1st week to 2nd week Flashcards
is the ability and readiness to
develop, organize and run a
business enterprise, along
with any of its uncertainties
to make profit.
Entrepreneurship
is defined by
discovery and risk-taking and is
indispensable part of a nation’s capacity
to succeed in an ever-changing and
more competitive global marketplace.
entrepreneurial vision
(the word “entrepreneur” comes from the French
verb entreprendre, meaning “to
undertake
is defined as someone who has the ability and desire to establish, administer and
succeed in a start up venture along with risk entitled to it, to make profits.
entrepreneur
Five Levels of Entrepreneurial
Development:
The self-employed
The manager
The leader
The investor
The true entrepreneur
(they do things on their own)
The self-employed
(delegate and hire potential employees to do the work)
The manager
(enjoy seeing their people
flourish, stepping up and producing great results)
The leader
(look for more opportunities for their business to grow)
The investor
(based on their experience, aim for quality and excellence in their work.)
The true entrepreneur
Common traits that entrepreneurs should always have:
Proactive
Agents of change
Risk takers
Have a sharp eye for opportunities
Sociable
Networker
Decisive
Balanced
Innovative
They address issues, problems, and challenges before they come.
Proactive.
They’re always enthusiast to improve and develop new products.
Agents of change
They will not be successful if they do
not take risk.
Risk takers
They have talent for recognizing an opportunity.
Have a sharp eye for opportunities
They establish relationship with other
people/ customers.
Sociable.
Knows the key people to connect with.
Networker.
Always have a decision about the business. No unsolved issues
Decisive
Always have “Eureka” moments. The brains are always playing with unique ideas.
Balanced
They do not stop improving and thinking of new and worthwhile ideas for business.
Innovative
Core traits that entrepreneur should develop:
Leaders
Communicators
Specialist
Problem solvers
A source of inspiration for employees.
Leaders
Know how to use all forms of communication.
Communicators
Experts in their chosen business
Specialist
They look at problems as
challenges and can handle issues in area of the business.
Problem solvers
Nine Different Types of Entrepreneurship
Small business entrepreneurship
Large company entrepreneurship
Scalable startup entrepreneurship
Social entrepreneurship
Innovative entrepreneurship
Hustler entrepreneurship
Imitator entrepreneurship
Researcher entrepreneurship
Buyer entrepreneurship
most likely to make a
profit that supports their family and a
modest lifestyle.
Small Business Entrepreneurship
when a company
has a finite amount of life cycles. This type of
entrepreneurship is for an advanced professional who
knows how to sustain innovation. They are often a part
of a large team of C-level executives.
Large Company Entrepreneurship
This kind of entrepreneurship is when
entrepreneurs believe that their company can
change the world.
Scalable Startup Entrepreneurship
private
equity investor that provides capital to
companies with high growth potential in
exchange for an equity stake.
venture capitalist
Their main goal is to
make the world a better place.
Social Entrepreneurship
people
who are constantly coming up with
new ideas and inventions.
Innovative Entrepreneurship
People who are willing to work hard
and put in constant effort are
considered __________
hustler entrepreneurs
They often start small and work
toward growing a bigger business with
hard work rather than capital.
Hustler Entrepreneurship
who use
others’ business ideas as inspiration
but work to improve them. They look
to make certain products and services
better and more profitable.
Imitator Entrepreneurship
They tend to rely on
facts, data and logic rather than their
intuition. Detailed business plans are
important to them and minimize their
chances of failure.
Researcher Entrepreneurship
type of entrepreneur who
uses their wealth to fuel their business
ventures. Their specialty is to use their
fortunes to buy businesses that they
think will be successful.
Buyer Entrepreneurship
CHARACTERISTICS OF ENTREPRENEURSHIP:
RISK TAKER
INNOVATION
VISIONARY AND
LEADERSHIP
QUALITY
OPEN-MINDED
FLEXIBLE
KNOW YOUR
PRODUCT
IMPORTANCE OF ENTREPRENEURSHIP
Creation of Employment-
Innovation-
Impact on Society and Community Development
Increases standard of living-
Supports research and development-
