LESSON 1.1: Entrepreneurship: Overview and Concepts

Question 1

Usefulness of the Course to the Students

Answer 1

1.) develops skills that will be needed for starting up a business

2.) enhances knowledge on how to operate business

3.) demonstrates how to manage a business

4.) consider becoming an employer rather than an employee

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

6.) change in personal and career attitudes

Question 2

An entrepreneur should always think positively even when faced with unexpected problems.

Answer 2

Optimism

Question 3

the science of converting processed ideas into a remarkable business venture

Answer 3

entrepreneurship

Question 4

An entrepreneur should know how to build trust and long-term relationships with customers.

Answer 4

Customer Relations Service

Question 5

refers to the setting up of a business while taking into consideration its financial risks, geared towards the attainment of profits.

Answer 5

entrepreneurship

Question 6

Entrepreneurs with high self-efficacy will turn _______ into ______ and use this as a ________

Answer 6

negative feedback into positive

basis for improvement

Question 7

Learners change in personal and career attitudes such as (6)

Answer 7

1.) communication

2.) problem-solving skills

3.) collaboration

4.) motivation

5.) creativity

6.) teamwork

Question 8

Entrepreneurs should have a strong willingness to acquire new knowledge and
skills.

Answer 8

Willingness to Learn

Question 9

Entrepreneurs should know how to work with people or groups to attain common goals and to promote teamwork.

Answer 9

Collaboration

Question 10

starts the business with an existing idea/concept

Answer 10

businessman

Question 11

Goal vs. Objectives

Answer 11

Goal = words
Objectives = numbers

Question 12

converting ideas into reality

Answer 12

entrepreneurship

Question 13

anticipates future conflicts but knows how to solve problems that may arise in business organizations.

Answer 13

Risk-taking

Question 14

An entrepreneur should know how to motivate people and see and value the best in others.

Answer 14

People-centered

Question 15

Entrepreneurs must have motivation and persistence to pursue their goals.

Answer 15

Ambition

Question 16

Importance of Entrepreneurship Education

Answer 16

1.) key economic driver

2.) individual lifelong process

3.) alternative career path

Question 17

This includes repeated efforts to achieve success.

Answer 17

Need for Achievement

Question 18

strategy for far location delivery

Answer 18

free delivery w/ minimum amount of orders

Question 19

They can manage change well and generate new actions even with undesirable events.

Answer 19

Adaptability and Flexibility

Question 20

creates unique ideas that will be useful for starting a business

Answer 20

entrepreneur

Question 21

An entrepreneur should know how to make choices and resolve issues quickly.

Answer 21

Decisiveness

Question 22

Competencies for Entrepreneurial Success

Answer 22

1.) Integrity

2.) Conceptual Thinking

3.) Risk-taking

4.) Collaboration

5.) Strategic Thinking

6.) Commercial Aptitude

7.) Decisiveness

8.) Optimism

9.) Customer Relations Services

10.) People-Centered

Question 23

An entrepreneur should have a positive sense of values and personal beliefs

Answer 23

Integrity

Question 24

Entrepreneurs must be willing to accept the consequences of every decision.

Answer 24

Willingness to Take Risks

Question 25

Entrepreneurs must learn how to be _____ and ____ in every situation. They

Answer 25

adaptable and flexible

Question 26

An entrepreneur is open to new approaches and analyzes ideas that may enhance work and will lead to significant improvements.

Answer 26

Conceptual Thinking

Question 27

Entrepreneurs must believe in their ability.

Answer 27

self-efficacy

Question 28

where the ideas came from

Answer 28

entrepreneur

Question 29

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

Answer 29

entrepreneur

Question 30

Why Study Entrepreneurship?

Answer 30

1.) increase an individual’s entrepreneurial interest

2.) discover innovators who also have the competence and edge of becoming entrepreneurs

3.) analyze creative and attainable ideas

4.) write a business plan

Question 31

the person who invests/franchise

Answer 31

businessman

Question 32

Entrepreneurs understand and use strategies as a way to accomplish goals in relevance to aims and objectives.

Answer 32

Strategic Thinking

Question 33

starts business from their own idea/concept

Answer 33

entrepreneur

Question 34

Entrepreneurs must have a high desire to accomplish goals.

Answer 34

Need for Achievement

Question 35

Entrepreneurs should set goals that are specific, measurable, attainable, realistic, and time-bound

Answer 35

Specific Goal Setting

Question 36

An entrepreneur should be updated with the developments in the locality

Answer 36

Commercial Aptitude

Question 37

They are skilled in developing new plans.

Answer 37

Willingness to Take Risks

Question 38

Entrepreneurs should have strong skills in working with people.

Answer 38

Interpersonal Skills

Question 39

They should have an
understanding of the behavior of others.

Answer 39

Interpersonal Skills

Question 40

with own ideas

Answer 40

entrepreneur

Question 41

with knowledge to identify opportunities that can be attained by the business.

Answer 41

Commercial Aptitude

Question 42

They must know how to calculate and identify risk.

Answer 42

Willingness to Take Risks

Question 43

Common Entrepreneurial Competencies

Answer 43

1.) specific goal setting

2.) self-efficacy

3.) need for achievement

4.) ambition

5.) willingness to learn

6.) adaptability and flexibility

7.) willingness to take risks

8.) interpersonal skills

Question 44

Entrepreneurs should set goals that are _______________ because it will increase the
________________

Answer 44

specific
measurable
attainable
realistic
time-bound
chances of achieving that goal