Midterm Review

It is an art of observing correct practices in managing and operating a self-owned wealth-creating business enterprise by providing goods and services that are valuable to the customers.

• Corporation

• Entrepreneurship

• Small and medium enterprises

He defined entrepreneurship as dynamic process of vision, change, and creation.

• Casson (1982)

• Kuratko (2009)

• Shane (2003)

He defined Entrepreneurship as decisions and judgements about the coordination of scarce resources

• Casson (1982)

• Kuratko (2009)

• Shane (2003)

He defined entrepreneurship as an activity that involves discovery, evaluation, and exploitation of opportunities to introduce new goods and services.

• Casson (1982)

• Kuratko (2009)

• Shane (2003)

Type of business which is recently formed from scratch.

• Franchising

• Start up

• Buying existing business

It is a Factors to consider in starting a business that focuses on starting right by “beginning with the end in mind.”

• Legal Requirements

• Focus and Direction

• Personal Competencies

It is a Factors to consider in starting a business that focuses on complaints to the copyright and patent laws, environmental and sanitation regulations of the municipality, and labor laws.

• Legal Requirements

• Focus and Direction

• Personal Competencies

It is a Factors to consider in starting a business that focuses on Creativity, opportunity seeking, self-confidence, persistence, commitment, and risk-taking, as well as technical background (e.g. accounting, personal computing) and related experiences needed to run the particular business, are necessary to start running the business.

• Personal Competencies

• Focus and Direction

• Providing employment

Entrepreneurs in this age/century were the people who oversaw great architectural works such as public buildings and cathedrals.

• The middle ages

• 17th century

• 19th century

Big companies became the embodiment of entrepreneurship in the country.

• False

• True