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Entrepreneurship Core Concepts
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Entrepreneurship Core Concepts
Entrepreneurship Core Concepts
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1
Question
What is the etymological origin of the word 'entrepreneur'?
Page 1
Answer
From the French verb 'enterprende' which means to undertake.
2
Question
How is an entrepreneur defined in terms of noticing opportunities and mobilizing resources?
Page 1
Answer
An entrepreneur is a person who notices opportunities and takes the initiative to mobilize resources.
3
Question
What key traits characterize entrepreneurs regarding risks and ideas?
Page 1
Answer
They are willing to take risks and generate unique ideas that can provide profitable solutions.
4
Question
What is the definition of entrepreneurship as a process involving risks and rewards?
Page 1
Answer
Entrepreneurship is the process of offering something and answering the risks and rewards.
5
Question
How is entrepreneurship described as an art in managing businesses?
Page 1
Answer
It is the art of observing correct practices in managing and operating self-owned, wealth-creating business enterprises.
6
Question
What is one key usefulness of the entrepreneurship course for developing business startup skills?
Page 1
Answer
It develops skills that will be needed in starting up a business.
7
Question
How does the entrepreneurship course enhance knowledge about business?
Page 1
Answer
It enhances knowledge about business and entrepreneurship.
8
Question
What attitude change does the entrepreneurship course promote regarding livelihood?
Page 1
Answer
Learners change their attitudes towards the course as a means of living.
9
Question
Which personal and career attitudes does the entrepreneurship course help change?
Page 1
Answer
Communication, problem-solving, collaboration, motivation, creativity, and teamwork.
10
Question
What is one relevance of entrepreneurship to organizations in terms of capabilities?
Page 1
Answer
Development of managerial capabilities.
11
Question
How does entrepreneurship contribute to economic development?
Page 1
Answer
It serves as a means of economic development.
12
Question
What is the definition of competencies in the entrepreneurial context?
Page 1
Answer
Considered as the capability, capacity, and ability of an individual to successfully perform the various roles and tasks.
13
Question
What does specific goal setting entail for entrepreneurs?
Page 1
Answer
Entrepreneurs set goals that are specific, clear, and measurable.
14
Question
Why is self-efficacy important for entrepreneurs?
Page 1
Answer
Entrepreneurs must believe in their ability to succeed.
15
Question
What characterizes the need for achievement in entrepreneurs?
Page 1
Answer
Have a high desire to accomplish goals and perform well.
16
Question
How do perseverance and ambition help entrepreneurs?
Page 1
Answer
Must have perseverance and ambition to overcome challenges.
17
Question
What is the core competencies definition in entrepreneurship?
Page 1
Answer
Core competencies are the features or characteristics that give an entrepreneur or business a competitive advantage.
18
Question
What is the first general condition for core competency?
Page 1
Answer
The activity must provide substantial value or benefits to the consumer.
19
Question
What is one example of a core competency for entrepreneurs?
Page 1
Answer
Entrepreneur as missionary.
20
Question
According to the notes, what factor develops entrepreneurial activity by turning ideas into opportunities?
Page 2
Answer
Ability to convert ideas into business opportunities.
21
Question
What does SWOT stand for in entrepreneurial analysis?
Page 2
Answer
Strengths, Weaknesses, Opportunities, Threats.
22
Question
How does entrepreneurship impact job opportunities and the economy?
Page 2
Answer
Entrepreneurship provides jobs and helps improve the economy.
23
Question
Name one job opportunity listed in entrepreneurship such as in advertising.
Page 2
Answer
Advertising, Marketing, and Public Relations.
24
Question
What role does recognizing potential market play in entrepreneurial ideas?
Page 2
Answer
Leads to the identification of entrepreneurial opportunities, which in turn results in the opening of an entrepreneurial venture.
25
Question
What is the first essential in an entrepreneur’s opportunity-seeking?
Page 2
Answer
Entrepreneurial mind frame - Allows the entrepreneur to see things in a very positive and optimistic way in the midst of difficult situations.
26
Question
What are examples of physical environment changes as sources of opportunities?
Page 2
Answer
Climate, natural resources, wildlife.
27
Question
What political forces in the societal environment provide entrepreneurial opportunities?
Page 2
Answer
Laws, rules, and regulations that govern business practices; permits, approvals, and licenses necessary to operate the business.
28
Question
What does new inventions in the technological environment refer to?
Page 3
Answer
New inventions and technology innovations.
29
Question
List the components of the industry environment of business.
Page 3
Answer
Competitors, Customers, Creditors, Employees, Government, Suppliers.
30
Question
How does technology create business opportunities through new products?
Page 3
Answer
New inventions can become successful business ideas, e.g., wireless earbuds, smartwatches, VR goggles.