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Entrepreneurship > 3QT Review > Flashcards

3QT Review Flashcards

1
Q

Capitalist

A

a wealthy person who uses money to invest in trade and industry

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2
Q

Businessperson

A

an individual who has founded, owns, or holds shares in a company. Generate cash flow, sales, and revenue

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3
Q

Entrepreneur

A
  • Entreprendre (french) - to undertake
  • a business paradigm which signifies the start of a new business undertaking
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4
Q

Entrepreneurship

A

the art of observing correct practices in managing and operating a business enterprise by seeking opportunities to provide valuable goods and services

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5
Q

5 elements of entrepreneurship

A

innovation, opportunity seeking, resource mobilizing, risk and uncertainties, and Economic and Personal Rewards

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6
Q

Innovation

A

a process of translating an idea or invention into a good or service that creates value for which customers will pay.

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7
Q

Opportunity Seeking

A

the ongoing process of considering, evaluating, and pursuing market-based activities that are believed to be advantageous

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8
Q

Resource Mobilizing

A

the process of getting resources from resource provider. It advocates having the right type of resource at the right time, at the right price with making right use of acquired resources

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9
Q

differentiate economic and personal rewards

A

Intrinsic/ personal - recognition, achievement, satisfaction

Extrinsic/ economic: cash rewards

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10
Q

Who is this?
- The innovation theory
- An economist and one of the 20th century’s greatest intellectuals
The theory of economic development

A

Joseph Alois Schumpter

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11
Q

Who is This?
- one of the most influential economists of his time
- Principles of Economics (book)
- One of the founder of neoclassical economics
- “Entrepreneurs are the prime movers in the organization

A

Alfred Marshall

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12
Q

Who is This?
- Spent most of his career at University of Chicago
- one of the major figure in preserving and promoting classical liberal thought in the 20th century
- “Risk, Uncertainty and Profit”. He conceptualized the risk and uncertainty bearing theory of entrepreneurship

A

Frank Hyneman Knight

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13
Q

Who is This?
- Wrote the books: General Theory of Employment, Interest, and Money, which was published during the Great Depression. It emphasizes the active role of the government in entrepreneurial and economic development

A

John Maynard Keynes

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14
Q

Who is This?
- entrepreneurship function by bearing risk under uncertainty

A

Richard Cantillon

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15
Q

Who is This?
- first coined the word entrepreneur
- “The entrepreneur shifts the economic resources out of an area of lower and into an area of higher productivity and greater yield”
- Say’s Law of Market (aka Theory of Markets)

A

Jean- Baptiste Say

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16
Q

What year/age is this?

An entrepreneur is someone who sells good on behalf of the good’s owner

A

1200s

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17
Q

What year/age is this?

An entrepreneur is someone who merely manages the projects using the resources provided by the government

A

Middle Ages

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18
Q

What year/age is this?

An entrepreneur is someone who would enter into a formal agreement with the government to provide products and services

A

17th Century

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19
Q

What year/age is this?

An entrepreneur is someone who plays a central role in the production and selling of goods

A

18th century

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20
Q

What year/age is this?

An entrepreneur is an innovator who accepts and exploit them as opportunities

A

19th and 20th

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21
Q

What year/age is this?

Pioneering on the frontiers of business. Revolutionizing business with the use of Internet

A

21st century

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22
Q

A landmark legislation that defines the current national policy to promote, support, strengthen, and encourage the growth and development of MSMEs.

A

Magna Carta for Micro, Small and Medium Enterprises (MSMEs)

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23
Q

This law has spurred the private banking sector to lend to small enterprises

A

Magna Carta for MSMEs

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24
Q

It provides microloans to entrepreneurial workers for financing small business such as rug and basket making, hair dressing, market vending

A

Worker’s Microfinance Programs

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25
Q

designed to make loans to overseas Filipino workers who wish to start a new finance or an existing business

A

Livelihood Development Programs for Overseas Filipino Workers (LDPO)

26
Q

designed to make loans more available to SMEs by providing simple standard procedures

A

Access of Small Enterprises to Sound Lending Opportunities (ASENSO)

27
Q

PH government organizations specializing in providing funding for MSMEs

A

Small Business Corporation Loans (SBC)

28
Q

started out as a social consortium to support the growth of Microfinance Institution (MFIs)

A

PinoyMe foundation

29
Q

It is a detailed and careful study of specific problem, concern, or issue using the scientific method

A

Research

30
Q

a systematic process of gathering, analyzing, snd interpreting information about a market, target audience, competitors, and various factors that impact marketing decisions.

A

Marketing Research

31
Q

informal search to learn more about the research problem, learn terms and definitions of identify opportunities

A

Exploratory Research

32
Q

process of determining the viability of a new service

A

Research

33
Q

A business format that balance the interest between upholding a social mission and maximizing productivity of a business venture to ensure sustainability

A

Social Enterprise

34
Q

Types of Businesses

A

Ownership, Activity, and Capitalization

35
Q

Type of business owned and managed by one person

A

Sole proprietorship

36
Q

type of business that is owned by atleast 2 persons who share resource/service

A

Partnership

37
Q

type of business that has proportional share of resources and service

A

General Partnership

38
Q

type of business where the partner is an investor

A

Limited partnership

39
Q

type of business that has at least 25 members with a shared goal. All voluntary

A

Cooperative

40
Q

type of business that ks artificial created by operation of law, has eight if succession

A

Corporation

41
Q

Types pf Ownership Business

A

Sole proprietorship, Partnership, Cooperative, and Corporation

42
Q

Types of Business acc to. Activity

A

Service, Manufacturing, Merchandising

43
Q

type of business that sells convenience, talents, skills, knowledge, expertise

A

Service

44
Q

type of business that process and create goods using raw materials

A

Manufacturing

45
Q

type of business that buy snd sell in retail/ wholesale

A

Merchandising

46
Q

types of business acc to Capitalization

A

Large, Medium, Small, Micro

47
Q

Type of business wherein it has 200 or more employees and +100.1 mill
(adidas, supermalls)

A

Large enterprise

48
Q

type of business that is 15-100 mil and has 100-199 employees (jabi, mcdo)

A

Medium enterprise

49
Q

type of business that has 3.1-15 mill snd has 10-99 employees (7-11, petron)

A

Small enterprise

50
Q

type of business that is 3 mil and has 1-10 employees (TGP, Master siomai)

A

micro enterprise

51
Q

Business opportunities can be found when situations and events are anticipated. What is this type of potential source of opportunity?

A

Unexpected Events

52
Q

This situation happens when there are inconsistencies or problems in an existing product. similar to problem-solving situations. What is this type of potential source of opportunity?

A

Inconsistency/ Incongruency

53
Q

entrepreneurial opportunities stem from processes of discovery, research, and development. What is this type of potential source of opportunity?

A

Procedure/ Process Need

54
Q

Changes in technology, social value, and customer’s tastes can change the structure of an industry. What is this type of potential source of opportunity?

A

Industry/ Market Shifts

55
Q

social categories (demographics) creates/ influences demand thus creates market. What is this type of potential source of opportunity?

A

Demographics

56
Q

potential source of business or entrepreneurial venture. May result from discoveries, inventions or innovations. What is this type of potential source of opportunity?

A

Nee Knowledge

57
Q

formal network vs informal networks

A

formal: organizations, associations related to business
informal: relative, friends, colleagues

58
Q

What are the 3 personal competencies?

A

Functional, emotional, cross-functional

59
Q

refers to managerial knowledge and basic skills (accounting, computer use)

A

functional

60
Q

skills directed to emotions, well beings and self

A

emotional

61
Q

broad skills directed to the goal and action management such as people management and analytical reasong

A

Cross-functional

62
Q

It is a dynamic process that requires careful planning, execution, and analysis to generate valuable insights that drive business success.

A

Marketing Research

Entrepreneurship (2 decks)

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