TORAYNO, KAYLA H.

CODE: 3056

Let’s Check

Let us try the following activities to check your understanding in this unit.

Activity 1. Identification. In the space provided, write the term/s being asked in the
following statements: (One point each)

Mindset 1. This refers to a person's tendencies especially when

reacting to information. This can be fixed or growth-oriented.
Growth Mindset 2. The type of mindset that is open for improvements.
Fixed Mindset 3. "My talents and skills will never improve". What mindset is
this?
Entrepreneur 4. This refers to a person who creates value, innovate and
pursues opportunities.
Breakthrough 5. This innovation happens when there is a completely new
product or service.
Incremental 6. This innovation happens when the business owner decided
to improve several features of his product.
Open 7. This innovation happens when the fertilizer company is
communicating with farmers to better address their needs.
Entrepreneurial Mindset 8. This refers to the constant ability to seek opportunities,
take risks and make an idea into a reality.
Effectuation 9. This process starts when one is evaluation what he has and
calculates possible outcomes.
Value 10. This refers to the customers’ evaluation of the product’s
usefulness in meeting his needs.
Activity 2. True or False. In the space provided, write T if the given statement is
true and F if false. (One point each).
F 1. Mindset is always fixed.
T 2. An entrepreneur is up for innovation.
T 3. Innovative activities are limited to new goods and new markets.
F 4. Reverse innovation happens when a third party is discussing ways
to improve current product.
F 5. The case for Nestle noodles is an example of disruptive
innovation.

Let us try the following activities to know how deep your understanding
of the topics of this unit is.

Activity 1. List 5 entrepreneurs you know and cite 3 remarkable traits they
have.

Names Remarkable Trait

Example : Richard Branson 1. pursuing innovative ideas
2. persistent in getting funding
3. people-oriented
1. Socorro Ramos 1. Hands on approach in business
2. innovates at her teen age
3. resourceful
2. Edgar Sia 1. Philippine’s youngest billionaire
2. Developed a lot of businesses
3. Dropped out of school to
pursue business
3. Joe Magsaysay 1. Left school to work
2. Skillful
3. Innovative
Let’s Check

Let us try the following activities to check your understanding in this unit.

Activity 1. Identification. In the space provided, write the term/s being asked in the
following statements: (One point each)

Stage 2 1. When one lost his job, he became convinced to pursue

entrepreneurship. What stage is this in the entrepreneurial process?
Motivation 2. This is as a skill is considered important in all of the stages in the
entrepreneurship process.
Idea/scanning the environment 3. This involves macro scanning and micro scanning.
Macro-environment of the firm 4. This includes demographic forces, economic factors,
technological factors, legal factors, political factors, geographic factors, cultural factors
etc.
Developing the Opportunity 5. This stage is the process of combining resources in
order to pursue the identified market opportunities.
Product or service 6. This business factor is being considered when one is asking
questions about the competitive advantage of the product or service idea.
Capital requirements 7. This business factor is being considered when one is asking
about the list of potential investors.
Focus 8. This business factor is being considered in evaluation a team
when one is asking about the entrepreneurial background of the founder.
Communication skills 9. In selling as a business factor for evaluating an
entrepreneurial team, what are the two skills needed?
Market opportunity 10. When one is asking about a niche market, the business factor
being considered is called?

Activity 2. True or False. In the space provided, write T if the given statement is true
and F if false. (One point each).
T 1. The gathering of resources started to become an important skill from stage 2
until stage 4.
F 2. Creativity can be seen as an important skill for stage 1 and 3.
T 3. Motivation as a skill is considered important in the 3 stages of the
entrepreneurship process.
T 4. Communication, operations and innovation skills are considered key skills in
stage 3.
F 5. Earthquakes and other geographic considerations are part of the
microenvironment.