Module 1.1 - Knowing the Concept of Entrepreneurship

Question 1

It is a proactive process of developing a business venture to make a profit.

Answer 1

Entrepreneurship

Question 2

It is the process of creating somethinh new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfcation and independence.

Answer 2

Entrepreneurship

Question 3

It is the ability to be able to know what products and services are needed by people, and be able to provide these things at the right time, at the right people, at the right price

Answer 3

Entrepreneurship

Question 4

What are the 5 salient features of entrepreneurship

Answer 4

1. The art of correct practices
2. Wealth-creating venture
3. Provides valuable goods and services.
4. Entails opening and managing the self-owned enterprise
5. Risk-taking venture

Question 5

It is a salient feature of entrepreneurship that entails creativity, constant movement, innovation, and enhacement/modification

Answer 5

The art of correct practices

Question 6

The abundance of money, property, or possesion

Answer 6

Wealth

Question 7

Business that are source of livelihood

Answer 7

Income-generating venture

Question 8

The word “entrepreneur” has a French origin and was coined from the word ________ which means ________, and _________ which means _________

Answer 8

Centre, between;
Pendre, to take

Question 9

Is a person who starts and/or operate a business

Answer 9

Entrepreneur

Question 10

The four basic aspects of being an entrepreneur

Answer 10

1. Creating of something of value
2. Devotion of necessary time and effort
3. Assumption of necessary risks
4. Getting rewards

Question 11

Entrepreneurs create products that can be offered for a price

Answer 11

Creating of something of value

Question 12

Towards the attainment of their personal and business goals

Answer 12

Devotion of necessary time and effort

Question 13

Entrepreneurs assume risks on the possibility of losing whatever they put in

Answer 13

Assumption of necessary risks

Question 14

Entrepreneurs reap the rewards of their effort through generation of profits and business expansion

Answer 14

Getting rewards

Question 15

Someone who is managing the business for the benefits of the owner

Answer 15

Intrapreneur

Question 16

The Five Levels of Entrepreneurial Development

Answer 16

1. The self employed
2. The manager
3. The leader
4. The investor
5. The true entrepreneur

Question 17

These are persons, simply put, not comfortable with the routines of a desk job.

Answer 17

The self employed

Question 18

In this level, entrepreneurs fell the need to step up and ask more help from the people around them.

Answer 18

The manager

Question 19

In this level, entrepreneurs already enjoy seeing other people floursihm stepping up and producing great results with minimal supervision. They can now sleep peacefully at night and have more freedom and time for themselves.

Answer 19

The leader

Question 20

They look for more opportunities for their business to grow.

Answer 20

The investor

Question 21

They now aim for quality and excellence for their work. They have fully learned and continue to practice a four-step process of thinking

Answer 21

The true entrepreneur

Question 22

Four step process of thinking

Answer 22

1. Idealization
2. Visualization
3. Verbalization
4. Materialization

Question 23

It is a step in the process of thinking wherein entrepreneurs dream enormously and desire to build an ideal enviroment

Answer 23

Idealization

Question 24

It is a step in the process of thinking wherein entrepreneurs start to create plans to make the dream a reality

Answer 24

Visualization

Question 25

Involves sharing their ideas with other people that their vision is already occuring

Answer 25

Verbalization

Question 26

Happens when the vision becomes a reality

Answer 26

Materialization

Question 27

An entrepreneur who puts technology at the core of his/her business model

Answer 27

Technopreneur

Question 28

One who takes advantage of country's social problem and turn into profitable institutions with their intention of helping people rather than making a profit.

Answer 28

Social Entrepreneur

Question 29

Entrepreneur in a large company who is tasked to think, establish, and run a new project

Answer 29

Intrapreneur

Question 30

Entrepreneur who helps from one company to another to act as the innovation champion, providing creative and efficient solutions

Answer 30

Extrapreneur

Question 31

Viscious cycle of development

Answer 31

1. Entrepreneurs, Investment 2. Employment and Income 3. Savings and taxes

Question 32

5 Roles of Entrepreneurs

Answer 32

1. Mobilizers of Capital 2. Service provides 3. Employers 4. Tax payers 5. Suppliers of Product

Question 33

What are the types of enterprise according to its concept?

Answer 33

New concept, new business Existing concept, new business Existing concept, existing business

Question 34

An enterprise having assets less than P3 Million and has less than 10 employees

Answer 34

Microenterprises

Question 35

An enterprise having assets between P3 and 15 Million and has 10-99 employees

Answer 35

Small Enterprises

Question 36

An enterprise having assets more than P15 Million and has more than 100 employees

Answer 36

Medium Enterprises

Question 37

A type of enterprise that engage on commercial activities for the purpose of livelihood/profit

Answer 37

Business enterprise

Question 38

A type of enterprise that use commercial activities to improve human and enviromental well-being

Answer 38

Social enterprise