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ETEM > ETEM 1 > Flashcards

ETEM 1 Flashcards

1
Q
  • Sees entrepreneurship as a mindset and a method that needs practice and used only when the future is unpredictable and not certain.
  • Recent view
A

Creation approach

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2
Q
  • A set of skills that enable people to identify and make the most of opportunities, overcome and learn from setbacks, and succeed in a variety of settings.
  • Enhances a student’s education by teaching them perseverance, tenacity, creativity, problem-solving, and collaboration so they can identify problems and find solutions.
A

Entrepreneurial Mindset

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3
Q

Two ways of thinking about entrepreneurship,

A
  • Predictive approach
  • Creation approach
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4
Q

Supported by the predictive approach.

A

Traditional entrepreneurship

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5
Q
  • Considers entrepreneurship as a linear process where there are steps to do and the results are usually predictable.
  • Older view
A

Predictive approach

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6
Q

Usually allows his imagination to explore, exposes his mind to a treasure of opportunities and potentials and is very innovative.

A

The Skill of Play

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7
Q
  • Calls for entrepreneurs to act as to learn.
  • Attempting to do something, learning from such attempts and structuring said learning when next thing similar happens.
  • Making action.
A

The Skill of Experimentation

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8
Q
  • Putting ones’ shoes in the shoes of others.
  • It is significant in order to completely understand the reality of becoming an entrepreneur.
  • Is needed when evaluating oneself in terms of the ability to be an entrepreneur.
  • Placing oneself to the shoes of these entrepreneurs, said person could imagine himself being in their situation.
A

The Skill of Empathy

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9
Q

Being open-minded and letting loose one’s ability to create, discover opportunities and resolve problems.

A

Skill of creativity

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10
Q
  • In order to make sense of the previously discussed skills,
  • Taking time to reflect is the most vital skill of all skills.
A

The Skill of Reflection

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11
Q

It is describing what happened in terms of what took place, what was said and the people involved.

A

Narrative

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12
Q

These centers on the feelings and the management of these feelings during a certain situation.

A

Emotional

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13
Q

It focuses on one’s insights and feedbacks as well as the others in addition to how various views, needs or inclinations affected the experience.

A

Perceptive

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14
Q

It is rationalizing about skills and understanding obtained from an experience and relating what has been learned to anything heard about before.

A

Analytical

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15
Q

This concerns on what went well as well as what went bad or whether the experience was useful or not.

A

Evaluative

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16
Q

This is considering the role played in a situation, the approach applied, what could still might be done, the lessons from the experience, queries in mind and the anticipation of the possible result.

A

Critical

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17
Q
  • A new company that is just starting to progress and looking for a feasible business model.
  • Typically small and primarily funded and operated by a few founders or one person.
A

Entrepreneurship is Not Solely for Startups

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18
Q
  • There is really no evidence to prove that entrepreneurs possess special personality qualities above others.
  • Traditionally there are four recognized qualities of an entrepreneur which are being achiever, an influencer, a risk-taker and open-minded for uncertainty.
A

Entrepreneurs Do Not Have Exceptional Personality Qualities

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19
Q
  • Entrepreneurship is already taught in colleges and universities worldwide.
  • The linear process teach entrepreneurship as something predictable.
  • Entrepreneurship requires a person to possess a set of skills.
  • These skills should be improved continuously through practice so that they can be used for entrepreneurial action, not just for today but also for the future.
A

Entrepreneurship can be Taught Yet Entails Practice

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20
Q
  • Entrepreneurs are really risk-takers but they normally would make calculations first prior to taking the next step.
  • They usually measure every lose they are willing to take on each step of what they do.
  • They take every single step as a lesson to learn and make use of said lesson on the next level.
A

Entrepreneurs are Not So Much Risk-Takers

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21
Q
  • Most entrepreneurs learn their lessons from the shared experiences others had faced.
  • Working in partnership not only works with the rest of the entrepreneurs but also with the target consumers, with prospective investors and with family and friends.
  • Partnership usually brings about more efficiency, additional fresh ideas and produces ingenuity and innovation.
A

Entrepreneurs Work in Partnership More than They Compete

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22
Q
  • Entrepreneurs had acted.
  • They went out of the streets, talked to people, relate with customers, buzz about their offerings whether product and service and most importantly they form a solid networking.
  • Gathering timely data as guide for the next level decision is part of their action.
  • Investors are interested with the action of every entrepreneur such as the relationship he has with his customers and how he has aroused the interest of these customers.
A

Entrepreneurs are More in Doing than Planning

23
Q

Entrepreneurship can offer the methodological way of thinking, opportunity identification, specific way of problem-solving, adapting to new situations and governing one’s goals and ambitions.

A

Entrepreneurship is Truly a Life Skill

24
Q

This is being able to deal with the setbacks through bouncing back and refocus after failure.

A

Resilience

25
Q

This is responding speedily and conclusively to adjust to dynamic changing environment and situations, grab new opportunities and be competitive.

A

Agility

26
Q

This is about setting boundaries, ensuring for a good relationship and understanding that a good rapport is necessary to give any business the best chance of success.

A

Negotiating

27
Q

This concerns creating solutions from minor technical difficulties to major financial headaches.

A

Problem solving

28
Q

This involves the give and take relationship of the entrepreneur with a supplier, investor or even his employee.

A

Relationship building

29
Q

This is the ability to disconnect from the pressure and focus on being in the moment by the techniques such as breathing ad meditation to better manage ones thoughts and feelings and escape from being burdened by them.

A

Mindfulness

30
Q

Refers to encouraging people to discover high-risk, high-reward concepts with the support of a big corporate organization.

A

Intrapreneurship

31
Q

Entrepreneur’s function inside any type of organization such as government agencies, non-profit organizations, religious entities, self-employed and even cooperatives, whether they are big or small.

A

Entrepreneurs inside

32
Q

A type of license bought by an entrepreneur as the franchise from an existing branded business so that may do business under the name of said brand.

A

Buying a franchise

33
Q

The entrepreneur buys out the existing owner and takes the management and operations.

A

Buying a small business

34
Q

Pursuing innovative applications that have the likelihood of solving community-based problems.

A

Social entrepreneurship

35
Q

Owned and managed by members of the family that is usually handed down from generation to generation.

A

Family business

36
Q

Someone who starts multiple businesses

A

Serial entrepreneurs

37
Q

A systematic way of doing a task, while a process is a sequence of steps to take to attain something.

A

Method

38
Q
  • This principle of effectuation means creating solutions using the resources available at the disposal of entrepreneurs instead of having goals in mind.
  • Knowing who they are, what they know, and who they know are three important things could make possible the success of any venture in this principle.
A

Bird in hand

39
Q

In order to limit the disadvantage risk, an entrepreneur should define his _

A

Affordable loss

40
Q

This is about entering into new partnerships that can bring in new opportunities and reduces uncertainty.

A

Crazy quilt

41
Q

When looking for new opportunities, it is possible that entrepreneurs shall encounter mistakes and meet surprises.

A

Lemonade

42
Q

Entrepreneurs in this principle believe that the future is really something that needs to be controlled and not try to predict.

A

Pilot in plane

43
Q

An entrepreneur must combine his curiosity, drive and motivation to achieve something beyond the bounds of himself.

A

Identify desired impact

44
Q

The current resources at hand are an important component. These resources need to be ready for use to accomplish immediate action.

A

Begins with means at hand

45
Q

The desired impact and the means at hand should be combined to fully describe the idea today.

A

Describe the idea today

46
Q

Risk is difficult to calculate and can be used as an effective criterion for decision-making.

A

Estimate affordable loss

47
Q

The entrepreneur must think of the next step to do to sustain his venture.

A

Reflect and the honest

48
Q
  • The first action is just a small step to get going.
  • Each step must not be extreme but still these can be done.
A

Take small action

49
Q

Rather than competition, the practice of entrepreneurship is about collaboration and co-creation.

A

Network and enjoin other in the journey

50
Q

Evaluating performance is improving ones’ idea. At this step, nothing is right or wrong,

A

Build and learn from what has been learned

51
Q
  • Best to apply during times of certainty.
  • uses information and data as basis for decision-making.
A

Managerial thinking

52
Q

Refer to the ability to identify opportunities in the marketplace and discover the most fitting ways and time to take advantage of them.

A

Entrepreneurial thinking

53
Q

The idea in entrepreneurship that the future is unpredictable yet controllable.

A

Effectuation

ETEM (3 decks)

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