Long Test 1_Entrepreneurship

This refers to the unwavering dedication to work for the common good of the society through one’s business. This includes a willingness to use one’s own savings, sacrificing family time, and working long hours and traveling to different places to acquire needed resources.

• Commitment

• Feedback Seeking

• Opportunity Orientation

• Perseverance

The entrepreneur constantly asks for comments, reactions, and suggestions from their employees and customers, then use these to improve their product or services.

• Calculated Risk Taking

• Feedback Seeking

• Opportunity Orientation

• Drive to Achieve

It is the determination to succeed by overcoming obstacles and setbacks. Entrepreneurs try to see opportunities even in times of crisis and look for options for the business to succeed.

• Responsibility

• Feedback Seeking

• Innovativeness

• Perseverance

This competency shows having a positive belief and allowing those around them to help during a crisis or non-profitable period for the business. This is the belief that together with other people, things can be done in the business.

• Commitment

• Feedback Seeking

• Self-Confidence

• Innovativeness

It is the ability to come up with something different or unique to every time. This trait is often related to creativity or “thinking-out-of-the-box” in any given situation to look for opportunity for business.

• Drive to Achieve

• Feedback Seeking

• Self-Confidence

• Innovativeness

This Socio-Economic theory explains that the government should not interfere in economic activities.

• Laissez Faire

• Keynesian

• Harrod-Domar

• Kaldor

In this Socio-Economic theory, the government should play the key role in economic development particularly in less developed countries.

• Laissez Faire

• Keynesian

• Ricardian

• Kaldor

This Socio-Economic theory believes that the key factor in economic growth is land.

• Innovation

• Keynesian

• Ricardian

• Kaldor

This Socio-Economic theory states that the key factor in economic growth is physical capital like machines.

• Innovation

• Keynesian

• Non-Economic

• Harrod-Domar

This Socio-Economic theory explains that the application of modern technology in the production of goods and services has been responsible for the economic success of the highly developed countries.

• Innovation

• Keynesian

• Kaldor

• Harrod-Domar