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Module Assessment

The document is an assessment module consisting of true or false questions and open-ended questions related to entrepreneurship and innovation. It highlights the importance of an entrepreneurial mindset, the role of innovation in economic development, and various types of innovation. Additionally, it references key characteristics of innovating firms and encourages students to reflect on their entrepreneurial ideas.

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Nova Babaylo
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5 views

Module Assessment

The document is an assessment module consisting of true or false questions and open-ended questions related to entrepreneurship and innovation. It highlights the importance of an entrepreneurial mindset, the role of innovation in economic development, and various types of innovation. Additionally, it references key characteristics of innovating firms and encourages students to reflect on their entrepreneurial ideas.

Uploaded by

Nova Babaylo
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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MODULE ASSESSMENT

Name : __________________________ Score : ___________

Year & Section: _________________________ Date : ___________

Test I – True or False

Direction: Write T if the statement is True and F if it is False. Write your answer on the
space provided. (3 points each)

_____ 1. The four marketing elements are product, position, price, and promotion.

_____ 2. An entrepreneur owns, operates, and takes the risk of a business venture

_____ 3. In a market economy. consumers and producers together determine the prices and
quantities of goods and services produced.

_____ 4. Most of your communication as a business owner will be written, and you will rarely make
business transactions over the telephone.

_____ 5. In general, businesses with 100-500 employees are considered "medium-sized businesses"

_____ 6. A majority of small business owners feel their companies have increased their overall

_____ 7. An entrepreneur is a person who is willing to take financial risks in the hunt for new
business opportunities.

_____ 8. Intrapreneurship refers to the entrepreneurial spirit and focus being applied within a large
organization.

_____ 9. Entrepreneurs have a natural tendency to predict lower sales and higher costs than are
realistic.

_____ 10. A business plan is often described as the most important tool of the entrepreneur.

Test II – Answer the following: (5 points each)

1. What do you think is the rule of an innovation in entrepreneurship? Discuss and cite an
example to justify your answer.
2. If you are an entrepreneur, what product you want to innovate? Explain.
SUMMARY

According to Brooks (2013) there several types of


innovation and these are disruptive innovation, reverse,
incremental, breakthrough and open.

A person having entrepreneurial mindset is drawn to


opportunities, innovation and new value creation. This mindset is
crucial is initiating and furthering a business venture.

Entrepreneurship involves discovery, evaluation, and


exploitation of opportunities, it becomes even more relevant with the current speed of technology
updates. An entrepreneur continues to discover, evaluate and exploit possible key areas to further
the growth of technology and other sectors.

Innovation has been defined as the production of higher quality and/or lower cost products. This
implies that innovation is the pillar of economic development because the same given input produced
higher value outputs. This definition therefore shrugs off the idea that "innovation" is just all about
producing "something new" but this stresses that innovation should be economically sound.

According to Lazonick (2011), the following are the key characteristics and activities of the
innovating firm this are the strategy. Organization and finance.

REFERENCE:

Universiteit Van Pretoria. The entrepreneurship process. Retrieved from


https://repository.up.ac.za/dspace/bitstream/handle/2263/24173/03chapter3.
pdf?sequence=4&isA llowed=y

Daksa, M. D., Yismaw, M. A., Lemessa, S. D., & Hundie, S. K. (2018). Enterprise
innovation in developing countries: an evidence from Ethiopia. Journal of
Innovation and Entrepreneurship , 7(1), 6.
https://www.officialgazette.gov.ph/2015/08/27/republic-act-no-10679/
Congratulations student! You really made it to
the end! Job well done! Rest and relax a while
then move on to the next module. God bless.

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