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
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
3
Q
the skill that involves seeing an opportunity and then starting, organizing managing a business which involves taking financial risk
A
Entrepreneurship
4
Q
What is the Relevance of Entrepreneurship?
A
- Development of Managerial Capabilities
- Creation of Organizations
- Improving Standard of Living
- Means of Economic Development
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
6
Q
Entrepreneurs assemble and coordinate
physical, human and financial resources and
direct them towards achievement of objectives.
A
Creation of Organizations
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
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
9
Q
The word entrepreneur was derived from the
French word ________ means to undertake.
A
entreprendre
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
11
Q
innovators, willing to take
risks, and generate new ideas to create unique
and potentially profitable solutions to modern
day problems.
A
Entrepreneurs
12
Q
_____ is created by an entrepreneur and the
process of its creation
A
Enterprise
13
Q
Enterprise is created by an entrepreneur and the
process of its creation is called ______
A
Entrepreneurship
14
Q
When entrepreneurship describes activities within
a firm or large organization it is referred to _____
A
Intrapreneurship
15
Q
Identify whether it is an Entrepreneur or Businessman. (Starts a business from an existing idea)
A
Businessman
16
Q
Identify whether it is an Entrepreneur or Businessman. (traditional)
A
Businessman
17
Q
Identify whether it is an Entrepreneur or Businessman. (avoids taking risks)
A
Businessman
18
Q
Identify whether it is an Entrepreneur or Businessman.(profit oriented)
A
Businessman
19
Q
Identify whether it is an Entrepreneur or Businessman. (starts a business from a unique and innovative idea)
A
Entrepreneur
20
Q
Identify whether it is an Entrepreneur or Businessman.(market player)
A
Businessman
21
Q
Identify whether it is an Entrepreneur or Businessman. (market leader)
A
Entrepreneur
22
Q
Identify whether it is an Entrepreneur or Businessman. (risk taker)
A
Entrepreneur
23
Q
Identify whether it is an Entrepreneur or Businessman. (revolutionary)
A
Entrepreneur
24
Q
Identify whether it is an Entrepreneur or Businessman.(people/customer oriented)
A
Entrepreneur
25
Types of Personality Factors
Initiative
Proactive
Perseverance
Problem-solver
Persuasion
Self-confidence
Self-critical
A planner
Risk Taker
25
FACTORS AFFECTING ENTREPRENEURSHIP
Personality and Environmental factors
26
does things before asked
Initiative
27
identifies and utilizes
opportunities
Proactive
28
works against all odds to
overcome obstacles
Perseverance
29
develops and maintains
relationships with customers and
financers; conceives new ideas introduces innovative solutions.
problem-solver
30
convinces customers and financers to patronize his business
Persuasion
31
makes decisions and stick to
his decisions
Self-confidence
32
learns from his mistakes and from
experiences of others
Self-critical
33
collects information, prepares a
plan, and monitors performance
A planner
34
willingness to take risk (to gain or
loss income)
Risk taker
35
Types of Environmental Factors
Political Climate
Legal System
Economic and Social Conditions
Market Situation
36
is the opinions of a political
society at a particular time
Political Climate
37
existing law pertaining
business (corporation law, employment law,
taxation)
Legal System
38
availability of food, education, healthcare, drug problem, unemployment & crime levels.
Economic and Social Conditions
39
size and growth trends of
your market, what you will face in terms of competition, critical issues that affect the ability to sell products.
Market Situation
40
Types of Entrepreneurs
* Innovative Entrepreneurs
* Imitating Entrepreneurs
* Fabian Entrepreneurs
* Social Entrepreneurs
41
These entrepreneurs have the ability to think
newer, better and more economical ideas of
business organization and management
Innovative entrepreneurs
42
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.
Imitating entrepreneurs
43
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
Fabian entrepreneurs
44
They drive social innovation and transformation in various fields including education, health, human rights, workers` rights, environment and enterprise
development.
Social entrepreneurs
45
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.
Social entrepreneurs
46
Career Opportunities for Entrepreneurship
Graduates
* Business consultant
* Sales
* Research and development
* Not-for-profit fundraiser
* Teacher
* Recruiter
* Business reporter
47
Businesses today need consultants who can go
to a client site, identify problems and fix them.
Business consultant
48
Entrepreneurship graduates can work in sales or
run the department of any businesses.
Sales
49
A good quality to work in R&D is a training and education on understanding of business concepts, procedures, and practices and entrepreneurship.
Research and Development
50
Being able to raise funds requires understanding the importance of business and networking
relationships
Not-for-profit fundraiser
51
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.
Teacher
52
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
Recruiter
53
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
Business Reporter
54
Author of “The Theory of
Economic Development”
Joseph Schumpeter
55
Served as Finance Minister of
German-Austria in 1919
Joseph Schumpeter
56
Austrian political economist.
Joseph Schumpeter
57
He is born in Moravia (Feb 8,1883 - January 8, 1950)
Joseph Schumpeter
58
In his book “The Theory of
Economic Development” he
emphasized the role of
entrepreneurs in the
transformation of economic development.
Joseph Schumpeter
59
Entrepreneurs introduces
innovation in the form of:
* new products
* new processes
* new market
* new organization
Role of Entrepreneurs
60
individuals who have generated substantial value and profits from innovation in a very short period of time
Entrepreneurs
61
These individuals are also willing to absorb huge risks using enormous amounts of capital in their business venture.
Mega Entrepreneurs
62
Contributed much in economic progress.
Mega Entrepreneurs
63
they engage in micro and small
businesses as an alternative to formal employment
Micro Entrepreneurs
64
They are short in funds
and inadequate in skills
Micro Entrepreneurs
65
Author, “Innovation and
Entrepreneurship" (1985)
Peter Drucker
66
He is an Austrian-born American, Nov 19, 1909 - Nov 11, 2005
Peter Drucker
67
*Entrepreneurial discipline
* This involves several stages
from the awareness of an
opportunity to the realization
of a business idea
Entrepreneurial Process
68
5 STAGES OF ENTREPRENEURIAL PROCESS
*Discovery
* Development of Concept
* Organizing Resources
* Implementation
* Reaping the Returns
69
Refers to the recognition
of a business idea or the detection
of opportunities that could
make money for the
entrepreneur
Discovery
70
Gives more details on how the general business idea can be realized.
Development of Concept
71
It suggest the PREPARATION of a
BUSINESS PLAN
Development of Concept
72
is a document that describes
the various external and internal elements involved in starting or expanding a business/ venture, amidst a dynamic business
environment.
Business Plan
73
Describes the process of identifying, sourcing, and financing human, non-human, and other resources needed for the conduct of business.
Organizing Resources
74
Is the process of carrying out the
business plan
Implementation
75
Pertains to strategies related to the expansion of the business firm
Reaping the returns
76
a mindset that inspires organization to work efficiently and encourages people to think innovatively to achieved desired business results of organization
Entrepreneurial Leadership
77
British economist __________ define
entrepreneurial leadership
“as organizing group of
people to achieve a
common goal using
proactive entrepreneurial
behavior"
Chris Roebuck
78
Characteristics of an Entrepreneur
Effective communicators
Visionaries
Optimistic
Innovators
Problem-solvers
Risk takers
Result-oriented
79
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
Effective communicators
80
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
Visionaries
81
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
Optimistic
82
They apply innovation and
creativity to managing people and
businesses, and often inspire
productivity in new ways and through different approaches
Innovators
83
They have the ability to assess
and diagnose problems and solve them collaboratively with key members of the organization
Problem-solvers
84
They are experts in navigating
uncertainty and managing risk. Their willingness to take calculated risk ensures a realization of business objectives
Risk takers
85
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
Result-oriented
86
4 MAJOR SOURCES OF
BUSINESS IDEAS
A. From the product
B. From the process
C. From the person
D. From the relationship
87
Entrepreneurs can source
their business ideas from
existing products or services.
From the product
88
The product can be
differentiated by changing its
shape, size, color and contents.
From the product
89
a situation wherein successful entrepreneurs introduce
new product due to their dissatisfaction (Karl Ulrich)
Annoyance-driven innovation
90
Business ideas
can arise from the
process of
production and
distribution
from the process
91
The individual
examines his/ her
business interests,
hobbies, skills, dreams,
and even his/her travels
from the person
92
From prior employment
can be a source of
business ideas as shown
in several studies
from the person
93
Many Filipino-Chinese
individuals sourced their
entrepreneurial ideas
from FAMILIES and
RELATIVES
from the relationship
94
FRIENDS AND
CLASSMATES can also be
sources of business ideas and
partners
from the relationship
95
refers to systematic and rational
way of providing an answer to a
question
Logical thinking
96
it follows a steps in responding
to an inquiry
Systematic
97
follows the rules of logic
connecting relationship between variables and conclusions
Rational
98
3 Methods of Logical Thinking
1. Statistical Analysis
2. Market Analysis
3. SWOT Analysis
99
systematic analysis of data
generated from survey of individuals
Statistical Analysis
100
Give the basic information of the population studied
Statistical Analysis
101
Describe the trend in the demand of particular product
Statistical Analysis
102
Show key socio-economic variables can significantly influence the change in the demand of particular product.
Statistical Analysis
103
it is undertaken to know the
various factors that affect the demand for a particular
product/service
Market Anlyasis
104
Determine how socio-economic and demographic group react to the introduction of new commodity
Market Analysis
105
It studies the Competitors, Market age, Customers, Market Size, Competition
Market Analysis
106
it is usually undertaken to
describe the state of competition within an industry
SWOT Analysis
107
New business ideas can also be generated/ tested through various method of exploring our creativity.
Creative Thinking
108
refers to though processes that does not follow systematic or analytical procedures but look at
things at different perspective
Creativity
109
refers to thought processes
that brings about discovery of
new ideas.
Creative Thinking
110
unstructured discussion of a
group to elicit ideas
Brainstorming
111
similar to brainstorming. It uses
group discussion method to elicit
ideas from participants
Problem Inventory Analysis
112
It is different because it
directed to identifying all possible
problems encountered with
specific product/service
Problem Inventory Analysis
113
- Lower the selling (demand of consumers)
- Product differentiation (establish brand loyalty)
Bargaining power of its competitors
114
The suppliers of major inputs
can also provide business
ideas to potential
entrepreneurs
Bargaining power of suppliers
115
The ban on the use of plastic
bags served as an opportunity
to produce ecological bags,
paper bags and other eco
friendly packaging
Changes in Government
Regulations
116
Smaller homes and living
spaces can provide
opportunities for smaller
appliances and furniture
Sociodemographic changes
