IB-3-1-2024-LM-Entrep-BC

What is the definition of an entrepreneur?

• An individual who bears the risk of operating business in the face of uncertainty about the future conditions

• An individual who seeks innovation and employment

• A person who starts his own, new, and small business

• A person who undertakes an enterprise with chances of profit or loss

_____________, in his book entitled, Entrepreneurs are Made Not Born, defined entrepreneur by dissecting the word entrepreneur into three parts as follows: entre means to enter; pre means before; and neur means nerve center

• Robert Nelson

• Lloyd Shefsky

• Jeffry Timmons

• Dr. N. A. Orcullo, Jr.,

What does the prefix 'Entre-' imply in the context of entrepreneurship?

• The initiation of a business venture before it becomes an established or mainstream activity

• To enter or initiate a business venture

• To undertake a venture before it becomes an established or mainstream activity

• The act of entering or initiating a business venture before others

Professor _____________ of the University of Illinois defines entrepreneur as “a person who is able to look at the environment, identify opportunities to improve the environment, and implement action to maximize those opportunities.”

• Karl Vesper

• Lloyd Shefsky

• Jeffry Timmons

• Robert Nelson

The aforementioned broad impacts of entrepreneurship upon the economy, it also brings the following socio-economic benefits, except:

• It contributes to more equitable distribution of income

• Promotes self-help and unemployment

• Enhance national identity and pride

• Enhances equitable distribution of income and wealth

What is the significance of entrepreneurship in fostering economic growth?

• It does not assist in the growth of communities

• It does not promote investment in capital

• It does not lead to a lower poverty rate

• It assists in the growth of communities

What are the attributes and qualities of a successful entrepreneur?

• Risk-averse, inflexible, and lacking in determination

• Determined, analytical, and future-oriented

• Lacking in analytical ability and future orientation

• Lacking in perseverance and flexibility

Who can be an entrepreneur?

• Only those with previous experience in the field

• Only those who do not have any financial strength

• Anyone who feels the need for achievement and can take moderate risks

• Only those who do not have the ability to work hard

Explains that the government should not interfere in economic activities.

• Harrod-Domar Theory

• Ricardian Theory

• Keynesian Theory

• Laissez-Faire Theory

To ________ is to generate ideas and images in your head in order to come up with solutions and alternative solutions to problems.

• Actively Seek Opportunities

• Be Creative

• Take Moderate Risks

• Practice Persistence