Burgos, Rhea B. (Ent.

Mind)

Answer the following:

1. Identify the origin and nature of Entrepreneurship.

- Entrepreneurship originated in Europe sometime in the Middle Ages

- The word “entrepreneur” originates from a thirteenth-century French verb, entreprendre, meaning
“to do something” or “to undertake.”
- Entrepreneurship is an open and external activity, linked with the economic, social, political,
cultural and physical environment. The entrepreneurs take the risk of producing improving and
making changes in the products or services. “Entrepreneurship is the creative response to every
external condition.

2. Distinguish newness from innovation.

- Innovation creates something innovative or “new” or something that is new or recently created
from innovation.
- The opposite of new is OLD. Which can refer to something new or to a change made to an existing
product, idea, or field come up with a new product

3. Enumerate the broad impact of Entrepreneurship upon the economy.

- Promote self-help and unemployment

- Mobilize capital
- Provides taxes to the economy
- Empower individuals
- Enhance national identity and pride
- Enhance competitive consciousness
- Improves quality of life
- Enhance equitable distribution of income and wealth

4. Explain the contemporary views on Entrepreneurship.

- It is worth pointing out that while the early thinking on entrepreneurship primarily focused on the
entrepreneur as an individual, it has become necessary to also consider the environment where
entrepreneurs operate as much as their personal traits come into play. The early thinking seems to
suggest that entrepreneurship is something remarkable that is only undertaken by talented
individuals—people of high ingenuity, big risk- takers and those determined to be their own
bosses. This may not reflect today’s thinking.
- Entrepreneurship in contemporary behavioral science focuses on the individual, the process and
the individual’s freedom of choice. Focusing on the individual is about the earlier behavioral
entrepreneurship research, which unearthed the characteristics of the entrepreneur. Focusing on
the process shows the relationship between the environment and the behavior of the individual.