lesson 5

Question 1

What is entrepreneurship according to Fajardo (2009)?

Answer 1

Entrepreneurship is the effective and efficient way of managing the business capacity and quality of an individual toward customer satisfaction.

Question 2

How does Coloma (2004) define entrepreneurship?

Answer 2

Coloma sees entrepreneurship as recognizing all kinds of opportunities in business that can help reach the target market.

Question 3

What are the key characteristics of an entrepreneur?

Answer 3

An entrepreneur thinks creatively, plans strategically, and projects clear, realistic, and objective plans.

Question 4

What roles should an entrepreneur fulfill according to Lee (2008)?

Answer 4

An entrepreneur should be an administrator, planner, leader, negotiator, communicator, decision maker, and a good follower.

Question 5

How can one develop their abilities as an entrepreneur?

Answer 5

1. Get interested in creating something useful to society/community.
2. Use your creative capacities by being sensitive to beauty and daily needs.
3. Be aware of your society/community’s sources of income.

Question 6

What defines a social entrepreneur?

Answer 6

Social entrepreneurs are pioneers of innovations that benefit humanity and drive change.

Question 7

What does Peter Drucker (1996) say about social entrepreneurs?

Answer 7

Drucker states that social entrepreneurs are visionaries who see opportunities and are result-oriented, gathering avenues for potential business growth.

Question 8

What are the advantages of having a business?

Answer 8

1. Personal relationships with customers and employees.
2. Flexibility in management.
3. Government incentives.
4. Knowledge of record-keeping techniques.
5. Independence.

Question 9

What are the disadvantages of having a business?

Answer 9

1. Difficulty in raising capital.
2. Risk of failure.
3. Limited management skills.
4. Lack of opportunities for employees.

Question 10

What does retailing involve?

Answer 10

Retailing involves selling goods and includes services like store-keeping, pricing, advertising, record keeping, and maintaining inventory.

Question 11

What are common forms of profitable entrepreneurial ventures?

Answer 11

1. Food services.
2. Lodging services.
3. Financial services.
4. Recreation and tourism services.
5. Transportation services.
6. Personal services.
7. Repair and maintenance services.
8. Rental services.

Question 12

What is a key social ability of entrepreneurs?

Answer 12

Entrepreneurs should adopt a mission to create and sustain social value, recognizing new opportunities to serve that mission.

Question 13

What is the role of philanthropists in society?

Answer 13

Philanthropists donate money to foundations that support causes like early childhood education or hospitals in poverty-stricken areas.

Question 14

What distinguishes activists from social entrepreneurs?

Answer 14

Activists put pressure on policymakers and the public to stop specific practices, while social entrepreneurs create sustainable solutions.

Question 15

What questions should be asked when developing a business plan?

Answer 15

a. What to do?
b. How to do it?
c. When to do it?
d. What to expect in the future.

Question 16

What are the criteria for effective business planning?

Answer 16

1. Clarity of objectives.
2. Satisfactory accomplishment of objectives.
3. Provision of guide to attain objectives.
4. Identification of department/unit involved.
5. A set time frame.
6. Specified resources and costs.
7. Designated accountable officers.

Question 17

What is human behavior according to businessdictionary.com?

Answer 17

Human behavior is the capacity of mental, physical, emotional, and social activities experienced during the five stages of life.

Question 18

What does motivation encompass?

Answer 18

Motivation encompasses internal and external factors that stimulate desire and energy in people to be committed to a job or goal.

Question 19

What are the characteristics of a good leader?

Answer 19

1. Vision.
2. Wit.
3. Passion.
4. Compassion.
5. Charisma.
6. Communication skills.
7. Persistence.
8. Integrity.
9. Daring.
10. Discipline.

Question 20

What is transformational leadership?

Answer 20

Transformational leadership occurs when leaders elevate the interests of their employees and inspire them to look beyond self-interest.

Question 21

What are the four components of transformational leadership?

Answer 21

1. Charisma.
2. Inspirational motivation.
3. Intellectual stimulation.
4. Individualized consideration.

Question 22

What is intellectual stimulation in transformational leadership?

Answer 22

It moves followers to question assumptions and generate more creative solutions to problems.

Question 23

What does individualized consideration mean in transformational leadership?

Answer 23

The leader treats each follower as an individual and provides coaching, mentoring, and growth opportunities.

Question 24

At what levels can transformational leadership qualities be found?

Answer 24

Community, national, and global communities; and in various sectors of society.

Question 25

What is a key characteristic of transformational leadership?

Answer 25

It is nonhierarchical and participatory in structure and processes.

Question 26

What transformation occurs in values under transformational leadership?

Answer 26

From power as dominion to power as liberation, from war to peace, from efficiency to equity, from growth to sustainability, and from winner-take-all to sharing and caring.

Question 27

What transformation occurs in processes under transformational leadership?

Answer 27

From hierarchical to participatory, from corrupt to clean, from secretive to transparent, and from burdensome to empowering.

Question 28

What transformation occurs in institutions under transformational leadership?

Answer 28

From bureaucratic to egalitarian, responsive, and accountable.

Question 29

What is required to move from transactional to transformational leadership?

Answer 29

A shift in leadership functions, where people take more responsibility for their own decisions.

Question 30

What are the three types of functions in transformational leadership?

Answer 30

Task functions, team functions, and individual functions.

Question 31

What are some task functions in transformational leadership?

Answer 31

Defining tasks, making plans, allocating tasks, controlling tasks, checking performance, and adjusting plans.

Question 32

What are some team functions in transformational leadership?

Answer 32

Setting standards, enforcing discipline, promoting team spirit, encouraging, motivating, developing sub-leaders, and communicating openly.

Question 33

What are some individual functions in transformational leadership?

Answer 33

Attending to personal problems, praising individuals, giving status pride, using abilities, and involving individuals in decision-making.

Question 34

What is the first habit of highly effective people?

Answer 34

Be Proactive: Take responsibility for your life and choose your behavior.

Question 35

What does 'begin with the end in mind' mean?

Answer 35

Know where you want to go and ensure your efforts align with your goals.

Question 36

What does 'put first things first' emphasize?

Answer 36

Practice self-management and know your priorities.

Question 37

What does 'think win-win' encourage?

Answer 37

Look for mutually beneficial solutions in agreements.

Question 38

What is the essence of 'seek first to understand, then to be understood'?

Answer 38

Empathy through listening to understand others before expressing your own views.

Question 39

What does 'synergize' mean?

Answer 39

The whole is greater than the sum of its parts; creative cooperation leads to better results.

Question 40

What does 'sharpen the saw' refer to?

Answer 40

Continuously updating skills and knowledge, including using humor to energize followers.

Question 41

What is teamwork?

Answer 41

The process of working collaboratively with a group to achieve a common goal.

Question 42

Why is teamwork important?

Answer 42

It allows individuals to cooperate and provide constructive feedback despite personal conflicts.

Question 43

What is time management?

Answer 43

The art of arranging, organizing, scheduling, and budgeting time to enhance productivity.

Question 44

Why is time management crucial?

Answer 44

It is essential for everyone, especially in a busy, 24/7 world.

Question 45

What is the first step in efficient time management?

Answer 45

Organizing the workspace to avoid wasted time.

Question 46

What should be included in a weekly activity log for time management?

Answer 46

Every detail of activities, including time for work, chores, and leisure.

Question 47

What is the importance of prioritizing activities?

Answer 47

It helps in identifying what is most important and managing time effectively.

Question 48

What does effective decision making involve?

Answer 48

Selecting the most logical choice from among two or more options.

Question 49

What are the steps in the decision-making process?

Answer 49

Identification of alternatives, evaluation of options, and selection of the best option.

Question 50

What is consensus in decision making?

Answer 50

A method where all opinions are heard, leading to a compromise.

Question 51

What is majority voting in decision making?

Answer 51

A method considered effective but may alienate minority opinions.

Question 52

What is the silent consensus?

Answer 52

Unanimous decisions assumed when some members choose not to disagree.

Question 53

What is a clique in decision making?

Answer 53

A small group that plans to dominate the decision-making process.

Question 54

What is a one-person decision?

Answer 54

A quick decision made by one individual, which may lack support later.

Question 55

What are some difficulties in decision making?

Answer 55

Fear of consequences, conflicting loyalties, interpersonal conflicts, hidden agendas, and inadequate leadership.