ENTREP Flashcards
defines as the art of observing correct practices in managing and operating a self owned wealth-creating enterprise by providing goods and services that are valuable to the customers.
ENTREPRENEURSHIP
refers to a person who strongly advocates and correctly practices the concept and principles of entrepreneurship in operating and managing the self-owned entrepreneurial venture
ENTREPRENEUR
term “ENTREPRENEUR” originates from the French Word _ which means “to undertake”.
ENTREPRENDRE
is an owner of a business who invests his/her resources to bring an idea to life, setting the direction that transform that idea into reality, thus providing and gaining value that balances effort, purpose and prof it.
ENTREPRENEUR
SALIENT FEATURES OF ENTREPRENEURSHIP
- Art of Correct Practices
- Wealth creating venture
- Providing valuable goods and services to customers
- Opening and managing self owned business.
- Risk taking venture
Entrepreneurship is an art and not a science thus, there is a constant change; It continuously grows. develops, improves and expands. As an art. It is closely related to creativity that contributes to the enhancement of the enterprise. Entrepreneurship education teaches how failure makes people more creative and innovative,
ART OF CORRECT PRACTICES.
How are you going to define wealth? Although profit is a good indication of wealth, improving the Life of an entrepreneur in terms of economic, financial, social, moral and psychological aspects are also priceless outcomes of entrepreneurship
WEALTH CREATING VENTURE
products and services are considered valuable when they satisfy the needs and wants of the customers.
PROVIDING VALUABLE GOODS AND SERVICES TO CUSTOMERS
Businesses which are managed by other people for the benefit of the owner falls under intrapreneurship. Entrepreneurship is different from Intrapreneurship. The concept of entrepreneurial endeavor may range from a small sari-sari store up to multimillion companies as long as the business is managed by the owner himself.
OPENING AND MANAGING SELF OWNED BUSINESS.
Risk is a part of any entrepreneurial endeavor. A good entrepreneur does not avoid risks; rather face. them by analyzing the risks and good decision-making skills for the survival of the venture. The pandemic caused many business establishments to cease operations and this had a huge impact on the sales of business ventures. Some entrepreneurs resort to online selling of their products as to not fully stop their ventures and have an alternative way of gaining profit during this situation
RISK TAKING VENTURE
THEORIES ON ENTREPRENEURSHP
- INNOVATION THEORY BY: JOSEPH SCHUMPETER
- KEYNESLAN THEORY BY: JOHN MAYNARD KEYNES
- ALFRED MARSHAL THEORY
- RISK AND UNCERTAINTY-BEARING THEORY BY: FRANK HYNEMAN KNIGHT
- OTHER THEORIES ON ENTREPRENEURSHIP
OTHER THEORIES ON ENTREPRENEURSHIP
-WEBER’S SOCIOLOGICAL THEORY
-KALDOR’S TECHNOLOGICAL THEORY
-LEIBENSTEIN’S GAP-FILLING THEORY
-KIRZNER’S LEARNING-ALERTNESS THEORY
, a British Economist. The key concept of the theory were included in his book, The General Theory of Employment. Interest and Money, which was published during the Great Depression in 1963.
JOHN MAYNARD KEYNES
KEYNESIAN THEORY
Refers to a business or enterprise that correctly adopts and practices the principles of entrepreneurship. Its owned by one person with limited workforce of not more than 20 person
SMALL BUSINESS
Who is not advocates and does not practice the concepts and principles of entrepreneurship.
ORDINARY SMALL BUSINESS
MISCONCEPTION ON ENTREPRENEURSHIP
- ENTREPRENEURSHIP APPLIES ONLY TO MANUFACTURING BUSINESS.
- ENTREPRENEURSHIP APPLIES ONLY IN SMALL BUSINESS.
- ENTREPRENEURSHIP APPLIES MOSTLY TO PERSON WITH GOOD EDUCATIONAL BACKGROUND IN BUSINESS COURSE
- ENTREPRENEURSHIP APPLIES ONLY GOOD ECONOMY.
- ENTREPRENEURSHIP IS SIMPLY OPENING A SMALL BUSINESS.
THE FLOW OF ENTREPRENEURSHIP BENEFITS
CONTRIBUTION OF ENTREPRENEURSHIP
FILIPINO PEOPLE
LOÇAL COMMUNITY
PHILIPPINE ECONOMY
