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3rd grading > Entrepreneurship > Flashcards

Entrepreneurship Flashcards

1
Q

the backbone of the economy.

A

Businesses

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2
Q

play an important role in developing the economy through providing the needed products and services including the solution to the problem of unemployment.

A

Entrepreneurs

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3
Q

this means that one of the benefits an entrepreneur gets is to develop his managerial skills.

A

Development of Managerial Capabilities

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4
Q

which means that because of entrepreneurship many organizations will exist.

A

Creation of Organizations

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5
Q

this means that entrepreneurship can lift up the economic status of an individual.

A

Improving Standard of Living

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6
Q

this means that not only the life of the entrepreneur is improved but also the society where the business is located.

A

Means of Economic Development

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7
Q

The word “entrepreneur” was derived from the French verb

A

enterprendre

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8
Q

enterprendre means to

A

Undertake

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9
Q

doing things even before being told.

A

Initiative

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10
Q

which means he can classify opportunities and seize it.

A

Proactive

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11
Q

which means he can retain good relations with other people.

A

Problem Solver

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12
Q

meaning he will pursue things to get done regardless of challenges.

A

Perseverance

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13
Q

means that he can entice people to buy even if they don’t want to.

A

Persuasion

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14
Q

he makes plans before doing things and does not fail to monitor it.

A

Planner

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15
Q

which means that he is willing to gamble but he will calculate it first.

A

Risk-taker

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16
Q

Environmental Factors which include

A

political
climate
legal system
economic and social conditions
market situations.

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17
Q

an entrepreneur must be firm in making decisions.

A

Decisive

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18
Q

an entrepreneur must have a convincing power.

A

Communicator

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19
Q

an entrepreneur must have the charisma to be obeyed by his employees.

A

Leader

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20
Q

an entrepreneur must have the ability to be the first to see business chances.

A

Opportunity seeker

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21
Q

an entrepreneur can control a situation by making things happen or by preparing for possible future problems.

A

Proactive

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22
Q

an entrepreneur has the courage to pursue business ideas.

A

Risk Taker

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23
Q

the entrepreneur has big business ideas and he does not stop improving and thinking of new worthwhile ideas for his business.

A

Innovative

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24
Q

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.

A

Economic and Dynamic Activity

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25
The entrepreneur constantly looks for new ideas, thus he needs to be creative.
Innovative
26
The entrepreneur can be compensated by his profit coming from the operation.
Profit Potential
27
The entrepreneur needs to gamble but wise enough to offset the risk
Risk bearing
28
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 Entrepreneurs
29
They are those who don’t create new things but only follow the ideas of other entrepreneurs.
Imitating Entrepreneurs
30
They are skeptical about changes to be made in the organization. They don’t initiate but follow only after they are satisfied.
Fabian Entrepreneurs
31
They are those who live on the labor of others. They are die-hard conservatives even ready to suffer the loss of business.
Drone Entrepreneurs
32
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
33
with the expertise of in the field of entrepreneurship, he can be a very good source of advices to other entrepreneurs and would be business men.
Business Consultant
34
- a graduate of an entrepreneurship can use his knowledge in teaching.
Teacher
35
the entrepreneur can be employed as a researcher by an enterprise.
Researcher
36
the entrepreneurship graduate can apply as a salesman.
Sales
37
the entrepreneur being expert in the field, can be employed as a business reporter.
Business reporter
38
Career Opportunities of Entrepreneurship (5)
Business Consultant, Teacher, Researcher, Sales, Business Reporter
39
Types of Entrepreneurs
Innovative Entrepreneurs, Imitating Entrepreneurs, Fabian Entrepreneurs, Drone Entrepreneurs, Social Entrepreneurs
40
Common Competencies in Entrepreneurship
1. Decisive 2. Communicator 3. Leader 4. Opportunity seeker 5. Proactive 6. Risk Taker 7. Innovative
41
Core Competencies in Entrepreneurship
1. Economic and Dynamic Activity 2. Innovative 3. Profit Potential 4. Risk bearing
42
are the ones who pay cash in exchange for your goods and services.
Buyers
43
it is the act or process of trying to get or win something.
Competition
44
- can be defined as the steps taken in order to begin a new enterprise. It is a step-by-step method one has to follow to set up a business
Entrepreneurial process
45
an innovative concept that can be used for financial gain that is usually centered on a product or service that can be offered for money.
Entrepreneurial ideas
46
these are the basic foundation that the entrepreneur must have in seeking opportunities, such as entrepreneurial mind frame, heart flame and gut game.
Essentials of entrepreneur’s opportunity-seeking
47
refers to the physical environment, societal environment, and industry where the business operates.
External environment
48
refers to the local government (municipality, city, or provincial) or the national government and its branches.
Government
49
the one who enters something.
New entrants
50
the process of considering, evaluating, and pursuing market-based activities that are accepted to be beneficial for the business.
Opportunity-seeking
51
is a state or situation in which people or groups are competing with each other.
Rivalry
52
can be attained by assessing and looking at changes in the environment; technological discovery and advancement; government’s thrust, programs, and policies; people’s interest, and past experiences.
Sources of opportunity
53
anything that takes the place or function of another.
Substitute
54
are the ones who provide something that is needed or wanted.
Suppliers
55
The entrepreneurial process of creating a new venture
1. Creation of entrepreneurial ideas 2. Identification of entrepreneurial opportunities 3. Opening of entrepreneurial venture 4. The final product serves
56
This allows the entrepreneur to see things in a very positive and optimistic way in the midst of difficult situations. Being a risk - taker, an entrepreneur can find solutions when problems arise.
Entrepreneurial mind frame.
57
Entrepreneurs are driven by passion; they are attracted to discover satisfaction in the act and process of discovery. Passion is the great desire of an entrepreneur to achieve his/her goals.
Entrepreneurial heart flame
58
This refers to the ability of the entrepreneur to be intuitive. This is also known as intuition. The gut game also means confidence in one’s self and the firm belief that everything you aspire can be reached.
Entrepreneurial gut game
59
Physical environment includes:
1. Climate 2. Natural resources 3. Wildlife
60
weather conditions
Climate
61
minerals, forests, water, and fertile land that occur in nature and can be used for economic gain
Natural resources
62
includes all mammals, birds, reptiles, fish, etc., that live in the wild
Wildlife
63
Societal environment includes:
1. Political forces 2. Economic forces 3. Sociocultural forces 4. Technological environment
64
includes all the laws, rules, and regulations that govern business practices as well as the permits, approvals, and licenses
Political forces
65
such as income level and employment rate
Economic forces
66
customs, lifestyles and values that characterize a society.
Sociocultural forces
67
new inventions and technology innovations.
Technological environment
68
The Industry environment of the business includes:
a. Competitors b. Customers c. Creditors d. Employees e. Government f. Suppliers
69
A person with entrepreneurial interest sees the possibility of business opportunities in any new discovery or because of the use of the latest technology.
Technological Discovery And Advancement
70
programs, and policies The priorities, projects, programs, and policies of the government are also good sources of ideas.
Government's Thrust
71
The interest, hobbies, and preferences of people are rich sources of entrepreneurial ideas, like the increasing number of Internet Cafés at present could lead to the strong attachment of young people to computers.
People’s interest
72
The expertise and skills developed by a person who has worked in a particular field may lead to the opening of a related business enterprise.
Past Experiences
73
Sources of opportunities:
1. Changes the environment 2. Technological Discovery And Advancement 3. Government's Thrust 4. People’s interest 5. Past Experiences
74
It is also known as the “five forces of competition”. An industry environment is a competitive environment. Regardless of what product or services you have, competition is always present.
Forces of Competition Model
75
Draw Forces of competition model
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3rd grading (7 decks)

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