ENTREPRENEUR Flashcards by Vernice Arocena

the process of developing, conducting, managing, operating,
directing and evaluating a business venture in order to gain
profit by taking several risks

Entrepreneurship

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an individual or a collective who develops a new company, carries most of the risks and enjoys most of the benefits of a joint effort via profit.

Entrepreneur

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Entrepreneur comes from the word?

Entreprendre

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“Entre” means?

to enter

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“Prendre” means?

to take

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“Entreprendre” means?

to undertake

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Relevance of entrepreneurship

Helps economic growth
create job opportunities
innovation
community development impact
business failures consequences
political and economic integration of outsiders
spawn entrepreneurship
enhances standard of living
provides research development

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Relevance of entrepreneurship: Establishing a business contributes to the economy; small or big

Helps economic growth

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Relevance of entrepreneurship: Provides entry-level jobs necessary to learn for unskilled employees

create job opportunities

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Relevance of entrepreneurship: Promotes creativity and brings new ideas: product, technology, industry,
good quality

innovation

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Relevance of entrepreneurship: promotes abundant retail facilities, a higher level of homeownership, fewer
slums, better, sanitation standards and higher expenditure on education,
recreation, and religious activities

community development impact

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Relevance of entrepreneurship: Entrepreneurship is the most productive way to incorporate the excluded
and discarded in the economy

political and economic integration of outsiders

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Relevance of entrepreneurship: Collapse of business will lead to job loss and/or financial institutions will be
at crisis

business failures consequences

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Relevance of entrepreneurship: Entrepreneurship is a breeding ground for new inexperience people

spawn entrepreneurship

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Relevance of entrepreneurship: Businesses provide various types of goods

enhances standard of living

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Relevance of entrepreneurship: Entrepreneurship offers funding to institutions for research and
development

provides research development

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Have endless curiosities in discovering new ideas

opportunity seeking

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the quality that allows someone to continue doing something or trying to do something even though it is difficult

persistence

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An entrepreneur keeping their promise or word

commitment work contract

Trying to do something better, faster and cheaper

demand for quality and efficient

refers to the willingness and ability to entrepreneur. Create a decision and take actions that involve uncertainty, potential loss and possibility of failure

risk taking

business professionals create specific objectives for the future. these can include both long term and short term goal

goal setting

undertakes personal research on how to satisfy customers and solve problems

information seeking

Acts to develop and maintain business contacts by having good relationships

persuasion and networking

Plans everything he/she expects in the business. he/she does not leave things to luck

systematic planning and monitoring

must believe in oneself if he or she wants others to believe in him or her.

self-confidence

-saleswoman in goodwill bookstore in escolta -Owner of (70)national book store

Soccoro C. Ramos

Owner of SM Supermalls

Henry Sy

- Owner of Philippine Airlines - Asia Brewery - Tanduay - Fortune Tobacco - Allied Bank

Lucio Tan

Owner of jollibee 1994: Greenwich 2000: Chowking 2005: Red Ribbon 2010: 70% Mang Inasal 2011: Burger King 2016: 30% Mang Inasal 2019: Coffee Bean and Tea Leaf 2021: Yoshinoya

Tony Tan Caktiong

Owner of Ayala

Jaime Augusto zobel de ayala

Owner of Zesto

Alfredo Yao

Owner of Mercury Drugstore - Invested 100 Php in sulfathiazole tablets

Mariano Que

owner of Lamoiyan Corporation - Hapee Toothpaste and Kutitap

Cecilio K. Pedro

owner of CDO

Corazon D. Ong

- A blueprint - a written document describing in detail how a business — usually a new one — is going to achieve its objectives - sets out a written plan from a marketing, financial and operational point of view.

Business Plan

Purpose of business plan

- Describes the direction of the business/company - Defines the business - Sets the goals - Shows investors the viability of the business - Prepares business for uncertainty

* Use short sentences instead of long complicated ones. * Use simple and straightforward language. * Avoid using shortcuts, jargons, and acronyms. * Use bullet points for lists

SIMPLE / SPECIFIC

Characteristics of Business plan

SIMPLE / SPECIFIC MEASURABLE ACHIEVABLE / ATTAINABLE REALISTIC / RELEVANT TIME-BOUND

* Describe the goal clearly. * Contains concrete and measurable objectives. * Include specific actions and activities

MEASURABLE

* Should list out attainable goals * Should specify the goals to achieve * Suggested number of pages is from 20 to 30pages of text and another 10 pages of appendices

ACHIEVABLE / ATTAINABLE

* Summarize other data by using simple business charts or summary tables such as bar charts, twodimensional bars, pie charts and Gantt charts. * Contains the company's vision and mission

REALISTIC / RELEVANT

* Follow the time bound plan. * Achieve goals within the time frame

TIME-BOUND

* Recall the business idea that you created from the previous topic. * List down the steps that you will do to start your business

Business Plan Outline

Essential Questions that have to be answered when making Business Plan

* What problem does the product or service solve? What need does it fill? * What niche will it address? * Who are the customers of the enterprise? * How will the enterprise sell its product or services to them? * What is the size of the market to be served? * How will the business make money? * What other products pose competition to the business and how will the enterprise maintain its competitive advantage? * How will the enterprise adjust its system of management as the business grows? * Who will run the company and what are their capabilities to manage the business? * What are the risks and threats confronting the business and what are the resources needed?