Lesson 1

Question 1

is a proactive process of
developing a business venture to make a profit

Answer 1

Entrepreneurship

Question 2

-It refers to the concept of developing and
managing a business venture in order to gain profit
by taking several risks in the corporate world.

Answer 2

entrepreneurship

Question 3

-It is a science of converting ideas into business.

Answer 3

Entrepreneurship

Question 4

Is a specific innovative way to satisfy want,
overcome a problem, or meet a challenge.

Answer 4

ENTREPRENEURIAL IDEA

Question 5

Is defined as a want, a problem, or a challenge
that can be addressed, solved, and/or satisfied by
an innovative initiative

Answer 5

Entrepreneurial Opportunity

Question 6

They are those who
“undertake” the risk of new enterprise.

Answer 6

Entrepreneur

Question 7

“to undertake”

Answer 7

entreprendre

Question 8

It is an organization that is engage in commercial
activities- the trade of goods or services, or both,
with consumers. Its goal basically, is to earn profit.

Answer 8

ENTERPRISE

Question 9

TYPES OF ENTERPRISE ACCORDING TO
CONCEPT

Answer 9

1. An enterprise can involve a new concept.
2. An enterprise can be built on an existing
   concept, but giving rise to a new business.
3. An enterprise can involve an existing concept
   and an existing business.

Question 10

Sources of Entrepreneurial ideas

Answer 10

Creation of Entrepreneurial Ideas
Identification of Entrepreneurial Opportunities
Opening of Entrepreneurial Venture

Question 11

Entrepreneurial
ideas arise from the changes that happen in the
external environment with entrepreneurial
implications

Answer 11

Changes in the Environment

Question 12

refers to the physical
environment, societal environment, and
industry environment where the business
operates.

Answer 12

external environment .

Question 13

• The priorities, projects, programs and policies of
  the government are also good sources of
  entrepreneurial ideas.

Answer 13

Government’s thrust, programs, and policies

Question 14

The expertise and skills
developed by a person who has worked in a
particular field may lead to the opening of a related
business enterprise.

Answer 14

Past Experiences

Question 15

The interests, hobbies, and
preferences of people are a rich source of
entrepreneurial ideas. However, an entrepreneur
must be keen in identifying the cycle of interests
and trends of his/her target market since these tend
to continuously change.

Answer 15

People’s Interest

Question 16

Major Groupings of Entrepreneurial
Character Traits

Answer 16

Achievement Cluster Planning Cluster
Power Cluster

Question 17

consists of
entrepreneurial character traits that are directly
related to the entrepreneur’s desire to be an
achiever in the field of entrepreneurship.

Answer 17

ACHIEVEMENT CLUSTER

Question 18

He/She must possess the ability to
identify with great ease the most appropriate
entrepreneurial opportunities

Answer 18

Opportunity - Seeker

Question 19

He accepts full responsibility for what
has been promised to customers and establishes
proper coordination with and among workers, so
that goods and services are delivered as promised.

Answer 19

Committed

Question 20

Takes action in the face of a significant obstacle
-Makes personal sacrifices or exert extraordinary
effort to complete the required task and
-Stick to his own judgment in times of opposition
and failure

Answer 20

Persistent