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Entre Mind > Book1 > Flashcards

Book1 Flashcards

1
Q

Irish-French economist Richard Cantillon

A

associated entrepreneurs with “risk-bearing” activity in the economy

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2
Q

economist Jean-Baptiste

A

“The entrepreneur is the economic agent who unites all means of production, the labor force of the one and the capital or the land of the others and who finds in the value of products his results from their employment reconstitution of the entire capital that he utilizes and the value of the wages, the interest and the rent which he pays as well as profits belonging to himself.”

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3
Q

Joseph Schumpeter

A

an individual who carries out new combinations of means of production by which there occurs disequilibrium

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4
Q

Professor Stevenson

A

entrepreneurship is the pursuit of opportunity beyond resources controlled.

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5
Q

Process

A

denotes that a procedure has several steps or stages to be taken. In the same manner, the practice of entrepreneurship involves several steps of stages to be taken.

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6
Q

(Zimmerer & Scarborough, 2008

A

“one who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalize on them”

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7
Q

Entrepreneur, n.d.

A

“one who organizes, manages, and assumes the risks of a business or enterprise”

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8
Q

Baron, Shane, & Reuber, 2008

A

“seeks to understand how opportunities to create something new (e.g., new products or services, new markets, new production processes or raw materials, new ways of organizing existing technologies) arise and are discovered or created by specific persons, who then use various means to exploit or develop them, thus producing a wide range of effects”

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9
Q

Brooks, 2009

A

“is that it is the process of pursuing opportunities without limitation by resources currently in hand”

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10
Q

Kao, 1993

A

“the process of doing something new and something different for the purpose of creating wealth for the individual and adding value to society”

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11
Q

Frederick, Kuratko, and O’Conno

A

“Entrepreneurship is a dynamic process of vision, change and creation. It requires an application of energy and passion towards the creation and implementation of new value-adding ideas and creative solutions. Essential ingredients include the willingness to take calculated risks in terms of time, equity or career; the ability to formulate an effective venture team; the creative skill to marshal needed resources; and, finally, the vision to recognise opportunity where others see chaos, contradiction and confusion.”

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12
Q

creating something new

A

Simply put, this is innovation.

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13
Q

value

A

refers to the worth attributed to something. Those who practice entrepreneurship must create things that are of value—things that people think are worth it. Value creates demand (the amount people are willing and are able to buy), and in turn demand creates revenue.

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14
Q

assuming the risks

A

We often associate the word risk with negative things. But simply put, a risk is an uncertainty. Those who practice entrepreneurship must be willing to bear the risks involved with every venture. They must have a certain degree of tolerance for uncertainty.

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15
Q

NATURE OF ENTREPRENEURSHIP

A
  1. Creates Opportunity
  2. ensures social justice
  3. instills in us confidence
  4. stimulates the economy
  5. teaches us to fail and to persevere.
  6. teaches us to become creative, innovative, and inventive.
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16
Q

DIFFERENCE OF ENTREPRENEUR FROM AN EMPLOYEE

A
  1. Required Education - Non-specific for entrepreneurs.
  2. Required Skills - tolerance for risk taking and ability to multitask
  3. Career Outlook - Unstable income for entrepreneurs.
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17
Q

Corporate venturing

A

is the adding of new businesses (or portions of new businesses via equity investments) to the company.

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18
Q

Strategic entrepreneurship

A

focuses on large-scale, highly consequential innovations that are adopted in the company’s pursuit of competitive advantage.

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19
Q

Intrapreneurship

A

is a process whereby an individual (or a group of individuals), in association with an existing organization, creates a new organization or instigates renewal or innovation within the organization.

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20
Q

example of Intrapreneurship

A

Google apple facebook

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21
Q

Entrepreneur

A

develops their own business with a new concept or idea that they have cultivated.

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22
Q

Intrapreneur

A

is an employee of a company who uses their entrepreneurial skills within the business to innovate in company processes, services, and products.

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23
Q

Shared Traits of Entrepreneur and Intrapreneur

A

Leadership
Intelligence and vision
Adaptability

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24
Q

Trading Entrepreneur

A

trading activities.

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25
Q

Manufacturing Entrepreneur

A

manufacture products.

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26
Q

Agricultural Entrepreneur

A

The one undertake agricultural pursuits.

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27
Q

Technical Entrepreneur

A

The one who establish and run science and technology-based industries.

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28
Q

Non-Technical Entrepreneur

A

Based on the use of technology, the entrepreneurs who are not technical entrepreneurs.

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29
Q

Private Entrepreneur

A

is one who as an individual sets up a business enterprise.

30
Q

State Entrepreneur

A

When a trading or industrial venture is undertaken by the State or the Government.

31
Q

Joint Entrepreneur

A

When a private entrepreneur and the Government jointly run a business enterprise.

32
Q

Small-Scale Entrepreneur

A

An entrepreneur who has made investments in plants and machinery up to Php. 15M.

33
Q

Medium-Scale Entrepreneur

A

The entrepreneur who has made investment in plants and machinery above Php. 15M to Php. 100M.

34
Q

Large-Scale Entrepreneur

A

The entrepreneur who has made more investments in plants and machinery than Php. 100M.

35
Q

Clarence Danhof Classification

A

classified entrepreneurs in the manner that at the initial stage of economic development, entrepreneurs have less initiative and drive and as economic development proceeds, they become more innovative and enthusiastic.

36
Q

Innovating Entrepreneurs

A

introduce new goods, inaugurate new methods of production, discover new markets and reorganize the enterprise.

37
Q

Imitative Entrepreneurs

A

These are characterized by readiness to adopt successful innovations inaugurated by innovating entrepreneurs.

38
Q

Fabian Entrepreneurs

A

are characterized by very great caution and skepticism in experimenting any change in their enterprises. They imitate only when it becomes perfectly clear that failure to do so would result in a loss of the relative position in the enterprise.

39
Q

Drone Entrepreneurs

A

These are characterized by a refusal to adopt opportunities to make changes in production formulae even at the cost of severely reduced returns relative to other producers.

40
Q

FILIPINO ENTREPRENEURS

A

Socorro Ramos – National Book Store
Tony Tan Caktiong – Jollibee
Edgar Sia – Mang Inasal
Cresida Tueres – Greenwich Pizza
Milagros, Clarita, and Doris Leelin – Goldilocks
Joe Magsaysay – Potato Corner
Asiang Reyes – The Aristocrat
Araceli Jun Manas – Hen Lin

41
Q

Type of business

A

Trading Entrepreneur
Manufacturing Entrepreneur
Agricultural Entrepreneur

42
Q

Use of technology

A

Technical Entrepreneur
Non-Technical Entrepreneur

43
Q

ownership

A

Private Entrepreneur
State Entrepreneur
Joint Entrepreneur

44
Q

Size of enterprise

A

Small-Scale Entrepreneur
Medium-Scale Entrepreneur
Large-Scale Entrepreneur

45
Q

Entrepreneurial actions

A

begin at the nexus of a lucrative opportunity and an enterprising individual.

46
Q

Entrepreneur mindset

A

is a set of perspectives and values, a perspective which gives an impression, ideas and thought in a particular thing and values as an important role that allow them to achieve greatness.

47
Q

Entrepreneurial Opportunity

A

could stem from introducing an existing technological product used in one market to create a new market.

48
Q

Entrepreneurial Thinking

A

individual’s mental processes of overcoming the decision whether a signal represents an opportunity for someone is also an opportunity for them.

49
Q

HOW ENTREPRENEURS THINK

A
  1. Think structurally
50
Q

Think Structurally

A

Forming opportunity beliefs often requires creative mental leaps. It is launched from a source-one’s existing knowledge and thinking

51
Q

Bricolage

A

is creating something from nothing by making do and applying combinations of resources at hand to new problems and opportunities. It also implies the entrepreneur’s refusal to see limitations on known existing resources

52
Q

Effectuation

A

Entrepreneurs take what they have and select among possible outcomes. Such a process is referred to as the Causal Process, but sometimes they use the Effectuation Process.

53
Q

Causation

A

processes take a particular effect as given and focus on selecting between means to create that effect

54
Q

Effectuation

A

processes take a set of means as given and focus on selecting between possible effects that can be created with that set of means

55
Q

Cognitive Adaptability

A

Describes the extent to which entrepreneurs are dynamic, flexible, self regulating and engaged in the process of generating multiple decisions frameworks focused on sensing and processing changes and uncertainty by leveraging prior entrepreneurial knowledge in their environments and acting on them.

56
Q

Education

A

Even general education is valuable because it facilitates the integration and accumulation of new knowledge, providing individuals with a larger opportunity set and assists entrepreneurs in adapting to new situations and how entrepreneurs play a major role in helping entrepreneurs cope with the problems they confront.

57
Q

Age

A

According to the research, it is important to differentiate between Entrepreneurial age and Chronological Age. In terms of Chronological Age, they are initiating their Entrepreneurial Career between ages of 22 and 45; before and after these ages. The experience is one of the best predictors of success and a precious experience.

58
Q

Work History

A

Can influence and initiate the decision to launch a new entrepreneurial venture, it also plays a role in the growth and eventual success of the new venture.

59
Q

BACKGROUND AND CHARACTERISTICS OF ENTREPRENEUR

A

Education, age, and work history

60
Q

Methods of generating idea

A

Focus Group
Brainstorming
Brainwriting
Problem Inventory Analysis

61
Q

5 sources of new ideas

A

Consumer
Existing product and service
Distribution Channels
Federal Government
Research and Development

62
Q

Consumers

A

This can take the form of informally monitoring potential ideas and needs or formally arranging for consumers to have an opportunity to express their opinions. The idea or need has to have a large enough market to support a new venture.

63
Q

Existing Products and Services

A

Potential entrepreneurs should also establish a method for monitoring and evaluating competitive products/services on the market. Frequently, this analysis uncovers ways to improve on these offerings that may result in a new product/service that has more market appeal and sales and profit potential.

64
Q

Distribution Channels

A

are also excellent sources for new ideas reflecting their familiarity with the needs of the market. Not only do channel members frequently have suggestions for completely new products, but they can also help in marketing the entrepreneur’s newly developed products.

65
Q

Federal Government

A

First, the files of the Patent Office contain numerous new product possibilities. Although the patents themselves may not be feasible, they can frequently suggest other more feasible product ideas. Several government agencies and publications are helpful in monitoring patent application.

66
Q

Research and Development

A

The largest source of new ideas is the entrepreneur’s own “research and development” efforts, which may be a formal endeavor connected with one’s current employment or an informal one in a basement or garage.

67
Q

Focus Group

A

an excellent method for initially screening ideas and concepts. with the use of one of several procedures available, the results can be analyzed more quantitatively, making the focus group a useful method for generating new product ideas.

68
Q

Brainstorming

A

stimulates people to be creative by meeting with others and participating in an organized group experience

69
Q

Brainwriting

A

form of written brainstorming. It was created by Bernd Rohrbach at the end of the 1960s under the name Method 635 and differs from classical brainstorming by giving participants more time to think than in a brainstorming session, where the ideas are expressed spontaneously

70
Q

Problem Inventory Analysis

A

uses individuals in a manner analogous to focus groups to generate new product ideas. However, instead of generating new ideas themselves, consumers in the group are provided with a list of problems in a general product category.

Entre Mind (1 decks)

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