Lesson 2

Question 1

Factors Affecting Entrepreneurship

Answer 1

1. Personality Factors
2. Environmental Factors

Question 2

Factors that are entrepreneur core
competencies

Answer 2

Personality Factors

Question 3

What are the 9 Personality Factors?

Answer 3

a) Initiative
b) Proactive
c) Persistent
d) Problem-solver
e) Persuasion
f) Self-confidence
g) Self-critical
h) Planner
i) Risk-taker

Question 4

does things before
being asked, the action of taking
the first step or move.

Answer 4

Initiative

Question 5

identifies and utilizes
opportunities, entrepreneurs are
in habit of identifying present and
future needs of people and
institutions in the community

Answer 5

Proactive

Question 6

perseverance works
against all odds to overcome obstacles
and is never complacent with success,
they keep on trying various
alternatives to improve their services
to the people.

Answer 6

Persistent

Question 7

– they anticipate and
solve problems creatively. This calls for
being a wise decision-makers.

Answer 7

Problem-solver

Question 8

convinces
customers and financiers to
patronize his business

Answer 8

Persuasion

Question 9

makes
decisions and sticks to his
decisions

Answer 9

Self-confidence –

Question 10

– learns from his mistakes
and from experiences of others

Answer 10

Self-critical

Question 11

collects information,
prepares a plan, and monitors
performance

Answer 11

Planner

Question 12

is willing to take
calculated risks, they take the chance
of investing.

Answer 12

Risk-taker

Question 13

These factors relate to the conditions
in which an entrepreneur has to
work.

Answer 13

Environmental Factors

Question 14

Enumerate the Environmental Factors

Answer 14

❖Political climate
❖Legal system
❖Economic and social condition
❖Market situations

Question 15

 Political stability in a country is absolutely
essential for smooth economic activity.

Answer 15

Political Climate

Question 16

• Unfair trade practices
• Elements and bodies that are directly
  involved in the legislation and
  interpretation of laws and ordinances
  directly affecting the business.

Answer 16

Legal System

Question 17

• Economic forces are factors which are
  primarily caused by changes or
  movements in the Philippine economy
  that have direct or indirect effects on
  the entrepreneurial venture

Answer 17

Economic and social condition

Question 18

• Social forces are elements in society
  resulting from human interactions that
  can influence the thoughts, behavior,
  attitude, actions, and even the belief
  and customs of the people.

Answer 18

Economic and social condition

Question 19

Target market / competition

Answer 19

Market Situations

Question 20

Functions of Entrepreneur

Answer 20

• Innovation
• Assumption of Risk
• Research
• Development of
  Management Skills
• Overcoming
  resistance to
  change
• Catalyst of Economic
  development

Question 21

• may involve doing
  new things or doing existing
  things differently.
  ➢An entrepreneur uses his
  creative faculties to do new
  things and exploits
  opportunities in the market.

Answer 21

Innovation

Question 22

simply refers to the
information needed by the entrepreneur
in order to answer the objective relative
to the buying behavior of the consumers.

Answer 22

Research

Question 23

“An entrepreneur tries new ideas at his level”? ***

Answer 23

Overcoming resistance to change

Question 24

“An entrepreneur plays an important role in
accelerating the pace of economic development of
a country by discovering new uses of available
resources and maximizing their utilization.

Answer 24

Catalyst of economic development

Question 25

Types of Entrepreneurs

Answer 25

Innovative entrepreneurs
2. Imitating entrepreneurs
3. Fabian entrepreneurs
4. Drone entrepreneurs
5. Social entrepreneurs

Question 26

These entrepreneurs have the ability to
think newer, better and more economical
ideas of business organization and
management. They are the business
leaders and contributors to the economic
development of a country.

Answer 26

Innovative Entrepreneurs

Question 27

These entrepreneurs are people who
follows the path shown by innovative
entrepreneurs. They imitate innovative
entrepreneurs because the environment in
which they operate is such that it does not
permit them to have creative and innovative
ideas on their own.

Answer 27

Imitating entrepreneurs

Question 28

• These type of entrepreneurs are skeptical
  about the changes to be made in the
  organization.
• They do not initiate any inventions but
  follow only after they are satisfied with its
  success rate.

Answer 28

Fabian entrepreneurs

Question 29

• entrepreneurs are those
  individuals who are satisfied with
  existing mode and speed of business
  activity and show no inclination in
  gaining market leadership.
• They are die-hard conservatives even
  ready to suffer the loss of business.

Answer 29

Drone Entrepreneurs

Question 30

• Drive social innovation and
  transformation in various fields including
  education, health, human rights, workers
  right, environment and enterprise
  development.
• They undertake poverty alleviation
  objectives and dare to overcome
  traditional business practices and
  innovate with the zeal of an
  entrepreneur.

Answer 30

Social Entrepreneurs