ENT-A MIDTERM
POSSIBLE MIDTERMS:
I. TRUE OR FALSE
1. sources of financing - TRUE
2. leaders are challenged - TRUE
3. Resource acquisition is the process of identifying and exploring – FALSE
4. In existing firms,…NOT BEEN FOUND to affect – FALSE
5. Personal services may include - TRUE
6. Rationality is inspired by vision, hunch.. – FALSE
7. Advertising is the practice of funding a project – FALSE
8. A person’s rational analytic – TRUE
9. Goal directed behavior – TRUE
10. Intellectual property laws can provide – TRUE
11. Entrepreneurial intentions are assumed to predict – TRUE
12. A business plan is a formal written document – TRUE
13. Risk tolerance is the ability – FALSE
14. The GANTT Chart – FALSE
15. A successful entrepreneur has drive, passion – FALSE
II. MULTIPLE CHOICE
1. In an economic psychological model – VICARIOUS EXPERIENCE
2. A cloud kitchen – A RESTAURANT BUILT AROUND FOOD DELIVERY RATHER THAN
SIT-DOWN SERVICE
3. Determinants of Entrepreneurial Intentions – 1995
4. Hazard Risk includes – THIRD PARTY LIABILITY
5. Forms of electronic communication – SOCIAL MEDIA
6. If you do not protect your idea – INTELLECTUAL PROPERTY LAW
7. Creativity which is a factor – ACCUMULATING OF IDEAS, WHICH WILL THEN ENABLE
ONE TO DISTILL THE GREAT ONES FROM THE REST AND BE READY TO RUN WITH THE
BEST.
8. A co-worker whose poor performance – SLACKER
9. Rationality involves psychological processes – ALL OF THE ABOVE
10. Is a bridge between an idea and business plan – BUSINESS CONCEPT
11. Financial projections is a component of a – BUSINESS PLAN
12. A person or company that pays for a product – ADVERTISER
13. Intentionality is a state of mind – A SPECIFIC OBJECT (GOAL) OR A PATH IN ORDER
TO ACHIEVE SOMETHING (MEANS)
14. An entrepreneur network is – A GREAT PLACE FOR NEW AND EXPERIENCED
ENTREPRENUERS ALIKE, TO ASK QUESTIONS AND SHARE IDEAS.
15. One has this when one is inspired by vision – INTUITION
III. ESSAY
1. Among the five factors that influence entrepreneurship which do you think is the most
difficult to face? Explain your answer. (5 points)
Among the five factors that influence entrepreneurship, I think that it is the leadership
factor that is the most difficult to face. It is because not all people possess the ability to
lead other people—it will take them years of practice and development before they are
truly capable of handling and managing different aspects in an organization. Being a
leader would mean bringing out the potentials of the others in the organization to
produce the best and effective outcomes, and if one fails to do that, then the operations
of an organization would most likely fail as well, or become ineffective and inefficient.
Hence, I believe that leadership is a significant factor to a successful organization;
however, it is the most difficult to face with because one has to gradually develop such
characteristic in in their life, and not all people, although have the potential to lead, do
not truly know what it means to lead.
2. How do you differentiate entrepreneurial intention from entrepreneurial conviction? (10
points)
Entrepreneurial intention involves around one’s plans, where these are turned into
actions. These are what the entrepreneur plans to undertake and achieve during the
span of their business activities and operations, with the goal of ensuring that these
plans and objectives are made possible or in other words, turning one’s abstract ideas
into concrete or reality. In addition, the intention dwells on the objective aspect of an
entrepreneur’s being, whereby they consider to establish step-by-step acts for a
particular course of action, and see the idea’s possibility. On another note,
entrepreneurial conviction is considered to be the ability to determining whether the
business is right for the person pursuing it, or in their line of expertise or passion. In
contrast to intention, conviction dwells more on the subjective aspect of the
entrepreneur’s being, wherein they create within themselves the belief that their idea is
going to work for them and they are motivated to actualize these ideas and concepts
that they wish to develop.
3. If you plan to pursue a career as an entrepreneur, do you have any ideas about how
you will raise your start – up capital? (5 points)
To raise start-up capital for the business that I aim to establish once I pursue a career
as an entrepreneur, which is an essential factor that I need to consider knowing that the
capital is what actualizes the business to operate, I need to take into consideration
various alternatives and options to gain funds. The options that I have in mind consist of
the following: Self-funding, where I use my own money as funds/capital for the business
that I aim to establish. Other than my own money, I can also borrow from my family, as
they are in favor with the idea of establishing a business for myself as a way for me to
gain income; Acquiring loans or funds from financial intermediaries and government
units that support and offer start-up capitals to newly established businesses; Pitch the
business’ concepts towards potential persons and investors who would also see the
potential of the business I aim to establish; Seek angel-investors, venture capital funds
managed by professionals, and other people who would nurture and develop the
business I aim to establish.
4. Why are business concepts needed? (5 points)
Business concepts are needed and compose an essential part in a business, which is
vital for an entrepreneur to take into consideration, because these concepts and its
framework allows the entrepreneur to start making smart, informed, and practical
business decisions. The business concept also helps the entrepreneur convey his aims
and objectives for his business towards other prospects and potential partners or
investors, and enable them to easily understand the opportunities, strengths, and other
factors that the entrepreneur’s concept opens up; thus, allowing the entrepreneur to
gain people and funds to enrich the potential of his concept to be actualized and turned
into reality.
