APPLICATION EXERCISES

NAME: CHARLYN MAE R. CANONEO YAER & SECTION: 2ND YEAR/2C

I. Critical Thinking

Directions: Answer the following questions in the space provided. Use separate paper as needed.

1. What are the advantages of being an entrepreneur? What are its disadvantages?

Answer: The advantages of being an entrepreneur is to work from anywhere, because we can
even choose to work from places other than a boring office desk, your home, a café, the park, or
even on the road as you take a wrong vacation. Also, the company control this, is your business
so you get to make the key decisions, from who to hire and what clients to take to how to price
your services or goods, what partnerships to pursue, and what your quarterly and yearly goals
should be. The disadvantages of being an entrepreneur is you need to find investors who will be
interested in your project, because of the fact that it’s of the utmost importance for business to
maintain strong, transparent relationships with investors. Second, there is a chance of going
bankrupt if the business idea does not work out, the common causes of bankruptcy include:
poor financial management related to student loans, purchasing a car at or home, reduced
income or job loss. Unexpected emergencies, such as a car breaking down. Lastly disadvantages,
is you will also be experiencing more stress than usual, because of high workload and work
intensity, as well as financial problems facing their business are top of the entrepreneur stress
list.

2. One characteristics of an entrepreneur is being creative. Give an example where imagination

is used to create marketable ideas.

Answer: Creativity has been used to generate ideas among entrepreneurs and their team.
Although extensive research has been conducted on creativity, the majority of studies have
focused on traditional ways of stimulating creativity, such as focus groups, the collective
notebook method, brainstorming, brainstorming, reverse brainstorming and problem inventory
analysis. So, an example where imagination I used to create marketable ideas was to make a
page in Facebook and then post your services or goods. Ideas that you need to find more friends
to introduce your services or goods so that they can introduce as well to their other friends.
Also, be extremely patient don’t put too much pressure on yourself and take time to appreciate
the journey and understand how things work. Because not necessarily you can be successful
entrepreneur. The journey will be filled with unexpected outcomes that you may not be
prepared to deal with.

3. Give one responsibility of an entrepreneur and briefly explain its importance.

Answer: The responsibility of an entrepreneurs is to allocate employee’s duties. Because from

the start of the business, entrepreneurs should distribute responsibilities effectively among their
employees. Hiring competent and capable staff takes a lot of care, especially for a small
 company. Entrepreneurs are also responsible for organizing business structures and
environments that help maximize the potential of each employee. A company’s success often
depends on the contributions of its employees. Defining team roles and responsibilities is
therefore a critical business productivity. Task sharing also helps maximize team conflict,
maximize productivity, and boost.

4. Briefly explain how entrepreneurs help the economy.

Answer: Entrepreneurs help the economy, because entrepreneurs create job opportunities not
only for themselves but also for others who haven’t regular jobs and who is unemployed
because of some companies hiring a college graduate to be qualified. Entrepreneurs increase
competition & boost productivity, entrepreneurs challenge existing firms to become more
competitive as they often enter the market with lower prices and greater product variety.
Increased competition in an economy is advantageous because firms and individuals will source
methods to better improve their operations. This can cause existing players in the market to re-
assess their operations, increase their value, lower costs, and become more efficient.
Entrepreneurs add national income, this is in the form of higher government spending and tax
revenue, resulting in investment in struggling sectors and human capital. The new product and
services created by entrepreneurs result in new wealth from the new markets. Additionally,
higher earnings due to entrepreneurship can help boost national income.

5. Give an example of a problem in your community that was resolved by entrepreneurs.

Answer: A problem in our community that was resolved by entrepreneurs is Hunger/Poverty.

Entrepreneurship is often seen as the magic bullet for poverty alleviation. With the alleviation of
poverty, people become more capable workers and professionals able to take advantage of the
goods and services that business have to offer. Proponents argue that it leads to job creation,
higher incomes and lower poverty rates in the cities where it occurs. Others argue that many
entrepreneurs actually start low-yield businesses serving the local market. Entrepreneurs help
to reduce unemployment or the people who is hunger, because job creation is a natural
outcome as the business grows. Employers and businesses opportunities may provide jobs or
other services to those in poverty in the community or to low-wage worker.

II. Inside the Vault – A List of Famous Entrepreneurs

All of the people listed below have a unique history. By studying their lives, we can discover
the traits that made them successful entrepreneurs; they can become role models we can
follow.

Choose one of these business people and be prepared a narrative report on this person’s life
and the characteristics he or she used to become successful. Think about the: product or
service, costs and method of production, market served. Your narrative report must
minimum of one page short or A4 bond paper.
 BILL GATES – (MICROSOFT)

Bill Gates, in full William Henry Gates III is an American business magnate, software developer,
investor, author, and philanthropist. He is a co-founder of Microsoft, along with his late childhood friend
Paul Allen. Bill Gates born October 28,1955, Seattle, Washington, U.S. He dropped out of college to start
Microsoft with his childhood friend Paulen Allen. Today, Bill co-chairs the Bill & Melinda Gates
Foundation with Melinda French Gates, where he works to give his wealth back to society. Bill grew up
in Seattle with his two sisters. His late father, William H. Gates., was a Seattle attorney and one of the
co-chairs of the Bill & Melinda Gates Foundation. His late mother, Mary Gates, was a schoolteacher,
university of Washington regent, and chairwoman of United Way International. Bill has three children.
Bill Gates move fast and keep innovating that helped him to become a successful entrepreneur.

In 1975 Gates, then a sophomore at Harvard University, joined hometown friend Paul G. Allen to
develop software for the first microcomputers. They began by adapting BASIC, a popular programming
language used on large computer, for use on microcomputers. With the success of this project, Gates
left Harvard during his junior year and with alle, formed Microsoft. Gate’s sway over the infant
microcomputer industry greatly increased when Microsoft licensed an operating system called MS-DOS
to International Business Machines Corporation- then the world’s biggest computer supplier and
industry pacesetter-for use on its first microcomputer, the IBM PC (personal computer). By the start of
the 1990’s he had become the PC industry’s ultimate kingmaker. Largely on the strength of Microsoft’s
success, Gates amassed a huge paper fortune as the company’s largest individual shareholder. He
became a paper billionaire in 1986, and within a decade his net worth had reached into the tens of
billions of dollars-making him by some estimates the world’s richest private individual. Beginning in 1995
and 1996, Gates feverishly refocused Microsoft on the development of consumer and enterprise
software solutions for the Internet, developed the Windows CE operating system platform for
networking noncomputer devices such as home televisions and personal digital assistants, created the
Microsoft Network to compete with America Online and other Internet providers, and through Gate’s
acquired the huge Bettmann photo archives and other collections for use in electronic distribution. In
addition to his work at Microsoft, Gates was also known for his charitable work. With his then wife,
Melinda, he launched the William H. Gates Foundation (renamed the Bill & Melinda Gates Foundation in
1999) in 1994 to fund global health programs as well as projects in the Pacific Northwest. In February
2014 he stepped down as chairman but continued to serve as a board member until 2020. During this
time he was awarded the Presidential Medal of Freedom (2016). The documentary series Inside Bill’s
Brain: Decoding Bill Gates appeared in 2019. Two years later Gates and his wife divorced.

In conclusion, Bill Gates created Microsoft just to enable people and business throughout the
world to realize their full potential by creating technology that transforms the way people work, play,
and communicate. Microsoft is so important in the world nowadays because, it provides tools enabling
businesses to be productive and communicate effectively regardless of location. Microsoft office Live
Workspace, boasting online storage space, enables users to save, access and share documents
throughout the world. Microsoft and its employees contribute to the community in which they live by
bringing the benefits of information technology to people and organizations throughout the community.
Through our efforts we strive to create an environment that fosters Diversity & Inclusion and belonging.