Understanding Entrepreneurship

Question 1

french word which means to undertake

Answer 1

entreprende

Question 2

Practice/process of business

Answer 2

Entrepreneurship

Question 3

the business itself

Answer 3

Enterprise

Question 4

Importance of Entrepreneurship to Filipinos

Answer 4

1. Provides GUIDELINES to their wealth creating ventures.
2. Improves social and financial life
3. Broadens their CREATIVITY.
4. Makes their life happy, fruitful, and successful.

Question 5

Importance of entrepreneurship to local community

Answer 5

1. employment
2. new demand in the market
3. makes substantial contribution to the raising and collection of taxes
4. facilitates the movement of the factors of production
5. new business opportunities.
6. creates peaceful and loving community
7. increases constructive competition

Question 6

importance of entrepreneurship to the economy

Answer 6

1. encourages competitiveness
2. helps find an entrepreneurial niche in the world market
3. helps hasten the economic recovery process of the Philippines
4. facilitates the smooth flow of money
5. assists the national government through taxes

Question 7

Character traits common to successful entrepreneurs (3 Clusters)

Answer 7

*Achievement Cluster
*Planning Cluster
*Power Cluster

Question 8

Traits under the Achievement Cluster

Answer 8

• opportunity seeker
• committed
• persistent
• risk taker
• efficient and quality oriented

Question 9

traits under planning cluster

Answer 9

• goal setter
• information seeker
• systematic in planning and monitoring

Question 10

traits under power cluster

Answer 10

• Persuasive and positive networker
• self confident

Question 11

-It is considered as the personal abilities to do things well.
- come from the totality of knowledge, practice or experience and aptitude of a person

Answer 11

Skills and CORE Competencies in Entrepreneurship Skills

Question 12

Mental ability to learn to new things, generate new ideas, and express knowledge in both oral and written forms.

Answer 12

Cognitive skills

Question 13

Manages the day to day operations of the business venture.
“The higher the responsibility, the higher chances of facing problems.”

Answer 13

Problem solving Skills

Question 14

Knowledge and proficiency in a specialized field; computer, technology, accounting, marketing.

Answer 14

Technical Skills

Question 15

Relationship and INTERACTION of the entrepreneurs with the workers, suppliers, creditors.

Answer 15

Interpersonal Skills

Question 16

Entrepreneurial Concepts and Principles (Character Traits)

Answer 16

Achievement Cluster
Planning Cluster
Power Cluster

Question 17

Entrepreneurial Skills

Answer 17

Cognitive Skills
Problem Solving Skills
Technical Skills
Interpersonal Skills

Question 18

Combination of entrepreneurial concepts and principles, entrepreneurial character traits, and entrepreneurial skills. “competitive advantage”

Answer 18

core competency

Question 19

it generally establishes the solid foundation of sustainability of the entrepreneurial venture in the heart of the competition

Answer 19

competitive advantage