L1; Introduction to Entrepreneurship

Question 1

The act of creating a business or businesses while building and scaling it to generate a profit.

Answer 1

Entrepreneurship

Question 2

Entrepreneurship is an important _____________________________and _______________

Answer 2

Entrepreneurship is an important driver of economic growth and innovation.

Question 3

What is Entrepreneurship about?

Answer 3

About:
- building a life on your own terms.
- No bosses. No restricting schedules.
- And no one holds you back.

Question 4

An individual who creates a new business, bearing most of the risks and enjoying most of the rewards.

Answer 4

Entrepreneur

Question 5

what is the origin of the word entrepreneur

Answer 5

It came from the French words
- “entre” which means between and
- “prendre” which means to take.

Question 6

people who own, operate and take risk of a business venture.

Answer 6

Entrepreneur

Question 7

__________________ identify _________________ in the marketplace. They provide a service or product to meet those needs.

Answer 7

Entrepreneurs identify unmet needs in the marketplace. They provide a service or product to meet those needs.

Question 8

Why Become an Entrepreneur?

Answer 8

• Be their own boss
• Pursue their own ideas
• Pursue financial rewards

Question 9

Characteristics of Successful Entrepreneurs

Answer 9

• Passion for the business
• Product/Customer focus
• Tenacity despite failure
• Execution Intelligence

Question 10

What are the Societal and economic benefits of Entrepreneurship?

Answer 10

1. Entrepreneurship produces more jobs that equate to an increase in national income. Small businesses produce jobs and create wealth.
2. Entrepreneurship amplifies economic activities of different sectors of society.
3. Entrepreneurship introduces new and innovative products and services.
4. Entrepreneurship disperses the economic power and creates equality
5. Entrepreneurshipimproves people’s living standards.

Question 11

Enumerate at least 3 Famous Entrepreneurs in the Philippines and their businesses

Answer 11

1. Tony Tan Caktiong — Jollibee (Foods Corp.)
2. Henry Sy — SM Investments Corp. (SMIC)
3. Corazon D. Ong — CDO ( Foodsphere, Inc.)
4. Soccoro Ramos — National Bookstore
5. John Gokongwei, Jr. — Robinsons Malls (+ Cebu Pacific, JG Summit Holdings, Inc., Universal Robina, Mini Stop, Summit Media)
6. Lucio Tan, Sr. — Philippine Airlines
* - Banking (PNB) - 53%
* - Brewery (Asia Brewery, Inc.) - 17%
* - Tabacco (Fortune Tabacco Corp., Philip Morris) - 16%
* - Distilled Spirits (Tanduay) - 6%
* - Property (Eton Properties Philippines, Inc.) - 5%

Question 12

What are the Relevance of Entrepreneurship to SHS Students

Answer 12

1. It prepares students for an uncertain future.
2. It will give you a room for creativity and collaboration.
3. It teaches you on how to solve a problem and it helps you to assess and uncover your skills.

Question 13

“If you dream big and put your dreams into action you will indefinitely make mistakes. But don’t be scared to make mistakes. Just be quick to recognize them and learn from them as fast as you can.”

Answer 13

TONY TAN CAKTIONG
CHAIRMAN, JOLLIBEE FOODS CORP.

Question 14

businessman vs entrepreneurs

Answer 14

Businessman
- starts a business from an existing idea
- traditional
- avoids taking risks
- profit oriented
- market player

Entrepreneurs
- starts a business from a unique and innovative idea
- revolutionary
- risk taker
- customer/product oriented
- market leader

Question 15

what is the primary and secondary reason for being an entrepreneur?

Answer 15

primary reason: pursue their own ideas
secondary reason: pursue financial rewards