Entrepreneurship- Lesson 1,2 And 6 (quiz 1)\ Flashcards
Reason why there is no universally accepted definition of entrepreneurship recite 2
1) different views and theories have been developed in the field of entrepreneurship
2) the scholars who provided the definition for entrepreneurship are largely influenced bu their own personal beliefs
3) the entrepreneurial models introduced by scholars are predominately influenced by the prevailing economic situation during specific periods in history.
4) Th framework and methodologies of research on entrepreneurship are highly dependent on the theories and the contexts of the research endeavors
ENTREPRENEUR COMES FROM THE FRENCH WORDS? WHICH MEANS?
ENTRE- BETWEEN
PRENDRE- TO TAKE
AMERICAN HERITAGE DESK DEFINITION OF ENTREPRENEUR
A PERSON WHO ORGANIZES, OPERATES AND ASSUMES THE RISK OF BUSINESS VENTURE
MEANING OF ENTREPRENEUR
INNATE ABILITYAND STRONG DEDICATION TO ESTABLISH AND MANAGE A BUSINESS
BOOK DEFINITION OF ENTREPRENEUR
A PERSON WHO STRONGLY ADVOCATES AND CORRECTLY PRACTICES THE CONCEPTS AND PRINCIPLES OF ENTREPRENEURSHIP
A PARTICULAR FIELD OF PRACTICE OR PROCESS
ENTREPRENEURSHIP
BOOK DEFINITION OF ENTREPRENEURSHIP
THE ART OF OBSERVING CORRECT PRACTICES IN MANAGING AND OPERATING A SELF-OWNED AND WEALTH CREATING BUSINESS ENTERPRISE BY PROVIDING GOODS AND SERVICES THAT ARE VALUABLE TO THE COSTUMERS
BUSINESS OR ENTERPRISE THAT CORRECTLY ADOPTS AND PRACTICES THE PRINCIPLES OF ENTREPRENEURSHIP
SMALL BUSINESS
OPPERATED BY THE OWNER WHO IS NOT AN ADVOCATE OF AND DOES NOTPRACTICE THE CONCEPTS AND PRINCIPLES OF ENTREPRENEURSHIP.
ORDINARY SMALL BUSINESS
SALIENT FEATURES OF ENTREPRENEURSHIP
1) ENTREPRENURSHIP IS THE ART OF CORRECT PRACTICES
2) “. “ IS WEALTH-CREATING VENTURE
3) “. “ IS PROVIDING VALUE TO COSTUMERS
4) “. “ ENTAILS TO OPENING AND MANAGING SELF-OWNED ENTERPRISE
5) “. “ IS A RISK TAKING VENTURE
ENTREPRENEURSHIP CONTINUOUSLY GROWS, DEVELOPS, IMPROVES AND EXPANDS THE CHANGE DOES NOT STOP, WHAT SALEN FEAATURE?
ENTREPRISE IS THE ART OF COORRECT PRACTICES
THE CONCEPT OF ABUNDANCE AND NOT ACCOUNTING PROFIT IS THE VERY ESSENCE OF WEALTH IN ENTREPRENEURIAL ENDEAVOR. WHAT SALIENT FEATURE?
ENTREPRENEURSHIP IS WEALTH-CREATING VENTURE
“NOT TO SELL WASTE TO CUSTOMERS BUT ONLY VALUABLE GOODS AND SERVICES” WHAT KIND OF SALIENT FEATURE?
ENTREPRENEURSHIP IS PROVIDING VALUE TO CUSTOMER
A BUSINESS IS SELF-OWNED IF THE PERSON MANAGING ITS DAILY ACTIVITIES IS ALSO THE OWNER. WHAT KIND OF SALIENT FEATURE
ENTREPRENEURSHIP ENTAILS OPENING AND MANAGING SELF-OWNED ENTERPRISE
ENTREPRENEURIAL VENTURE IS BORN BECAUSE OF NEW IDEAS OR OPPORTUNITIES, RISK COME SIMULTANEOUSLY WITH THE VENTURE. WHAT KIND OF SALIIENT FEATURE?
ENTREPRENEURSHIP IS A RISK-TAKING VENTURE
IMPORTANCE OF ENTREPRENEURSHIP TO FIILIPINO PEOPLE (GIVE THREE)
1 IT PROVIDES GUIDELINES IN THEIR WEALTH CREATING VENTURE
2 HELPS TO IMPROVE THEIR FINANCIAL AND SOCIAL LIFE
3 IT HELPS BROADEN THE CREATIVITY
4 IT HELPS MAKE THEIR LIVES HAPPY, FRUITFUL AND SUCCESSFUL
IMPORTANCE OF ENTREPRENEURSHIP TO THE LOCAL COMMUNITY
- PROVIDES EMPLOYMENT IN THE COMMUNITY
- IT CREATES NEW DEMAND IN THE MARKET
- T MAKES SUBSTANTIAL CONTRIBUTIONS TO THE RAISING AND COLLECTION OF TAXES
- IT FACILITATES THE MOVEMENT OF FACTORS OF PRODUCTION
- CREATES NEW BUSINESS OPPORTUNITIES
- PROMOTES A PEACEFUL AND LOVING COMMUNITY
- INCREASES CONSTTRUCIVE COMPETITION
IMPORTANCE TO PHILIPPINE ECONOMY
1 HELPS FIND THE ENTREPRENEURIAL NICHE IN THE MARKET WORLD
2T FACILITATES THE SMOOTH FLOW OF THE MONEY IN THE MARKET
3IT HELPS HASTEN THE RECOVERY OF THE ECONOMICAL CRISIS OF THE PHILIPPINES DURING TURMOIL.
This refers to the mark or attribute that distinguishes an entrepreneur from the owner of an ordinary small business.
Character trait
Major Grouping of entrepreneurial Characterristics
1) Achievement Cluster
2) Planning Cluster
3) Power Cluster
Thid directly relates to the entrepreneurs’ desire to be an achiever, they do not settle for mediocrity but strive for quality. What major grouping?
Achievement cluster
Parts of the achievement Cluster?
O C P R E
An opportunity-seeker
Committed
Persistent
A risk taker
Efficient and quality oriented
This type of achievement cluster part is a seeker of business opportunities, finds the opportunity feasible?
An opportunity-seeker
This part of the achievement cluster Sees and acts on new business opportunities and seizes unusual opportunities to obtain financing, equipment, land, work etc.
Opportunity seeker
This part of achievement cluster displays full commitment to the work or endeavor she is taking.
Committed
Three parts of committed
1) Accepts full responsibility for what is promised
2) establish proper coordination with workers, quality service and product
3) seeks to prioritize satisfaction
This part of achievement cluster challenges the entrepreneurs through trials, sacrefices and failures.
Persistent
Three parts of persistent
1) take repeated/ different actions to overcome a struggle
2) Make personal sacrifices or exert extra-ordinary effort to the requires task
3) stick to personal judgement during failure
Part of achievement cluster- risk is inseperable to entrepreneurship
Risk-taker
Types of risk-takers
1) Aggressive
2) Moderate
3) Conservative
Type of risk taker that is not scared of any risk?
Aggressive
Type of risk taker that is more calculative and analyzes before finalizing.
Moderate
Type of risk taker that is not eager for any type of risks.
Conservative risk-taker
This part of achievement cluster values efficiency and quality
Efficient and quality oriented
2 parts of efficient and quality oriented
1) always perfoms the required task in accordance of excellence
2) Strives to do be better and faster in minimal cost
This cluster begins the day with specific plans and ends with a review progress?
Planning cluster
Three parts of planning cluster
1) goal setter
2) information-seeker
3) systematic in planning and monitoring
The basic concept of planning is setting goals and objectives
Goal-setter
The entrepreneur sets clear, specific and well defined short, long term goals and objectives
Goal-setter
SMART principle
Specific
Measurable
Achievable
Realistic
Time-bound
Successful entrepreneurs primarily seek a strong basis to make sound desisyons. What type of planning cluster?
Information seeker
Limitations of information-seeker
1) incomplete, dated, irrelevant
2) are costly in maintenance
3) lack personnel to maintain
A successful infomation-seeker is
1) seek relevant information on customers, suppliers and competitors
2) verifies available info
3) seeks opinion from experts
4) find ways to get desired info
The entrepreneur follows a systematic pattern of planning processes and monitoring approaches
Systematic in planning and monitoring
This term implies that there is a rational and logical approach im performing the activities
Systematic
This refers yo the setting of goals and objectives
Planning
This refers to the evaluation of the activities and adopted courses of action
Monitoring
4 steps in Systematic in planning and monitoring
1) gathers all the qualitative and quanti information before formulating plans
2) develops a logical step-by-step approach in formulating plans
3) monitors the progress of activities and switches strategies if needed
4) evaluates constantly
This cluster reflect the degree of the interpersonal relations maintained by successful entrepreneurs in the community. Their linkage in groups.
Power cluster
An entrep that has power cluster is
1) persuasive and positive networker and
2) self-confident
This power cluster shows the ability to influence and win over the side of stakeholders in business. They discard the idea of bribery. Good communicators and they sell ideas.
Persuasive and positive networker
!
adopts specific strategies that will influence and convince others while maintaining
the highest degree of respect, and
N
makes use of positive contacts in the business community in order to meet the goals
and objectives of the business endeavor.
Persuasive and positive
The skills required in the practice of entrepreneurship are as follows:
cognitive skills
b. technical skills
c. interpersonal skills
skills refer to the mental ability of the entrepreneur to learn
new things, generate new ideas, and express knowledge in both oral and
written forms.
Cognitive
Cognitive skills
ability to understand written materials,
b.
ability to learn and apply new information,
C.
ability to solve problems systematically,
d. ability to create new ideas, and
e.
ability to innovate new products and procedures or methods.
relate to the knowledge and proficiency in a specialized
field like computer technology, accounting, marketing, operations
research, engineering, medical fields, or other related technical fields.
Technical skills
Technical skills are
a.
information technology
b. feasibility study and business plan preparation
C.
technical writing skills
d. marketing
e.
management and finance
This skill is the interaction of the entrepreneur to the consumers, suppliers, etc.
Interpersonal skills
Interpersonal skills
Skills in verbal communication
2. Skills in non-verbal communication
3. Skills in listening
4. Skills in leading
5. Skills in negotiating
