It  refers to the economic activity of a person who starts, manages, and assumes the risk of a business enterprise. 

Someone who identifies an economic need, considers an offering of a business solution, proceeds to assemble the resources required, and assumes the risk of either succeeding or failing.

It refers to the actual introduction of a new product or process.

It refers to the discovery or devising of new products and processes.

It refers to the process by which the ideas and principles generated from the stage of invention are embodied in concrete products and techniques; and

A very important stage that the entrepreneur must consider venturing to a successful long-term enterprise; He seeks answers to questions regarding potential markets, production, and financing.

It refers to the price paid per unit of time for the services of a durable good, which, most often, refers to land or buildings.

It is the compensation paid to owners of invested capital.

The ____________________follows after establishing feasibility. If the enterprise is successful, the option to move to the next stage can  be exercised; if not, it will be limited. 

They are regarded as income and accrue to the account of the entrepreneur.

It is the final stage when management is structured, long-term financing established, and facilities planning are undertaken.

A person who has the potential to solve community-based problems and create positive changes in society. 

The following are the tasks of an entrepreneur for the survival of a business except...

It refers to the different forms of tourist-related business ventures permitted within the National Constitution.

It is doing business for a social cause in which they develop, fund, and implement solutions to social, cultural, or environmental issues.

One of nine product portfolios designated in the DOT's National Tourism Development Plan (NTDP) to enhance the country's competitiveness as a tourist destination in the Asia-Pacific region.

It is an good example of the current environmentally friendly island resort development in the Philippines, with abundant wildlife and world-class beaches.

A type of entrepreneurship in which the focus is on organizational structures and employee empowerment to revitalize the business.

The type of entrepreneurship wherein the individual skills are integrated into a group, or team, becoming partners in the business’s future evolution.

These businesses are often entirely dependent on the talents and energies of their proprietors and tend to neglect market opportunities. 

This represents a small, highly specialized segment in hospitality, tourism and leisure industries with their fixity to the service provider’s home, rather than the location of the customers.

Ownership is likely to become more diffused and entrepreneurship may become a group quality rather than confined to any one individual.

A dominant feature of operations in the industry sector granting a license to local operators (franchisees) to use the brand name, product, service, and associated goodwill for a specific period of time

The main sector of tourism that profited from the strong ties fostered between the Philippines and China. 

ThePhilippine Government’ Departments of Tourism (DOT), Health (DOH), Trade and Industry – Board of Investments (DTI–BOI) have combinedfor a joint program to promote this sector of tourism in our country. 

The limiting factor for the interest earned by an owner for allowing the use of his capital is _____________.

A person who undertakes a risk to start up their own business in the tourism industry. 

The Asian countries that have the highest potential in yacht growth due to the natural beauty of the islands are Thailand, Indonesia, the Philippines and ______________________. 

The Philippines’ most popular beach resort that has currently signed an agreement with the Department of Tourism as one of the cruise ship destinations in the country. 

To date, five Philippine medical institutions have been certified for international medical care and treatment as part of the medical tourism in the country. They are the Asian Hospital and Medical Center (Muntinlupa City), St. Luke’s Medical Center (Bonifacio Global City and Quezon City), The Medical City (Pasig City) and ____________________. 

The following are examples of successful innovations except...

To effectively compete, businesses of whatever size must adapt innovative approaches to their activities.

Large businesses can switch to another business concept whenever necessary without spending much.

An entrepreneur who will not or cannot invest in her company cannot expect others to do so and cannot expect it to succeed.

The four factors of production, referred to as "the things required for making a commodity,” are land, labor, capital, and employees.

People are usually attracted to businesses that use a social entrepreneurship model as they are helping in solving social problem when spending money on something. 

Venturing into the tourism industry is easy for owners because they can operate from their own homes. 

Tourism is identified as a main source of foreign income. 

​More men are attracted to the tourism industry than women.

​For social entrepreneurs, success means profit.

Infrastructure, personal security, and poverty are some of the issues concerning tourism in the Philippines. 

Profits are the economic reward of labor. 

When entrepreneurs become successful, the nation is immensely will be successful. 

The first factor for entrepreneurial success is interest. 

Landowners earn rent for allowing use of their properties. 

Palawan is one of the favorite destinations for those yacht and sailing enthusiasts.

The Philippines is at the center of the world’s Coral Triangle, and host to a very rich marine biodiversity, thus the whole Philippine archipelago can be considered a dive location.

________________________ are reformers and revolutionaries, as described by Schumpeter, but with a social mission.

Kemmons Wilson founded  Holiday Inn World-wide in 1952. In 1951 he and his family of five children decided to visit Washington on holiday. Everywhere they went, they found that while a room cost $6-8 each child was charged $2 extra. This annoyed Wilson and he vowed to develop a chain  of hotels where children could stay free as long as they slept in the same room as their parents. Wilson’s hotels would also feature free parking, air-conditioning, free in-room television, and a swimming pool. By the late 1970s,Wilson and his associates ran a hotel chain of more than 400 000 rooms. What key element is present in the situation?

Pied 2 Terre is the 35-seat London restaurant of Richard Neat which opened in 1991 and achieved two stars in the 1996 Michelin Guide.

When Neat describes his background in catering, his accomplishments seem incredible. He started out as a washer-up at a nearby Little Chef ’because it paid more money than a paper round’. At 15, he was interested in the industry and gained experience in the kitchens of Pennyhill Park, Bagshot. In 1984 Neat joined London’s Savoy, moving to the South Lodge country house hotel in West Sussex until he set his sights even higher. Of all the letters he sent, Raymond Blanc, was the only chef to respond. He spent two years at Le Manoir aux Quat Saisons, leaving in 1989 to work with Robuchon at Jaminfor a couple of years. He then returned to England and worked under Marco Pierre White at Harvey‘s, Wandsworth, for 12 months before opening Pied. What key element is being described in the situation above?