ENTREPRENEURSHIP (PRELIMS) Flashcards
french word which mean “to undertake”
entreprende
introduce to the market innovations in the form of new products, new processes, now markets, and new organization
individuals who generated substantial value and profits from innovations in a very short period of time
entrepreneurs
ENTREPRENEURIAL PROCESS
discovery
development of a concept
organizing resources
implementation
reaping resources
recognition of business ideas
discovery
may be human, financial, or technological
resources
ENTREPRENEURIAL TRAITS
level of education
employment status
entrepreneur’s wealth
risk appetite
types of entrepreneur’s wealth
mega entrepreneur
micro entrepreneur
own wealth or from wealthy parents
mega entrepreneur
cannot avail credit
micro entrepreneur
means that mega entrepreneurs are risk taker
risk appetite
INTERNAL FACTORS
demographics
personal traits
psychological traits
individual skills
prior knowledge
social ties
CHARACTERISTICS OF FILIPINO ENTREPRENEURS
> More females than males are engaged in the early stage.
> More advanced stage-gender proportion become more even
> Men are more resilient than women, females withdraw at intermediate stage
> Entrepreneurship attracts more young individuals.
EXTERNAL FACTORS
environmental support
environmental influence
an individual will be included to pursue entrepreneurship if support from various government agencies are forthcoming
environmental support
regulatory structure, patents, protection of property rights and competitive environment
environmental influence
REASONS FOR BUSINESS FAILURE
sickness
debt
parenthood
death
employment opportunity
VARIOUS TYPES OF THINKING
critical
creative
strategic
systematic and rational way of providing an answer to a question (various types)
critical
thought process that bring about discovery of new ideas
creative
similar to critical thinking but also resembles creative thinking
strategic
certain situations and developments that can increase the probability of loss or business failure
risk
types of risks
internal
external
dangers from the management
internal risk
examples of internal risk
financial risks
failure to hire the best talents
damage to reputation
failure to innovate
coming from various environments outside the business firm
external risks
examples of external risks
slowdown in economic growth
increased competition
commodity price risk
business interruptions
political risks
ability of individuals to be involved in the process of producing several ways of decision-making based
cognitive adaptability
no uniform response to developments
dynamic
decisions should be made after careful analysis
self-control
SOURCES OF IDEAS FOR ENTREPRENEURIAL VENTURES
product
process
person
relationships
METHODS FOR GENERATING NEW IDEAS
logical thinking
creative thinking
refers to the systematic and rational way of providing an answer to a question (methods)
logical thinking
follows steps
systematic
adheres to the rules of logic
rational
refers to a systematic analysis of data generated from a survey of individuals
statistical analysis
undertaken to know the various factors that affect the demand for a particular product
market analysis
used to describe the stat of competition within an industry
SWOT
what is SWOT
strength
weakness
opportunities
threats
systematic ways of generating ideas from a selected group of individuals using various rounds of consultation
Delphi Technique
unstructured discussion of a group to elicit ideas
creative thinking
similar to brainstorming
problem inventory analysis
used in psychology to elicit the unconscious thoughts of individuals by expressing their thoughts associated with words and ideas given by the therapist
Free Association Method
SCAMPER
substitute
combine
adapt
maximize or minimize
put to other use
eliminate
rearrange or reverse
What elements of this product or service can we substitute?
substitute
How can we combine this with other products or services?
combine
What idea from elsewhere can we adapt?
adapt
How can we greatly enlarge or greatly reduce any component?
maximize or minimize
What completely different use can we have on a product?
put to other use
What elements of the product or service can be eliminated?
eliminate
How can we rearrange the product or reverse the process?
rearrange or reverse
