Entrepreneurship Flashcards
1
Q
Relevance of entrepreneurship to an organization
A
- Development of managerial capabilities
- Creation of organizations
- Improving Standard of Living
- Means of Economic Development
2
Q
this means that one of the benefits an entrepreneur gets is to develop his managerial skilh
A
Development of Managerial Capabilities
3
Q
Which means that because of entrepreneurship many organizations will exist.
A
Creation of Organizations
4
Q
This means that entrepreneurship can lift up the economic status of an individual.
A
Improving Standard of Living
5
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
6
Q
The word “entrepreneur” was derived from the French verb _____________, which means “to undertake.” This is pinpointing to those who “undertake” the risk of enterprise. The enterprise is created by an entrepreneur and the process is called “Entrepreneurship”
A
enterprendre
7
Q
They are innovators. They are willing to take the risks and generate unique ideas that can provide profitable solutions to the needs of the market and the society.
A
Entrepreneurs
8
Q
The enterprise is created by an entrepreneur and the process is called?
A
Entrepreneurship
9
Q
Factors Affecting Entrepreneur
A
- Personality Factors
- Environmental Factors
10
Q
- Personality Factors which include
A
a. Initiative
b. Proactive
c. Problem Solver
d. Perseverance
e. Persuasion
f. A planner
g. Risk Taker
11
Q
Doing things even before being told.
A
Initiative
12
Q
Which means he can classify opportunities and seize it.
A
Proactive
13
Q
Which means he can retain good relations with other people.
A
Problem Solver
14
Q
Meaning he will pursue things to get done regardless of challenges.
A
Perseverance
15
Q
He makes plans before doing things and does not fail to monitor it
A
A planner
16
Q
Which means that he is willing to gamble but he will calculate it first
A
Risk Taker
17
Q
Which include political, clinate, legal system, economic and social conditions and market situations.
A
Environmental Factors
18
Q
Common Competencies in Entrepreneurship
A
- Decisive
- Communicator
- Leader
- Opportunity seeker
- Proactive
- Risk Taker
- Innovative
19
Q
an entrepreneur must be firm in making decisions
A
Decisive
20
Q
an entrepreneur must have a convincing power
A
Communicator
21
Q
an entreprent nouat have the charisuna to be obeyed by his employees
A
Leader
22
Q
an entrepreneus coust have the ability to be the first to see business chances
A
Opportunity seeker
23
Q
an entrepreneur can control a situation by making things happen or by preparing for possible future problems
A
Proactive
24
Q
an entrepreneur has the courage to pursue business ideas.
A
Risk Taker
25
the entrepreneur has big business ideas and he does not stop improving and thinking of new worthwhile ideas for his business
Innovative
26
Core Competencies in Entrepreneurship
1. Economic and Dynamic Activity
2. Innovative
3. Profit Potential
4. Risk Bearing
27
Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by cnsuring optimum utilization of limited resources.
Economic and Dynamic Activity
28
The entrepreneur constantly looks for new ideas, thus he needs to be
creative.
Innovative
29
The entrepreneur can be compensated by his profit coming from the operation
Profit Potential
30
The entrepreneur needs to gamble but wise enough to offset the risk.
Risk bearing-
31
Types of Entrepreneurs
1. Innovative Entrepreneurs
2. Imitating Entrepreneurs
3. Fabian Entrepreneurs
4. Drone Entrepreneurs
5. Social Entrepreneurs
32
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
33
They are those who don't create new things but only follow the ideas of other entrepreneurs
Imitating Entrepreneurs
34
They are skeptical about changes to be made in the organization. They don't initiate but follow only after they are satisfied.
Fabian Entrepreneurs
35
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
36
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
37
Career Opportunities of Entrepreneurship
1. Business Consultant
2. Teacher
3. Researcher
4. Sales
5. Business Reporter
38
The creation of an ___________ __ leads to the identification of entrepreneurial opportunities, which in turn results in the opening of an entrepreneurial venture.
entrepreneurial idea
39
Essentials in Entrepreneur's Opportunity-Seeking
1. Entrepreneurial Mind Frame
2. Entrepreneurial Heart Flame
3. Entrepreneurial Gut Game
40
This allows the entrepreneur to see things in a very positive and optimistic way in the midst of difficult situation.
Entrepreneurial Mind Frame
41
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.
42
This refers to the ability of the entrepreneur of being intuitive. This 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.
43
There are many ways to discover opportunities Looking at the big picture, some have noticed the emerging trends and patterns for business opportunities.
Sources of Opportunities
44
What are the Sources of Opportunities?
1. Changes in the Environment
2. Technological discovery and advancement
3. Government's trust, programs, and policies
4. People's Interest
5. Past experiences
45
Entrepreneurial ideas arise when changes happen in the external environment. A person with an entrepreneurial drive views these changes positively. External environment refers to the physical environment, societal environment, and industry environment where the business operates.
Changes in the environment
46
1.1 The Physical environment includes
a. Climate
b. Natural resources
c. Wildlife
47
the weather conditions.
Climate
48
such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.
Natural Resources
49
includes all mammals, birds, reptiles, fish, etc., that live in the wild.
Wildlife
50
The Societal environment includes?
a. Political forces
b. Economic forces
c. Sociocultural forces
d. Technological environment
51
includes all the laws, rules, and regulations that govern business practices as well as the permits, approvals, and licenses necessary to operate the business.
Political forces
52
such as income level and employment rate.
Economic forces
53
customs, lifestyles and values that characterize a society.
Sociocultural forces
54
new inventions and technology innovations
Technological environment
55
The Industry revironment of the business includes
a. Competitors
b. Customers
c. Creditors
d. Employees
e. Government
L. Suppliers
56
A person with entrepreneurial interest sees possibility of business opportunities in any new discovery or because of the use of latest technology
Technological discovery and advancement
57
The priorities, projects, programs, and policies of the government are also good sources of ideas,
Government's trust, programs, and policies
58
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
59
The expertise and skills developed by a person who has worked m a particular field may lead to the opening of a related business enterprise.
Past experiences
60
It is the act or process of trying to get or wm something. For example, the prices are lower when there is a competition among the stores.
Competition
61
These are the five forces competing within the industry:
1. Buyers
2. Potential new entrants
3. Rivalry among existing firms
4. Substitute products
5. Supplier
62
Are the ones that pay cash in exchange for your goods and services. One cxample is the influence of the price or in the hargaining strategy The buyer has a strung and magnified bargaining power.
Buyers
63
Defind as companies or busmesses that have the ability to penetrate or enter into a particular industry. For example, in the level of capital requirements, if the business requires huge capital, new entrants should decline to join the business. This gives a threat to the business.
Potential new entrants
64
Is a state or situation wherein business organizations are competing with each other in a particular market.
Rivalry among Existing Firms
65
Is one that serves the same purpose as another product in the market
Substitute Products
66
are the one that provide something that is needed in business operations such as office supplies and equipment.
Supplier
67
is a business or marketing statement that summarizes why a consumer should buy a company's product or use its service.
Value Proposition
68
This statement is often used to convince a customer to purchase a particular product or service to add a form of value to their lives,
Value Proposition
69
refers to how you sell your product or services to your customer. You will address the wants and desires of your customers.
Unique Selling Proposition
70
is a sage in market identification process that aims to determine the buyers with common needs and characteristics.
Target Market
71
Are a market that an entrepreneurial venture intends to serve
Prospect customers
72
Commonly used methods for segmenting the markets are follows.
1. Geographic Segmentation
2. Demographic Segmentation
3. Psychological Segmentation
4. Behavioral Segmentantion
73
the total market is divided according to geographical location
Geographic Segmentation
74
divided based on consumers
Demographic Segmentation
75
divided in terms of how customers think and believe
Psychological Segmentation
76
divided according to cure pattern as they interact with a company
Behavioral Segmentantion
77
are the specific characteristics dut the customers need from a product or a service.
Costumer Requirements
78
Two types of Costumer Requirements
1. Service Requirements
2. Output Requirements
79
An intangible thing or product that caunot be touched but the customer can feel the fulfillment. There are elements in service requirement like on-time delivery, service with a smile, easy-payment ete it includes all aspects of how a customer expects to be treated while purchasing a product and how easy the buying process goes,
Service Requirements
80
Tangible thing of things that can be seen Characteristic specifications that a consumer expects to be fulfilled in the product. Costumers will avail services as a product. then various service requirements can take the form of output requirements. For example, if the consumer hires a multi cab, then on-time arrival becomes an output requirement.
Output Requirements
81
It will determine the entrepreneurs' possible customers in one locality
Market research
82
is like a size of the arena where the entrepreneurs will play theit business. It is the approximate number of sellers and buyers in a particular market
Market Size
