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CONENT > Entrepreneur > Flashcards

Entrepreneur Flashcards

1
Q

Is a proactive process of developing a business venture to make a profit

A

Entrepreneurship

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2
Q

one who takes advantage of the country’s social problems and turn them to profitable institutions with the intention of helping the disadvantaged community rather than making a profit

A

Social Entrepreneur

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3
Q

an entrepreneur in a large company or corporation who is tasked to think, establish, and run a new big idea or
project.

A

Intrapreneur

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4
Q

an entrepreneur who puts technology at the core of his or her business model.

A

Technopreneur

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5
Q

an entrepreneur who hops from one company to another to act as the innovation champion, providing creative and efficient solution.

A

Extrapreneur

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6
Q

Where did the word “entrepreneur” originated

from?

A

Entre: “between”
Prendre:“to take”

Entreprendre: “undertaker or
adventurer”

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7
Q

*It has a ____________Origin

A

French

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8
Q

Who are entrepreneurs?

A

“An entrepreneur is a unique individual who has the
innate ability and extraordinary dedication to
establish and manage a business, acknowledging all
the risks and reaping its rewards.”

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9
Q

Five Levels of entrepreneurial development

A 
The Self-Employed
The manager
The Leader
The Investor
The true Entrepreneur
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10
Q

Four Step Process:

A

Idealization
Visualization
Verbalization
Materialization

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11
Q

Types of Entrepreneur

A

Social Entrepreneur
Intrapreneur
Technopreneur
Extrapreneur

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12
Q

Common Traits

A 
Proactive
Agents of change
Risk takers
Have a sharp eye for opportunities
Sociable
Networkers
Decisive
Balanced
Innovative
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13
Q

Core Traits

A

Specialists
Problem solvers
Leaders
Communicators

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14
Q

What are the Pros and Cons of ENTREPRENEURSHIP VS. EMPLOYMENT?

A

Income, Hiring and Firing Organizational Setup, and

Major Key Result Areas, Daily Tasks, Leisure Time and Vacations, Taxation, Comfort Level at Work,

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15
Q

Careers in Entrepreneurship

A
  1. Sari-sari store
  2. Rice retailing
  3. Food cart business
  4. Printing business
  5. Buy-and-sell business
  6. Street food business
  7. Flea market business or tiangge
  8. Online selling business
  9. Cellphone loading business
  10. Laundry and dry cleaning business
  11. Hair styling and makeup business
  12. Spa gym, and nail care business
  13. Video and photography business
  14. Tutorial business
  15. Baking business
  16. Web site development and design/ blogging
  17. Direct selling business
  18. Car wash and car care business
  19. Bar, café, and restaurant
  20. Water station and LPG (liquid petroleum gas)
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16
Q

What are the different societal and economic benefits of

entrepreneurship?

A
  1. produces more jobs that equate to an increase in national income.
  2. amplifies economic activities of different sectors of society.
  3. introduces new and innovative products and services.
  4. improves people’s living standards.
  5. disperses the economic power and creates equality.
  6. controls the local wealth and balances regional development.
  7. reduces social conflicts and political unrest.
  8. elicits economic independence and capital formation.
17
Q

Entrepreneurs dream enormously and desire to build an ideal environment.

A

Idealization

18
Q

Entrepreneurs start to create plans to make the dream a reality.

A

Visualization

19
Q

Involves sharing their ideas with other people, knowing that their vision is already occurring

A

Verbalization

20
Q

Happens when the vision becomes a reality

A

Materialization

21
Q

What are the Pros and Cons of ENTREPRENEURSHIP and EMPLOYMENT? (income)

A

Entrepreneur

  • Income generated passively even the entrepreneur is resting
  • Income only earned when the business is successful
  • Opportunity income unlimited depending on the success of the business

Employee

  • Income generated actively (i.e., on working hours only); no work = no pay
  • Income usually fixed per month and increase depending on the employer and the employee’s performance
  • Income earned whether the business is successful or unsuccessful
22
Q

What are the Pros and Cons of ENTREPRENEURSHIP and EMPLOYMENT? (Hiring and Firing Organizational Setup, and Major Key Result Areas)

A

Entrepreneur

  • Provide jobs; is the owner of the business and conducts the talent selection
  • Full responsible for serving customers, making the business profitable, sustainable, and providing employee satisfaction
  • Has the power to disengage nonperforming employees
  • Can venture into expansion of business such as franchising and buying other similar businesses

Employee

  • Seeks for a job; is the one applying for a job and is interviewed by the company’s hiring officers
  • Has the goal of satisfying only the employer or the direct supervisor
  • Fully dependent on the employer’s performance; is at risk if losing his or her job if the company does not perform well
  • Can only work for the current employer exclusively
23
Q

What are the Pros and Cons of ENTREPRENEURSHIP and EMPLOYMENT? (Leisure Time and Vacations)

A

Entrepreneur
*Has a flexible schedule and can take unlimited number of vacation days (Applicable only if the business has stabilized already)

Employee
*Has a limited number of vacation days imposed by the employer

24
Q

What are the Pros and Cons of ENTREPRENEURSHIP and EMPLOYMENT? (Taxation)

A

Entrepreneur
*Taxed on the net income can claim taxable income deductions for allowable expenses incurred by the business

Employee
*Taxed on the gross income cannot use expenses incurred related to the job such as food and transportation expenses to claim for deductions from taxable income

25
Q

What are the Pros and Cons of ENTREPRENEURSHIP and EMPLOYMENT? (Comfort Level at Work)

A

Entrepreneur
*Is comfortable in doing multiple and challenging tasks and takes accountability with the risks and profits of the business

Employee

  • May be comfortable with routine and minimal risks
  • Comfortable in working for the company itself

CONENT (3 decks)

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