3RD QUARTER EXAM REVIEWER

Question 1

The concept of entrepreneurship was first established and the meaning is evolved ever since

Answer 1

1700’s

Question 2

He Focus on how the entrepreneur’s drive for innovation and improvement creates upheaval and change

Answer 2

JOSEPH SCHUMPETER (1883-1950)

Question 3

At the heart of capitalism is creative destruction

Answer 3

JOSEPH SCHUMPETER (1883-1950)

Question 4

Describe entrepreneur as someone who actually searches for change, responds to it and change as an opportunity.

Answer 4

PETER DRUCKER (1909-2005)

Question 5

Entrepreneurship is “the process of creating or seizing an opportunity, and pursuing it regardless of the resources currently controlled.”

Answer 5

HOWARD H. STEVENSON

Question 6

4 TENETS ON ENTREPRENEURSHIP BY HOWARD H. STEVENSON

Answer 6

1. Entrepreneurship flourishes in community where resources are mobile.
2. Entrepreneurship is greater when successful members of a community reinvest excess capital in the projects of other community members.
3. Entrepreneurship flourishes in communities in which success of other community members is celebrated rather than derided.
4. Entrepreneurship is greater in communities that see change as positive rather than negative.

Question 7

As someone who exercise initiative by organizing a venture to take benefit of an opportunity and, as the decision maker decides what, how and how much of a good or service will be produced.

Answer 7

ENTREPRENEUR

Question 8

are the qualities or ideas which each of us cares about, upholds, and considers important.

Answer 8

VALUES

Question 9

They can be morally or ethically based or simply based on our natural wants and needs.
We tend to act according to the things we value

Answer 9

VALUES

Question 10

is one’s individual perception of right and wrong, good and evil

Answer 10

MORALITY

Question 11

believes that the moral law is within each of us, guiding us in our actions.

Answer 11

IMMANUEL KANT

Question 12

Is a set or system of behavior based on moral ideals. Some of the most basic ethical concepts include honesty, integrity, justice, equality, and respect.

Answer 12

ETHICS

Question 13

Will not punish who breaks its rules

Answer 13

ETHICS

Question 14

Is about what is right and wrong

Answer 14

ETHICS

Question 15

We can always wish that all ethical behavior would be upheld by law. But this does not always happen.

Answer 15

ETHICS

Question 16

Is about what is lawful and what is unlawful

Answer 16

LAW

Question 17

Will go after violators and mete out sometimes too harsh penalties, penalties that may break ethical standards

Answer 17

LAW

Question 18

Is made with ethics as a guiding principle; it is ethics “codified” for the purpose of regulating and maintaining order in society

Answer 18

LAW

Question 19

Consumers are getting increasingly educated and aware of their rights.

Answer 19

BUILD CONSUMER LOYALTY

Question 20

Employees, the efficient and talented ones, will stay long with a company only if they believe in it, are proud of it, and are happy in it. They would want to be compensated fairly for the work and commitment they put in.

Answer 20

KEEP GOOD EMPLOYEES

Question 21

Only happy employees can make customers happy — an application of the principle “You cannot give what you do not have.”

Answer 21

IMPROVE PRODUCTIVITY IN THE WORKPLACE

Question 22

• A business may ignore worker safety
• Underpay their employees or refuse to give them legally mandated benefits.

Answer 22

AVOID LEGAL PROBLEMS

Question 23

• It may violate environmental regulations such as having a proper waste disposal system. Or possibly ignore proper labeling and packaging laws.
• Install “jumpers” to reduce their utility costs.

Answer 23

AVOID LEGAL PROBLEMS

Question 24

The penalty for these violations may be severe, including fees, fines and sanctions and even imprisonment, not to mention a severely blemished reputation that would be very hard to erase from the public’s mind.

Answer 24

AVOID LEGAL PROBLEMS

Question 25

is quoted to have said, "A business that makes nothing but money is a poor kind of business."

Answer 25

HENRY FORD

Question 26

is an invaluable tool for any entrepreneur.

Answer 26

BUSINESS PLAN

Question 27

It is a written document, which precisely defines your business whether it is a single proprietorship, partnership or a corporation. The details of business financial plan. It explains who is in charge and the duties of the staff.

Answer 27

BUSINESS PLAN

Question 28

It identifies your goals and serves as your enterprise resume.

Answer 28

BUSINESS PLAN

Question 29

It helps you handle unforeseen complications, and make the right decisions.

Answer 29

BUSINESS PLAN

Question 30

A BUSINESS PLAN HAS THREE PRIMARY PURPOSES:

Answer 30

1. TO SERVE AS AN ACTION PLAN 2. TO SERVE AS A ROAD MAP 3. RO SERVE AS A SALES TOOL

Question 31

This will help an entrepreneur pull apart the pieces of starting a business and examine each piece by itself.

Answer 31

TO SERVE AS AN ACTION PLAN

Question 32

It is an invaluable tool to help the entrepreneur on track of its goal and guides the business to achieve what it intends to pursue.

Answer 32

TO SERVE AS A ROAD MAP

Question 33

- A well-written business plan can convince potential financiers to put money in the business. - To assist management in goal-setting and long-range planning. - To explain the business to other companies with which it would be useful to create an alliance or contract. - To attract employees.

Answer 33

TO SERVE AS A SALES TOOL

Question 34

BASIC PARTS OF A BUSINESS PLAN

Answer 34

1. COMPANY DESCRIPTION 2. MISSION STATEMENT OF TYPE BUSINESS 3. LONG AND SHORT-TERM GOALS 4. ORGANIZATION (ORGANIZING, CONTROLLING AND DIRECTING) 5. PRODUCT (OR SERVICE) 6. PRICE 7. PROMOTION AND POSITIONING 8. TARGET MARKET 9. COMPETITIVE ANALYSIS 10. FINANCIAL INFORMATION 11. SWOT ANALYSIS 12. TIMETABLE

Question 35

a compilation of your company's strengths, weaknesses, opportunities and threats.

Answer 35

SWOT ANALYSIS

Question 36

The primary objective is to help organizations develop a full awareness of all the factors involved in making a business decision.

Answer 36

SWOT ANALYSIS

Question 37

- Things your company does well - Qualities that separate you from competitors - Internal resources such as skilled, knowledgeable staff - Tangible assets such as intellectual property, capital, proprietary technologies etc.

Answer 37

STRENGTHS

Question 38

- Things your company lacks - Things your competitors do better than you - Resource limitations - Unclear unique selling proposition

Answer 38

WEAKNESSES

Question 39

- Underserved markets for specific products - Few competitors in your area - Emerging need for your products or services - Press/media coverage of your company

Answer 39

OPPORTUNITIES

Question 40

- Emerging competitors - Changing regulatory environment - Negative press/media coverage - Changing customer attitudes toward your company

Answer 40

THREATS