 types of Business Risk

Answer 34

1. Demand
2. Competition
3. Capability

Question 35

The risk that product will not be accepted by the market or the market is much smaller than it was thought to be

Answer 35

Demand Risk

Question 36

Risk that competitors maybe able to replicate the business model

Answer 36

Competition Risk

Question 37

Considers the possibility that the product or services of the firm would fail to deliver the value proposition that the costumers are willing to pay

Answer 37

Capability Risk

Question 38

Importance of Entrep

Answer 38

1.Creation of Employment
2. Innovation
3. Impact on Society and Community Development
4. Increase standard of Living
5. Supports Research and development

Question 39

Generates employment and provides an entry level job, required for gaining experience and training for unskilled workers

Answer 39

Creation of employment

Question 40

Provides new product ventures, market, technology and quality of goods, etc.

Answer 40

Innovation

Question 41

It brings out changes in society which becomes greater and employment base is large and diversified

Answer 41

Impact on Society and Community Development

Question 42

the person living is better due to increasing income

Answer 42

Increase standard of living

Question 43

New products and services need to be researched and tested before launching in the market

Answer 43

Supports research and development

Question 44

5 reasons why filipinos don’t go to business

Answer 44

1. Money
2. Time
3. Skills
4. Opportunity
5. Connection