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Entrep 1
Lesson 1-4
| Question | Answer |
|---|---|
| What was the french word of entrepreneur that meant to undertake? | Entreprendre |
| What was the meaning of Entreprendre? | To undertake |
| What word originated from entreprendre which means to undertake? | Entrepreneur |
| It is a business person? | Entrepreneur |
| What is an Entrepreneur (2 words)? | Business Person |
| What is Entrepreneurship? | An art of observing correct practices in managing and operating a self-owned wealth-creating business enterprise by providing goods and services that are valuable to the customers. |
| Simply put, entrepreneurship is? | The willingness to start a new business |
| TRUE OR FALSE: There is only one meaning to entrepreneurship. | False,. there are several different meanings of the term entrepreneurship. |
| An ______________ is someone who is willing to work for himself and by himself | Entrepreneur |
| Can you give an example of any small business? | Cafes, bakery, etc. |
| What are the key differences in ordinary small business and small business? If there is a difference. | There is a difference, it is that a small business practices the principles of entrepreneurship and owned by one person with not more than 20 people. While ordinary small business does not advocate or practice entrepreneurship principles. |
| What does this refer to: Refers to a business or enterprise that correctly adopts and practices the principles of entrepreneurship | Small business |
| What does this refer to: It is owned by one person with a limited workforce of not more than 20 persons. | Small business |
| What does this refer to: Pertains to a business enterprise managed and operated by an owner who is not an advocate of and does not practice the concepts and principles of entrepreneurship. | Ordinary Small business |
| What does salient mean? | It means prominent, note-worthy. |
| What are the SALIENT FEATURES OF ENTREPRENEURSHIP? | It is an art of correct practices It is a wealth creating venture It provides valuable goods and services It entails opening and managing the self-owned enterprise It is a risk-taking venture |
| How many salient features of entrepreneurship are there? | Five |
| What does this refer to: It is an art of correct practices | SALIENT FEATURES OF ENTREPRENEURSHIP |
| What does this refer to: It is a wealth creating venture | SALIENT FEATURES OF ENTREPRENEURSHIP |
| What does this refer to: It provides valuable goods and services | SALIENT FEATURES OF ENTREPRENEURSHIP |
| What does this refer to: It entails opening and managing the self-owned enterprise | SALIENT FEATURES OF ENTREPRENEURSHIP |
| What does this refer to: It is a risk-taking venture | SALIENT FEATURES OF ENTREPRENEURSHIP |
| What does this refer to: It is not governed by fixed and absolute rules | Entrepreneurship is an art of correct practices |
| What does this refer to: There is constant change which denotes movement and innovation. | Entrepreneurship is an art of correct practices |
| What does this refer to: not static or stagnant | Entrepreneurship is an art of correct practices |
| What does this refer to: dynamic | Entrepreneurship is an art of correct practices |
| What does this refer to: Closely related to creativity. | Entrepreneurship is an art of correct practices |
| What does "entrepreneurship is not static or stagnant" mean? | It continuously grows, develops, improves, and expands; the changes does not stop. The development of entrepreneurship through the years is a proof that it is an art that continuously evolves and responds to the changing needs of the people. |
| What does "entrepreneurship is dynamic" mean? | – by the moment the economic activity changes, the political, social, and entrepreneurial activities will eventually change. |
| What does "entrepreneurship is closely related to creativity" mean? | Entrepreneurs find ways to transform new ideas into entrepreneurial opportunities |
| TRUE OR FALSE: An ordinary small businessperson transforms feasible new ideas into an entrepreneurial venture while an Entrepreneur only builds upon existing ideas to gain immediate earnings from his/her business | FALSE: An ENTREPRENEUR transforms feasible new ideas into an entrepreneurial venture while an ORDINARY SMALL BUSINESSPERSON only builds upon existing ideas to gain immediate earnings from his/her business. |
| TRUE OR FALSE: Entrepreneurship is governed by fixed and absolute rules | FALSE: It is NOT governed by fixed and absolute rules |
| TRUE OR FALSE: Entrepreneurship is in constant change which denotes movement and innovation. | TRUE |
| TRUE OR FALSE: Entrepreneurship is not static or stagnant. | TRUE |
| TRUE OR FALSE: Entrepreneurship is dynamic | TRUE |
| TRUE OR FALSE: Entrepreneurship is Closely related to creativity. | TRUE |
| What does this refer to: Ordinary Small Business equates wealth with the term PROFIT. | ENTREPRENEURSHIP IS A WEALTH-CREATING VENTURE |
| What does this refer to: Entrepreneurship, however, is operating within the concept of wealth creation rather than profit generation. | ENTREPRENEURSHIP IS A WEALTH-CREATING VENTURE |
| What does this refer to: WEALTH – defined as the abundance of money, property, or possession. | ENTREPRENEURSHIP IS A WEALTH-CREATING VENTURE |
| TRUE OR FALSE: Ordinary Small Business equates wealth with the term PROFIT. | TRUE |
| TRUE OR FALSE: Entrepreneurship, however, is operating within the concept of wealth creation rather than profit generation. | TRUE |
| TRUE OR FALSE: WEALTH – defined as PROFIT | FALSE: WEALTH – defined as the abundance of money, property, or possession. |
| How is wealth created? | It is when the benefits from the business are abundant enough to cover the costs incurred by the business while providing personal benefits to the owner to improve their life. |
| What does this refer to: Value is basically the opposite of waste. | Entrepreneurship provides valuable goods and services. |
| What does this refer to: Products and services are considered valuable when they provide additional benefits to the buyers and users. | Entrepreneurship provides valuable goods and services. |
| What does this refer to: Value is measured from the perspective of the consumers. | Entrepreneurship provides valuable goods and services. |
| TRUE OR FALSE: Value is basically the opposite of waste. | TRUE |
| TRUE OR FALSE: Products and services ARE NOT considered valuable when they provide additional benefits to the buyers and users. | FALSE; Products and services ARE considered valuable when they provide additional benefits to the buyers and users. |
| TRUE OR FALSE: Value is measured from the perspective of the consumers. | TRUE |
| What does this refer to: Valuable goods and services highly satisfy the target buyers in terms of quality and price. | Entrepreneurship provides valuable goods and services. |
| What does this refer to: Businesses that offer goods and services that are valuable from the buyer’s perspective are operating within the concept of entrepreneurship. | Entrepreneurship provides valuable goods and services. |
| TRUE OR FALSE: Valuable goods and services highly satisfy the target buyers in terms of quality and price. | TRUE |
| TRUE OR FALSE: Businesses that offer goods and services that are valuable from the buyer’s perspective are operating within the concept of entrepreneurship. | TRUE |
| What does this refer to: The entrepreneur opens his/her own business under the principle of entrepreneurship. It must be a self-owned in order to qualify as an entrepreneurial endeavor. | ENTREPRENUERSHIP ENTAILS OPENING ANG MANAGING THE SELF-OWNED ENTERPRISE |
| What does this refer to: A business is considered self-owned when the person managing its daily activities is also its owner. | ENTREPRENUERSHIP ENTAILS OPENING ANG MANAGING THE SELF-OWNED ENTERPRISE |
| What does this refer to: Businesses that are being managed by others for the benefit of the owners do not fall within the sphere of entrepreneurship. Such business are operating under the concept of intrapreneurship. | ENTREPRENUERSHIP ENTAILS OPENING ANG MANAGING THE SELF-OWNED ENTERPRISE |
| What does this refer to: Entrepreneurship is not about the size of the business but rather about its sole ownership. In other words, entrepreneurship includes small, medium, and multimillion business that are managed by their respective owners. | ENTREPRENUERSHIP ENTAILS OPENING ANG MANAGING THE SELF-OWNED ENTERPRISE |
| TRUE OR FALSE: The entrepreneur opens his/her own business under the principle of entrepreneurship. It must be a self-owned in order to qualify as an entrepreneurial endeavor. | TRUE |
| TRUE OR FALSE: A business is considered self-owned when the regardless of if person managing its daily activities is also its owner or not | FALSE: A business is considered self-owned when the person managing its daily activities is also its owner. |
| TRUE OR FALSE: Businesses that are being managed by others for the benefit of the owners do not fall within the sphere of entrepreneurship. Such business are operating under the concept of intrapreneurship. | TRUE |
| TRUE OR FALSE: Entrepreneurship is not about the size of the business but rather about its sole ownership. In other words, entrepreneurship includes small, medium, and multimillion business that are managed by their respective owners | TRUE |
| What does this refer to: Risk is inherent in an entrepreneurial venture. | Entrepreneurship is a risk-taking venture |
| What does this refer to: Risk cannot be detached from any entrepreneurial venture and the only way to remove it is to close the venture. | Entrepreneurship is a risk-taking venture |
| What does this refer to: The RISK in entrepreneurship is called a business risk. | Entrepreneurship is a risk-taking venture |
| TRUE OR FALSE: Risk is inherent in an entrepreneurial venture. | TRUE |
| TRUE OR FALSE: Risk cannot be detached from any entrepreneurial venture and the only way to remove it is to close the venture. | TRUE |
| TRUE OR FALSE: The RISK in entrepreneurship is called a business risk. | TRUE |
| Businesses that are being managed by others for the benefit of the owners do not fall within the sphere of entrepreneurship. Such business are operating under the concept of BLANK | INTRAPRENEURSHIP |
| The RISK in entrepreneurship is called? | BUSINESS RISK |
| Entrepreneurship and ordinary small business differ in the following areas: | Motive in opening a business Perception of risk in the business Reactions to changes in the environment View on competition Vision for development and growth Horizon of business operation Source of business funds |
| Why would an entrepreneur open their small business? | Become successful |
| How would an entrepreneur handle the risk in their business? | Takes and faces the business risk squarely |
| Would an entrepreneur consider changes in the environment favorable or unfavorable to their business? Why | Reacts positively to the changes in the environment |
| what is an entrepreneurs view about competition? | A SIGN OF HEALTHY ECONOMIC ENVIRONMENT |
| would an entrepreneur have development plan for their business? | BUSINESS IS CLEAR |
| toward what business horizon would an entrepreneur direct their business? | Thinks globally but acts locally |
| what will the primary source of funds for an entrepreneurs business? | INTERNAL AND EXTERNAL RESOURCES |
| Why would an ordinary small business owner open their small business? | Source of livelihood |
| How would an ordinary small business owner handle the risk in their business? | Believes business risk is a deterrent to the operation of the business and must be avoided |
| how would an ordinary small business owner react to changes in the environment? | Passive and static to changes in the environment |
| what is an ordinary small business owner view about competition? | UNHEALTHY ELEMENT IN THE BUSINESS ENVIRONMENT |
| would an ordinary small business owner have development plan for their business? | RELIES ON CHANCE AND LUCK |
| toward what business horizon would an ordinary small business owner direct their business? | Centered only on the local environment |
| what will the primary source of funds for an ordinary small business owners business? | LIMIT TO THE FUNDING OF HIS/HER BUSINESS ENTERPRISE TO PERSONAL RESOURCES |
Created by:
annebelle
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