Reviewer

Question 1

It is the dynamic process of conceptualizing, financing, and running a business enterprise to provide goods and services and earn profits

Answer 1

Entrepreneurship

Question 2

It is a skill, the mobilization of the factors of production to create products or services

Answer 2

Entrepreneurship

Question 3

What are the 4 factors of production?

Answer 3

Labor, Capital, Land, Entrepreneur

Question 4

It is a french word which means to undertake

Answer 4

Entreprendre

Question 5

People who work at their own time and pace and don’t work for anyone but they can work for everyone

Answer 5

Freelancers

Question 6

Improvement; Creative destruction

Answer 6

Innovation

Question 7

Creation

Answer 7

Invention

Question 8

There is no competition in the market

Answer 8

Monopoly

Question 9

According to who? It improves the already existing products.

Answer 9

Innovation (Schumpeter)

Question 10

According to who? It provides goods and services to build connections

Answer 10

Purposeful activity and creation of organizations (Cole)

Question 11

According to who? Entrepreneurship is not a personality; it can be learned

Answer 11

Discipline (Drucker)

Question 12

What are the learning styles of entrepreneurs?

Answer 12

Imagining Style
Analyzing Style
Deciding Style
Initiating Style
Balanced Style

Question 13

It is an idea that can be developed into a business venture

Answer 13

Opportunity

Question 14

What is the SPEET Environment?

Answer 14

Socio-cultural, Political, Economical, Ecological, Technology

Question 15

What and where do we look at the unexpected opportunities?

Answer 15

Trends and technology

Question 16

What and where do we look at the industry and market disparities opportunities?

Answer 16

SPEET environment

Question 17

What and where do we look at the process needs opportunities?

Answer 17

Weak spots and turn them into strengths

Question 18

What and where do we look at the incongruities opportunities?
Incongruity - not suitable or not fitting well with (Google, 2024)

Answer 18

Customer feedback

Question 19

What and where do we look at the demographic shifts opportunities?

Answer 19

Target market

Question 20

What and where do we look at the changes in perception opportunities?

Answer 20

Lifestyle changes; e.g. gym kulto, veganism

Question 21

What and where do we look at the new knowledge opportunities?

Answer 21

Inventions; e.g. COVID Vaccine

Question 22

It is when an entrepreneur is finding opportunities

Answer 22

Opportunity Seeking

Question 23

It is when an entrepreneur determines if the elements are good or bad.
NOTE: Not all opportunities are the best for business

Answer 23

Opportunity Screening

Question 24

It is when an entrepreneur starts the business

Answer 24

Opportunity Seizing

Question 25

In this enterprise life cycle, business ventures begin with an idea and testing the viability of an opportunity

Answer 25

Phase 1: Development

Question 26

In this enterprise life cycle, adaptability is the key and business concept should be tested and adjusted to meet the expectations

Answer 26

Phase 2: Start-up

Question 27

In this enterprise life cycle, the execution begins and sustainable profits are generated. Moreover, there are also the presence of growing competition

Answer 27

Phase 3: Growth

Question 28

In this enterprise life cycle, buy outs happen (bibilhin mo 'yung ibang kompanya para bawas competitors mo; e.g. Jollibee to Greenwich, etc.).

Answer 28

Phase 4: Expansion

Question 29

It is a learning style of entrepreneur which uses concrete experiences

Answer 29

Imagining Style

Question 30

It is a learning style of entrepreneur which uses abstract information

Answer 30

Analyzing Style

Question 31

It is a learning style of entrepreneur which uses application of theory

Answer 31

Deciding Style

Question 32

It is a learning style of entrepreneur which uses social interactions

Answer 32

Initiating Style

Question 33

It is a learning style of entrepreneur which adapts in any situations NOTE: It assesses the situation to determine which learning style to apply.

Answer 33

Balanced Style