LEARNING TASK
ACTIVITY#1: True or False.
Which of the following statements are True and which are False?
1. True A business can be started in his residence or rented premises.
2. True A capital is needed in setting up a business.
3. False An entrepreneur should have its business far away from the location of customers.
4. False There is no need for a business to have its workforce.
5. False A business can only be run by individuals.
6. False Only the rich people can have a business.
7. False Sole proprietorship is run by many people.
8. True Skilled workers are needed to have a successful business.
9. True A retail business should be started near residential area or in a marketplace.
10.True The entrepreneur requires money to buy machinery, building, raw materials and pay
wages.
ACTIVITY#2:
Entrepreneurial competencies refer to the characteristics of an entrepreneur. It requires certain
qualities or characteristics for establishing and running a business enterprise. In your own words,
explain the different qualities you need to acquire to become a successful entrepreneur.
1. Creative and Innovative. To become a successful entrepreneur, being creative and
innovative are necessary characteristics. It is because entrepreneurship is also about
bringing something new in existence or making changes in the market. I believe a
creative and innovative entrepreneur will not be left by the ever-changing market
situations.
2. Risk taker. I believe that successful entrepreneurs also experienced mistakes. But then
they never stop until they achieve what want. Successful entrepreneurs do gamble. They
do not stay at their comfort zone because they will not grow there, so they take higher
steps affiliated with risks. This is because in entrepreneurship, you do not play safe, you
take risks instead.
3. Confidence. Whether you are just starting out or have been running a company,
confidence is really a key. Your confidence will keep you going on your business until
you achieve all your goals. Your faith will be more than enough to not only start a
business, but having a very good chance of success.
4. Flexible. Being flexible is another necessary characteristic that an entrepreneur should
have in order to be successful. It is necessary when the business is taking unexpected
twists and turns. With flexibility, it will not be hard for the entrepreneur and the business
to adjust such plans or activities and so it will still be easy to achieve business goals and
objectives.
5. Management Skills. Management skills are also important. To be successful, an
entrepreneur should know how to efficiently and effectively handle all of his/her capital
and resources. This includes optimizing the use of scarce, ensuring effective leadership,
motivating employees by creating a safe and secure environment, promoting
synchronization amongst industries and their relations, and strategizing towards the
achievement of primary goals of the organization. Without management, the business is
doomed.
ACTIVITY#1: True or False.
Which of the following statements are True and which are False?
1. True A business can be started in his residence or rented premises.
2. True A capital is needed in setting up a business.
3. False An entrepreneur should have its business far away from the location of customers.
4. False There is no need for a business to have its workforce.
5. False A business can only be run by individuals.
6. False Only the rich people can have a business.
7. False Sole proprietorship is run by many people.
8. True Skilled workers are needed to have a successful business.
9. True A retail business should be started near residential area or in a marketplace.
10.True The entrepreneur requires money to buy machinery, building, raw materials and pay
wages.
ACTIVITY#2:
Entrepreneurial competencies refer to the characteristics of an entrepreneur. It requires certain
qualities or characteristics for establishing and running a business enterprise. In your own words,
explain the different qualities you need to acquire to become a successful entrepreneur.
1. Creative and Innovative. To become a successful entrepreneur, being creative and
innovative are necessary characteristics. It is because entrepreneurship is also about
bringing something new in existence or making changes in the market. I believe a
creative and innovative entrepreneur will not be left by the ever-changing market
situations.
2. Risk taker. I believe that successful entrepreneurs also experienced mistakes. But then
they never stop until they achieve what want. Successful entrepreneurs do gamble. They
do not stay at their comfort zone because they will not grow there, so they take higher
steps affiliated with risks. This is because in entrepreneurship, you do not play safe, you
take risks instead.
3. Confidence. Whether you are just starting out or have been running a company,
confidence is really a key. Your confidence will keep you going on your business until
you achieve all your goals. Your faith will be more than enough to not only start a
business, but having a very good chance of success.
4. Flexible. Being flexible is another necessary characteristic that an entrepreneur should
have in order to be successful. It is necessary when the business is taking unexpected
twists and turns. With flexibility, it will not be hard for the entrepreneur and the business
to adjust such plans or activities and so it will still be easy to achieve business goals and
objectives.
5. Management Skills. Management skills are also important. To be successful, an
entrepreneur should know how to efficiently and effectively handle all of his/her capital
and resources. This includes optimizing the use of scarce, ensuring effective leadership,
motivating employees by creating a safe and secure environment, promoting
synchronization amongst industries and their relations, and strategizing towards the
achievement of primary goals of the organization. Without management, the business is
doomed.
