. Entrepreneur means “to undertake.” ____________2. Entrepreneurship is a process of actions of an entrepreneur who is always in search of opportunities. ____________3. The greatest significance of entrepreneurship is to help identify and develop the managerial capabilities of entrepreneurs. ____________4. Entrepreneurship will lead to the creation of organizations. ____________5. Entrepreneurship can improve the life of the entrepreneur only. ____________6. Coward people will become successful entrepreneur. ____________7. An entrepreneur is a “Risk Taker”. ____________8. Entrepreneurship is not an economic activity. ____________9. Entrepreneurs are innovative. ____________10. Profit potential is the compensation of the entrepreneur. ____________11. An entrepreneur can become a business consultant. ____________12. An entrepreneur can also be a researcher. ____________13. An entrepreneur can also become a salesman. ____________14. Entrepreneurship graduates can become a business reporter. ____________15. The entrepreneur could easily see the results of his efforts.

Other Economics Questions

• After reading the story, write down the characteristics and competencies you saw in Ana and Boy Manrique which helped them become successful entrepreneurs. Write them in the radial cycle below.A radial cycle shows how the variables in the outer ring contribute to the central concept. This activity will show how Ana and Boy's characteristics and competencies contributed to their success as entrepreneurs. Do you see a bit of yourself in Ana and Boy? Do you see yourself as an entrepreneur?(THE STORY)(1)Ana and Boy's first venture into entrepreneurship was through a bakery business. The couple lived in Las Piñas, near a subdivision and a commercial area with no presence of a bakery in the vicinity. Ana and Boy, however, also had no knowledge and experience in baking. What they lacked in know-how and skill, though, they made up for willingness to learn. The couple both went back to school and enrolled in courses on commercial baking and attended food demonstrations to further their knowledge on the bakery business. With a fifty thousand capital borrowed from a friend, Moonbake was born. They sold pan de sal, pan de coco, and Spanish bread to neighbors and sari-sari stores in the area. Business was good and continued to get better, until they hit a roadblock Raw material costs started rising, supply of sugar grew scarce, and(2)competition started sprouting all over the area. The couple, unwilling to be hindered by the roadblock, went back to school again. Boy took up a course in the "Rehabilitation of Distressed Industries" and, applying what he learned, StarGlow was born. It was formed to be the marketing arm of Moonbake, and soon sales started to pick up again.(3)Not stopping yet, the couple decided to diversify. They aimed to export and they looked for a good product to introduce to the global market. They visited the Industrial Technology Development Institute (ITDI) of the Department of Science and Technology (DOST) and became interested in the vacuum fried tahong (mussel). Using the vacuum frier in ITDI, they initiated a pilot run. Unfortunately, the vacuum fried tahong proved to be a short venture for the couple and after incurring PhP 100,000 loss, they decided to look for a new product.(5)They visited yet another DOST agency, the Food and Nutrition Research Institute (FRNI). They became interested in the canned laing (taro leaves cooked in coconut cream with shrimp paste, ginger, and silinglabuyo). This time, their pilot run at FNRI became successful. They know they have a good product on hand and after they launched it at the First Asian Ethnic Food Festival, they were able to secure a deal with ShoeMart and after a couple of years, sent their first delivery to Guam and eventually, to the Middle East, Canada, the USA, and Europe. From the canned laing, another company, Moondish, was born.(6)From a simple idea, Ana and Boy now has three companies: Moonbake, Moondish (under Moonbake), and StarGlow. The two manufacturing companies operate following the tenets of total quality management. Moondish, in addition, underwent Hazard Analysis Critical Control Points, a requirement for all food exporters. Quality starts from the source, and thus the couple sought out and got in touch with farmers from Laguna and Bicol and chose the best variety of gabi leaves- the white one- as those leave a less itchy sensation in the mouth. To retain their farmer-suppliers and enjoy a stable supply of quality raw materials, the couple treats them well and pays them as they deserve. Ana and Boy, through all the hardships they underwent in the name of entrepreneurship, likewise got what they so deserved: success.
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