Lesson 1: Perspective in Entrepreneurship

Question 1

is the art of observing correct practices in managing and operating a self-owned, wealth-creating business enterprise by providing goods and services that are valuable to the customers.

Answer 1

Entrepreneurship

Question 2

refers to a person
who strongly advocates and
correctly practices the
concepts and principles of
entrepreneurship in operating
and managing the self-owned
entrepreneurial venture

Answer 2

Entrepreneur

Question 3

What is entrepreneurship and how is it defined in terms of managing and operating a self-owned business enterprise that provides valuable goods and services to customers?

Answer 3

Good Job!

Question 3

is a generalization that
explains a set of facts or
phenomena. It is not an
absolute truth. It can be
supported by another
observation or proven to be otherwise.

Answer 3

Theory

Question 4

The theory of Joseph Schumpeter considers innovation as the primary factor affecting development

Answer 4

Innovation Theory

Question 4

What are the 5 Innovation factors in Innovation Theory?

Answer 4

1. New product
2. New production method
3. New market
4. New supplier
5. New industry structure

Question 5

The theory of John Maynard Keynes attributes economic growth, especially during depression, to the government.

Answer 5

Keynesian Theory

Question 6

results to scare of money and high number of unemployed

Answer 6

Depression

Question 7

The theory of Frank Hyneman Knight states that an entrepreneur faces the risk of uncertainty in the process of connecting the supplier and the buyer.

Answer 7

Risk and Uncertainty-bearing Theory

Question 8

The theory generalizes that the organization plays the most significant role among the different factors of production.

Answer 8

The Alfred Marshall Theory

Question 9

The theory of Weber asserts that social cultures have significant
contributions to entrepreneurship

Answer 9

Weber’s Sociological Theory

Question 10

The theory of Kaldor gives importance to the advancement of technology as an element of production.

Answer 10

Kaldor’s Technological Theory

Question 11

The theory of Leibenstein’s advocates that
Entrepreneurship fills the gap in any economic activity.

Answer 11

Leibenstein’s Gap-Filling Theory

Question 12

What are the three factors found in Leibenstein’s Gap-Filling Theory?

Answer 12

Recognize the trends in the market

Develop new goods or processes in demands but not in supply.

Determining profitable activities.

Question 13

The theory of Kirzner’s focuses on learning and alertness as the primary attributes of entrepreneurship.

Answer 13

Kirzner’s Learning-alertness Theory

Question 13

The theory of Kirzner’s focuses on learning and alertness as the primary attributes of entrepreneurship.

Answer 13

Kirzner’s Learning-alertness Theory

Question 14

Entrepreneurship and the activities of ordinary small business differ in the following areas:

Answer 14

1. Motive in opening a business
2. Perception of risk in the business
3. Reactions to changes in the environment
4. View on competition
5. Vision for development and growth
6. Horizon of business operation
7. Sources of business funds

Question 15

Give 3 contributions of Entrepreneurship to Filipino People

Answer 15

It provides guidelines in their wealth creating ventures

It helps improve their financial and social life.

It helps broaden their creativity.

It helps make their lives happy, fruitful and successful.

Question 16

Give 3 contributions of Entrepreneurship to Local Communities

Answer 16

It provides employment in the community.

It creates new demand in the market.

It makes substantial contribution to the raising and collection of taxes.

It facilitates the movement of the factors of production.

It creates new business
opportunities.

It promotes a peaceful and
loving community.

It increases constructive
competition.

Question 17

Give 3 contributions of Entrepreneurship to the Philippine Economy

Answer 17

It encourages competitiveness and thereby challenges entrepreneurs to keep improving their products and
services.

It helps find an entrepreneurial niche in the world market.

It helps hasten economic recovery process in the Philippines during financial turmoil or crackdown.

It facilitates the smooth flow of money in the local market.

It assists the national government in its desire to have favorable economic ratings in the world market.

Question 18

What are the 5 sources of Entrepreneurial Ideas?

Answer 18

1. Changes in the environment
2. Technological discovery and advancement
3. Government’s thrust, programs and policies
4. People’s interest
5. Past experiences