Entrepreneurship 2ND SEM (Part I) Flashcards
plays an important role in developing
the economy.
Entrepreneurs
are encouraged by the economy because they can provide a lot of opportunities for the unemployed young people.
Entrepreneurs
4 Relevance of Entrepreneurship to an Organization
- Development of Managerial Capabilities
- Creation of Organizations
- Improving standard of living
- Means of economic development
which means that because of entrepreneurships many organizations will exist.
Creation of Organizations
this means that entrepreneurship can lift up the economic status of an individual.
Improving standard of living
this means that not only the life of the entrepreneur is improved but also the society where the business is located.
Means of economic development
Concept of Entrepreneurship The word “entrepreneur” was derived from the French verb ______________, which means ____________
enterprendre
“ to undertake”
commit oneself to and begin (an enterprise or responsibility)
Undertake
are innovators, willing to take risks and generate new ideas to make it unique and profitable solutions to the present-day problems.
Entrepreneurs
2 Factors affecting entrepreneurship
Personality Factors
Environmental Factors
7 Personality Factors
Initiative
Proactive
Problem Solver
Perseverance
Persuasion
A Planner
Risk - Taker
5 Environmental Factors :
Politics
Climate
Legal System
Economic and Social Conditions
Market Situations
which means doing things even before being told
Initiative
which means he can classify opportunities and seize it.
Proactive
which means he can retain good relations with other people.
Problem Solver
meaning he will pursue things to get done regardless of challenges
Perseverance
means that he can entice people to buy even if they don’t.
Persuasion
meaning he makes plan before doing things and do not fail to monitor it.
A Planner
which means that he is willing to gamble but he will calculate it first.
Risk - Taker
7 Common Competencies in Entrepreneurship
Decisive
Communicator
Leader
Opportunity Seeker
Proactive
Risk Taker
Innovative
an entrepreneur must be firm in making decisions.
Decisive
an entrepreneur must have a convincing power.
Communicator
an entrepreneur an entrepreneur must have the charisma to be obeyed by his employees
Leader
an entrepreneur must have the ability to be the first to see business chances.
Opportunity Seeker
controlling a situation by making things to happen or by preparing for possible future problems.
Proactive
they have the courage to pursue what is their business ideas.
Risk Taker
the entrepreneurs have big business ideas and they do not stop improving and thinking of new worthwhile ideas for their business.
Innovative
4 Core Competencies in Entrepreneurship
Economic and Dynamic Activity
Innovative
Profit Potential
Risk Bearing
Core Competencies in Entrepreneurship
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.
Economic And Dynamic Activity
Core Competencies in Entrepreneurship
Entrepreneurs constantly look for new ideas, thus he needs to be creative.
Innovative
Core Competencies in Entrepreneurship
meaning the entrepreneur can be compensated by his profit coming from the operation.
Profit Potential
Core Competencies in Entrepreneurship
meaning the entrepreneur needs to gamble but wise enough to offset the risk.
Risk Bearing
5 Types of Entrepreneurs
Innovative Entrepreneur
Imitating Entrepreneur
Fabian Entrepreneurs
Drone Entrepreneur
Social Entrepreneurs
Types of Entrepreneurs
they are those who always make new things by thinking of new ideas.
Innovative Entrepreneurs
Types of Entrepreneurs
they are those who don’t create new things but only follow the ideas of other entrepreneurs.
Imitating Entrepreneurs
Types of Entrepreneurs
they are those skeptical. They don’t initiate but follow only after they are satisfied.
Fabian Entrepreneurs
Types of Entrepreneurs
they are those who lives on the labor of others. They are die-hard conservatives even ready to suffer the loss of business.
Drone Entrepreneurs
Types of Entrepreneurs
they are those who initiate changes in the various fields such as education, health, human rights, environment and enterprise development.
Social Entrepreneurs
5 Career Opportunities of Entrepreneurship
Business Consultant
Teacher
Researcher
Sales
Business Reporter
Career Opportunities of Entrepreneurship
with the expertise of the entrepreneur he can be a very good source of advices to other entrepreneurs and would be business man.
Business Consultant
Career Opportunities of Entrepreneurship
a graduate of an entrepreneurship can be use his knowledge in teaching
Teacher
Career Opportunities of Entrepreneurship
the entrepreneur can be employed as researcher by an enterprise.
Researcher
Career Opportunities of Entrepreneurship
the entrepreneurship graduate can apply as salesman
Sales
Career Opportunities of Entrepreneurship
the entrepreneur being expert in the field, he can be employed as business __________
Business Reporter
