MIDTERMS

Question 1

is a form of partnership wherein individuals had the same share and liabilities in the company.

Answer 1

Limited partnership

Question 2

developed the seven sources of opportunity seeking/screening

Answer 2

Peter drucker

Question 2

It refers to uncertain situations and development that can increase the probability of loss or business failure.

Answer 2

risk

Question 2

These pertain to the dangers coming from the management of resources of a business enterprise that may affect the operations.

Answer 2

internal risk

Question 3

It is an autonomous and duly registered association of persons with a common bond of interest, who have voluntarily joined together.

Answer 3

cooperative

Question 3

Business entity that is usually owned by multiple stockholders and operates as a separate legal entity.

Answer 3

cooperative

Question 3

how long do corporations last?

Answer 3

50 years

Question 3

Seven Sources of Opportunity
Seeking by Drucker (CN TIPID)

Answer 3

The unexpected
Industry and market disparities
Process vulnerabilities or
process needs
Incongruities
Demographic Shifts
Changes in Perception
New Knowledge

Question 3

4ms of production

Answer 3

manpower, method, machine, and materials

Question 4

An
entrepreneur must continue to look out
for any macro environmental
development happening in the market
and industry caused by socio – cultural,
political, economic, ecological, and
technological environment

Answer 4

Industry and market disparities

Question 4

can be founded by one person only.

Answer 4

corporation

Question 4

It is the art of observing correct practices in managing and operating a self-owned wealth-creating business enterprise by providing goods and services.

Answer 4

Entrepreneurship

Question 4

entrepreneur is derived from what word

Answer 4

french, “entreprende” meaning to undertake

Question 4

should apply for Municipal business permit before it operates.

Answer 4

Sole Proprietorship

Question 4

It Pertains to idea that have the potential to be develop into a business venture

Answer 4

Opportunity

Question 4

entrepreneural process (DDOIR)

Answer 4

discovery
development of concept
organizing resources
implementation
reaping returns

Question 4

successful entrepreneurs with college degree

Answer 4

tony tan caktiong - jollibee
cecilio kwok pedro - lamoiyan

Question 4

is the art of
observing correct practices in
managing and operating a selfowned wealth-creating business
enterprise by providing goods and
services

Answer 4

Entrepreneurship

Question 4

is a person strongly
advocates and correctly practices the
concept and principles of
entrepreneurship in operating and
managing the self-owned
entrepreneurial venture

Answer 4

Entrepreneur

Question 4

Entrepreneurial traits and
Entrepreneurial Intention

Answer 4

❑ Demographics
▪Personal traits
▪Psychological traits
▪Social ties

Question 4

successful entrepreneurs without college degree

Answer 4

socorro ramos - nbs
alfredo yao - zesto

Question 4

Entrepreneurial Decision-making (CCS)

Answer 4

Critical thinking
▪Creative thinking –
▪Strategic thinking

Question 4

An individual who starts, creates, and manages new business can be called?

Answer 4

Entrepreneur

Question 5

Entrepreneurial Traits and Creation of Value Added (REEL)

Answer 5

▪Level of education
▪Employment status
Entrepreneur’s wealth
▪Risk appetite

Question 5

refers to thought processes that bring about discovery of new ideas.

Answer 5

▪Creative thinking –

Question 5

refers to the systematic and rational way of providing an answer to a question.

Answer 5

Critical thinking

Question 5

– involves thoughts processes that assess a current situation, which can be useful in the formulation of plans for the future.

Answer 5

▪Strategic thinking

Question 5

– threats coming from various environment outside the business firm

Answer 5

external risk

Question 5

– pertain to dangers coming from the management of resources of a business enterprise that may affect the operation

Answer 5

internal risk

Question 5

Application through practical task oriented problem solving.

Answer 5

● Deciding style

Question 5

Has the determination to persevere and an extremely strong desire to achieve goals and objectives

Answer 5

persistence

Question 5

refer to uncertain situations and development that can increase the probability of loss or business failure

Answer 5

risk

Question 5

CORE COMPETENCIES (TOPDF SIG IP)

Answer 5

Opportunity Seeking and initiative Persistence Fulfilling Commitments Demand for quality and efficiency Taking Calculated risks Goal - Setting Information Seeking Systematic Planning and monitoring Persuasion and networking Independence and Self Confidence

Question 5

Pertains to idea that have the potential to be develop into a business venture

Answer 5

opportunity

Question 6

entrepreneur prefer taking in abstract information through reflection and enjoy logical problem solving and theory formulation.

Answer 6

● Analyzing style

Question 6

Takes total responsibility for making things happen, and seeks autonomy from the rules and control of others.

Answer 6

independence and Self Confidence

Question 6

Learning Style and Skill Set (BADI)

Answer 6

Imagining style ● Analyzing style ● Deciding style Initiating style ● Balanced style

Question 6

An entrepreneur should continue to study and monitor the market for any new trend, innovation and technology.

Answer 6

The unexpected

Question 6

entrepreneur prefer concrete experiences and tend to use varying thinking processes to generate multiple solutions and ideas.

Answer 6

Imagining style

Question 6

refer to the set of cognitive, technical and interpersonal skills required in the practice of entrepreneurship

Answer 6

Entrepreneurial Skills

Question 6

refers to the personal abilities to do things well. They come from the totality of the knowledge, practice or experience

Answer 6

skills

Question 6

must continue to monitor his/her business operations so to identify process weak spots, then correct or eliminate it immediately.

Answer 6

Process vulnerabilities or process needs

Question 6

spotting opportunities

Answer 6

listen to the market feel the competition look at the trends

Question 6

always check for any gap between what is and what should. The best way to look for it is thru customer feedback by knowing customer complaints.

Answer 6

Incongruities

Question 7

– should always find a way of doing things, improving processes and looking for new discoveries.

Answer 7

new knowledge

Question 7

Competitive analysis to see what other businesses are doing and not doing.

Answer 7

feel the competition

Question 7

– must aware to changes or growth in population, income levels, education among others that the entrepreneur can exploit to meet customer wants and needs.

Answer 7

Demographic Shifts

Question 7

skills in entrepreneurship

Answer 7

Cognitive Skills Problem Solving Skills Technical Skills Interpersonal Skills

Question 7

12 rs of oppoertunity screening

Answer 7

relevance resonance reinforcements revenues responsiveness reach range returns relative ease of implemtentation resources required risks

Question 7

Must pay attention and respond to changes in lifestyle and personal preference such as “down – aging” where older people dress or behave to look like younger or “upscaling” where remodeled products become more appealing

Answer 7

Changes in Perception

Question 7

gathering vital information from potential or existing customers and determine what they think and feel about their experiences.

Answer 7

Listen to the market

Question 7

theories of entrepreneurship (IKARO)

Answer 7

* Innovation Theory * Keynesian Theory * Alfred Marshall Theory * Risk and Uncertainty-bearing Theory Weber’s Sociological Theory Kaldor’s Technological Theory

Question 7

being up – to – date with the latest trends in the industry

Answer 7

look at the trends

Question 7

● Bring value to customer ● Provides solution to a compelling Problem ● Fully satisfy a need or want ● Must be potential cash cow ● Matches with the skills and resources of the entrepreneur.

Answer 7

opportunity screening

Question 7

Four Factors of Production are

Answer 7

Land, Labor, Capital and Organization

Question 7

Is a generalization that explains a set of facts or phenomena. It can be supported by another observation or proven to be otherwise.

Answer 7

thoeries

Question 7

Proposed by Frank Hyneman Knight - entrepreneur as an agent of the production process where he or she connects the producers and consumers. - entrepreneur must anticipate possible random events to happen while shouldering the risk at the same time

Answer 7

Risk and Uncertainty-Bearing Theory

Question 7

Proposed by Joseph Schumpeter - Economic development as the product of structural change or innovation. - Innovation is the force that will propel change.

Answer 7

innovation theory

Question 7

he firmly asserted that the Four Factors of Production are: Land, Labor, Capital and Organization. and considered entrepreneurship as the driving factor that brings this factor together Characteristics of Successful Entrepreneur * Thorough understanding of the industry * Good Leadership Skills * Foresight of demand and supply changes and the willingness to act on such risky foresights.

Answer 7

Alfred Marshall Theory

Question 7

Proposed by Jhon Maynard Keynes in 1936 - emphasis on the role of the government in entrepreneurial and economic development, most especially when the economy was experiencing depression

Answer 7

keynesian theory

Question 7

* Proposed by Max Weber * Stressed the importance of culture as the primary driving element of entrepreneurship.

Answer 7

Weber’s Sociological Theory

Question 7

* Proposed by Nicholas Kaldor who considered modern technology as an essential factor in production. * The entrepreneur is expected to keep updated with modern technology and find ways to apply the same in the entrepreneurial endeavor

Answer 7

Kaldor’s Technological Theory

Question 7

* Father of Modern management * Defined entrepreneurship as a discipline something that is capable of being learned and practiced. * He viewed entrepreneurship in terms of practice rather than as a personality.

Answer 7

peter f. drucker

Question 7

Associated entrepreneurship with purposeful activity and the creation of organization. * Those organizations would initiate, organize and aggrandize a profitoriented business unit for the production or distribution of economic goods.

Answer 7

arthur h. cole

Question 8

is the separation of tasks, which allows an individual to be an expert in one thing in order to improve efficiency of society.

Answer 8

division of labor

Question 8

a group of individuals systematically united for the accomplishment of a common purpose or undertaking for profit.

Answer 8

business organization

Question 8

⊡ Provide goods and services. ⊡ Provide Employment ⊡ Source of Government income (Taxes) ⊡ Boost the Philippine Economy

Answer 8

why businessespay taxes/roles of businesses

Question 8

⊡ A business owned by a single individual. ⊡ The owner Supplies his/her own capital and manages the business himself/herself.

Answer 8

Sole Proprietorship

Question 8

When two or more individuals come together, contribute resources to form a business and agree to divide the profit among them.

Answer 8

Partnership

Question 8

⊡ Is an entity that is legally recognized as separate and distinct from its owners. ⊡ _ are required to disclose their financial information to the public by reporting their financial statement. life is limited by law to 50 years, extendible to not more than 50 years for each extension. ⊡ A stockholder may transfer his/her share by sale of stock even without the consent of other stockholders.

Answer 8

Corporation

Question 8

Consideration in forming business organization

Answer 8

⊡ Nature of business ⊡ Capital required ⊡ Tax liabilities ⊡ Risk involved in partnering with people

Question 8

⊡ Formed to served the public purpose rather than for financial gain. ⊡ Limited to charitable, educational, scientific, religious, or literary purposes. ⊡ Non profit organization does not pay income taxes on money it receives for charitable purposes.

Answer 8

Non Profit Organization

Question 8

is engaged in the production of agricultural goods and animals. It may sell its product as raw a materials or as finished product

Answer 8

agriculture

Question 8

venture is a producer of goods of products. It engage in buying raw materials and supplies to be process in to finished products.

Answer 8

manufacturing

Question 8

The classifications of entrepreneurial venture according to its nature are:

Answer 8

1. Merchandising 2. Service 3. Manufacturing 4. Agriculture 5. Hybrid business

Question 8

is engaged in the buying and selling of products or goods.

Answer 8

merchandising

Question 8

provides services to customers a. Non-professional _ ventures b. Professional _ ventures

Answer 8

service business

Question 8

possesses the characteristic and nature of combined types of business entities

Answer 8

hybrid business

Question 9

⊡ Is a business owned and controlled by all the members of the business. ⊡ Individuals or companies who belong to the cooperative to join together to conduct business: to market their product, to purchase supplies, or to provide services.

Answer 9

cooperatives.

Question 9

Procurement or acquisition of raw materials and manufacturing supplies Inspection of materials and supplies upon receipt at the receiving section. Storage of acquired materials and supplies Issuance of materials and supplies on the production line. Inspection of damaged or broken goods and assessment of losses. Repair of defective goods Transfer of finished goods to the storeroom

Answer 9

production process

Question 9

classified according to its nature. The term nature simply refers to whether the business is simply selling a product, manufacturing a product, rendering a service to customers.

Answer 9

entrepreneural venture

Question 9

important elements in the productions

Answer 9

The input, 2.The transformation or production process 3.The output

Question 9

1. Manpower 2. Materials 3. Machine 4. Design 5. Instructions

Answer 9

input

Question 9

Refers to the human workforce involved in the manufacture of products

Answer 9

manpower

Question 9

also referred to us the transformation or conversion process

Answer 9

production

Question 9

refers to the process or technique of converting raw material to finished products.

Answer 9

method

Question 9

refers to the manufacturing equipment used in the production of goods or delivery of services

Answer 9

machine

Question 9

represents the final products from the production process and distributed to the customers

Answer 9

output

Question 9

– refers to the raw materials needed in the production of a product

Answer 9

materials