Entrepreneurship Lesson 1 Flashcards

1
Q

Entrepreneurship came from the pioneering work of __________?

A

Joseph Schumpeter

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2
Q

According to him that it is an art of creating new venture businesses?

A

Dr. Ralph Sorensen

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3
Q

is a reference to individuals who have initiated the establishment of a business enterprise

A

Entrepreneur

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4
Q

Term for owning a business?

A

Businessman or woman

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5
Q

Term for managing a business?

A

professional manager

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6
Q

term used If you bought a franchise?

A

franchisee

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7
Q

Characteristics & Traits of Entrepreneurs

A
  1. Passion fro business
  2. Confidence
  3. Self-Determination
  4. Management of risk
  5. Initiative & need for achievement
  6. Creativity
  7. Seeing the big picture
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8
Q

the trait refers to the eagerness to be involved in commercial activities.

A

Passion for business

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9
Q

a trait of belief in themselves and their capabilities to see things through and get things done

A

Confidence

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10
Q

the belief that one’s fate lies really on oneself.

A

Self-determination

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11
Q

knowing how to take risks but these risks are calculated that are well thought out and considered done

A

Management of Risk

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12
Q

entrepreneurs usually have a great need to achieve things and to have accomplishments

A

Initiative & need for achievement

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13
Q

they are not satisfied with just copying or doing the same routine or churning out the same products

A

Creativity

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14
Q

able to assess how particular decisions about operations or human resources can affect the other aspects of the business

A

Seeing the big picture

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15
Q

Types of Entrepreneurs

A
  1. Innovative
  2. Imitating
  3. Fabian
  4. Drone
  5. Social
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16
Q

they are those who always make new things by thinking new ideas

A

Innovative Entrepreneurs

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17
Q

They are those who do not really create new things but only follow the ideas of other entrepreneurs

A

Imitating Entrepreneurs

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18
Q

They are those skeptical, They don’t initiate but follow only after they are satisfied

A

Fabian Entrepreneurs

19
Q

They are those who lives on the labor of others; They are die-hard conservations even ready to suffer the loss of business

A

Drone Entrepreneurs

20
Q

Common Competencies in Entrepreneurship

A
  1. Decisive
  2. Communicator
  3. Leader
  4. Opportunity Seeker
  5. Proactive
  6. Risk Taker
  7. Innovative
21
Q

an entrepreneur must be firm in making decisions

22
Q

an entrepreneur must have a convincing power

A

Communicator

23
Q

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

24
Q

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

A

Opportunity seeker

25
controlling a situation by making things to happen or by preparing for possible future problems
Proactive
26
they have the courage to pursue what is their business ideas
Risk Taker
27
the entrepreneurs have big business ideas and they do not stop improving and thinking of new worthwhile ideas for their business
Innovative
28
Core Competencies in Entrepreneurship
1. Economic and dynamic activity 2. Innovative 3. Profit Potential 4. Risk Bearing
29
it involves the creation and operation of an enterprise with a view of creating value and wealth by ensuring optimum utilization of limited resources
Economic and Dynamic activity
30
Entrepreneurs constantly look fro new ideas, thus needs to be creative
Innovative
31
the entrepreneur can be compensated by his profit coming from the operation
Profit Potential
32
the entrepreneur needs to gamble but wise enough to offset the risk.
Risk Bearing
33
is the exposure a company or organization has to factor(s) that will lower its profits or lead it to fail.
Business Risk
34
3 types of Business Risk
1. Demand 2. Competition 3. Capability
35
The risk that product will not be accepted by the market or the market is much smaller than it was thought to be
Demand Risk
36
Risk that competitors maybe able to replicate the business model
Competition Risk
37
Considers the possibility that the product or services of the firm would fail to deliver the value proposition that the costumers are willing to pay
Capability Risk
38
Importance of Entrep
1.Creation of Employment 2. Innovation 3. Impact on Society and Community Development 4. Increase standard of Living 5. Supports Research and development
39
Generates employment and provides an entry level job, required for gaining experience and training for unskilled workers
Creation of employment
40
Provides new product ventures, market, technology and quality of goods, etc.
Innovation
41
It brings out changes in society which becomes greater and employment base is large and diversified
Impact on Society and Community Development
42
the person living is better due to increasing income
Increase standard of living
43
New products and services need to be researched and tested before launching in the market
Supports research and development
44
5 reasons why filipinos don't go to business
1. Money 2. Time 3. Skills 4. Opportunity 5. Connection