Entrepreneurship: Evolution, Revolution and Education Flashcards
1
Q
Henry Ford
A
automobile
2
Q
Louis Francois Cartier
A
jewelry
3
Q
Coco Chanel
A
perfumerie
3
Q
Gianni & Donatella Versace
A
fashion
3
Q
Fred Smith
A
fedex
4
Q
Bill Gates
A
microsoft
5
Q
Howard Schultz
A
starbucks
5
Q
Amancio Ortega
A
zara
6
Q
Steve Jobs
A
apple
7
Q
Andy Grove & Gordon Moore
A
intel
8
Q
Larry Page & Sergey Brin
A
9
Q
Mark Zuckerberg
A
9
Q
Jeff Bezos
A
amazon
10
Q
Henry Sy
A
sm malls, BDO
11
Q
Zobel de Ayala
A
ayala malls, BPI
12
Q
Lucio Tan
A
PAL, fortune, Tobacco
13
Q
John Gokongwei
A
robinsons, URC
13
Q
George Ty
A
Federal land, Metrobank
14
Q
(1725), French economist
“Entrepreneurs assume and organize the risk of a business in return for profits.”
A
Richard Cantillon
14
Q
(1803), French economist
The Law of Markets: “Supply creates its own demand”
A
Jean Baptiste Say
15
Q
(1932), Austrian political economist
Dynamic economic growth known as
“creative destruction”
A
Joseph Schumpeter
16
Q
Discussion and analysis was introduced by the 18th century
economists.
A
Entrepreneurship
16
Q
In the 20th century, entrepreneurship is synonymous or closely linked to ___–
A
free
enterprise and capitalism.
17
Q
In the 21st century, entrepreneurs are considered _________. Many of them have used innovation and
creativity to _______ enterprises from
fledgling businesses in less than a decade
A
heroes of free enterprise.
build multimillion-dollar
18
independently own and operate a small
business
not dominant in their fields
do not engage in many new or innovative
practices
simply expect stable sales and profits
include those who purchase already
established business as well as franchises
small business owners
18
recognize opportunities where others see
chaos, contradiction, and confusion
aggressive catalysts for change within a
marketplace
break new barriers, challenge the unknown,
create breakthroughs
create jobs in a breathtaking pace
are all about innovation, profitability and
growth, thus,
their businesses are characterized by
innovative practices and sustainable growth
their mind-set revolutionizes the way business is conducted at every level in every
country
Entrepreneur
19
is a dynamic
process of vision, change, and
creation
Entrepreneurship
20
Entrepreneurship
requires an application of __ and ____ toward the creation
and implementation of innovative
ideas and creative solutions.
energy and passion
20
the willingness to take calculated risks in terms of time,
equity or career;
the ability to formulate an effective venture team;
the creative skill to marshal resources;
the fundamental skill of building a solid business plan;
the vision to recognise opportunity where others see chaos, contradiction, and confusion
Entrepreneurshi
21
Entrepreneurs are ___, not thinkers
doers
21
Entrepreneurs are ___, not made
born
21
Entrepreneurs are __ and _____
academic and social misfits
22
Entrepreneurs must fit the ___
profile
22
Entrepreneurs are always ___
inventors
23
All entrepreneurs need is
money and luck
24
Entrepreneurship is
unstructured and chaotic
25
Entrepreneurs are ___
extreme risk takers
25
TRUE OR FALSE
Most Entrepreneurial initiatives fail
TRUE
26
Entrepreneurs are critical contributors
to economic growth, through their
Leadership
Management
Innovation
R&D Effectiveness
Job Creation
Competitiveness
Productivity
Formation of New Industry
27
Increase in
entrepreneurs
having significant
impact in local and
global economies.
Entrepreneurship
Revolution
28
In the U.S. many baby boomers use entrepreneurship for
second career
Impact of Entrepreneurial Ventures
28
provides job options for those who see
opportunities and those who need a source of income
Impact of Entrepreneurial Ventures In
29
Minority groups are provided an avenue to contribute to the
mainstream market
Impact of Entrepreneurial Ventures
30
Entrepreneurs continue to be the
answer to any ______
economic downturn
31
Entrepreneurs create entirely new
markets by offering ____
products — new ventures having no
direct competition
innovative
31
Entrepreneurs _______
existing markets, thereby
increasing competition and
economic efficiency
enter and expand
32
Schools of Thought Approach
Macro View:
Environmental
Financial / Capital
Displacement
Micro View:
Entrepreneurial Trait
Venture Opportunity
Strategic Formulation
32
Examining the ways that entrepreneurs think and act
Entrepreneurial Cognition
32
TRUE OR FALSE
Large existing firms in mature markets,
who have downsized, restructured, and
reinvented themselves after becoming
more entrepreneurial in the early
2000s are now thriving.
TRUE
32
Seeking innovative solutions to world problems
Social Entrepreneurship
33
Significant impact on job creation, innovation and economic renewal
Family Businesses
33
Entrepreneurial activity within large organizations
Corporate Entrepreneurship
33
Individuals with _______, __- and_______
exhibit the highest entrepreneurial
activity rate.
professional,
technological, or business degrees
33
other innovative financing techniques
Venture Financing
33
The U.S. is the leader in
entrepreneurship education at both the
_________ LEVELS
undergraduate and graduate levels.
33
Approaches the Theory of
Entrepreneurship
schools of thought approach
process approach
33
Theory development focuses
more on the flow of the
entrepreneurial process.
Process Approach
33
Theory development focuses
more on the concept of
entrepreneurship.
Schools of Thought
Approach
33
Process
Approach
Integrative
Dynamic States
Framework of
Frameworks
33
WEF research shows significant entrepreneurial success (2000–2009) in the
following countries: U.S., Canada, U.K., Germany, France, Sweden, Norway, Israel,
China, India, Japan, Australia and New Zealand
Global Entrepreneurial Movement
34
Learning from the unique obstacles they face and have to
overcome
Women & Minority Entrepreneurs
34
Expanding to engineering schools and other major disciplines
Entrepreneurship Education
34
Key CONCEPTS ON
ENTREPRENEURSHIP
EDUCATION
leadership and
discipline
34
Types of Displacement
Political Displacement
Cultural Displacement
Economic Displacement
34
Strategic Formulation
UNIQUE MARKETS
Mountain Gap Strategies
UNIQUE PEOPLE
Great Chef Strategies
UNIQUE PRODUCTS
Better Widget Strategies
UNIQUE RESOURCES
Water Well Strategies
34
TRUE OR FALSE
Focus is on institutions, values,
norms
TRUE
34
TRUE OR FALSE
Entrepreneurs are developed by
the socio-political environment:
colleagues, friends, relatives, etc.
TRUE
35
Venture Stages & Financial Focus
-Start-up or Acquisition
-Ongoing
-Decline or Succession
35
process approach in dynamic states
opportunity tension
business model
value creation
35
Business Model
activities
resources
position
35
➡ Processes
➡ Capabilities
➡ Supply Chain
➡ Collaborations
Resources
35
➡ Design
➡ Tasks
Activities
36
➡ Strategy
Position
