DAY#69 DCT ENTREPRENEURSHIP

Open Ended

What is your understanding of entrepreneurship?

Multiple Choice

At what part of the business life cycle do we need to be keen on opportunity seeking?

• when the business is thriving

• at the end of the business life cycle

• before we start the business

Open Ended

In what instance do we need to be persistent in business and committed to our work?

Open Ended

When are we called to be risk takers?

Open Ended

Why is it important to demand efficiency and quality in the work place?

Video Response

Look at the list of competencies. Which one do you think is your strongest point and which one do you think you need to practice on, and why?

Open Video Recorder

Open Ended

What is your understanding of entrepreneurship?

Multiple Choice

At what part of the business life cycle do we need to be keen on opportunity seeking?

• when the business is thriving

• at the end of the business life cycle

• before we start the business

Open Ended

In what instance do we need to be persistent in business and committed to our work?

Open Ended

When are we called to be risk takers?

Open Ended

Why is it important to demand efficiency and quality in the work place?

Video Response

Look at the list of competencies. Which one do you think is your strongest point and which one do you think you need to practice on, and why?

Open Video Recorder

Open Ended

What is your understanding of entrepreneurship?

Multiple Choice

At what part of the business life cycle do we need to be keen on opportunity seeking?

• when the business is thriving

• at the end of the business life cycle

• before we start the business

Open Ended

In what instance do we need to be persistent in business and committed to our work?

Open Ended

When are we called to be risk takers?

Open Ended

Why is it important to demand efficiency and quality in the work place?

Video Response

Look at the list of competencies. Which one do you think is your strongest point and which one do you think you need to practice on, and why?

Open Video Recorder

​Introduction to Entrepreneurship

Prepared by: Theddah D. Nacional,MBA

Who is an Entrepreneur?

Open Ended

For you, who is an entrepreneur?

The term "entrepreneur" originates from a thirteenth-century French verb. By the sixteenth century, the noun form, entrepreneur, was being used to refer to someone who undertakes a business venture.

ENTREPRENEURSHIP

​ENTRE PRENDRE

​"To do something or

"To undertake"

ENTREPRENEUR

• ​a unique individual

• has an innate ability and extraordinary dedication to establish.

• ​creates a new business, bearing most of the risks and enjoying most of the rewards

Five Levels of Entrepreneurial Development

1. SELF-EMPLOYED MINDSET

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​-Desire to have greater control over their lives, careers, and destinies by independently braving their own path into business.

They want to do things their own way.​

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2. THE MANAGERIAL PERSPECTIVE

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​Managers who become leaders succeed because they accept the challenge and responsibility of ensuring that others under their wings also succeed and flourish. By getting the most out of employees, managers themselves are able to delegate aspects of their business to others and set higher goals.

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3. THE ATTITUDE OF THE OWNER/LEADER

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​-Knowing how to step aside and let the business and those employees working in it operate as a profit center that does not rely upon the owner's constant hands-on participation.

-Self-sufficient ​and self-sustaining

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4. THE ENTREPRENEURIAL INVESTOR

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​-Investing and managing their money to produce more money and to elevate the business. Franchising is one of the key tools for those who are in this level of an entrepreneurial mindset.

-The focus becomes finding, buying and perhaps refurbishing, businesses.​

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5. THE TRUE ENTREPRENEUR

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​-Turns goals and dreams into reality and earns through extensive passive income.

​-These people profit in all situations and add to their wealth by acquiring more profit centers, more paper assets, and more entrepreneurial power

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1) Idealization of dream-(Imagining ideal world dreams)

2) Visualization of goals-(Picturing the ideal world dream as a reality in order to work on goals)

3) Verbalization of the vision-(pertains to putting the dream and the vision into words)

4) Materialization of the dream-(dream becomes real and tangible

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The true entrepreneur uses a four-step approach to thinking

Multiple Choice

In 4m's of operations it refers to the process to be followed in effectively manufacturing or delivering a product or service. It is the day-to-day operations of a business

• Methods

• Manpower

• Machine

• Materials

Multiple Choice

It is a detailed flowchart of the service business. Every process in the blueprint should be relevant to the service business to minimize wastage.

• Manpower

• Bookmark

• Service Blueprint

• Transaction Flow

Multiple Choice

SOP stands for

• Straight Order Procedure

• Standard Operating Procedure

• Stop Order Procedure

• Stocks Operation and Procedure

Multiple Choice

Operation Management includes the following EXCEPT

• Planning

• Organising

• Implementing

• Supervising

Multiple Choice

It is a step by step guide of the employees and the manufacturing equipment.

• Service Flow

• Transaction Flow

• Manufacturing Process Flow

Multiple Choice

It is the process of bringing products or services to customers.

• Distribution

• Selling

• Retailing

• Wholesaling

Multiple Choice

Business operations are the day-to-day activities that entail running the company to make a profit and meet other business-related goals.

• True

• False

Multiple Choice

It is a machines that are used for charging debit/credit card, tracking sales, storing data, analyzing purchases etc.

• Calculator

• Computer

• Printer

• Point of Sales ( POS)

Multiple Choice

Are you enjoying the game ☺️

• YES

• NO

Multiple Choice

What are the limitations of owning a small business enterprise?

• To make a difference

• Possess a future orientation

• High level of energy

• Risk of losing invested capital

Multiple Choice

What are the advantages of owning a small business enterprise?

• to gain control over your destiny

• to make a difference

• All are correct

• to reap unlimited profits

Multiple Choice

What are the ingredients of creativity?

• Develop new insights and change perspectives

• Passion

• Agility and adaptation

• Customer connection

Multiple Choice

The “entrepreneurial profile” includes the following attributes: confidence in personal success

• True

• False

Multiple Choice

The business failed, not the entrepreneur!!

• False

• True

Multiple Choice

What actions will not help an entrepreneur to avoid pitfalls?

• Prepare a business plan

• Know the business in depth

• Understand financial statements and know how to use them

• None

Multiple Choice

Small business innovation requires

• Becoming overly specialized

• Customer connection

• Passion

• Customer connection and passion

Multiple Choice

The right side of the brain generates innovative ideas and the left side of the brain judges market potential

• True

• False

Multiple Choice

Believing that “I’m not creative” does not limit individual creativity

• True

• False

Multiple Choice

A feasibility analysis consists of:

• An industry and market feasibility analysis

• A product or service feasibility analysis

• A financial feasibility analysis

• All three components

Multiple Choice

The entrepreneurs who create new ideas are called?

• Innovative

• Imitating

• Fabian

• Drone

Multiple Choice

The entrepreneur who lives on the labor of others is called?

• Drone

• Fabian

• Imitating

• Innovative

Multiple Choice

These are entrepreneurs who are to follow the path shown by innovative

entrepreneur.

• Innovative

• Imitating

• Social Entrepreneurs

• Fabian

Multiple Choice

Which of the following is NOT a function of an entrepreneur?

• Skills management

• Risk taking

• Conduct research

• Make no changes with his product

Multiple Choice

Entrepreneur means:

• Risk taker

• To undertake

• To research

• To improve standard of living

Multiple Choice

It is a personality factor which means “doing things even before being told.”

• proactive

• perseverance

• persuasion

• initiative

Multiple Choice

It is a personality factor which means convincing customers to buy the product.

• Proactive

• Persuasion

• Self-confidence

• Risk-taker

Multiple Choice

Which of the choices is NOT part of the environmental factors?

• Political

• Weather condition

• climate

• family background of the manager

Multiple Choice

All except one does NOT belong to the group?

• Unfair trade practices

• Strikes

• Political protest

• Product

Multiple Choice

The entrepreneur who is skeptical about the changes in the company is called?

a.

b.

c.

d.

• Fabian

• Social entrepreneur

• Drone

• Imitating

Multiple Choice

Which is NOT a career for an entrepreneur?

• Business consultant

• Sales

• Research and Development

• Domestic Helper

Multiple Choice

They are entrepreneurs who drive social innovation and transformation in various

fields.

• Drone

• Social entrepreneur

• Fabian

• Imitating

Multiple Choice

Which of the statements below is true?

• Entrepreneur has limited career opportunities.

• Entrepreneurs are prone to constant high income.

• Entrepreneurs are contributor to the development of the society.

• Entrepreneurs are the reasons for unemployment problem.

Multiple Choice

Which of the statement is NOT true?

• An entrepreneur will patiently wait for his efforts to bear fruit.

• The profit of the entrepreneur is immediate.

• All entrepreneurs are successful

• Entrepreneurs are researchers

Multiple Choice

Which of the following is NOT true?

• Entrepreneurship create organizations

• Improves the life of the entrepreneur alone

• Entrepreneurs improves the economy

• None of the choices

Multiple Choice

A person who works for someone else

• Aptitude

• Employee

• Entrepreneurs

• Entrepreneurship

Multiple Choice

What is evaluation of your strengths and weaknesses?

• Self-assessment

• Employee

• Entrepreneurship

• Entrepreneur

Multiple Choice

People who own, operate, and take risk of a business venture:

• Aptitude

• Employee

• Entrepreneurs

• Entrepreneurship

Multiple Choice

The ability to learn a particular job

• Aptitude

• Employee

• Entrepreneurship

• Entrepreneur

Multiple Choice

Which is NOT an advantage of Entrepreneurship?

• Can choose a business of interest

• You can be creative

• Make a lot of money

• You can make decisions alone

Multiple Choice

Which is NOT a disadvantage of Entrepreneurship?

• Risky

• Uncertain Income

• You are the boss

• Work long hours

Multiple Choice

What type of entrepreneurial business actually produce the products they sell?

• Manufacturing

• Wholesaling

• Retailing

• Service

Multiple Choice

What type of entrepreneurial business sells products directly to the people who use or consume them?

• Manufacturing

• Wholesaling

• Retailing

• Service

Multiple Choice

What type of entrepreneurial business sells products to people other than the final customer?

• Manufacturing

• Wholesaling

• Retailing

• Service

Multiple Choice

What type of entrepreneurial business sells service instead of a product?

• Manufacturing

• Wholesaling

• Retailing

• Service

Multiple Choice

What is an office memorandum?

• A short-written form of business communication

• Message from one person to another

• Short speech

• Letter

Multiple Choice

If you own your own business you will need to know how to calculate your profit. Which one is a calculation of profit?

• Sales-months in a year

• Sales-expenses

• Total sales-expenses

• Monthly sales expenses