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Entrep 1
Misconception, Importance, and Theories on Entrepreneurship
| Question | Answer |
|---|---|
| How many misconceptions are there in Entrepreneurship? (Main Ones) | Five |
| Name the Five (5) Misconceptions | Entrepreneurship applies only to manufacturing businesses, small businesses, a good economy Entrepreneurship applies mostly to person with good educational background in business courses Entrepreneurship is simply opening a small business |
| As long as it is called a business venture entrepreneurship can still be applied (T or F) | TRUE (Entrepreneurship applies only to manufacturing business) |
| Creativity & Innovation is limited to merchandising & service type of business (T or F) | FALSE (Entrepreneurship applies only to manufacturing business) |
| In the manufacturing operation on the other hand, the product passes through difference stages of processing from ___ to ___ | Raw Goods to Finished Goods |
| It is during the ____________ that creativity and innovation take place | processing period |
| Entrepreneurship makes distinction based on the size of the business venture | FALSE (Entrepreneurship applies only to small business_ |
| Is someone born as an entrepreneur? | No |
| Although business courses may help you in the field of entrepreneurship, it does not, however, provide an assurance that you will become a dynamic entrepreneur. (T or F) | TRUE (Entrepreneurship applies mostly to persons with good educational background in business courses) |
| It is your inner driving force that carries you towards becoming a dynamic entrepreneur. (T or F) | TRUE (Entrepreneurship applies mostly to persons with good educational background in business courses) |
| An entrepreneur finds business opportunities in both flourishing. (good) and distressed(bad) economies. (T or F) | TRUE (Entrepreneurship applies only to a good economy) |
| During a financial crackdown what do big businesses usually do? | During a financial crackdown, big businesses usually adopt a conservative approach in utilizing their resources. (they reduce their production output and hold on to their cash) |
| What are other misconceptions on entrepreneurship? | Entrepreneurs are born that way All you need is a great idea to be successful Entrepreneurs are their own boss Entrepreneurship is an easy way to get rich |
| Entrepreneurship does not start and end with opening a small business. It is a long, continuing process. (T or F) | True (Entrepreneurship is simply opening a small business) |
| What is in the flow of entrepreneurial benefits? | Contributions of entrepreneurship, Filipino People, Local Community, Philippine Economy |
| What is the flow entrepreneurial benefits, start from contributions of entrepreneurship. | Contribution of entrepreneurship goes to the Filipino People -> local community, then that goes to both Filipino people and Philippine economy. Where Philippine Economy goes to Filipino people and local community |
| How many importance of entrepreneurship to each? | 4 for Local Filipino, 7 for Local Community, and 5 for Philippine Economy |
| Name the importance of entrepreneurship to the Local Filipino | It provides guidelines in their wealth-creating ventures It helps improve their financial and social life It helps broaden their creativity It helps make their lives happy and successful |
| Name the importance of entrepreneurship to the Local Community part 1 | It provides employment in the community It creates new demand in the market It makes substantial contributions to the raising and collection of taxes It facilitates the movement of the factors of production |
| Name the importance of entrepreneurship to the Local Community part 2 | It creates new business opportunities It promotes a peaceful and loving community It increases constructive competition |
| Name the importance of entrepreneurship to the Philippine Economy part 1 | It encourages competitiveness and thereby challenges entrepreneurs to keep improving their products and services It helps find an entrepreneurial niche in the world market |
| Name the importance of entrepreneurship to the Philippine Economy part 2 | It helps hasten the economic recovery process of the Philippine during financial turmoil or crisis It facilitates the smooth flowofmoney in the market It assists the national government in its desire to have favorable economic ratings in the worldmarket |
| How many main theories of entrepreneurship? | Four |
| What are the main theories of entrepreneurship? | Innovation theory, Keynesian Theory, Alfred Marshall Theory, Risk and Uncertainty-Bearing Theory |
| What are the other theories on entrepreneurship? | Weber's Sociological Theory, Kaldor's Technological Theory, Leibenstein Gap-Filling Theory, Kirzner's Learning-Alertness Theory |
| Who created Innovation Theory? | Joseph Schumpeter (Austrian Economist and Political Scientist) |
| What book did Joseph Schumpeter make that included the innovation theory? | The Theory of Economic Development |
| What did the innovation theory emphasize? | structural change and innovation, Revolutionary Change |
| In the innovation theory, what is the force that will propel change? | Innovation |
| What will the innovation theory do? | Creative destruction of the static mode of the economy; stir the entrepreneurial activity; encourage competition |
| - It is the primary role of the entrepreneur to introduce innovation in any of the following forms: | 1. New product 2. New production method 3. New market 4. New supplies 5. New industry structure |
| Who created the Keynesian theory? | John Maynard Keynes (British Economist) |
| What book was Keynesian theory in? | The General Theory of Employment, Interest, and Money |
| When was the book John Maynard Keynes published? (Keynesian Theory) | During the Great Depression in 1936 |
| What did the Keynesian Theory Emphasize? | Role of the Government |
| Which theory said: private sector may perform well in their entrepreneurial ventures only when the people have enough money | Keynesian Theory |
| Which theory said: government must intervene by pouring more money into the economy and creating more jobs and projects for communities | Keynesian Theory |
| Who created the Alfred Marshall Theory? | Alfred Marshall (English Economist) |
| What book was the Alfred Marshall theory created? | Principles of Economics |
| What re the four factors of production in the Alfred Marshall Theory? | Land, Labor, Capital, Organization |
| What is the coordinating element in the Alfred Marshall theory? | Organization |
| Which theory said: Entrepreneurs as prime movers in the organization | Alfred Marshall Theory |
| Which theory said: expected to create new commodities or improve the existing ones | Alfred Marshall Theory |
| Which theory said: - entrepreneurs can only perform and meet expectations if they have a thorough understanding of the industry where they operate | Alfred Marshall Theory |
| Who created the Risk and Uncertainty-Bearing Theory? | Frank Hyneman Knight (American Economist) |
| What is the book that mentioned the Risk and Uncertainty-Bearing Theory by Frank Hyneman Knight? | Risk, Uncertainty and Profit |
| _____ as an agent of the production process where they connect the producers and the consumers | Entrepreneur |
| Which theory said: Risk taking will differentiate an entrepreneur from a worker | |
| Which theory said: entrepreneurs must anticipate possible random events | Risk and Uncertainty-Bearing Theory |
| Which theory said: risk rewarded with high profits | Risk and Uncertainty-Bearing Theory |
| Who created Weber's Sociological Theory | Max Weber |
| Who created Kaldor's Technological Theory | Nicholas Kaldor |
| Who created Leibenstein Gap-Filling Theory | Henry Leibenstein |
| Who created Kirzner's Learning-Alertness Theory | Israel Kirzner |
| What did Weber’s Sociological Theory emphasize? | Culture is the primary driving element of entrepreneurship |
| What did Kaldor's Technological Theory emphasize? | modern technology as an essential factor in production |
| What did Leibenstein Gap-Filling Theory emphasize? | Fill existing gap |
| What did Kirzner's Learning-Alertness emphasize? | Spontaneous learning and Alertness |
| Which theory said: Modern theory is the emphasis for growth and production | Kaldor’s Technological Theory |
| Which theory said: entrepreneurs are expected to possess abilities that will connect different markets | Leibenstein Gap-Filling Theory |
| Which theory said: entrepreneurs must extend assistance to entrepreneurial ventures experiencing failures and deficiencies | Leibenstein Gap-Filling Theory |
| Which theory said: alert in recognizing entrepreneurial opportunities | Kirzner's Learning-Alertness |
| Which theory said: appropriate remedies to correct the error or wrong perception | Kirzner's Learning-Alertness |
Created by:
annebelle
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