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Question 1

A successful entrepreneur should have the ability to evaluate business opportunities, gather necessary resources, and initiate proper actions.

Answer 1

Achievement Cluster

Question 2

Achievement Cluster

Answer 2

Opportunity seeker
Risk-takers
Persistence
Commitment

Question 3

One of the requirements in entrepreneurship is the capacity to look for business opportunities.

Answer 3

Opportunity Seeker

Question 4

They’re not scared to try new things and put different things together to create something valuable.

Answer 4

Opportunity Seeker

Question 5

They pay attention to what people need now and in the future and look around for ideas that can make money.

Answer 5

Opportunity Seeker

Question 6

The entrepreneur looks for people with special talents or skills who can help turn these raw materials into valuable products.

Answer 6

Opportunity Seeker

Question 7

It is defined as the probability of loss.

Answer 7

Risk

Question 8

Someone who’s willing to take chances, even if there’s a possibility of losing something.

Answer 8

Risk-Taker

Question 9

They take action, overcome challenges, and are willing to take a chance when there’s a good opportunity for profit.

Answer 9

Risk-Taker

Question 10

They get involved in ventures where they can control or influence the situation.

Answer 10

Risk-Taker

Question 11

If they don’t succeed, they don’t see it as a failure but as a chance to learn and improve.

Answer 11

Risk-Taker

Question 12

They understand that in any business endeavor, there’s a chance of success and a chance of failure, but they’re not afraid to take the risk.

Answer 12

Risk-Taker

Question 13

A successful entrepreneur doesn’t give up easily when faced with challenges.

Answer 13

Persistence

Question 14

They’re determined to find solutions and improve the quality of their products or services to benefit their customers.

Answer 14

Persistence

Question 15

Entrepreneurs do all the tasks at the right time and work with excellence.

Answer 15

Commitment

Question 16

Their main goal is to make sure their customers are happy by providing high-quality products and exceptional service.

Answer 16

Commitment

Question 17

Planning Cluster

Answer 17

Good Planners
Good Decision Makers
Goal Oriented

Question 18

The entrepreneur must be flexible and imaginative. He must know how to plan business activities, give decisions, and set attainable goals.

Answer 18

Planning Cluster

Question 19

They carefully lay out their business plans.

Answer 19

Good Planners

Question 20

They pay close attention to details, track progress, and gather feedback to achieve the goals they’ve set for their business.

Answer 20

Good Planners

Question 21

They must have the ability to visualize and plan for the entire operation of their business, ensuring that all aspects work together effectively.

Answer 21

Good Planners

Question 22

They constantly seek ways to improve their products and explore new markets through innovative and creative decisions.

Answer 22

Good Decision Makers

Question 23

Six Distinct Phases of Making Decisions

Answer 23

1. Identify the problem.
2. Gather data about the problem.
3. Analyze the data.
4. Formulate alternative solutions.
5. Select the best solution.
6. Implement the solution.

Question 24

Entrepreneurs are individuals who are driven by the pursuit of clear and well-defined goals.

Answer 24

Goal Oriented

Question 25

The entrepreneurial journey is characterized by a strong focus on achieving these goals.

Answer 25

Goal Oriented

Question 26

They are opportunistic in their approach, meaning they adjust their efforts to seize opportunities that align with their specific objectives.

Answer 26

Goal Oriented

Question 27

SMART

Answer 27

Specific
Measurable
Attainable
Results-Based
Time-Bound

Question 28

Entrepreneurs are people with ideas and initiative, as well as goals and skills to lead and manage the business.

Answer 28

Power Cluster

Question 29

Power Cluster

Answer 29

High Self-esteem
Achiever
Optimistic
Courageous
Values Dignity
Hardworking

Question 30

It is the ability to guide and inspire others in the pursuit of a common goal or vision, particularly in the realm of entrepreneurship.

Answer 30

Leadership

Question 31

They are the people who are task-oriented, effective planners, organizers, and implementors.

Answer 31

Leaders

Question 32

Leaders and successful entrepreneurs have a strong sense of self-worth.

Answer 32

High Self-Esteem

Question 33

This is crucial because it gives them the confidence to take on challenging tasks and believe in their ability to overcome obstacles.

Answer 33

High Self-Esteem

Question 34

Leaders are driven by a constant desire to achieve.

Answer 34

Achiever

Question 35

They strive for excellence and set clear goals.

Answer 35

Achiever

Question 36

This trait makes them open-minded and goal-oriented, always seeking to accomplish what they’ve set out to do.

Answer 36

Achiever

Question 37

When faced with problems or setbacks, they see these challenges as opportunities for growth and innovation, rather than insurmountable obstacles.

Answer 37

Optimistic

Question 38

It involves taking risks and facing uncertainties with determination and bravery.

Answer 38

Courageous

Question 39

Successful entrepreneurs treat their employees with respect and dignity.

Answer 39

Values Dignity

Question 40

They prioritize the well-being and welfare of their workers and do not exploit them for personal gain.

Answer 40

Values Dignity

Question 41

Many successful individuals attribute their achievements not solely to intelligence but to their relentless hard work and determination.

Answer 41

Hardworking

Question 42

Steps in Formulating a Business Idea:

Answer 42

1. Discover need and wants of the community.
2. List down possible business ideas.
3. Assess yourself.
4. Conduct a research.
5. Perform SWOT Analysis.
6. Finalize business ideas.