Core Concepts of Entrepreneurship

What does the term ENTREPRENEUR mean?

• A person who advocates and practices entrepreneurship.

• A person who only manages a business.

• A person who takes no risks in business.

What is the definition of ENTREPRENEURSHIP?

• The art of managing a self-owned business.

• The act of working for someone else.

• The process of selling goods.

What are the salient features of entrepreneurship?

• Art of Correct Practices, Provides valuable goods and services, Wealth Creating Venture, Risk-taking Venture, Entails Opening and Managing the Self-Owned Enterprise

• Only provides goods and services.

• Only involves risk-taking.

What does the RISK AND UNCERTAINTY BEARING THEORY state?

• Uncertainty creates market opportunities.

• Risk is always negative.

• All risks should be avoided.

What are the characteristics of a planner?

• Goal-Setter, Information Seeker, Systematic in Planning and Monitoring

• Only focuses on goals.

• Does not plan at all.

What is the role of the POWER CLUSTER in entrepreneurship?

• Reflects interpersonal relations maintained by entrepreneurs.

• Focuses only on financial aspects.

• Is not important in entrepreneurship.

What are good sources of entrepreneurial ideas?

• Changes in the Environment, Technological discovery and advancement, Government's Thrust, People's Interest, Past experiences

• Only past experiences.

• Only technological advancements.

What are the skills and core competencies of entrepreneurship?

• Cognitive, Technical, Interpersonal skills

• Only technical skills.

• Only cognitive skills.

What is the definition of COGNITIVE SKILLS?

• Mental ability to learn new things and generate ideas.

• Only technical knowledge.

• Ability to manage finances.

What does the term ENTREPRENEURIAL COMPETENCY refer to?

• Strategic position and condition of the entrepreneurial venture.

• Only the financial aspect of a business.

• The number of employees in a business.