Module 1

Question 1

proactive process of developing a business venture to make a profit

Answer 1

Entrepreneurship

Question 2

Societal and Economic Benefits

Answer 2

1. E. produces more jobs that equate to natl income
2. E. amplifies economic activities of diff. sectors of society
3. E. introduces new products & services
4. E. improves people’s living standards
5. E. disperses the economic power & creates equality
6. E. controls local wealth & balances regional dev’t
7. E. reduces social conflict * political unrest
8. E. elicits economic independence & capital formation

Question 3

between

Answer 3

Entre

Question 4

to take

Answer 4

Prendre

Question 5

adventurer

Answer 5

Entreprendre

Question 6

unique individual who has the innate ability & extraordinarydedication to establish & management a business acknowledging all the risks and reaping its rewards

Answer 6

Entrepreneur

Question 7

5 levels of an entrepreneur

Answer 7

1. Self-employed
2. Manager
3. Leader
4. Investor
5. True Entrepreneur

Question 8

selfish; confident

Answer 8

Self-employed

Question 9

hire people; teach

Answer 9

Manager

Question 10

independent

Answer 10

leader

Question 11

expansion

Answer 11

investor

Question 12

4 step process

Answer 12

1. Idealization
2. Visualization
3. Verbalization
4. Materialization

Question 13

where E. dream enormously & desire to build an ideal envt

Answer 13

Idealization

Question 14

where one starts to create plans to make a dream a relaity

Answer 14

Visualization

Question 15

involves sharing ideas with ppl, knowing that their vision is already occuring

Answer 15

Verbalization

Question 16

happens when the vision becomes a reality

Answer 16

Materialization

Question 17

Types of Entrepreneur

Answer 17

S.I.T.E
Social Entrepreneur
Intrapreneur
Technopreneur
Extrapreneur

Question 18

one who takes advantage of the country’s social problems & turn them to profitable institutions w/ the intnetion of helping the disadvantaged community rather than making a profit

Answer 18

Social Entrepreneur

Question 19

tasked to think in, establish & run a new big idea in a large company

Answer 19

Intrapreneur

Question 20

puts technology at the core if his/her business

Answer 20

Technopreneur

Question 21

hops from 1 company to another; acts as an innovation champion probviding craeture and efficient solution

Answer 21

Extrapreneur

Question 22

these are the competencies that you need to apply all through your entrepreneur career

Answer 22

Common Competencies

Question 23

these are the competencies that you need to apply to maintain a successful business

Answer 23

Core Competencies

Question 24

Common Traits

Answer 24

a. Proactive
b. Networkers
c. Agents of change
d. Risk takers
e. Have a sharp eye for oppurtunities
f. Sociable
g. Decisive
h. Balanced
i. Innovative

Question 25

Core Competencies

Answer 25

a. Leaders b. Communicators c. Specialists d. Problem SOlvers

Question 26

Ent vs. Em Income - generated passively even when resting ; only earned when business is successful

Answer 26

Entrepreneur

Question 27

Ent vs. Emp Income - generated actively ; usually fixed per month and increases depending on performance

Answer 27

Employed

Question 28

``` Ent vs. Emp Hiring and Firing Organizational Setup - provide jobs; owner - fully responsible for serving customers, making business profitable, sustainable, & employee satisfaction -power to fire ```

Answer 28

Entrepreneur

Question 29

Ent vs. Emp Hiring and Firing Organizational Setup - seeks for job; apply; one being interviewed ; goal of satisfying employer

Answer 29

Employed

Question 30

Ent vs. Emp Daily Tasks - performs all tasks to establish & manage a startup business; spend more hours on work = no sleep -prepares policies, memorandum, procedures

Answer 30

Entrepreneur

Question 31

Ent vs. Emp Daily Tasks - has routine tasks & works on regular hrs ; follows policies, memoranda

Answer 31

Employed

Question 32

Ent vs. Emp Leisure time & vacations -flexible sched; unli vacay days when business is stabilized already

Answer 32

Entrepreneur

Question 33

Ent vs. Emp Leisure time & vacations -limited number imposed by employer

Answer 33

Employed

Question 34

``` Ent vs. Emp Taxation -*Taxed on the net income can claim taxable income deductions for allowable expenses incurred by the business ```

Answer 34

Entrepreneur

Question 35

``` Ent vs. Emp Taxation -*Taxed on the gross income cannot use expenses incurred related to the job to claim for deductions ```

Answer 35

EMployed

Question 36

``` Ent vs. Emp Comfort level at work - *Is comfortable in doing multiple and challenging tasks and takes accountability with the risks and profits of the business ```

Answer 36

Entrepreneur

Question 37

``` Ent vs. Emp Comfort level at work -comfortable with routine and minimal risks ; working for company ```

Answer 37

Employed