Topic 1A:Key Components and Relevance of Entrepreneurship

Question 1

→ Behaviors that an individual demonstrates;
→ Minimum standards of performance
→ An underlying characteristic of a person which results in effective action and/or superior performance in a job

Answer 1

Competency

Question 2

→ Specific group of competencies relevant to the exercise of a successful entrepreneur.

Answer 2

Entrepreneurial Competencies

Question 3

10 PECs

Answer 3

• Persistence
• Opportunity Seeking
• Risk-Taking
• Demand for Work Efficiency
• Goal-setting
• Information Seeking
• Systematic Planning and Monitoring
• Persuasion and Networking
• Self- confidence

Question 4

→ Actively finding openings to start a new business, create a new market, or improve business operations

Answer 4

Opportunity Seeking

Question 5

→ Habitually working diligently for a long period of time

Answer 5

Persistence

Question 6

→ Accepts full commitment and responsibility as well as solid dedication to an endeavor

Answer 6

Commitment to Work Contract

Question 7

→ Demands quality and efficiency not only from himself but also from workers and suppliers.

Answer 7

Demand for Quality Efficiency

Question 8

→ Taking the chance to do something which is out of your comfort zone.

Answer 8

Risk-taking

Question 9

→ Strategic thinking and setting of goals

Answer 9

Goal Setting

Question 10

→ Updates with new information consistently

Answer 10

Information Seeking

Question 11

→ Sticks to the plan and fights the temptation to do what’s unimportant.

Answer 11

Systematic Planning and Monitoring

Question 12

→ Effective and efficient communication and relation to people

Answer 12

Persuasion and Networking

Question 13

→ Certainty in one’s ability and own judgment.

Answer 13

Self-confidence

Question 14

Achievement PEC

Answer 14

• Persistence
• Opportunity Seeking
• Risk-Taking
• Demand for Work Efficiency

Question 15

Planning PEC

Answer 15

• Goal-setting
• Information Seeking
• Systematic Planning and Monitoring

Question 16

Power PEC

Answer 16

• Persuasion and Networking
• Self- confidence

Question 17

1 in _ Filipino entrepreneurs started microbusinesses during pandemic

Answer 17

1 in 3 Filipino entrepreneurs started microbusinesses during pandemic

Question 18

→ dynamic process of vision, change, and creation
→ requires application of energy and passion towards the creation and implementation of innovative ideas and creative solutions

Answer 18

Integrated Definition of Entrepreneurship

Question 19

→ specific innovative way to satisfy want, overcome a problem, or meet a challenge

Answer 19

Entrepreneurial Idea

Question 20

→ want, problem, or challenge that can be addressed, solved, and/or satisfied by an innovative initiative

Answer 20

Entrepreneurial Opportunity

Question 21

Entrepreneurs is derived from the French verb

Answer 21

entreprendre “to undertake”

Question 22

→ derived from the French verb entreprendre “to undertake”
→ innovators willing to take risks and generate new ideas
→ “undertake” the risk of a new enterprise

Answer 22

Entrepreneur

Question 23

→ organization that engages in commercial activities – the trade of goods and services with consumers
→ goal is to earn profit: return or compensation to the entrepreneur for taking on the risk of developing an idea into an actual business venture.

Answer 23

Entreprise

Question 24

Relevance of Entrepreneurship

Answer 24

1. Development of managerial capabilities
2. Creation of Organization
3. Improving standard of living
4. Means of economic development

Question 25

→ entrepreneurship helps in identifying and developing managerial capabilities of entrepreneurs

Answer 25

Development of managerial capabilities

Question 26

→ entrepreneurship results in the creation of organizations when entrepreneurs assemble and coordinate physical, human, and financial resources

Answer 26

Creation of Organization

Question 27

→ helps in making a wide variety of goods and services available to the society which results in a higher standard of living for the people.

Answer 27

Improving standard of living

Question 28

→ involves creation and use of innovative ideas, maximization of output from given resources, and development of managerial skills.

Answer 28

Means of economic development

Question 29

return or compensation to the entrepreneur for taking on the risk

Answer 29

profit