ENTREP|LESSON 1 Flashcards
- is about innovation;
about seeing problems
as opportunities, and
about changing the
world. - The process of
setting up a business.
ENTREPRENEURSHIP
The word ___________was derived from the French verb __________, which means _____________ This is pinpointing to those who __________ the risk of enterprise. The enterprise is created by an entrepreneur and the process is called ______________
entrepreneur
enterprendre
to undertake
undertake
entrepreneurship
RELEVANCE OF ENTREPRENEURSHIP TO
AN ORGANIZATION(4)(DCIM)
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 entrepreneurships 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
TYPES OF ENTREPRENEUR (5)
Innovative entrepreneur
Imitating entrepreneurs
Fabian entrepreneurs
Drone entrepreneur
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 ENTREPRENEUR
They are those who don’t create new things but only follow the ideas of other
entrepreneurs.
IMITATING ENTREPRENEURS
These entrepreneurs are reluctant to change
since they are very conservative and do not want to make any changes in the organization. They
are happy with their present mode of business
and do not want to change even if they are
suffering the losses.
DRONE ENTREPRENEURS
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. They wait for some time before the innovation becomes well tested by others and do not result in a huge loss due to its failure
FABIAN 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
Common Competencies in
Entrepreneurship (7) (DCLOPRI)
Decisive
Communicator
Leader
Opportunity Seeker
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
Seeker
- controlling a situation by making things to happen or by preparing for possible future problems
Proactive
- they have the courage to pursue their business ideas.
Risk taker
- the entrepreneurs have big business ideas and they do not stop improving and thinking of new worthwhile ideas for their business.
Innovative
Core Competencies in Entrepreneurship(4)
- 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.
- Economic and dynamic
activity
Entrepreneurs constantly
look 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
CAREER OPPORTUNITIES OF ENTREPRENEURSHIP (5)
Business Consultant
Teacher
Researcher
Salesman
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 businessman.
Business Consultant
a graduate of an entrepreneurship
can use his/her knowledge in teaching
Teacher
the entrepreneur
can be employed as
researcher by
an enterprise.
Researcher
the entrepreneurship
graduate can apply as salesman.
salesman
the entrepreneur being expert in the field, he can
be employed as business reporter.
Business Reporter
types of entrepreneurs(7):
Entrepreneur
Intrapreneur
Edupreneur
A private entrepreneur
The lifestyle entrepreneur
The serial entrepreneur
The startup
The first type is, of course, the _________.
There are many business owners in the world,
but not all of them are enterprising too.
Anyone can be a small business owner. You
only have to register at a company’s house
and apply for a VAT number, and you’re ready
to take off.
Entrepreneur
- means employees must foresee what
will come, even though they do not know what direction it will
be going to. - are employees of a company who are
assigned to work on a special idea or project. - An entrepreneur starts a company as a means of
providing a good or service. An _______ seeks to improve an existing company.
Intrapreneur
- An __________ is an entrepreneur who works within
in the education sector. - - - are usually mission driven and live for bringing to light positive impact. - They lead with a 21st-century education mindset and are known globally inside and outside of the classroom.
Edupreneur
a selfemployed person or a solopreneur. You can easily engage in small-scale business activities, mainly based on your own
work input. In many countries, this is the
largest group of entrepreneurs. For example, cultural entrepreneurs are more
less forced to become self-employed.
A private entrepreneur
This entrepreneur sees entrepreneurship is a way of life. As long as it is fun to do, they keep going.
a person who creates a business with the purpose of altering their personal lifestyle.
The lifestyle entrepreneur
is someone who
starts and leads one business after another. Although, it is also used for the small business entrepreneur who runs
multiple businesses at the same time. By definition the _____ has an entrepreneurial personality
The serial entrepreneur
when more than one founder decides to
build a company around a new idea. The entrepreneurial
venture is small and may have a couple of employees from the start, although these early birds are quickly invited to become co-founders.
The startup
FACTORS AFFECTING
ENTREPRENEURSHIP
Personality Factors
Environmental Factors
include political, climate, legal system, economic
and social conditions and market situations.
Environmental Factors
Personality Factors(7)(IPPPPAR)
Initiative
Proactive
Problem Solver
Perseverance
Persuasion
A Planner
Risk-taker
which means 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.
Persuasion
meaning he makes plan before doing things and do not fail to monitor it.
A Planner
which means that he is willing to gamble but he will calculate it first.
Risk-taker
