3QT Review Flashcards
Capitalist
a wealthy person who uses money to invest in trade and industry
Businessperson
an individual who has founded, owns, or holds shares in a company. Generate cash flow, sales, and revenue
Entrepreneur
- Entreprendre (french) - to undertake
- a business paradigm which signifies the start of a new business undertaking
Entrepreneurship
the art of observing correct practices in managing and operating a business enterprise by seeking opportunities to provide valuable goods and services
5 elements of entrepreneurship
innovation, opportunity seeking, resource mobilizing, risk and uncertainties, and Economic and Personal Rewards
Innovation
a process of translating an idea or invention into a good or service that creates value for which customers will pay.
Opportunity Seeking
the ongoing process of considering, evaluating, and pursuing market-based activities that are believed to be advantageous
Resource Mobilizing
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
differentiate economic and personal rewards
Intrinsic/ personal - recognition, achievement, satisfaction
Extrinsic/ economic: cash rewards
Who is this?
- The innovation theory
- An economist and one of the 20th century’s greatest intellectuals
The theory of economic development
Joseph Alois Schumpter
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
Alfred Marshall
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
Frank Hyneman Knight
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
John Maynard Keynes
Who is This?
- entrepreneurship function by bearing risk under uncertainty
Richard Cantillon
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)
Jean- Baptiste Say
What year/age is this?
An entrepreneur is someone who sells good on behalf of the good’s owner
1200s
What year/age is this?
An entrepreneur is someone who merely manages the projects using the resources provided by the government
Middle Ages
What year/age is this?
An entrepreneur is someone who would enter into a formal agreement with the government to provide products and services
17th Century
What year/age is this?
An entrepreneur is someone who plays a central role in the production and selling of goods
18th century
What year/age is this?
An entrepreneur is an innovator who accepts and exploit them as opportunities
19th and 20th
What year/age is this?
Pioneering on the frontiers of business. Revolutionizing business with the use of Internet
21st century
A landmark legislation that defines the current national policy to promote, support, strengthen, and encourage the growth and development of MSMEs.
Magna Carta for Micro, Small and Medium Enterprises (MSMEs)
This law has spurred the private banking sector to lend to small enterprises
Magna Carta for MSMEs
It provides microloans to entrepreneurial workers for financing small business such as rug and basket making, hair dressing, market vending
Worker’s Microfinance Programs
designed to make loans to overseas Filipino workers who wish to start a new finance or an existing business
Livelihood Development Programs for Overseas Filipino Workers (LDPO)
designed to make loans more available to SMEs by providing simple standard procedures
Access of Small Enterprises to Sound Lending Opportunities (ASENSO)
PH government organizations specializing in providing funding for MSMEs
Small Business Corporation Loans (SBC)
started out as a social consortium to support the growth of Microfinance Institution (MFIs)
PinoyMe foundation
It is a detailed and careful study of specific problem, concern, or issue using the scientific method
Research
a systematic process of gathering, analyzing, snd interpreting information about a market, target audience, competitors, and various factors that impact marketing decisions.
Marketing Research
informal search to learn more about the research problem, learn terms and definitions of identify opportunities
Exploratory Research
process of determining the viability of a new service
Research
A business format that balance the interest between upholding a social mission and maximizing productivity of a business venture to ensure sustainability
Social Enterprise
Types of Businesses
Ownership, Activity, and Capitalization
Type of business owned and managed by one person
Sole proprietorship
type of business that is owned by atleast 2 persons who share resource/service
Partnership
type of business that has proportional share of resources and service
General Partnership
type of business where the partner is an investor
Limited partnership
type of business that has at least 25 members with a shared goal. All voluntary
Cooperative
type of business that ks artificial created by operation of law, has eight if succession
Corporation
Types pf Ownership Business
Sole proprietorship, Partnership, Cooperative, and Corporation
Types of Business acc to. Activity
Service, Manufacturing, Merchandising
type of business that sells convenience, talents, skills, knowledge, expertise
Service
type of business that process and create goods using raw materials
Manufacturing
type of business that buy snd sell in retail/ wholesale
Merchandising
types of business acc to Capitalization
Large, Medium, Small, Micro
Type of business wherein it has 200 or more employees and +100.1 mill
(adidas, supermalls)
Large enterprise
type of business that is 15-100 mil and has 100-199 employees (jabi, mcdo)
Medium enterprise
type of business that has 3.1-15 mill snd has 10-99 employees (7-11, petron)
Small enterprise
type of business that is 3 mil and has 1-10 employees (TGP, Master siomai)
micro enterprise
Business opportunities can be found when situations and events are anticipated. What is this type of potential source of opportunity?
Unexpected Events
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?
Inconsistency/ Incongruency
entrepreneurial opportunities stem from processes of discovery, research, and development. What is this type of potential source of opportunity?
Procedure/ Process Need
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?
Industry/ Market Shifts
social categories (demographics) creates/ influences demand thus creates market. What is this type of potential source of opportunity?
Demographics
potential source of business or entrepreneurial venture. May result from discoveries, inventions or innovations. What is this type of potential source of opportunity?
Nee Knowledge
formal network vs informal networks
formal: organizations, associations related to business
informal: relative, friends, colleagues
What are the 3 personal competencies?
Functional, emotional, cross-functional
refers to managerial knowledge and basic skills (accounting, computer use)
functional
skills directed to emotions, well beings and self
emotional
broad skills directed to the goal and action management such as people management and analytical reasong
Cross-functional
It is a dynamic process that requires careful planning, execution, and analysis to generate valuable insights that drive business success.
Marketing Research
