module 1

Question 1

“to undertake” (french)

Answer 1

ENTREPRENDE

Question 2

a person who undertakes into business

Answer 2

ENTREPRENEUR

Question 3

What Entrepreneurship means:

Answer 3

— creating business from scratch
— disrupting the equilibrium
— introducing something new

Question 4

ENTREPRENEUR VS BUSINESSMAN

Entrepreneur is:

Answer 4

Game Changer

Question 5

ENTREPRENEUR VS BUSINESSMAN

Businessman is:

Answer 5

Game Player

Question 6

Classical Theories:

Answer 6

Old Theories

Question 7

Neo Classical Theories:

Answer 7

New Theories

Question 8

Makes new from scratch.

Answer 8

Creative

Question 9

Makes new from an existing product.

Answer 9

Innovative

Question 10

The Father of Entrepreneurship

Answer 10

Joseph Schumpeter

Question 11

Schumpeter’s Theory

Answer 11

Theory of Economic Development

Question 12

suggested that entrepreneurs— not just companies-were responsible for the creation of new things in the search of profit.

Answer 12

Joseph Schumpeter

Question 13

focused on entrepreneurs as the bearers of uncertainty and believed they were responsible for risk premiums in financial markets.

Answer 13

Frank Knight

Question 14

thought of entrepreneurship as a process that led to the discovery.

Answer 14

Israel Kirzner

Question 15

What were the ideas of Schumpeter?

Answer 15

Entrepreneurship and Innovation

Question 16

The basic concept of Kirzner’s theory of entrepreneurial is …

Answer 16

Alertness

Question 17

…’s entrepreneur is a person who discovers previously unnoticed profit opportunities.

Answer 17

Kirzner

Question 18

ENTREPRENEURSHIP IMPACTS:

Answer 18

— Filipino
— Economy
— Community

Question 19

5 Salient Features of Entrepreneurship

Answer 19

1. Art of Correct Practices
2. Wealth Creating Venture/Business
3. Providing Values to Customers
4. Opening Self-Owned Business
5. Managing Self-Owned Business

Question 20

system that produce, distribute and consume goods and services

Answer 20

Economy

Question 21

business or project or product

Answer 21

Enterprise

Question 22

Coordinating Agent

Answer 22

— brings different parties
— facilitates communication
— oversees process
— ensure successful completion

Question 23

Doesnt engage in international trade

Answer 23

Closed Economy

Question 24

Remain constant over time

Answer 24

Stationary Equilibrium

Question 25

Risk taker and Administrator

Answer 25

Marshallian Theory

Question 26

5 General Steps

Answer 26

1. Financially Stable 2. Build Diverse Skill Set 3. Consume Content Across Multiple Channels 4. Identify a Problem to Solve 5. Solve the Problem

Question 27

3 Important Skills

Answer 27

1. Planning 2. Decision Making (Wisely, Soundly — informed) 3. People's Skills

Question 28

PEC's stands for

Answer 28

Personal Entrepreneurial Competencies

Question 29

8 PEC's

Answer 29

1. Hardwork 2. Self-Confident 3. Disciplined 4. Committed 5. Ability to accept change 6. Creative 7. Initiative 8. Profit-Oriented

Question 30

4 Business Organization Ownership

Answer 30

1. Sole Proprietorship 2. Partnership 3. Corporation 4. Cooperative

Question 31

Business Organization Ownership: one owner

Answer 31

Sole Proprietorship

Question 32

Business Organization Ownership: two or 10 owners

Answer 32

Partnership

Question 33

Two Types of Partnership

Answer 33

— General (equal) — Limited (not equal/controlled)

Question 34

Business Organization Ownership: 15 or More

Answer 34

Corporation

Question 35

Business Organization Ownership: more than corporation

Answer 35

Cooperative

Question 36

impact lf diminiship marginal utility "the more you consume of something, the less extra satisfaction you get"

Answer 36

Neo-Classical

Question 37

Focus of Classical

Answer 37

Suppies and Distribution