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Grade 12 1st Q > entrepreneurship Week 1-2 > Flashcards

entrepreneurship Week 1-2 Flashcards

1
Q

The process of
setting up a business.

A

TRADITIONAL DEFINITION

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1
Q

Entrepreneurship
is about innovation;
about seeing problems
as opportunities, and
about changing the
world.

A

POPULAR DEFINITION

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2
Q

The word “entrepreneur”
was derived from the
French verb _________

A

enterprendre

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3
Q

enterprendre means

A

to undertake

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4
Q

this means that
one of the benefits an entrepreneur gets is to develop his
managerial skills

A

Development of Managerial capabilities

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5
Q
  • which m eans that because of
    entrepreneurships many organizations will exist
A

Creation of Organizations

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6
Q

this means that
entrepreneurship can lift up the economic status of an individual

A

Improving standard of living

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7
Q
  • this means that not only
    the life of the entrepreneur is improved but also the society
    where the business is located.
A

Means of economic development

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7
Q

They are those who don’t create new
things but only follow the ideas of other
entrepreneurs.

A

IMITATING ENTREPRENEURS

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8
Q

They are those who always make new things
by thinking of new ideas. They have the ability to
think newer, better and more economical ideas.

A

INNOVATIVE ENTREPRENEUR

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9
Q

These types of entrepreneurs are skeptical about
the changes to be made in the organization. They
do not initiate any inventions but follow only after
they are satisfied with its success rate. They wait
for some time before the innovation becomes well
tested by others and do not result in a huge loss
due to its failure

A

FABIAN ENTREPRENEURS

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9
Q

They are those who initiate changes and drive
social innovation and transformation in the
various fields such as education, health, human
rights, environment and enterprise development.

A

SOCIAL ENTREPRENEURS

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9
Q

an entrepreneur must
have a convincing power

A

Communicator

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9
Q

These entrepreneurs are reluctant to change
since they are very conservative and do not want
to make any changes in the organization. They
are happy with their present mode of business
and do not want to change even if they are
suffering the losses.

A

DRONE ENTREPRENEURS

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9
Q

Common Competencies in
Entrepreneurship

A

Decisive
Communicator
Leader
Opportunity Seeker
Proactive
Risk taker
Innovative

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9
Q

an entrepreneur must be
firm in making decisions.

A

Decisive

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9
Q

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

A

Leader

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9
Q

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

A

Opportunity Seeker

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10
Q

controlling a situation by making
things to happen or by preparing
for possible future problems.

A

Proactive

11
Q

they have the courage to pursue
their business ideas

A

Risk taker

11
Q

the entrepreneurs have big
business ideas and they do
not stop improving and
thinking of new worthwhile
ideas for their business

A

Innovative

11
Q

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.

A

Economic and dynamic activity

11
Q

CORE Competencies in
Entrepreneurship

A

Economic and dynamic activity
Innovative
Profit Potential
Risk bearing

11
Q

The
entrepreneur
can be
compensated
by his profit
coming from
the operation.

A

Profit Potential

11
Q

Entrepreneurs
constantly
look for new
ideas, thus he
needs to be
creative.

A

Innovative

12
Q

The
entrepreneur
needs to
gamble but
wise enough
to offset the
risk.

A

Risk bearing

13
Q

CAREER
OPPORTUNITIES OF
ENTREPRENEURSHIP

A

Business Consultant
Teacher
Researcher
Salesman
Business Reporter

13
Q

the
entrepreneurship
graduate can
apply as _____.

A

Salesman

13
Q

the
entrepreneur
can be
employed as
researcher by
an enterprise.

A

Researcher

13
Q

a graduate of
an
entrepreneurship
can use his
knowledge in
teaching

A

Teacher

13
Q

with the expertise of
in the field of
entrepreneurship, he
can be a very good
source of advices to
other entrepreneurs
and would be
businessman.

A

Business Consultant

13
Q

There are many business owners in the world,
but not all of them are enterprising too.
Anyone can be a small business owner. You
only have to register at a company’s house
and apply for a VAT number, and you’re ready
to take off.

A

Entrepreneur

13
Q

takes on this challenge
repeatedly. Once a particular business is established, they
delegate the responsibility of running its operations and
move on to other ventures. They may even sell earlier
businesses.

A

The serial entrepreneur

14
Q
  • which means doing things even
    before being told.
A

a. Initiative

14
Q

-which means he can classify
opportunities and seize it.

A

b. Proactive -

14
Q

an entrepreneur who works within
in the education sector. Edupreneurs are usually missiondriven and live for bringing to light positive impact. They
lead with a 21st-century education mindset and are known
globally inside and outside of the classroom.
31

A

Edupreneur

14
Q

the entrepreneur
being expert in
the field

A

Business Reporter

14
Q

FACTORS AFFECTING
ENTREPRENEURSHIP

A
  1. Personality Factors which includes:
    a. Initiative
    b. Proactive -
    c. Problem Solver -
    people.
    d. Perseverance -
    e. Persuasion -
    f. A Planner -
    g. Risk-taker -
  2. Environmental Factors which include
    political, climate, legal system, economic
    and social conditions and market situations.
14
Q

which means he can
retain good relations with other people

A

c. Problem Solver -

14
Q

An _______ seeks to improve
an existing company.

A

Intrapreneur

15
Q

a hobby that has become a source of reliable income. Some examples include blogging, photography, writing, teaching, cooking, or training. The long-term goal is not necessarily to grow the business, but rather to maintain the
current lifestyle.

A

The lifestyle entrepreneur

15
Q

when more than one founder decides to
build a company around a new idea. The entrepreneurial
venture is small and may have a couple of employees
from the start, although these early birds are quickly
invited to become co-founders. They need to grow.
Therefore, scalable startup entrepreneurship is their
primary focus, but not without an exit strategy to cash in
on their investment on time.

A

The startup

16
Q

meaning he will pursue things
to get done regardless of challenges.

A

d. Perseverance -

17
Q

means that he can entice people to
buy even if they don’t.

A

e. Persuasion -

18
Q

meaning he makes plan before doing
things and do not fail to monitor it.

A

f. A planner

18
Q

which means that he is willing to
gamble but he will calculate it first.

A

g. Risk-taker -

Grade 12 1st Q (2 decks)

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