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Entrepreneurship > Lesson 1 > Flashcards

Lesson 1 Flashcards

1
Q

are the backbone of the economy.

A

Businesses

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2
Q

play an important role in developing the economy through providing the needed products and services including the solution to the problem of unemployment.

A

Entrepreneurs

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3
Q

is encouraged by the economy because it can provide a lot of opportunities for the unemployed people.

A

Entrepreneurship

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4
Q

It will increase per capita income, improve standard of living and increase individual savings, provide revenue to the government in the form of:

A

income tax,
value added tax,
export duties,
import duties,
and balanced regional development.

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5
Q

is a person who creates unique ideas that will be useful for starting a business.

A

entrepreneur

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6
Q

The word “entrepreneur” was derived from the French verb _____, which means____ “ This is pinpointing to those who “undertake” the risk of enterprise.

A

enterprendre

to undertake.

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7
Q

Entrepreneurs are innovators. They are willing to take the risks and generate unique ideas that can provide profitable solutions to the needs of the market and the society.

A

True

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8
Q

The enterprise is created by an ____ and the process is called “______.”

A

entrepreneur

Entrepreneurship

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9
Q

the science of converting processed ideas into a remarkable business venture

A

Entrepreneurship

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10
Q

6 Usefulness of the Course to the Students

A

It develops skills that will be needed in starting up a business.

It enhances knowledge on how to operate business.
It demonstrates how to manage a business.

Learners consider becoming an employer rather than an employee.

Learners change their attitude towards the course as a means of living.

Learners change in personal and career attitudes such as communication, problem-solving, collaboration, motivation, creativity, and teamwork.

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11
Q

3 Importance of Entrepreneurship Education

A

key economic driver

increase the level of knowledge, competence and improve the quality of life

alternative career path

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12
Q

2*Factors Affecting Entrepreneurship

A

Personality Factors

Environmental Factors

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13
Q

7 types of Personality Factors

A

Initiative
Proactive
Problem solver
Perseverance
Persuasion
A planner
Risk taker

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14
Q

doing things even before being told.

A

Initiative

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15
Q
  • which means he can classify opportunities and seize it
A

Proactive

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16
Q

which means he can retain good relations with other people

A

Problem solver

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17
Q

meaning he will pursue things to get done regardless of challenges

A

Perseverance

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18
Q
  • means that he can entice people to buy even if they don’t want to
A

Persuasion

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19
Q
  • he makes plans before doing things and does not fail to monitor it
A

A planner

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20
Q
  • which means that he is willing to gamble but he will calculate it first
A

Risk taker

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21
Q

include political, climate, legal system, economic and social conditions and market situations

A

Environmental Factors

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22
Q

are considered as the capability, capacity and ability of the learner in handling situations in various areas in business operations such as in marketing, management, production, and finance.

A

Competencies

23
Q

14 COMMON Competencies in Entrepreneurship
k

A

Decisive
Communicator
Leader
Opportunity seeker
Proactive
Risk taker
Innovative
Specific Goal Setting
Self-Efficacy

Need for Achievement

Ambition
Willingness to Learn
Adaptability and Flexibility
Interpersonal Skills

24
Q

an entrepreneur must be firm in making decisions.

A

Decisive

25
Q

an entrepreneur must have a convincing power.

A

Communicator

26
Q

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

A

Leader

27
Q

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

A

Opportunity seeker

28
Q

an entrepreneur can control a situation by making things happen or by preparing for possible future problems.

A

Proactive

29
Q

an entrepreneur has the courage to pursue business ideas.

A

Risk Taker

30
Q

the entrepreneur has big business ideas, and he does not stop improving and thinking of new worthwhile ideas for his business.

A

Innovative

31
Q

the entrepreneur has big business ideas, and he does not stop improving and thinking of new worthwhile ideas for his business.

A

Innovative

32
Q

7 CORE Competencies in Entrepreneurship

A

Profit Potential
Risk bearing
Integrity
Conceptual Thinking
Strategic Thinking
Decisiveness
Customer Relations Service

33
Q

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

A

Profit Potential

34
Q

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

A

Risk bearing

35
Q

An entrepreneur knows what is good and right. Do what is best for everyone and do not act without thinking.

A

Integrity

36
Q

Review outcome projects in order to understand where problems occurred. Check the impact of the proposed solution to both customers and employees.

A

Conceptual Thinking

37
Q

An entrepreneur finds ways to do things faster or at less costs.

A

Strategic Thinking

38
Q

An entrepreneur switches to an alternative strategy to reach a goal. It generates new ideas and innovative solutions.

A

Decisiveness

39
Q

A good entrepreneur knows what his or her customer needs in order to satisfy them and have a long-term relationship.

A

Customer Relations Service

40
Q

5 Types of Entrepreneurs

A

Innovative Entrepreneurs
Imitating Entrepreneurs
Fabian Entrepreneurs
Drone Entrepreneurs
Social Entrepreneurs

41
Q

They are those who always make new things by thinking of new ideas. They have the ability to think newer, better and more economical ideas.

A

Innovative Entrepreneurs

42
Q

They are those who don’t create new things but only follow the ideas of other entrepreneurs.

A

Imitating Entrepreneurs

43
Q

They are skeptical about changes to be made in the organization. They don’t initiate but follow only after they are satisfied.

A

Fabian Entrepreneurs

44
Q

They are those who live on the labor of others. They are die-hard conservatives even ready to suffer the loss of business.

A

Drone Entrepreneurs

45
Q

They are those who initiate changes and drive social innovation and transformation in the various fields such as education, health, human rights, environment and enterprise development.

A

Social Entrepreneurs

46
Q

4 Career Opportunities of Entrepreneurship

A

Business Consultant
Teacher
Researcher
Business Reporter

47
Q

with the expertise of in the field of entrepreneurship, he can be a very good source of advices to other entrepreneurs and would be businessmen.

A

Business Consultant

48
Q

a graduate of an entrepreneurship can use his knowledge in teaching.

A

Teacher

49
Q

the entrepreneur can be employed as a researcher by an enterprise.

A

Researcher

50
Q

the entrepreneur being expert in the field, can be employed as a business reporter.

A

Business Reporter

51
Q

Environmental Factors

A

political,
climate,
legal system,
economic and social conditions
and market situations

52
Q

Competencies

learner in handling situations in various areas in business operations such

A

marketing,
management,
production, and
finance.

53
Q

Competencies

learner in handling situations in various areas in business operations such

A

marketing,
management,
production, and
finance.

Entrepreneurship (4 decks)

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