ENTREP Flashcards
is the process of creating a business activity of value to the entrepreneur and the community with the accompanying initiative and risks.
Entrepreneurship
The word “entrepreneur” was derived from the French verb
entreprendre
entreprendre” which means
“to undertake.”
The enterprise is created by an entrepreneur and the process is called?
Entrepreneurship
5 Rewards of going into a business
> > Having unlimited opportunity to make money
Being your own boss
Tapping your creativity
Helping others
Building an entrepreneurial legacy
4 Risks of going into a business
> > Possibility of failure
Unpredictable business conditions
Long hours of work
Unwanted or unexpected responsibilities
2 Factors Affecting Entrepreneurship
Personal and environmental
7 personal factors
INITIATIVE
PROACTIVE
PROBLEM SOLVER
PERSEVERANCE
PERSUASION
PLANNER
RISK-TAKER
what personal factor is this?
doing things before being told
INITIATIVE
what personal factor is this?
seizing opportunities
PROACTIVE
what personal factor is this?
retain good relationships
PROBLEM SOLVER
what personal factor is this?
pursue things regardless of challenges
PERSEVERANCE
what personal factor is this?
convince or entice people to buy
PERSUASION
what personal factor is this?
plans and monitor
PLANNER
what personal factor is this?
calculate then gamble
RISK-TAKER
7 ENVIRONMENTAL FACTORS
DECISIVE
COMMUNICATOR
LEADER
OPPORTUNITY SEEKER
PRROACTIVE
RISK-TAKER
INNOVATIVE
what environmental factor is this?
firm in making decisions.
Decisive
what environmental factor is this?
convincing power
COMMUNICATOR
what environmental factor is this?
charisma to be obeyed by his employees
LEADER
what environmental factor is this?
ability to be the first to see business chances
OPPORTUNITY
SEEKER
what environmental factor is this?
control a situation by making things happen
PROACTIVE
what environmental factor is this?
courage to pursue business ideas.
RISK-TAKER
what environmental factor is this?
thinking of new worthwhile ideas
INNOVATIVE
5 Opportunities provided by the entrepreneurs
- Employment and Income
- Investment
- Taxpayers
- Service providers
- Suppliers of products
what opportunity was provided?
They would be able to provide employment chance for the people and uplift their living.
Employment and Income
what opportunity was provided?
Individuals have now an alternative on where, what and how to make use of their money to grow
Investment
what opportunity was provided?
Business helps the community and the country source an income for the development from the taxes they are obliged to remit.
Taxpayers
what opportunity was provided?
The services they offer will be enjoyed by the community in a convenient way.
Service providers
what opportunity was provided?
They help bring new products and ideas to the market. The products they have to produce is something needed by the community.
Suppliers of products
4 Core Competencies in Entrepreneurship
Economic and Dynamic Activity
Innovative
Profit Potential
Risk Bearing
what core competency is this
It involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources.
Economic and Dynamic Activity
what core competency is this
The entrepreneur constantly looks for new ideas, thus he needs to be creative.
Innovative
what core competency is this
The entrepreneur can be
compensated by his profit coming from the operation.
Profit Potential