Entrep Chapter 5

Front 1

his personality and the culture and environment

Back 1

The person who chooses to become an entrepreneur is influenced by the interplay of two factors:

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True

Back 2

t/f

The entrepreneur's personality greatly influences his choice. His personal values, traits, and mindset drive him to achieve something successfully, while being determined to face the risks and challenges of undertaking the selected venture.

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micro and small enterprises.

Back 3

When starting out to realize the dream of starting a business, most entrepreneurs set up small, solo or individually-run trading or manufacturing outfits called?

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entrepreneur

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is someone who organizes, manages, and assumes the risks of a business or enterprise.

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Culture

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provides a set of communally-held values, customs, and meanings that become part of the entrepreneur's personality from the time he was young to the time he becomes an adult.

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True

Back 6

t/f

A common image of an entrepreneur is that of someone who produces useful goods.

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manufacturer

Back 7

has the ability to supervise and manage production and business.

This type of entrepreneur is familiar with the nature and purpose of the product to be manufactured.

He has scientific knowledge on how the product will be made, applies this knowledge to a useful purpose, and then proceeds to manufacture the product.

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Manufacturing

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therefore, is the process of transforming raw materials into finished goods for subsequent marketing.

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craftsperson

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would produce goods mostly without much machinery, and sell these to wholesalers or to individual buyers in a market or a "tiangge."

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handicraft manufacturing

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is a very common and easy source of income because Filipinos seem to be naturally endowed with artistic talent and dexterity in creating handmade products.

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Cooked food producer

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Depending on where one lives and one's ability to cook, he may be able to sell food as specialty items.

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processor or subcontractor.

Back 12

There are businesses that do not produce a product from start to finish but rather only performs one or several steps in the transformation of materials into products. Persons engaged in these businesses are known as?

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trader

Back 13

refers to the person who transfers goods from the manufacturer who produces the goods to the consumer who buys the goods.

also called buy and sell businessmen

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Trading

Back 14

is the process of buying and selling of goods and services involving transfer or exchange of goods and services for money.

This activity often does not need a large start-up capital and has a sense of urgency about it.

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True

Back 15

t/f

trader can be a wholesaler

retailer is also called as a trader

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Trader

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Foresight, endurance, and familiarity with the specific products being sold and bought are helpful for this type of entrepreneur.

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Wholesaling

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This pertains to bulk selling of products to retailers or organizations.

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distributorship scheme

Back 18

Some trading operations are done on a ________________, where the manufacturer and the trader enter into a contract or agreement for the exclusive sale by the trader of specific brands without carrying the company name of the manufacturer.

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Retailing

Back 19

This is the selling of products directly to the end-users.

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Repacking

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This is very simple and easy, requiring minimal capital and equipment; it can be home-based.

All one needs are pouches and other packing materials.

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True

Back 21

t/f

One of the least expensive ways to get started with online product sales is by selling virtual products.

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virtual product

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is something digital that can be distributed directly to the customer over the Internet as soon as it is purchased.

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True

Back 23

t/f

With virtual goods, there is no need to create a physical inventory.

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Vending machine operation.

Back 24

Here, the entrepreneur sells products through several vending machines installed where there is high volume of foot traffic.

Products are either self-produced by the entrepreneur or procured from other producers.

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Solo Entrepreneur

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This type of entrepreneur is independent and has autonomy from authority structures

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Event Organizer

Back 26

They prepare for the party or the event as if they are preparing their own and put very special care and attention to ensure the success of the event

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Show host, clown, magician, fireworks specialist.

Back 27

They depend on their talent and ability to entertain guests in exclusive parties and they get paid highly for their services.

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Online Teacher

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This is one of the most exciting new opportunities in recent years for anyone to remain employable or capable of earning a respectable income.

Front 29

e-newsletter

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One variety of information product facilitated by the existence of the Internet is the?

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Lifestyle entrepreneur

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is one of the latest additions to the current types of entrepreneurs

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Streetpreneur

Back 31

is a term coined by an official of the People Management Association of the Philippines (PMAP) Foundation (2014) which refers to micro entrepreneurs selling various home articles and food items to motorists stuck in traffic or bus riders at terminals and stations.

They are seen selling snacks and other items small enough to be carried around such as cigarettes, hand towels, cleaning rags and the like.

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street entrepreneurship

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is a daily-sustenance activity providing minimal income that augments the family budget.

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franchise

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is a form of business organization in which an established firm (franchisor) with an established product or service and proven business model, allows another business (franchisee) to offer to the market the franchisor's product or service for a fee.

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franchising

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For the franchisor, _________________ is an alternative to setting up chain stores or branches to distribute its goods and services while avoiding the investments and liabilities of a chain.

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franchising

Back 35

For the franchisee, though _____________ has been called a business "with the least tears and fears"

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Serial Entrepreneur

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This type of entrepreneur is more concerned about starting a new enterprise each time the one he has set up is starting to go well.

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Serial entrepreneurs

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are not afraid to stumble or fail with their new business ideas. They recover quickly despite the failures they may meet.

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Social entrepreneurs

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are those who provide products and services with the overall desire of creating social good, operating from the perspective of benefitting the people and the planet while earning profit.

They also engage in enterprise that uses business tools, disciplines, and strategies to pursue social, environmental and humanitarian objectives.

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social entrepreneurship

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came about in the 1980s as an alternative solution to the problem of poverty and underdevelopment.

aims for the development of the business skills and knowledge of a community.

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True

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t/f

In social enterprises, profit is often reinvested into the business rather than distributed to shareholders.

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Social entrepreneurs

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are innovators who focus on creating products and services that solve social needs and problems.

Their goal is to make the world a better place and not to take market share nor create wealth from the enterprise.

They are motivated by a desire to remedy some of the ills of society.

They use their business as a driver for change.

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True

Back 42

t/f

Social ownership must be tangible and palpable.

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intrapreneur

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may be a manager or a salaried employee who finds a way of making innovations in the company where he or she works.

detect the needs inside a corporation and use individual initiative to take action to suggest an idea and even start an in-house project.

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process improvement

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Intrapreneurs lead in what is called?

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Intrapreneurship

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When employees in a large organization undertake something new or innovative (e.g., a new product, process, or system) within the organizational environment, the initiative is known as?

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intraprise

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The business unit that is put up as an offshoot of such initiative is called an?