Entrepreneurship- Lesson 1,2 And 6 (quiz 1)\

Question 1

Reason why there is no universally accepted definition of entrepreneurship recite 2

Answer 1

1) different views and theories have been developed in the field of entrepreneurship
2) the scholars who provided the definition for entrepreneurship are largely influenced bu their own personal beliefs
3) the entrepreneurial models introduced by scholars are predominately influenced by the prevailing economic situation during specific periods in history.
4) Th framework and methodologies of research on entrepreneurship are highly dependent on the theories and the contexts of the research endeavors

Question 2

ENTREPRENEUR COMES FROM THE FRENCH WORDS? WHICH MEANS?

Answer 2

ENTRE- BETWEEN
PRENDRE- TO TAKE

Question 3

AMERICAN HERITAGE DESK DEFINITION OF ENTREPRENEUR

Answer 3

A PERSON WHO ORGANIZES, OPERATES AND ASSUMES THE RISK OF BUSINESS VENTURE

Question 4

MEANING OF ENTREPRENEUR

Answer 4

INNATE ABILITYAND STRONG DEDICATION TO ESTABLISH AND MANAGE A BUSINESS

Question 5

BOOK DEFINITION OF ENTREPRENEUR

Answer 5

A PERSON WHO STRONGLY ADVOCATES AND CORRECTLY PRACTICES THE CONCEPTS AND PRINCIPLES OF ENTREPRENEURSHIP

Question 6

A PARTICULAR FIELD OF PRACTICE OR PROCESS

Answer 6

ENTREPRENEURSHIP

Question 7

BOOK DEFINITION OF ENTREPRENEURSHIP

Answer 7

THE ART OF OBSERVING CORRECT PRACTICES IN MANAGING AND OPERATING A SELF-OWNED AND WEALTH CREATING BUSINESS ENTERPRISE BY PROVIDING GOODS AND SERVICES THAT ARE VALUABLE TO THE COSTUMERS

Question 8

BUSINESS OR ENTERPRISE THAT CORRECTLY ADOPTS AND PRACTICES THE PRINCIPLES OF ENTREPRENEURSHIP

Answer 8

SMALL BUSINESS

Question 9

OPPERATED BY THE OWNER WHO IS NOT AN ADVOCATE OF AND DOES NOTPRACTICE THE CONCEPTS AND PRINCIPLES OF ENTREPRENEURSHIP.

Answer 9

ORDINARY SMALL BUSINESS

Question 10

SALIENT FEATURES OF ENTREPRENEURSHIP

Answer 10

1) ENTREPRENURSHIP IS THE ART OF CORRECT PRACTICES
2) “. “ IS WEALTH-CREATING VENTURE
3) “. “ IS PROVIDING VALUE TO COSTUMERS
4) “. “ ENTAILS TO OPENING AND MANAGING SELF-OWNED ENTERPRISE
5) “. “ IS A RISK TAKING VENTURE

Question 11

ENTREPRENEURSHIP CONTINUOUSLY GROWS, DEVELOPS, IMPROVES AND EXPANDS THE CHANGE DOES NOT STOP, WHAT SALEN FEAATURE?

Answer 11

ENTREPRISE IS THE ART OF COORRECT PRACTICES

Question 12

THE CONCEPT OF ABUNDANCE AND NOT ACCOUNTING PROFIT IS THE VERY ESSENCE OF WEALTH IN ENTREPRENEURIAL ENDEAVOR. WHAT SALIENT FEATURE?

Answer 12

ENTREPRENEURSHIP IS WEALTH-CREATING VENTURE

Question 13

“NOT TO SELL WASTE TO CUSTOMERS BUT ONLY VALUABLE GOODS AND SERVICES” WHAT KIND OF SALIENT FEATURE?

Answer 13

ENTREPRENEURSHIP IS PROVIDING VALUE TO CUSTOMER

Question 14

A BUSINESS IS SELF-OWNED IF THE PERSON MANAGING ITS DAILY ACTIVITIES IS ALSO THE OWNER. WHAT KIND OF SALIENT FEATURE

Answer 14

ENTREPRENEURSHIP ENTAILS OPENING AND MANAGING SELF-OWNED ENTERPRISE

Question 15

ENTREPRENEURIAL VENTURE IS BORN BECAUSE OF NEW IDEAS OR OPPORTUNITIES, RISK COME SIMULTANEOUSLY WITH THE VENTURE. WHAT KIND OF SALIIENT FEATURE?

Answer 15

ENTREPRENEURSHIP IS A RISK-TAKING VENTURE

Question 16

IMPORTANCE OF ENTREPRENEURSHIP TO FIILIPINO PEOPLE (GIVE THREE)

Answer 16

1 IT PROVIDES GUIDELINES IN THEIR WEALTH CREATING VENTURE
2 HELPS TO IMPROVE THEIR FINANCIAL AND SOCIAL LIFE
3 IT HELPS BROADEN THE CREATIVITY
4 IT HELPS MAKE THEIR LIVES HAPPY, FRUITFUL AND SUCCESSFUL

Question 17

IMPORTANCE OF ENTREPRENEURSHIP TO THE LOCAL COMMUNITY

Answer 17

1. PROVIDES EMPLOYMENT IN THE COMMUNITY
2. IT CREATES NEW DEMAND IN THE MARKET
3. T MAKES SUBSTANTIAL CONTRIBUTIONS TO THE RAISING AND COLLECTION OF TAXES
4. IT FACILITATES THE MOVEMENT OF FACTORS OF PRODUCTION
5. CREATES NEW BUSINESS OPPORTUNITIES
6. PROMOTES A PEACEFUL AND LOVING COMMUNITY
7. INCREASES CONSTTRUCIVE COMPETITION

Question 18

IMPORTANCE TO PHILIPPINE ECONOMY

Answer 18

1 HELPS FIND THE ENTREPRENEURIAL NICHE IN THE MARKET WORLD
2T FACILITATES THE SMOOTH FLOW OF THE MONEY IN THE MARKET
3IT HELPS HASTEN THE RECOVERY OF THE ECONOMICAL CRISIS OF THE PHILIPPINES DURING TURMOIL.

Question 19

This refers to the mark or attribute that distinguishes an entrepreneur from the owner of an ordinary small business.

Answer 19

Character trait

Question 20

Major Grouping of entrepreneurial Characterristics

Answer 20

1) Achievement Cluster
2) Planning Cluster
3) Power Cluster

Question 21

Thid directly relates to the entrepreneurs’ desire to be an achiever, they do not settle for mediocrity but strive for quality. What major grouping?

Answer 21

Achievement cluster

Question 22

Parts of the achievement Cluster?
O C P R E

Answer 22

An opportunity-seeker
Committed
Persistent
A risk taker
Efficient and quality oriented

Question 23

This type of achievement cluster part is a seeker of business opportunities, finds the opportunity feasible?

Answer 23

An opportunity-seeker

Question 24

This part of the achievement cluster Sees and acts on new business opportunities and seizes unusual opportunities to obtain financing, equipment, land, work etc.

Answer 24

Opportunity seeker

Question 25

This part of achievement cluster displays full commitment to the work or endeavor she is taking.

Answer 25

Committed

Question 26

Three parts of committed

Answer 26

1) Accepts full responsibility for what is promised 2) establish proper coordination with workers, quality service and product 3) seeks to prioritize satisfaction

Question 27

This part of achievement cluster challenges the entrepreneurs through trials, sacrefices and failures.

Answer 27

Persistent

Question 28

Three parts of persistent

Answer 28

1) take repeated/ different actions to overcome a struggle 2) Make personal sacrifices or exert extra-ordinary effort to the requires task 3) stick to personal judgement during failure

Question 29

Part of achievement cluster- risk is inseperable to entrepreneurship

Answer 29

Risk-taker

Question 30

Types of risk-takers

Answer 30

1) Aggressive 2) Moderate 3) Conservative

Question 31

Type of risk taker that is not scared of any risk?

Answer 31

Aggressive

Question 32

Type of risk taker that is more calculative and analyzes before finalizing.

Answer 32

Moderate

Question 33

Type of risk taker that is not eager for any type of risks.

Answer 33

Conservative risk-taker

Question 34

This part of achievement cluster values efficiency and quality

Answer 34

Efficient and quality oriented

Question 35

2 parts of efficient and quality oriented

Answer 35

1) always perfoms the required task in accordance of excellence 2) Strives to do be better and faster in minimal cost

Question 36

This cluster begins the day with specific plans and ends with a review progress?

Answer 36

Planning cluster

Question 37

Three parts of planning cluster

Answer 37

1) goal setter 2) information-seeker 3) systematic in planning and monitoring

Question 38

The basic concept of planning is setting goals and objectives

Answer 38

Goal-setter

Question 39

The entrepreneur sets clear, specific and well defined short, long term goals and objectives

Answer 39

Goal-setter

Question 40

SMART principle

Answer 40

Specific Measurable Achievable Realistic Time-bound

Question 41

Successful entrepreneurs primarily seek a strong basis to make sound desisyons. What type of planning cluster?

Answer 41

Information seeker

Question 42

Limitations of information-seeker

Answer 42

1) incomplete, dated, irrelevant 2) are costly in maintenance 3) lack personnel to maintain

Question 43

A successful infomation-seeker is

Answer 43

1) seek relevant information on customers, suppliers and competitors 2) verifies available info 3) seeks opinion from experts 4) find ways to get desired info

Question 44

The entrepreneur follows a systematic pattern of planning processes and monitoring approaches

Answer 44

Systematic in planning and monitoring

Question 45

This term implies that there is a rational and logical approach im performing the activities

Answer 45

Systematic

Question 46

This refers yo the setting of goals and objectives

Answer 46

Planning

Question 47

This refers to the evaluation of the activities and adopted courses of action

Answer 47

Monitoring

Question 48

4 steps in Systematic in planning and monitoring

Answer 48

1) gathers all the qualitative and quanti information before formulating plans 2) develops a logical step-by-step approach in formulating plans 3) monitors the progress of activities and switches strategies if needed 4) evaluates constantly

Question 49

This cluster reflect the degree of the interpersonal relations maintained by successful entrepreneurs in the community. Their linkage in groups.

Answer 49

Power cluster

Question 50

An entrep that has power cluster is

Answer 50

1) persuasive and positive networker and 2) self-confident

Question 51

This power cluster shows the ability to influence and win over the side of stakeholders in business. They discard the idea of bribery. Good communicators and they sell ideas.

Answer 51

Persuasive and positive networker

Question 52

! adopts specific strategies that will influence and convince others while maintaining the highest degree of respect, and N makes use of positive contacts in the business community in order to meet the goals and objectives of the business endeavor.

Answer 52

Persuasive and positive

Question 53

The skills required in the practice of entrepreneurship are as follows:

Answer 53

cognitive skills b. technical skills c. interpersonal skills

Question 54

skills refer to the mental ability of the entrepreneur to learn new things, generate new ideas, and express knowledge in both oral and written forms.

Answer 54

Cognitive

Question 55

Cognitive skills

Answer 55

ability to understand written materials, b. ability to learn and apply new information, C. ability to solve problems systematically, d. ability to create new ideas, and e. ability to innovate new products and procedures or methods.

Question 56

relate to the knowledge and proficiency in a specialized field like computer technology, accounting, marketing, operations research, engineering, medical fields, or other related technical fields.

Answer 56

Technical skills

Question 57

Technical skills are

Answer 57

a. information technology b. feasibility study and business plan preparation C. technical writing skills d. marketing e. management and finance

Question 58

This skill is the interaction of the entrepreneur to the consumers, suppliers, etc.

Answer 58

Interpersonal skills

Question 59

Interpersonal skills

Answer 59

Skills in verbal communication 2. Skills in non-verbal communication 3. Skills in listening 4. Skills in leading 5. Skills in negotiating