BDI – Entrepreneurship

Chapter 3 – Test Review Worksheet

Everyone has goals.  Thinking, talking and writing about your goals will help you gain more control over your future.

Using the textbook answer the following on Word and upload to your blog.

1.     What are the learning opportunities exhibited in chapter 3?  (Page 43)

• Explain the strategies young entrepreneurs may undertake to overcome challenges and take advantage of opportunities
• Understand the importance of goal setting and planning to successful entrepreneurial activity
• Identify and classify your own goals
• Recognize that entrepreneurial success involves a wide range of skills
• Assess your own enterprising/ entrepreneurial qualities and describe situations  in which you have been enterprising
• Recognize the importance of the entrepreneur to the venture creation process

2.     Define the words listed in the Entrepreneurial Language section on page 43.

• Credit history

• The past borrowing patterns, including repayments, of an individual or business

• Collateral

• Assets that can be offered as security for loan, or seized by the lender in the loan is not paid.

• Red tape

• Administrative processes that must be completed in order to accomplish a task or reach a goal

• Infrastructure

• An underlying system that helps accomplish  purpose

• Goal

• A purpose or objective

• Steppingstone

• A minor objective that can be achieved within a relatively short period of time as one works toward one’s goal

• Milestone

• A major event that marks one’s progress towards a goal

• Target date

• A date set to complete something or reach a goal

• SWOT analysis

• An analysis of the Strengths, Weaknesses, Opportunities, and Threats associated with a possible undertaking

• Incremental problem solving

• To move toward a solution by taking a series of small steps

• Out-of-the-box thinking

• Thinking beyond the first possible answer and looking in unusual  places for solutions

• Interpersonal skills

• The skills required to communicate with, motivate and encourage others

• Critical-thinking skills

• The skills required to analyze problems and evaluate proposed solutions; a type of thinking often referred to as left-brain thinking

• Creative-thinking skills

• The skills required to generate new alternatives, possibilities, and ideas; type of thinking referred to as right-brain thinking

• Practical skills

• The skills required to follow instructions and to use specific tools or procedures in the entrepreneurial process

3.     What are the challenges facing your entrepreneurs?  (Page 46)

• The greatest challenge facing young entrepreneurs are lack of knowledge and experience.

4.     Goals follow the SMART principle.  What does it stand for?  (Page 48)

• Simple
• Measurable
• Achievable
• Realistic
• Timely

5.     Picture your life as a series of events.  Draw a timeline for your life, including the milestones you’ve already reached and those you think you might achieve in the future.

B- Graduate Elementary

I- Attended Republic Institute(Philippines) and received awards throughout the school year’s activities and programs

R- Attended Villamor High School (Philippines) and became top of the class.

T- Went to Canada

H-  Attend St. Patrick’s and achieved awards such as certificate for being part of honour roll and received a medal for being part of Mathalon achievers

6.     On page 54 look at the four skills/qualities of entrepreneurship.  Write a brief description of a time when you demonstrated each of the four qualities described.

• Ability to formulate and articulate a vision

• I have always been focused on achieving my goals. Both small and big goals

• Ability to spot talent

• I always see the best characteristics of the person first, before their flaws. I tend to compliment them so that their confidence will continue to grow rather than always pointing out their mistakes because it could cause them to stop what they are doing thinking that they are not doing things correctly.

• Willingness to take risk

• I always join quiz bees back in the Philippines even though sometimes I know that I wouldn’t win. I always have told myself back then that I wouldn’t lose nothing if I try. My loses served as a lesson for me to strive harder for my goals.

• Ability to stay focused

• Mostly every friday after school, my friends and I go to one of their houses to chill and hang out. However, if I happen to have a lot of homework to finish over the weekend and I know that two days will not cover everything, I don’t go with them on that Friday. Friends are important but my main priority is studies.

7.     Read page 56 Are you an Edison or an Einstein.  Then do an internet search on their personal qualities.

• I am more of Edison-like thinker because I also use the incremental problem solving skills. I find things easier and quicker to develop existing ideas than creating another idea. For instance, if I see something such as project or anything, I immediately think of how I can make that thing better rather than how to create closely related project to what I have seen. I need to always use my student agenda to create a list of things I need to do so I won’t miss anything. Another related example is Math which I really  enjoy. It is a course which uses the same skill as Edison uses. In Mathematics, In order to solve the problems, you need to use the process on how to do it. It has to be done step by step, otherwise the rest of the solution will be wrong. Unlike thomas edison, Albert Einstein used out of the box thinking skills. He is a creative thinker. He tend to create new things to solve problems rather than developing existing ideas. People who use have out of the box thinking skills do away with rules and looks at the things in a different perspective

8.     On page 58 and 59 list the Interpersonal, Critical and Practical skills.

• Interpersonal Skills

• Willingness and ability to talk to others, especially those different from ourselves
• Ability to listen and understand what others are saying
• Ability to motivate and encourage others
• Skills for negotiating and resolving conflicts
• Caring for yourself and others.   

• Critical- and Creative-thinking skills

• Ability to solve problems by evaluating a variety of solutions
• Having confidence to make a decision and act on it
• The ability to set goals, plan how to achieve them and carry out the out the plan
• Keeping records and being accountable for all actions undertaken
• The ability to generate ideas and identify opportunities

• Practical Skills

• Practical skills involve the ability to use special tools designed for a specific job. For example, someone who works with digital media or telemarketing needs to know how to use the appropriate equipment for the job.
• More examples are: a mechanic, a plumber, a construction worker, a translator, an accountant

9.     As you worked through this chapter, what did you learn about yourself that you did not already know?

• through this chapter, I learned about myself that i did not know before is the way I am going to be more successful. I did not realize before how my brain actually works better in thinking and analyzing than creativity. I had struggle before whether I a more of being creative for I do crafts and some other sort of crafts or more of a thinker. I couldn’t decide before whether to focus on courses related to creativity or courses related to thinking skills like math