Shane I.

Bagasbas November 16, 2022

Bachelor of Science in Entrepreneurship 1-B Entrepreneurial Behavior

1. Describe entrepreneurship, corporate entrepreneurship, and the characteristics of

entrepreneurial firms.

 • Is the method by which people go after opportunities in relation to the resources they
now possess. The idea of conceptualizing entrepreneurship at the organizational level is
an application of entrepreneurship known as corporate entrepreneurship.
Entrepreneurial businesses take risks, are proactive, and are inventive. Conservative
businesses, in contrast, adopt a wait-and-see attitude, are less inventive, and are less
risk-averse.

2. Discuss three main reasons people decide to become entrepreneurs.

 To be their own boss, pursue their own ideas, and pursue financial rewards.
 Of these motivations, most people choose to start their own business because they
want to be their own boss or manager. The desire to make money from one's
entrepreneurial pursuits is significant, but it ranks second to the other two motivations
for starting one's own firm.
 To be their own boss
 However, this does not imply that business owners are difficult to deal with or
have a hard time accepting authority. Instead, there are a lot of business owners
who want to be their own boss because they are either dissatisfied with their
traditional positions or have always had the desire to start their own company.
 Pursue their own ideas
 Some individuals are born with a sense of creativity and when they spot
concepts for brand-new goods or services, they want to see those concepts
become reality. Corporate innovators who operate within an established
company. usually have a method for spreading their thoughts.
 Financial Rewards
 However, compared to the previous two, this incentive usually falls short of its
potential. The typical business owner does not earn more money than someone
in a regular job who has equivalent levels of responsibilities. A unifier is also
money. Making money and boosting a company's worth are unifying objectives
that may inspire support. But starting a business is rarely driven primarily by a
desire for financial gain.
3. Identify four main characteristics of successful entrepreneurs.
 Passion for business
 Product/ Customer Focus
 Tenacity Despite Failure
 Execution Intelligence
4. Explain five common myths regarding entrepreneurship.
 The five most pervasive fallacies about entrepreneurship are: (1) that entrepreneurs are
born, not formed; (2) that entrepreneurs are gamblers; (3) that entrepreneurs are
primarily driven by money; (4) that entrepreneurs should be youthful and vivacious; and
(5) that entrepreneurs liked the spotlight. The problem with myths is that they may
change someone's viewpoint toward if we uncheck them. The difficulty for
entrepreneurs is to thoroughly investigate myths and avoid each of them from adversely
impacting their approach to business. And subsequent actions as an entrepreneur.
5. Describe the three types of start-up firms.
 Salary-substitute firms
 Businesses that essentially give their owner or owners an equivalent amount of
income to what they could make from a regular employment.
 Lifestyle firms
 Businesses that enable their owner or owners to live a particular lifestyle and
make a living doing it.
 Entrepreneurial firms
 Businesses that, despite the resources they already possess, seize opportunities
to provide new goods and services to the market.
6. Discuss the changing demographics of entrepreneurs.
 The demographic makeup of launching entrepreneurial firms is changing in the United
States and around the world. There is growing evidence that an increasing number of
women, minorities, seniors, and young people are becoming activity actively involved in
the entrepreneurial process. Evidence suggests that each of these groups of
entrepreneurs are capable of appropriately using the entrepreneurial process as a
foundation for developing a successful entrepreneurial venture.
7. Discuss the positive effects of entrepreneurship and entrepreneurial firms on economies and
societies.
 Innovation and job creation are the areas where entrepreneurial businesses make the
most contributions. Entrepreneurial actions have a significant impact on society as well.
It's simple to come up with fresh goods and services that have made our lives simpler.
Those have increased our productivity at work, enhanced our health, and provided us
with fresh entertainment. Additionally, entrepreneurial businesses that enhance the
productivity of bigger businesses. There are many entrepreneurial companies that have
developed their complete business models, starting with a single idea and working their
way up to founding, managing, and expanding an entrepreneurial company. Each of
these components is essential.
8. Explain the entrepreneurial process.
 Deciding to become an entrepreneur is one of the four different steps in the
entrepreneurial process. creating winning business concepts, taking an idea, and turning
it into an entrepreneurial company, and running and expanding an entrepreneurial
company. Each of these components is essential to the success of an entrepreneur.