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Mastery Test Flashcards

1
Q

Concepts and Principles of Entrepreneurship

A
  • Entrepreneur
  • Entrepreneurship
  • Enterprise
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2
Q

Is the name of the establishment owned by an entrepreneur

A

Enterprise

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3
Q

Is an art of correct practice in managing and opening a self owned business by taking risk in creating valuable goods and services as wealth creating venture.

A

Entrepreneurship

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4
Q

Sometimes referred to as Small Business

A

Entrepreneurship

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5
Q

From a French word “entreprendre” which means to undertake.

A

Entrepreneur

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6
Q

Someone who strongly advocates the principles of entrepreneurship.

A

Entrepreneur

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7
Q

Salient Features of Entrepreneurship

A
  • An art of correct practice
  • Wealth creating venture
  • Provides valuable goods and services
  • Opening and managing a self-owned business
  • Risk taking venture
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8
Q

A risk should be considered as an entrepreneurial venture.

A

Risk taking venture

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9
Q

A ____ should be considered as an entrepreneurial venture.

A

risk

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10
Q

The owner should personally open and manage the business. If the owner only opens the business but allows someone to manage it for them, the owner is no longer practicing the idea of entrepreneurship INTRAPRENEURSHIP..

A

Opening and managing a self-owned business

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11
Q

Creating good that has importance to consumers to create wealth.

A

Provides valuable goods and services

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12
Q

Businesspeople equate wealth with profit. Wealth means an abundance of money and possession.

A

Wealth creating venture

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13
Q

It is an art because it requires skills and has no governing rules; it is new in the market.

A

An art of correct practice

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14
Q

Businessman/Ordinary Small Business

A
  • Businessman
  • Business
  • Company
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15
Q

Company

A
  • Is the establishment owned by a businessman
  • Business Scales
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16
Q

Is the establishment owned by a businessman

A

Company

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17
Q

Business Scales

A
  • Small Business/Enterprise – 1 -20 employees
  • Medium Business/Enterprise – 21 – 100 Employees
  • Large Business/Enterprise – 101 up employees
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18
Q

1 -20 employees

A

Small Business/Enterprise

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19
Q

21 – 100 Employees

A

Medium Business/Enterprise

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20
Q

101 up employees

A

Large Business/Enterprise

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21
Q

exist to gather facts to support you on how to become a successful entrepreneur

A

Theories of Entrepreneurship

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22
Q

______ refers to a generalization that explains a set of facts because it needs to be proven.

A

Theory

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23
Q

innovation is the primary factor affecting development

A

Innovation Theory (Joseph Schumpeter)

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24
Q

Government has a role in both economic and entrepreneurial development, especially during economic depression.

A

Keynesian Theory (John Maynard Keynes)

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25
Organization plays a vital role among the factors of production (Land, Labor, Capital)
Alfred Marshall Theory (Alfred Marshall)
26
There’s always a risk of uncertainty in the process of connecting the supplier and the buyer.
Risk and Uncertainty Bearing Theory (Frank Hyneman Knight)
27
Social Cultures contributes to the success of the entrepreneur
Sociological Theory ( Max Weber)
28
Advancement of technology as an element of production
Technological Theory (Nicholas Kaldor)
29
Entrepreneurs fill the gap (economic problem) in any economic activity
Gap Filling Theory (Henry Leibenstein)
30
Learning from experience and being alert to consumers’ needs are attributes of entrepreneurship.
Learning Alertness Theory (Israel Kirzner)
31
Misconceptions towards the activity of entrepreneurship.
Only for Manufacturing - Entrepreneurship is for all industry not only for manufacturing Only for Small Business - Entrepreneurship can be small (with 20 employees), medium (with 21 – 100 employees) and large (with 101 – up employees) enterprise. Only for people with good educational background - Since entrepreneurship is an art, as long as you have the skills, you can be an entrepreneur. Only for good economy - Entrepreneurship can find business opportunities in both bad and good economy. Simply opening a business - As one of the salient features, entrepreneurship entails managing and opening a self-owned business.
32
Importance of Entrepreneurship
- Filipino People - Local Community - Philippine Economy
33
Filipino People
Improves financial and social life ; Provides wealth Make life happy and fruitful ; Broaden creativity
34
Local Community
- Employment ; new business opportunity - Creates new demand ; peaceful & loving community - Collection of taxes ; constructive competition - Movement of factors of production
35
Philippine Economy
- Continuous development ; smooth flow of money - Niche in the market ; favourable economic rate - Economic recovery
36
The Entrepreneurial Process of New Venture
Creation of Entrepreneurial Ideas > Identification of Entrepreneurial Opportunities > Opening of Entrepreneurial Venture
37
Sources of Entrepreneurial Ventures
- Changes in the Environment - Technological Advancement - Government Thrust, Programs and Policies - People’s Interest - Past Experience
38
you can start a business by using your past experience.
Past Experience
39
you can start a business that suits your interest.
People’s Interest
40
through the these programs you can have an idea on what business to start. Like for example, the “No Plastic Policy”, for entrepreneur, it is an opportunity to start a business in making paper bags.
Government Thrust, Programs and Policies
41
an advancement of technology helps you to think of a new product, since technology doesn’t age.
Technological Advancement
42
you can start up a business by utilizing the following: - Physical Environment - Societal Environment - Industry Environment
Changes in the Environment
43
Changes in the Environment
you can start up a business by utilizing the following: - Physical Environment - Societal Environment - Industry Environment
44
climate, natural resources, wildlife
Physical Environment
45
Economic forces, Sociocultural forces, Political forces and Technological forces.
Societal Environment
46
– government, competitors, suppliers, customers, creditors and employees
Industry Environment
47
Character traits common to successful entrepreneur
- Achievement Cluster - Planning Cluster - Power Cluster
48
Power Cluster
- Persuasive and positive - Self-confident
49
project favourable image of themselves
Self-confident
50
influence and convince others with respect
Persuasive and positive
51
support the character traits in achievement cluster
Planning Cluster
52
Planning Cluster
- Goal Setter - Information Seeker - Systematic in planning and monitoring
53
Systematic in planning and monitoring
- Systematic - Planning - Monitoring
54
has a guiding points that direct all actions
Goal Setter
55
seek a strong basis to make a sound decision
Information Seeker
56
rational and logical approach
Systematic
57
setting goals and objectives
Planning
58
evaluation of activities adopted
Monitoring
59
Achievement Cluster
- Opportunity Seeker - Committed - Persistent - Risk Taker
60
Risk Taker
- Aggressive - Moderate - Conservative
61
not very eager to take the risk
Conservative
62
calculative in taking risk
Moderate
63
not scared to take the risk
Aggressive
64
take repeated or different actions to overcome obstacles
Persistent
65
accepts full responsibility for what’s being promised
Committed
66
sees and acts of new business opportunities
Opportunity Seeker
67
related to entrepreneur’s desires.
Achievement Cluster
68
Skills of Entrepreneurship
- Cognitive Skills - Technical Skills - Interpersonal Skills
69
the relationship and interaction of entrepreneurs to others.
Interpersonal Skills
70
relate to the knowledge and proficiency to a specialized field
Technical Skills
71
mental ability of the entrepreneur to learn new skills
Cognitive Skills
72
Cognitive Skills
- Problem solving skills
73
the ability to make sound decisions adopting the scientific approach
Problem solving skills
74
Problem solving skills
- Define the problem - Gathering of information - Formulating alternative solution - Evaluating alternative solution - Selecting and implementing optimal solution - Evaluating the decision
75
Is a combination of the concept and principles of entrepreneurship, character traits, and entrepreneur skills.
Core Competencies of Entrepreneurship
76
To be a competent entrepreneur, you must practice the salient features of entrepreneurship and be equipped with the character traits common to all successful entrepreneurs and possess entrepreneurship skills.
Competent = Principles + Character Traits + Skills Competent = Competitive Advantage Competent meaning you’re ready.

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