Entrepreneurship Lecture

How does a decision making process done in micro or small enterprises?

• The process is highly bureaucratic and involves multiple layers of management.
• Decisions are based on extensive market research and formal reports.
• The decision-making process in micro or small enterprises is often informal, involving direct communication and quick adjustments among a small group of stakeholders.
• Decisions are made solely by the owner without any input from others.

Small scale producers use raw materials and by-products in limited volume

• True

• False

Where do we apply for a Tax Identification Number?

Small Businesses are considered the backbone of the Philippine economy because aside from generating profits which are sources of taxes, it also bring about ______ to promote livelihood that helps in the economic activity of the country.

An enterprise that is looking for suppliers and entering into an agreement making them as exclusive providers of raw materials coming from particular location of of the supply chain simply implies that entrepreneurs -

• contributes to a wider distribution of income.

• improves the quality of life.

• bring about employment

• generate social benefits through government.

All are correct as rewards of being an entrepreneur, EXCEPT

• Feel Fulfilled

• Make money

• Work-Life Balance

• Be your own boss

All the following are considered weaknesses of a small business, EXCEPT:

• Lack of continuity of the business.

• During an economic crisis, it is easy to adjust production and personnel.

• Small business lack skills in market planning and research.

• Many labor related problems are experienced by business owners.

A type of business that is a combination of service and manufacturing businesses.

How does an entrepreneur improve the quality of life of the market that it serves?

• Satisfaction

• Provision

• Innovation

• Contribution

Traders who sell in bulk or large quantities and offer discounts or low prices.