A023 - ENTREP 1A - FUNDAMENTALS OF ENTREPRENEURSHIP

Submitted by: Dianna Lynn L. Molina (BSA - 1 - 3)

Submitted to: Sir Arly N. Visperas

Assignment No. 1
Chapter Discussion:
1. Do you agree that entrepreneurial success follows from personal effort,
knowledge and practice rather than a preordained destiny? Discuss.
> Yes, I agree. We may accomplish success by working on it rather than sitting
back and waiting for it to happen.
2. “An entrepreneur is one who is driven by opportunity.” Do you agree?
> Yes, I agree with it.
3. Is it difficult to make an exact definition of entrepreneurship? Why or
why not?
> Yes. It is difficult to provide an exact definition of entrepreneurship because,
despite the numerous definitions provided by researchers, it remains a mystery
to many individuals.
4. Are there common traits among entrepreneurs that can guarantee
success?
> Yes. Entrepreneurs must in good physical health, have superior conceptual
abilities, have the broad thinking of the generalist, have high self-confidence,
have strong personal drive, need to control and direct, have moderate
interpersonal skill, moderate risk takers, have a realistic outlook, have a high
degree for emotional stability, and have a low need-level for status.
5. What distinguishes an owner-entrepreneur from a manager?
> Their role in the organization. Entrepreneurs are risk takers by nature. In
order to push the organization forward, he must take calculated risks. A
manager, on the other hand, is risk-averse. His role is to keep the company's
current status quo.
6. Can we consider an owner-entrepreneur who operates his business as a
manager? Can he be both?
> No. A manager and an entrepreneur are two distinct individuals with distinct
skills. An entrepreneur does not have to be a great manager, and vice versa.
7. Give some reasons why some people prefer not to engage in
entrepreneurship.
> Some people prefer not to engage in entrepreneurship because of fear of
failure, inadequate resources to start a business, no exposure to
entrepreneurship, no idea what business to start, fear of selling, not driven to
succeed, and etc.