Topic 1 - Key Components and Relevance of Entrepreneurship

Question 1

What are the key areas of Competencies?

Answer 1

Achievement, Planning, Power

Question 2

Behaviors that an individual demonstrates and competencies as minimum standards of performance (Strebler et.al, 1997)

Answer 2

Competency

Question 3

An underlying characteristic of a person which results in effective action and/or superior performance in job (Boyatzis, 1982)

Answer 3

Competency

Question 4

A specific group of competencies relevant to the exercise of successful entrepreneurship.

Answer 4

Entrepreneurial competencies

Question 5

Habitually working diligently for a long period of time.

Answer 5

Persistence

Question 6

Certainty in one’s ability and own judgement

Answer 6

Self-confidence

Question 7

Sticks to the plan and fights the temptation to do what’s unimportant.

Answer 7

Systematic Planning and Monitoring

Question 8

Accepts full commitment and responsibility as well as solid dedication to an endeavour

Answer 8

Commitment to Work Contract

Question 9

Strategic thinking and setting of goals

Answer 9

Goal Setting

Question 10

Effective and efficient communication and relation to people

Answer 10

Persuasion and Networking

Question 11

Actively finding openings to start a new business, create a new market, or improve business operations

Answer 11

Opportunity Seeking

Question 12

Demands quality and efficiency not only from himself but also from workers and suppliers.

Answer 12

Demand for Quality and Efficiency

Question 13

Taking the chance to do something which is out of your comfort zone.

Answer 13

Risk Taking

Question 14

Updates with new information consistently

Answer 14

Information Seeking

Question 15

What competencies are under the area of achievement?

Answer 15

Opportunity Seeking, Persistence, Commitment to Work, Risk-taking, Demand for Efficiency and Quality

Question 16

What competencies are under the area of planning?

Answer 16

Goal-setting, Information seeking, Systematic planning and monitoring

Question 17

What competencies are under the area of power?

Answer 17

Persuasion and Networking, Self- confidence

Question 18

True or False: on the world’s smallest businesses - 90% of
whom have < 5 employees.

Answer 18

False: on the world’s smallest businesses - 90% of
whom have < 10 employees.

Question 19

True or False: motivation goes beyond revenue with 50% saying it is important for their ventures to positively impact their local communities at this time

Answer 19

False: motivation goes beyond revenue with 72% saying it is important for their ventures to positively impact their local communities at this time

Question 20

True or False: Pinoy entrepreneurs turned to digital technology for sustaining operations

Answer 20

True

Question 21

True or False: Filipino entrepreneurs are fast adopters, resilient, and working hard to keep supporting their customers and their communities

Answer 21

True

Question 22

Pioneered a social enterprise namely the Maginhawa Community Pantry and The Gulay Bouquet in Valentines 2023

Answer 22

Ana Patricia Non

Question 23

A dynamic process of vision, change, and creation. It requires an application of energy and passion toward the creation and implementation of innovative 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; the fundamental skill of building a solid business plan; and finally, the vision to recognize opportunity where others see chaos, contradiction, and confusion.

• Kuratko (2019)

Answer 23

Entrepreneurship

Question 24

specific innovative way to satisfy want, overcome a problem, or meet a challenge.

Answer 24

Entrepreneurial idea

Question 25

a want, problem, or challenge that can be addressed, solved, and/or satisfied by an innovative initiative.

Answer 25

Entrepreneurial opportunity

Question 26

From what foreign word does “entrepreneur” came from which means “to undertake”

Answer 26

entreprendre

Question 27

They are innovators, willing to take risks and generate new ideas to create unique and potentially profitable solutions to modern-day problems.

Answer 27

Entrepreneur

Question 28

They are those who “undertake” the risk of new enterprise.

Answer 28

Entrepreneur

Question 29

organization that engages in commercial activities – the trade of goods or services, or both, with consumers.

Answer 29

Enterprise

Question 30

Goal of an enterprise

Answer 30

to earn profit

Question 31

the return or compensation to the entrepreneur for taking on the risk of developing an idea into an actual business venture.

Answer 31

Profit

Question 32

The process of creating enterprise

Answer 32

entrepreneurship

Question 33

What are the relevance of entrepreneurship?

Answer 33

Development of managerial capabilities Creation of organizations Improving standard of living Means of economic development

Question 34

who are the founders and builders of enterprises and businesses, are often called the new heroes, who with their vision and hard work, and with their efforts to provide jobs and opportunities to many people, hope to move the country towards progress.

Answer 34

Entrepreneurs

Question 35

called the flame or drive that inspires people to start new endeavors and projects, to innovate, and to strive against obstacles in order to achieve success.

Answer 35

Entrepreneurial spirit

Question 36

One of the tools to fight poverty

Answer 36

entrepreneurship

Question 37

Entrepreneurship helps in identifying and developing managerial capabilities of entrepreneurs. Studying a problem, identifying its alternatives, comparing alternative in terms of cost and benefit implication and choosing the best alternative help in sharpening the decision making skills of an entrepreneur. Besides, these managerial capabilities are used by entrepreneurs in creating new technologies and products in place of older technologies and products resulting in higher performance.

Answer 37

Development of managerial capabilities

Question 38

Entrepreneurship results in the creation of organizations when entrepreneurs assemble and coordinate physical, human and financial resources and direct them towards achievement of objectives through managerial skills.

Answer 38

Creation of organizations

Question 39

Entrepreneurship helps in making a wide variety of goods and services available to the society which results into higher standard of living for the people. Possessions of luxury cars, computers, mobile phones, rapid growth of shopping malls, etc. Point tp the rising living standrd of people. All these are due to the efforts of entrepreneurs.

Answer 39

Improving standard of living

Question 40

Entrepreneurship involves creation and use of innovative ideas, maximization of output from given resources, and development of managerial skills. All these factors are essential to the development of a country

Answer 40

Means of economic development

Question 41

He opened the first ShoeMart store in 1958 and has been at the forefront of SM Group’s diversification. He owns shopping malls, retail, financial services, real estate development, and tourism oriented entities.

Answer 41

Henry Sy

Question 42

Founder and chairman of Jollibee Foods Cooperation, co chairman of the DoubleDragon Properties

Answer 42

Tony Tan Caktiong

Question 43

Owner of Cebu Pacific, Robinsons Mall, Universal Robina, and JG Summit Holdings

Answer 43

John Gokongwei

Question 44

Co-founder of National Bookstore

Answer 44

Soccoro Ramos

Question 45

Owns Lamoiyan Corporation and provides collapsible aluminum toothpaste tubes to multinational toothpaste manufacturers that paved way for the first local Filipino toothpaste, Hapee.

Answer 45

Dr. Cecilio Kwok Pedro

Question 46

Founded Mercury Drug chain of pharmacies

Answer 46

Mariano Que

Question 47

Founded Zest-O corporation, Macay holdings, and Philippine Business Bank

Answer 47

Alfredo M. Yao

Question 48

Owner and founder of CDO Food Products

Answer 48

Corazon Dayro-Ong

Question 49

Established Lacto Bacillus Pafi Techno Resources Corp.

Answer 49

Gregorio Sanchez

Question 50

Founded a High-tech company and is managing partner of Tallwood Venture Capital

Answer 50

Disdado Banatao

Question 51

PayMongo Founders

Answer 51

Francis Plaza, Luis Sia, and Jaime Hing III

Question 52

Owner of Solar Philippines

Answer 52

Leandro Leviste

Question 53

someone who identifies and acts on an idea or problem that no one else has identified or acted on.

Answer 53

Entrepreneur

Question 54

Founder of McDonald’s

Answer 54

Ray Kroc

Question 55

streamlined menu offering with efficient production serves food in 30 seconds

Answer 55

fast food

Question 56

It is this mind-set that has revolutionized the way business and social ventures are conducted at every level and in every country

Answer 56

entrepreneurial mindset

Question 57

an awareness and focus on identifying an opportunity through solving a problem, and a willingness to move forward to advance that idea.

Answer 57

entrepreneurial mindset

Question 58

Seven steps of entrepreneurial journey

Answer 58

Inspiration Preparation Assessment Exploring Resources Business Plan Navigation Launch

Question 59

Risks faced by entrepreneurs

Answer 59

- failure - unclear product or service goals - lack of market fit - wrong team members - financial risk - risk of burnout

Question 60

Rewards faced by the entrepreneur

Answer 60

- flexible working schedule - autonomy - alignment of career with beliefs - freedom to choose your colleagues - new businesses and new markets created - economic development - profits

Question 61

the behavior you impose on yourself - whether right or wrong

Answer 61

ethics

Question 62

the behavior imposed on the business

Answer 62

Business ethics

Question 63

doing the right thing even without the knowledge of others

Answer 63

Integrity

Question 64

the business as a part of a complex whole; does not exist only to make profit but also has responsibilities to its employees and to the environment.

Answer 64

Corporate Social Responsibility

Question 65

Essential ingredients of entrepreneurship

Answer 65

Willingness to take calculated risks Formulate an effective venture team Creative skill to marshal needed resources Fundamental skill of building a solid business plan Vision to recognize opportunity