ENTREP LG1 Flashcards
An enterprise that embrace and practice the principles of entrepreneurship. This business is owned by one person with a workforce of not more than twenty (20) persons.
Small business
An enterprise must be owned by the owner alone to be considered entrepreneurial. A company is said to be self-owned if the person in charge of all daily operations is also the company’s owner.
OPENING AND MANAGING A SELF-OWNED ENTERPRISE IS PART OF ENTREPRENEURSHIP.
What are the top five (5) characteristics of entrepreneurship?
- It is an art of proper conduct.
- It is an enterprise that produces wealth.
- Additionally, it offers useful products and services.
- It involves starting and running a self-owned business.
- It involves taking risks.
The right methods for carrying out entrepreneurial activities are linked to the art of entrepreneurship.
ENTREPRENEURSHIP IS A WEALTH-CREATING VENTURE
What are the misconceptions of entrepreneurship?
❌ Entrepreneurship applies only to manufacturing businesses.
❌ Entrepreneurship applies only to small businesses.
❌ Entrepreneurship applies only to persons with good educational background and a graduate in business courses.
❌ Entrepreneurship applies only to a good economy.
❌Entrepreneurship is simply opening a small business.
It comes from the word entrepreneur. It is the art of observing correct practices in managing and operating a self-owned wealth-creating business enterprise by providing goods and services that are valuable to the customer.
Entrepreneurship
A view or opinion that is incorrect because based on faulty thinking or understanding.
Misconception or disbelief
What is the French word of Entrepreneur which also means to undertake
Entreprendre
IMPORTANCE OF ENTREPRENEURSHIP TO THE FILIPINO PEOPLE
- It offers recommendations for their wealth-generating endeavors.
- It enhances a person’s financial situation and manner of life.
- Additionally, it encourages inventiveness in a certain entrepreneur.
- It enhances the lifestyle and makes it happier and more fruitful.
from the French word entreprendre which means to undertake.
Entrepreneur
What are the top five (5) characteristics of entrepreneurship?
- It is an art of proper conduct.
- It is an enterprise that produces wealth.
- Additionally, it offers useful products and services.
- It involves starting and running a self-owned business.
- It involves taking risks.
There are no rigid or unbending laws that govern entrepreneurship. A shift has occurred, indicating motion and inventiveness. An entrepreneur differs from a typical small businessperson in this way. An entrepreneur develops workable fresh concepts into an entrepreneurial venture.
Entrepreneurship is a practice of professional ethics.
It pertains to knowledge and competency in a particular sector or other relevant technical domains. Examples are information technology, feasibility study and business plan development, technical writing skills, marketing, management, and finance skills. Each section requires an in-depth understanding that has to be presented and performed.
Technical Skills
The right methods for carrying out entrepreneurial activities are linked to the art of entrepreneurship.
ENTREPRENEURSHIP IS A WEALTH-CREATING VENTURE
3 FUNDAMENTAL CORE COMPETENCIES AND SKILLS
Cognitive Skills
Technical Skills
Interpersonal skills
To create wealth, goods and services must be valuable.
By offering consumers products and services, entrepreneurship generates economic wealth.
Entrepreneurship produces high-quality products and services.
is a set of characteristics of successful entrepreneurs that supports the character traits in the achievement cluster like goal-setter, information-seeker, and systematic in planning &monitoring.
💰Planning Cluster
An entrepreneurial endeavor carries risk by nature.
Risk is there when an entrepreneurial enterprise begins because of new ideas or prospects. An entrepreneurial venture cannot be free of risk, and the only way to do so is to shut down the venture or business.
Entrepreneurship is a risk-taking endeavor.
are referred to the entrepreneur’s relationship and engagement with coworkers, suppliers, creditors, and other members of the business community which include verbal and nonverbal communication, listening, leading, and negotiating. The qualities mentioned may be acquired from various social activities.
Interpersonal skills
NGOs definition
Non-governmental organizations
includes a set of character traits that reflect the degree of the interpersonal relations maintained by successful entrepreneurs in the community like persuasive & positive networker and self-confident.
💰Power Cluster
A business managed by an owner who is not a proponent and does not practice the concepts and principles of entrepreneurship. This kind of businesses are found almost everywhere.
Ordinary business
This includes the ability to understand written materials, the ability to learn and apply new information, the ability to create new ideas, the ability to innovate new products and procedures or methods, as well as the ability to solve problems systematically.
Cognitive Skills
A process that goes on inside an existing business venture and may lead to new ones and the development of new products and services. (ex. franchising)
CORPORATE ENTREPRENEURSHIP
refers to the process of setting the goals of the business
Planning
Consists of entrepreneurial characteristics traits that are directly related to the entrepreneur’s desire to be an achiever in the field of entrepreneurship like opportunity-seeker, committed, persistent, risk-taker, and efficient & quality-oriented.
💰Achievement Cluster
IMPORTANCE OF ENTREPRENEURSHIP FOR THE PHILIPPINE ECONOMIC STYLE
- It makes it slightly more difficult for business owners to innovate and be more creative with their goods and services.
- It aids in locating an entrepreneurial role in the global market.
- It hastens the Philippines’ recovery from the financial crisis.
- It makes it easier for money to move freely in the neighborhood market.
- Having positive economic ratings in the domestic and international markets helps the national government.
The ultimate basis “secret sauce” of the entrepreneur’s competitive advantage is the entrepreneurial ________ ________
core competency
IMPORTANCE OF ENTREPRENEURSHIP TO THE LOCAL COMMUNITY
- It offers the neighborhood’s residents more employment opportunities.
- It generates fresh market demand.
- A similar contribution is made to tax levying and tax collecting.
- It makes it easier for the product components to move.
- It creates fresh commercial possibilities.
- Additionally, it fosters a loving and tranquil community.
- It fosters healthy competitivenes
Is a combination of entrepreneurial concepts and principles, entrepreneurial traits, and skills.
core competency
What are the three major clusters?
Achievement, Planning, and Power Cluster.
Give the five(5) features that help people comprehend entrepreneurship as a whole.
- Entrepreneurship is a practice of professional ethics.
- ENTREPRENEURSHIP IS A WEALTH-CREATING VENTURE
3.Entrepreneurship produces high-quality products and services. - OPENING AND MANAGING A SELF-OWNED ENTERPRISE IS PART OF ENTREPRENEURSHIP.
5. Entrepreneurship is a risk-taking endeavor.
refers to the mark or attribute that distinguishes an entrepreneur from the owner of an ordinary small business.
Trait
What are a few jobs you can get to move one step closer to your dream of starting your own business?
Management Analyst
Construction Manager
The sales Manager
Web Developer
Marketing Manager
Financial advisors
Real State Appraiser
Public Relations Manager
Social Media Manager
According to Random House Webster’s Dictionary, wealth is defined as the
abundance of money, property, or possession.
He gave much emphasis to the concept of product innovation, marketing, and production methods, He described an entrepreneur as an individual with distinct social characteristics or attributes.
Joseph Schumpeter
