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.