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1st Quarter lessons > Entrep > Flashcards

Entrep Flashcards

1
Q

the reason of a large quantity of highly developed industries which
result to greater employment opportunities for unemployed youth

A

Entrepreneurship

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2
Q

a process of actions of an entrepreneur who is always search of something new to exploit new ideas into gainful opportunities by accepting the risk and uncertainty of the enterprise

A

Entrepreneurship

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3
Q

the skill that involves seeing an opportunity and then starting, organizing managing a business which involves taking financial risk

A

Entrepreneurship

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4
Q

What is the Relevance of Entrepreneurship?

A
  1. Development of Managerial Capabilities
  2. Creation of Organizations
  3. Improving Standard of Living
  4. Means of Economic Development
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5
Q

An entrepreneur studies a problem, identifies
its alternatives, compares the alternatives in
terms of cost and benefit implications, and finally
chooses the best alternative.

A

Development of Managerial Capabilities

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6
Q

Entrepreneurs assemble and coordinate
physical, human and financial resources and
direct them towards achievement of objectives.

A

Creation of Organizations

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7
Q

Creating productive organizations,
Entrepreneurship helps in making a wide variety
of goods and services available to the society.

A

Improving Standard of Living

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8
Q

Involves creation and use of innovative ideas,
maximization of output from given resources, and
development of managerial skills.

A

Means of Economic Development

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9
Q

The word entrepreneur was derived from the
French word ________ means to undertake.

A

entreprendre

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10
Q

The word entrepreneur was derived from the
French word “entreprendre” means to undertake.
This refers to those who _________ the risk of
new enterprises.

A

undertake

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11
Q

innovators, willing to take
risks, and generate new ideas to create unique
and potentially profitable solutions to modern
day problems.

A

Entrepreneurs

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12
Q

_____ is created by an entrepreneur and the
process of its creation

A

Enterprise

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13
Q

Enterprise is created by an entrepreneur and the
process of its creation is called ______

A

Entrepreneurship

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14
Q

When entrepreneurship describes activities within
a firm or large organization it is referred to _____

A

Intrapreneurship

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15
Q

Identify whether it is an Entrepreneur or Businessman. (Starts a business from an existing idea)

A

Businessman

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16
Q

Identify whether it is an Entrepreneur or Businessman. (traditional)

A

Businessman

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17
Q

Identify whether it is an Entrepreneur or Businessman. (avoids taking risks)

A

Businessman

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18
Q

Identify whether it is an Entrepreneur or Businessman.(profit oriented)

A

Businessman

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19
Q

Identify whether it is an Entrepreneur or Businessman. (starts a business from a unique and innovative idea)

A

Entrepreneur

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20
Q

Identify whether it is an Entrepreneur or Businessman.(market player)

A

Businessman

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21
Q

Identify whether it is an Entrepreneur or Businessman. (market leader)

A

Entrepreneur

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22
Q

Identify whether it is an Entrepreneur or Businessman. (risk taker)

A

Entrepreneur

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23
Q

Identify whether it is an Entrepreneur or Businessman. (revolutionary)

A

Entrepreneur

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24
Q

Identify whether it is an Entrepreneur or Businessman.(people/customer oriented)

A

Entrepreneur

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25
Q

Types of Personality Factors

A

Initiative
Proactive
Perseverance
Problem-solver
Persuasion
Self-confidence
Self-critical
A planner
Risk Taker

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25
Q

FACTORS AFFECTING ENTREPRENEURSHIP

A

Personality and Environmental factors

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26
Q

does things before asked

A

Initiative

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27
Q

identifies and utilizes
opportunities

A

Proactive

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28
Q

works against all odds to
overcome obstacles

A

Perseverance

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29
Q

develops and maintains
relationships with customers and
financers; conceives new ideas introduces innovative solutions.

A

problem-solver

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30
Q

convinces customers and financers to patronize his business

A

Persuasion

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31
Q

makes decisions and stick to
his decisions

A

Self-confidence

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32
Q

learns from his mistakes and from
experiences of others

A

Self-critical

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33
Q

collects information, prepares a
plan, and monitors performance

A

A planner

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34
Q

willingness to take risk (to gain or
loss income)

A

Risk taker

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35
Q

Types of Environmental Factors

A

Political Climate
Legal System
Economic and Social Conditions
Market Situation

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36
Q

is the opinions of a political
society at a particular time

A

Political Climate

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37
Q

existing law pertaining
business (corporation law, employment law,
taxation)

A

Legal System

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38
Q

availability of food, education, healthcare, drug problem, unemployment & crime levels.

A

Economic and Social Conditions

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39
Q

size and growth trends of
your market, what you will face in terms of competition, critical issues that affect the ability to sell products.

A

Market Situation

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40
Q

Types of Entrepreneurs

A
  • Innovative Entrepreneurs
  • Imitating Entrepreneurs
  • Fabian Entrepreneurs
  • Social Entrepreneurs
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41
Q

These entrepreneurs have the ability to think
newer, better and more economical ideas of
business organization and management

A

Innovative entrepreneurs

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42
Q

The type of entrepreneurs who follow the path shown by innovative entrepreneurs. In the
Philippines, a large number of such entrepreneurs are found in every field of business activity and
they fulfill their need through imitation.

A

Imitating entrepreneurs

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43
Q

These types of entrepreneurs are skeptical about the changes to be made in the organization. They
do not initiate any inventions but follow only after they are satisfied with its success rate.
Ex: Digital ordering system trends

A

Fabian entrepreneurs

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44
Q

They drive social innovation and transformation in various fields including education, health, human rights, workers` rights, environment and enterprise
development.

A

Social entrepreneurs

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45
Q

Ex: Cecilio Pedro developed multi-colored toothpastes for children which is low-priced. The company provides work opportunities to the
country`s hearing-impaired community members.

A

Social entrepreneurs

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46
Q

Career Opportunities for Entrepreneurship
Graduates

A
  • Business consultant
  • Sales
  • Research and development
  • Not-for-profit fundraiser
  • Teacher
  • Recruiter
  • Business reporter
47
Q

Businesses today need consultants who can go
to a client site, identify problems and fix them.

A

Business consultant

48
Q

Entrepreneurship graduates can work in sales or
run the department of any businesses.

A

Sales

49
Q

A good quality to work in R&D is a training and education on understanding of business concepts, procedures, and practices and entrepreneurship.

A

Research and Development

50
Q

Being able to raise funds requires understanding the importance of business and networking
relationships

A

Not-for-profit fundraiser

51
Q

Those with entrepreneurial degree are qualified to teach the core subjects in SHS and teach students the entrepreneurial skills. Also the benefits of math to business, history to innovation and literature to persuasive advertising.

A

Teacher

52
Q

Companies who use recruiters rely upon someone
who is not just people-savvy, but also, one who has
an in depth business sense as well

A

Recruiter

53
Q

Entrepreneurship graduates can write articles, or
pick up a quick class to learn how to write. They can
take a prime position to take the lead in
covering a local business beat

A

Business Reporter

54
Q

Author of “The Theory of
Economic Development”

A

Joseph Schumpeter

55
Q

Served as Finance Minister of
German-Austria in 1919

A

Joseph Schumpeter

56
Q

Austrian political economist.

A

Joseph Schumpeter

57
Q

He is born in Moravia (Feb 8,1883 - January 8, 1950)

A

Joseph Schumpeter

58
Q

In his book “The Theory of
Economic Development” he
emphasized the role of
entrepreneurs in the
transformation of economic development.

A

Joseph Schumpeter

59
Q

Entrepreneurs introduces
innovation in the form of:
* new products
* new processes
* new market
* new organization

A

Role of Entrepreneurs

60
Q

individuals who have generated substantial value and profits from innovation in a very short period of time

A

Entrepreneurs

61
Q

These individuals are also willing to absorb huge risks using enormous amounts of capital in their business venture.

A

Mega Entrepreneurs

62
Q

Contributed much in economic progress.

A

Mega Entrepreneurs

63
Q

they engage in micro and small
businesses as an alternative to formal employment

A

Micro Entrepreneurs

64
Q

They are short in funds
and inadequate in skills

A

Micro Entrepreneurs

65
Q

Author, “Innovation and
Entrepreneurship” (1985)

A

Peter Drucker

66
Q

He is an Austrian-born American, Nov 19, 1909 - Nov 11, 2005

A

Peter Drucker

67
Q

*Entrepreneurial discipline
* This involves several stages
from the awareness of an
opportunity to the realization
of a business idea

A

Entrepreneurial Process

68
Q

5 STAGES OF ENTREPRENEURIAL PROCESS

A

*Discovery
* Development of Concept
* Organizing Resources
* Implementation
* Reaping the Returns

69
Q

Refers to the recognition
of a business idea or the detection
of opportunities that could
make money for the
entrepreneur

A

Discovery

70
Q

Gives more details on how the general business idea can be realized.

A

Development of Concept

71
Q

It suggest the PREPARATION of a
BUSINESS PLAN

A

Development of Concept

72
Q

is a document that describes
the various external and internal elements involved in starting or expanding a business/ venture, amidst a dynamic business
environment.

A

Business Plan

73
Q

Describes the process of identifying, sourcing, and financing human, non-human, and other resources needed for the conduct of business.

A

Organizing Resources

74
Q

Is the process of carrying out the
business plan

A

Implementation

75
Q

Pertains to strategies related to the expansion of the business firm

A

Reaping the returns

76
Q

a mindset that inspires organization to work efficiently and encourages people to think innovatively to achieved desired business results of organization

A

Entrepreneurial Leadership

77
Q

British economist __________ define
entrepreneurial leadership
“as organizing group of
people to achieve a
common goal using
proactive entrepreneurial
behavior”

A

Chris Roebuck

78
Q

Characteristics of an Entrepreneur

A

Effective communicators
Visionaries
Optimistic
Innovators
Problem-solvers
Risk takers
Result-oriented

79
Q

They use this skill to convey ideas,
give others, persuade other leaders and team members, convince customers as will as to listen actively to the ideas of others and feedback coming from the customers

A

Effective communicators

80
Q

They know exactly where they
want to go and how to get there. They clearly set direction and purpose, inspire loyalty among their people and motivate their respective organization to work towards achieving their shared
vision of success

A

Visionaries

81
Q

They have the ability to envision a
better future. In times of difficulty, they look beyond their predicaments and focus on the course of actions they will take to get their business beyond the current problems

A

Optimistic

82
Q

They apply innovation and
creativity to managing people and
businesses, and often inspire
productivity in new ways and through different approaches

A

Innovators

83
Q

They have the ability to assess
and diagnose problems and solve them collaboratively with key members of the organization

A

Problem-solvers

84
Q

They are experts in navigating
uncertainty and managing risk. Their willingness to take calculated risk ensures a realization of business objectives

A

Risk takers

85
Q

They tend to be decisive and
confident in taking charge of the
business. They focus on result, not just process, and will do what are
necessaries to get the job done

A

Result-oriented

86
Q

4 MAJOR SOURCES OF
BUSINESS IDEAS

A

A. From the product
B. From the process
C. From the person
D. From the relationship

87
Q

Entrepreneurs can source
their business ideas from
existing products or services.

A

From the product

88
Q

The product can be
differentiated by changing its
shape, size, color and contents.

A

From the product

89
Q

a situation wherein successful entrepreneurs introduce
new product due to their dissatisfaction (Karl Ulrich)

A

Annoyance-driven innovation

90
Q

Business ideas
can arise from the
process of
production and
distribution

A

from the process

91
Q

The individual
examines his/ her
business interests,
hobbies, skills, dreams,
and even his/her travels

A

from the person

92
Q

From prior employment
can be a source of
business ideas as shown
in several studies

A

from the person

93
Q

Many Filipino-Chinese
individuals sourced their
entrepreneurial ideas
from FAMILIES and
RELATIVES

A

from the relationship

94
Q

FRIENDS AND
CLASSMATES can also be
sources of business ideas and
partners

A

from the relationship

95
Q

refers to systematic and rational
way of providing an answer to a
question

A

Logical thinking

96
Q

it follows a steps in responding
to an inquiry

A

Systematic

97
Q

follows the rules of logic
connecting relationship between variables and conclusions

A

Rational

98
Q

3 Methods of Logical Thinking

A
  1. Statistical Analysis
  2. Market Analysis
  3. SWOT Analysis
99
Q

systematic analysis of data
generated from survey of individuals

A

Statistical Analysis

100
Q

Give the basic information of the population studied

A

Statistical Analysis

101
Q

Describe the trend in the demand of particular product

A

Statistical Analysis

102
Q

Show key socio-economic variables can significantly influence the change in the demand of particular product.

A

Statistical Analysis

103
Q

it is undertaken to know the
various factors that affect the demand for a particular
product/service

A

Market Anlyasis

104
Q

Determine how socio-economic and demographic group react to the introduction of new commodity

A

Market Analysis

105
Q

It studies the Competitors, Market age, Customers, Market Size, Competition

A

Market Analysis

106
Q

it is usually undertaken to
describe the state of competition within an industry

A

SWOT Analysis

107
Q

New business ideas can also be generated/ tested through various method of exploring our creativity.

A

Creative Thinking

108
Q

refers to though processes that does not follow systematic or analytical procedures but look at
things at different perspective

A

Creativity

109
Q

refers to thought processes
that brings about discovery of
new ideas.

A

Creative Thinking

110
Q

unstructured discussion of a
group to elicit ideas

A

Brainstorming

111
Q

similar to brainstorming. It uses
group discussion method to elicit
ideas from participants

A

Problem Inventory Analysis

112
Q

It is different because it
directed to identifying all possible
problems encountered with
specific product/service

A

Problem Inventory Analysis

113
Q
  • Lower the selling (demand of consumers)
  • Product differentiation (establish brand loyalty)
A

Bargaining power of its competitors

114
Q

The suppliers of major inputs
can also provide business
ideas to potential
entrepreneurs

A

Bargaining power of suppliers

115
Q

The ban on the use of plastic
bags served as an opportunity
to produce ecological bags,
paper bags and other eco
friendly packaging

A

Changes in Government
Regulations

116
Q

Smaller homes and living
spaces can provide
opportunities for smaller
appliances and furniture

A

Sociodemographic changes

1st Quarter lessons (8 decks)

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