TLE Quiz 7

________ involves processes that are vital in putting up enterprises or business ventures.

This includes exploration of suitable ideas, identification of potential products, recognition of the type of enterprise, and estimation of the required budget, determination of the appropriate business location, verification of government policies or regulations, exploration of the prerequisites and availability of work force, and analysis of the market strategy to be used.

• undertaking effective planning

• organizing

• making wise decisions

• managing

• innovating

This function requires entrepreneurs to coordinate, assemble, and supervise all the needed elements of production.

• undertaking effective planning

• organizing

• making wise decisions

• managing

• innovating

To minimize the risks that may occur during the implementation of the different phases of a business, an entrepreneur should make wise decisions with regard to the selection of business objectives, acquisition of efficient technology, machinery, and materials, hiring of personnel, and development of an effective market strategy.

• undertaking effective planning

• organizing

• making wise decisions

• managing

• innovating

This includes giving proper instructions to personnel, direction on machine operations, and utilization of other resources.

• undertaking effective planning

• organizing

• making wise decisions

• managing

• innovating

This deals with the creation and promotion of new products, the introduction of new technology and strategies, identification of new group of costumers, and establishment of partnership with other business groups to expand product coverage, among others.

• undertaking effective planning

• organizing

• making wise decisions

• managing

• innovating

____________ are individuals who venture into business or enterprise, regardless of the availability of capital and other required resources at their disposal.

Entrepreneurs are business-minded people who can transform ideas into business undertakings.

• True

• False

Entrepreneurs are not risk-takers, hence they do not anticipate failures and uncertainties in doing a business.

• True

• False

Personal entrepreneurial competencies and skills are desirable qualities that are vital in doing business.

• True

• False