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Module Assessment

Entrepreneurship involves individuals pursuing opportunities without regard to the resources they currently control, transforming ideas into viable businesses. Successful entrepreneurs possess characteristics such as passion, customer focus, tenacity, and execution intelligence, while the entrepreneurial process encompasses all actions related to identifying and evaluating opportunities. Small-scale farmers must develop an entrepreneurial spirit to thrive in a market-driven environment, requiring support from extension workers and institutions.

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6 views

Module Assessment

Entrepreneurship involves individuals pursuing opportunities without regard to the resources they currently control, transforming ideas into viable businesses. Successful entrepreneurs possess characteristics such as passion, customer focus, tenacity, and execution intelligence, while the entrepreneurial process encompasses all actions related to identifying and evaluating opportunities. Small-scale farmers must develop an entrepreneurial spirit to thrive in a market-driven environment, requiring support from extension workers and institutions.

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 : ___________

Answer the following questions:

1. Why entrepreneur searches for change, responds to it, and exploits it as an opportunity?
2. Why entrepreneurial thinking differs from managerial or strategic thinking?
3. Does process is important in entrepreneurship? Explain.
4. Why farmers need to develop their entrepreneurial spirit? What is meant by entrepreneurial
spirit?
5. “Being an entrepreneur is a way of life and a way of looking at the world”. Explain this phrase
and give an example.
SUMMARY

Entrepreneurship is defined as the process by which


individuals pursue opportunities without regard to resources
they currently control (Barringer and Ireland, 2012).
According to Fred Wilson, a venture capitalist,
Entrepreneurship is the art of turning an idea into a business.

Entrepreneur is someone who plans, organizes, and


puts puts together all the resources required to bring a new
enterprise into existence and to run and manage it on a
long-term basis (Diaz, n.d. as cited by SERDEF). The term Entrepreneur is derived from the French
words entre, meaning “between,” and prendre, meaning “to take.” Original y, this was used to
describe people who “take on the risk” between buyers and sel ers or who “undertake” a task such as
starting a new venture.

Inventors and entrepreneurs differ from each other. An Inventor creates something new
while an Entrepreneur assembles and then integrates all the resources needed—the money, the
people, the business model, the strategy, and the risk-bearing ability—to transform the invention into a
viable business.

There are four characteristics of a successful entrepreneur and these are the passion for the
business, product/customer focus, tenacity despite failure and execution intelligence.

The entrepreneurial process “is a course of action that involves all functions, activities and
actions associated with identifying and evaluating perceived opportunities and the bringing together of
resources necessary for the successful formation of a new firm to pursue and seize the said opportunities
(Bygrave, 1997; Cornwall & Naughton, 2003).”

Entrepreneurship, value chains and market linkages are terms that are being used more and
more when talking about agriculture and farming. Many small-scale farmers and extension organizations
understand that there is little future for farmers unless they become more entrepreneurial in the way
they run their farms. They must increasingly produce for markets and for profits. Becoming more
entrepreneurial can be a challenge for small-scale farmers. They will need help from extension workers
and other institutions.
REFERENCE:

Barringer, B.R. and Ireland, R.D., (2012). Entrepreneurship: Successfully Launching


New Ventures, 4th Edition. Pearson Education Inc. ISBN 978-0-13-255552-4.

Bosman, L., Fernhaber, S., & SpringerLink (Online service). (2018). Teaching the
entrepreneurial mindset to engineers. Switzerland: Springer International
Publishing.

Sack, A. (2010). “Why Is Passion so Important to a Startup,” A Sack of Seattle blog,


http://asack.typepad.com/a_sack_of_seattle/2010/03/why-is-passion-so-
important-to-a-startup.html (accessed May 22, 2011, originally posted on March
16, 2010).

SERDEF/ UP Institute for Small Scale Industries, (2007). Introduction to


Entrepreneurship, 2nd Revised Edition.

Uplaonkar, S. S., & Biradar, S. S. (2015). Development of agriculture in India


through agripreneurs. International Journal of Applied Research , 1(9), 1063-1066.

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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