ENTREP Flashcards
The word “entrepreneur” was derived from the French verb _____ which means “to undertake”
ENTERPRENDRE
This is pinpointing to those who “undertake”
the risk of enterprise.
ENTREPRENEUR / ENTERPRENDRE
The ______ is
created by an entrepreneur
ENTERPRISE
The process of creating enterprise is called ____.
ENTREPRENEURSHIP
They are willing to take the risks and generate unique ideas that can
provide profitable solutions to the
needs of the market and the society.
ENTREPRENEURS
What are the four relevance of entrepreneurship to an organization?
- DEVELOPMENT OF MANAGERIAL CAPABILITIES
- CREATION OF ORGANIZATIONS
- IMPROVING STANDARD OF LIVING
- MEANS OF ECONOMIC DEVELOPMENT
This means that one of the benefits an entrepreneur gets is to
develop his managerial skills.
DEVELOPMENT OF MANAGERIAL CAPABILITIES
Which means that because of
entrepreneurship many organizations will exist.
CREATION OF ORGANIZATIONS
This means that
entrepreneurship can lift up the economic status of an individual.
IMPROVING STANDARD OF LIVING
This means that not
only the life of the entrepreneur is
improved but also the society where
the business is located.
MEANS OF ECONOMIC DEVELOPMENT
What are the two factors affecting entrepreneurship?
- PERSONALITY FACTORS
- ENVIRONMENTAL FACTORS
What are the seven personality factors?
- INITIATIVE
- PROACTIVE
- PROBLEM SOLVER
- PERSEVERANCE
- PERSUASION
- A PLANNER
- RISK-TAKER
Doing things even before being told.
INITIATIVE
Which means he can
classify opportunities and seize it.
PROACTIVE
Which means he
can retain good relations with other
people.
PROBLEM SOLVER
Meaning he will
pursue things to get done regardless of
challenges.
PERSEVERANCE
Means that he can
entice people to buy even if they don’t
want to.
PERSUASION
He makes plans before
doing things and does not fail to monitor it.
A PLANNER
Which means that he is
willing to gamble but he will calculate it
first.
RISK-TAKER
Which include political, climate, legal system,
economic and social conditions and
market situations.
ENVIRONMENTAL FACTORS
What are the seven common competencies in entrepreneurship?
- DECISIVE
- COMMUNICATOR
- LEADER
- OPPORTUNITY SEAKER
- PROACTIVE
- RISK-TAKER
- INNOVATIVE
An entrepreneur must be firm in making decisions.
DECISIVE
An entrepreneur must
have a convincing power.
COMMUNICATOR
An entrepreneur must have the charisma to be obeyed by his employees.
LEADER
An entrepreneur
must have the ability to be the first to see
business chances.
OPPORTUNITY SEAKER
An entrepreneur has the courage to pursue business ideas.
RISK-TAKER
An entrepreneur can control a situation by making things happen or by preparing for possible future problems.
PROACTIVE
The entrepreneur has big business ideas and he does not stop
improving and thinking of new worthwhile
ideas for his business.
INNOVATIVE
What are the four core competencies of entrepreneur?
- ECONOMIC AND DYNAMIC ACTIVITY
- INNOVATIVE
- PROFIT POTENTIAL
- RISK BEARING
Entrepreneurship is an economic activity
because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring
optimum utilization of limited resources.
creative.
ECONOMIC AND DYNAMIC ACTIVITY
The entrepreneur
constantly looks for new ideas, thus he
needs to be creative.
INNOVATIVE
The entrepreneur can be compensated by
his profit coming from the operation.
PROFIT POTENTIAL
The entrepreneur
needs to gamble but wise enough to offset the risk.
RISK BEARING
What are the five types of entrepreneurs?
- INNOVATIVE ENTREPRENEURS
- IMITATING ENTREPRENEURS
- FABIAN ENTREPRENEURS
- DRONE ENTREPRENEURS
- SOCIAL ENTREPRENEURS
- They are those who always make new things by thinking of new ideas.
- They have the ability to think
newer, better and more economical
ideas.
INNOVATIVE ENTREPRENEURS
They are those who don’t create new things but only follow the ideas of other
entrepreneurs.
IMITATING ENTREPRENEURS
They are skeptical about changes to be made in the organization. They don’t initiate but follow only after they are
FABIAN ENTREPRENEURS
They are those who live on the labor of others. They are
die-hard conservatives even ready to suffer the loss of business.
DRONE ENTREPRENEURS
They are those who initiate changes and drive social innovation and transformation in
the various fields such as education, health, human rights, environment and enterprise development.
SOCIAL ENTREPRENEURS
What are the career opportunities of entrepreneurship?
- BUSINESS CONSULTANT
- TEACHER
- RESEARCHER
- SALES
- BUSINESS REPORTER
With the expertise of in the field of entrepreneurship, he can be a very good source of advices to other entrepreneurs and would be businessmen.
BUSINESS CONSULTANT
