Prelim (Mod 1-3)

Question 1

_____________ claims, that whilst there is no universally
accepted definition of entrepreneurship, it is fair to say that it is___________. It involves
analyzing people and their actions together with the ways in which they interact with their
environments, be these social, economic, or political, and the institutional, policy, and legal
frameworks that help define and legitimize human activities

Answer 1

Blackburn (2011)

multi-dimensional

Question 2

Cantillon associated entrepreneurs with _______ activity in economy

Answer 2

risk-bearing

Question 3

According to him, an entrepreneur is the agent who buys means of production at certain
prices in order to combine them into a product that he going to sell at prices that are uncertain at
the moment at which he commits himself to his costs.

Answer 3

Richard Cantillon

Question 4

nationality of richard cantillon

Answer 4

Irish-French

Question 5

He emphasized the entrepreneur’s function of
taking risks and bearing the uncertainties.

Answer 5

Richard Cantillon

Question 6

According to him, The entrepreneur is the economic agent who unites all
means of production, the labor force of the one and the capital or the land of the others and who
finds in the value of products his results from their employment reconstitution of the entire capital
that he utilizes and the value of the wages, the interest and the rent which he pays as well as profits
belonging to himself.”

Answer 6

Jean-Baptiste

Question 7

He further contends that an entrepreneur is someone who shifts economic
resources out of an area of lower productivity into an area of higher productivity and greater yield

Answer 7

Jean-Baptiste

Question 8

He defined entrepreneur as an individual who carries out
new combines of means of production by which there occurs disequilibrium

Answer 8

Joseph Schumpeter

Question 9

” He further puts forth that
entrepreneurs, an especially talented and motivated class of people, are key individuals in development.

Answer 9

Joseph Schumpeter

Question 10

____________is one who introduces new
combinations

Answer 10

innovator

Question 11

According to him, entrepreneur is basically an innovator and innovator is one who introduces new
combinations.

Answer 11

Joseph Schumpeter

Question 12

According to ___________, “entrepreneurship is the pursuit of opportunity beyond
resources controlled.”

Answer 12

Professor Howard Stevenson

Question 13

Where do Howard Stevenson teach?

Answer 13

Harvard Business School

Question 14

According to them, an entrepreneur can be described as “one who creates a new business in the face of risk and
uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalize on them

Answer 14

Zimmerer & Scarborough

Question 15

According to them, entrepreneurship can be defined as a field of business that “seeks to understand how opportunities to create
something new (e.g., new products or services, new markets, new production processes or raw materials, new
ways of organizing existing technologies) arise and are discovered or created by specific persons, who then use
various means to exploit or develop them, thus producing a wide range of effects

Answer 15

Baron, Shane, & Reuber

Question 16

Who says that entrepreneurship “is that it is the process of pursuing opportunities without limitation by resources currently in hand”

Answer 16

Brooks

Question 17

Who says that entrepreneurship is the process of doing something new and something different for the purpose of creating wealth for the
individual and adding value to society

Answer 17

Kao

Question 18

Who provided this integrated definition of entrepreneurship, “Entrepreneurship is a dynamic process of vision, change and creation. It requires an application of energy and
passion towards the creation and implementation of new value-adding ideas and creative solutions. Essential
ingredients include the willingness to take calculated risks in terms of time, equity or career; the ability to
formulate an effective venture team; the creative skill to marshal needed resources; and, finally, the vision to
recognise opportunity where others see chaos, contradiction and confusion.”

Answer 18

Frederick, Kuratko, and O’Connor

Question 19

___________ is the process of
creating something new of value while assuming the risks

Answer 19

Entrepreneurship

Question 20

A ___________denotes that a procedure has several steps or stages to be taken. In the same manner,
the practice of entrepreneurship involves several steps of stages to be taken.

Answer 20

process

Question 21

Simply put, this is innovation. The practice of entrepreneurship always involves
innovation.

Answer 21

creating something new

Question 22

it refers to the worth attributed to something.

Answer 22

value

Question 23

We often associate the word risk with negative things. But simply put, a risk is an
uncertainty. Those who practice entrepreneurship must be willing to bear the risks involved with every
venture. They must have a certain degree of tolerance for uncertainty

Answer 23

assuming the risk

Question 24

6 nature of entrepreneurship

Answer 24

1.Entrepreneurship creates opportunity

2. Entrepreneurship ensures social justice.
3. Entrepreneurship instills in us confidence.
4. Entrepreneurship stimulates the economy
5. Entrepreneurship teaches us to fail and to persevere
6. Entrepreneurship teaches us to become creative, innovative, and inventive

Question 25

_________________ is the adding of new businesses (or portions of new businesses via equity investments) to the company

Answer 25

Corporate venturing

Question 26

_______________ focuses on large Scale, highly consequential innovations that are adopted in the company’s pursuit of competitive advantage.

Answer 26

Strategic entrepreneurship

Question 27

An _____________develops their own business with a new concept or idea that they have cultivated

Answer 27

entrepreneur

Question 28

An ____________ is an employee of a company who uses their entrepreneurial skills within the business to innovate in company processes, services, and products.

Answer 28

intrapreneur

Question 29

They procure the finished products from the manufacturers and sell these to the customers directly or through a retailer. These serve as the middlemen as wholesalers, dealers, and retailers between the manufacturers and customers

Answer 29

trading entrepreneur

Question 30

They identify the needs of the customers and then explore the resources and technology to be used to manufacture the products to satisfy the customers’ needs. In other words, the manufacturing entrepreneurs convert raw materials into finished products.

Answer 30

Manufacturing Entrepreneur

Question 31

They cover a wide spectrum of agricultural activities like cultivation, marketing of agricultural produce, irrigation, mechanization, and technology

Answer 31

agricultural entrepreneur

Question 32

types of engineers based on the type of the business

Answer 32

trading entrepreneur manufacturing entrepreneur agricultural entrepreneur

Question 33

The entrepreneurs who establish and run science and technology-based industries are called ‘technical entrepreneurs.’ Speaking alternatively, these are the entrepreneurs who make use of science and technology in their enterprises. Expectedly, they use new and innovative methods of production in their enterprises

Answer 33

Technical entrepreneur

Question 34

The forte of their enterprises is not science and technology. They are concerned with the use of alternative and imitative methods of marketing and distribution strategies to make their business survive and thrive in the competitive market. Example: Alibaba – Founder Jack Ma has a degree in English.

Answer 34

Non-technical entrepreneur

Question 35

two types of entrepreneur based on the use of technology

Answer 35

technical and non-technical

Question 36

A ______________ is one who as an individual sets up a business enterprise. He/she is the sole owner of the enterprise and bears the entire risk involved in it

Answer 36

private entrepreneur

Question 37

When the trading or industrial venture is undertaken by the State or the Government, it is called a ‘_______________.’

Answer 37

state entrepreneur

Question 38

When a private entrepreneur and the Government jointly run a business enterprise, it is called ‘_______________.

Answer 38

joint entrepreneur

Question 39

three types entrepreneur based on ownership

Answer 39

private, state, joint

Question 40

An entrepreneur who has made investment in plant and machinery up to Php. 15M. is called ____________

Answer 40

smale-scale entrepreneur

Question 41

The entrepreneur who has made investment in plant and machinery above Php. 15M to Php. 100M is called ‘____________

Answer 41

medium-scale entrepreneur

Question 42

The entrepreneur who has made investment in plant and machinery more than Php. 100M is called ___________

Answer 42

Large-scale entrepreneur

Question 43

type of entrepreneur based on the size of the enterprise

Answer 43

small-scale medium-scale large-scale

Question 44

______________, on the basis of his study of the American Agriculture, classified entrepreneurs in the manner that at the initial stage of economic development, entrepreneurs have less initiative and drive and as economic development proceeds, they become more innovating and enthusiastic

Answer 44

Clarence Danhof (1949)

Question 45

________________are one who introduce new goods, inaugurate new method of production, discover new market and re-organize the enterprise. It is important to note that such entrepreneurs can work only when a certain level of development is already achieved, and people look forward to change and improvement

Answer 45

innovating entrepreneur

Question 46

These are characterized by readiness to adopt successful innovations inaugurated by innovating entrepreneurs. Imitative entrepreneurs do not innovate the changes themselves they only imitate techniques and technology innovated by others. Such types of entrepreneurs are particularly suitable for the underdeveloped regions for bringing a mushroom drive of imitation of new combinations of factors of production already available in developed regions.

Answer 46

imitative entrepreneur

Question 47

___________________ are characterized by very great caution and skepticism in experimenting any change in their enterprises. They imitate only when it becomes perfectly clear that failure to do so would result in a loss of the relative position in the enterprise

Answer 47

Fabian entrepreneurs

Question 48

These are characterized by a refusal to adopt opportunities to make changes in production formulae even at the cost of severely reduced returns relative to other like producers. Such entrepreneurs may even suffer from losses but they are not ready to make changes in their existing production methods. They are laggards as they continue to operate in their traditional way and resist changes.

Answer 48

drone entrepreneur

Question 49

4 types of entrepreneur based on Clarence Danhof Classification

Answer 49

innovating, imitative, fabian, drone

Question 50

A _______________ is self-motivated and takes ownership of their own success. They do not wait for someone else to tell them what to do or motivate them; instead, they take matters into their own hands and make things happen for themselves

Answer 50

true entrepreneur

Question 51

_______________ are individuals within government institutions that can identify opportunities, leading to the development of new business ideas that could help achieve socio-political objectives by harnessing resources to help achieve the identified objectives

Answer 51

Public entrepreneurs

Question 52

who owns national bookstore

Answer 52

Socorro Ramos

Question 53

who owns Jollibee

Answer 53

Tony Tan Caktiong

Question 54

who owns mang inasal

Answer 54

Edgar Sia

Question 55

Who owns Greenwich Pizza

Answer 55

Cresida Tueres

Question 56

who owns Goldilocks

Answer 56

Milagros, Clarita, Doris leelin

Question 57

who owns potato corner

Answer 57

Joe Magsaysay

Question 58

who owns The aristocrat

Answer 58

Asiang Reyes

Question 59

Who owns hen lin

Answer 59

Araceli and Jun Manas

Question 60

_____________begin at the nexus of a lucrative opportunity and an enterprising individual.

Answer 60

entrepreneurial actions

Question 61

is a set of perspective and values, a perspective which to give an impression, ideas and thought in a particular thing and values as an important role that allow them to achieve greatness.

Answer 61

Entrepreneur mindset

Question 62

could stem from introducing an existing technological product used in one market to create a new market

Answer 62

Entrepreneurial Oppotunity

Question 63

________________through the creation products or processes into new markets are possible occur through newly created organization or within an established organization. It can also exist in uncertainty which has to be an understanding entrepreneurial action to assess amount of uncertainty perceived surround a potential opportunity and the individual’s willingness to bear with that uncertainty

Answer 63

Entrepreneurship Action

Question 64

________________ is creating something from nothing by making do and applying combinations of resources at hand to new problems and opportunities1

Answer 64

bricolage

Question 65

Potential and nascent entrepreneurs should always pay close attention to potential customers. This can take the form of informally monitoring potential ideas and needs or formally arranging for consumers to have an opportunity to express their opinions. The idea or need has to have a large enough market to support a new venture

Answer 65

consumers

Question 66

Potential entrepreneurs should also establish a method for monitoring and evaluating competitive products/services on the market. Frequently, this analysis uncovers ways to improve on these offerings that may result in a new product/service that has more market appeal and sales and profit potential

Answer 66

Existing Products and services

Question 67

Members of the distribution channels are also excellent sources for new ideas reflecting their familiarity with the needs of the market. Not only do channel members frequently have suggestions for completely new products, but they can also help in marketing the entrepreneur’s newly developed products.

Answer 67

Distribution channel

Question 68

IT can also be a source of new product ideas in two ways. First, the files of the Patent Office contain numerous new product possibilities. Although the patents themselves may not be feasible, they can frequently suggest other more feasible product ideas. Several government agencies and publications are helpful in monitoring patent application

Answer 68

federal government

Question 69

The largest source of new ideas is the entrepreneur’s own “_________________” efforts, which may be a formal endeavor connected with one’s current employment or an informal one in a basement or garage.

Answer 69

research and development

Question 70

Although some may feel that entrepreneurs are less educated than the general population, research findings indicate that this is clearly not the case. Even general education is valuable because it facilitates the integration and accumulation of new knowledge, providing individuals with a larger opportunity set and assists entrepreneurs in adapting to new situations and how entrepreneur play a major role in helping entrepreneurs cope with the problems they confront

Answer 70

Education

Question 71

chronoliogical age

Answer 71

22-45

Question 72

Also, there are milestone ages every____________when an individual is more inclined to start an entrepreneurial career.

Answer 72

five years (25, 30, 35, 40, and 45)

Question 73

Can influence and initiate the decision to launch a new entrepreneurial venture, it also plays a role in the growth and eventual success of the new venture. Experience in the following areas is particularly important: financing, product or service development, manufacturing, and the development of distribution channels.

Answer 73

work history

Question 74

3 things to consider during evaluation of background and characteristics

Answer 74

age, education, work history

Question 75

Groups of individuals providing information in a structured format. In addition to generate new ideas, the focus group is an excellent method for initially screening ideas and concepts. with the use one of several procedures available the results can be analyzed and more quantitively, making the focus group a useful method for generating new product ideas.

Answer 75

focus group

Question 76

The _______________ method stimulates people to be creative by meeting with others and participating in an organized group experience. Although most of the ideas generated by the group have no basis for further development, sometimes a good idea emerges. This has a greater frequency of occurrence when the br

Answer 76

brainstorming

Question 77

________________ is a form of written brainstorming. It was created by Bernd Rohrbach at the end of the 1960s under the name Method 635 and differs from classical brainstorming by giving participants more time to think than in a brainstorming session, where the ideas are expressed spontaneously

Answer 77

Brainwriting

Question 78

Problem inventory analysis uses individuals in a manner analogous to focus groups to generate new product ideas. However, instead of generating new ideas themselves, consumers in the group are provided with a list of problems in a general product category

Answer 78

Problem Inventory Analysis

Question 79

4 methods of generating ideas

Answer 79

1. focus group 2. brainstorming 3. brain writing 4. problem inventory analysis

Question 80

The study and examination of moral and social Responsibility in relation to business practice and decision making in business is known as “________________

Answer 80

Business Ethics

Question 81

A ________________ is a person who pursues novel applications that have the potential to solve community based problems. These individuals are willing to take on the risk and effort to create positive changes in society through their initiatives.

Answer 81

social entrepreneur

Question 82

_________________ is a growing trend alongside socially responsible (SRI) – Socially Responsible Investing and ESG – Environmental, Social and Governance investing.

Answer 82

Social entrepreneurship