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Lesson Assessment 1

The document provides information about entrepreneurship including definitions, characteristics that differentiate entrepreneurs from ordinary business owners, and reasons why there is no universally accepted definition of entrepreneurship. It also includes discussion questions about the importance of understanding entrepreneurship concepts and distinguishing entrepreneurs from businesspeople. The lesson assessment aims to test understanding of key entrepreneurship concepts through true/false questions and discussion of entrepreneurial business ventures.

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Carmel Angela Lavador
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357 views

Lesson Assessment 1

The document provides information about entrepreneurship including definitions, characteristics that differentiate entrepreneurs from ordinary business owners, and reasons why there is no universally accepted definition of entrepreneurship. It also includes discussion questions about the importance of understanding entrepreneurship concepts and distinguishing entrepreneurs from businesspeople. The lesson assessment aims to test understanding of key entrepreneurship concepts through true/false questions and discussion of entrepreneurial business ventures.

Uploaded by

Carmel Angela Lavador
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Lesson Assessment 1

I. Write True if the statement is correct. Otherwise, write False and state your reason
briefly.
__True__ 1. An entrepreneur can be a juridical person or those entities that have
been created by the operation of law.
_________________________________________________________________
__True__ 2. The distinguishing mark that differentiates an entrepreneur from an
owner of an ordinary small business is the commitment of the
entrepreneur to entrepreneurial concepts and principles.
_________________________________________________________________
__True__3. In layman’s term, an entrepreneur is a person who opens his or her own
business, assumes responsibility over its operation and management,
and assumes the risk of the business.
_________________________________________________________________
__True__4. Most owners of ordinary small businesses open their businesses because
of the profitability aspect of the operations.
_________________________________________________________________
__False_ 5. All business people are entrepreneurs.
Entrepreneurs' entrepreneurial ideas and principles are not shared by
businesspeople.
__False_ 6. An entrepreneur perceives entrepreneurship as the mere opening and
managing of a small business.
For entrepreneurs, creating and managing small businesses is only the
beginning of what should be a long journey of entrepreneurship.
__True _ 7. Knowing all the entrepreneurial concepts will assure a person of
becoming a successful entrepreneur.
_________________________________________________________________
__False_8. Having a degree in entrepreneurship will assure the person that his or her
business endeavor will succeed.
Entrepreneurial success is unrelated to getting a degree since it is the
passion that drives an entrepreneur to achieve great things that leads to success.
__False_9. Since there is now a degree program in higher education leading toward
entrepreneurship, the academe has already a universal definition of the
term “entrepreneurship.”
People, both professional and non-professional, define entrepreneurship
in different ways hence, there has been no definite or universal definition of the term
entrepreneurship.
__False_10. The term “entrepreneurship” originates from a Greek word
“entreprendre” which means to undertake a business.
The term “entreprendre” actually originates from a French word.

II. Discussion

1. Discuss the need to have a correct understanding of the concept of


entrepreneurship. What advantages will it provide to a person who is
interested in becoming a successful entrepreneur?
Entrepreneurship can be easily misunderstood without proper prior
knowledge and understanding of its concept. It is a term that is yet to have a
definite definition hence, people create definitions of their own. However, an
important concept such as Entrepreneurship shouldn’t be easily entered
without prior understanding due to the risks that come with it. Becoming an
entrepreneur requires a lot of determination and discipline and is only
perfected through an depth understanding of it. A person who understands
entrepreneurship will be able to understand the risks that come with it and
will be able to minimize the possible risks that come with it. This in depth
understanding will not only avoid damages but will also allow entrepreneurs
to establish a business that is new and innovative.

2. Enumerate the reasons why there is no universally accepted definition of the


term entrepreneurship.

- Multidisciplinary nature
- Diversity of entrepreneurial activities
- Cultural differences
- Historical evolution
- Debate on the role of innovation
- Different perspectives

3. Distinguish between an entrepreneur and an ordinary businessperson.

It is a widespread misconception that a businessman and an entrepreneur are


the same entity, yet both terms relate to a distinct individual with a different
approach to business. To put it another way, a businessman follows a
predetermined road carved by someone else with an unoriginal notion, but an
entrepreneur believes in forging his own path with innovative ideas. An
entrepreneur has the potential to become a businessman in the future.
However, there is a fine line between a businessman and an entrepreneur. A
businessman is a market participant, but an entrepreneur is a market leader.

III. Class Entrepreneurial Activities

1. Tell what kind of business venture you intend to open and why you have
chosen it.

As a member of the younger demographic, we wanted to establish a business


that caters to the current trends and demands. Considering that special events
like Valentine’s Day, Mother’s Day, and other celebrations celebrated
worldwide are just around the corner, we wanted to take advantage of the
situation and allow people to have the option and select the perfect gift to
give as a present to their loved ones. Hence, our group decided to establish a
Gift shop that offers both products and services to give customers the option
to make their loved one’s day even more special. This business venture is
currently in demand, especially from the younger demographic. But not only
are we going to take into consideration the demand but are also going to
incorporate new and innovative ideas that set our gift shop apart from other
gift shops, and create a better experience for the consumers.

2. Explain briefly how you can be an entrepreneur and not merely a


businessperson.

The continuous rise of the economy and the appearance of a lot of businesses
have created really tight competition in the business world for business
owners. What sets entrepreneurs and businesspersons apart is their approach
to business. A businessperson operates a business according to the traditional
and common way. A businessperson runs a business based on demands that
allow the maximum profit in return. However, an entrepreneur establishes a
business that is new and innovative. Entrepreneurs understand the risks and
gambles that it takes to run a business and uses it to their advantage. Hence,
to become an entrepreneur, it is important to incorporate creativity into
business while still acknowledging the risks that it may cause.
Entrepreneurship is all bout risks and innovations that will set you apart from
other already immerging businesses even as a start-up.

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