G-01 Entrepreneurship📇👔 Flashcards
in the simplest sense refers to the ability of an Individual to determine and come up with the proper combination of the resources available in the environment and transform this into an output either goods or services.
Entrepreneurship
is simply something an entrepreneur has already conceptualized or imagined, painting a more or less picture in his mind, giving him a clear plan of an action
Idea
is a clear blueprint in the entrepreneur’s mind.
Idea
Are the basic inputs that the entrepreneur uses to come up with his product.
Raw Materials
refers to the buildings, machinery equipment and tools used in the course of production
Capital
More often than not, entrepreneurs hires______
people directly responsible in the production process.
Laborers
The place where all of these physical factors are found is generally called a
Production Plant
Having all these things allow the entrepreneur to have what he calls a
Business Enterprise.
when these inputs are transformed into outputs or what we call as
Finished Products
A simply the buyers and user of entrepreneurs products
Market
Technically the people who buy the product are called
Customer
people who use the product are called
Consumers/ end- users
What is GNP stands for?
Gross National Product
is actually a french word which means to “innovate”
Entrepreneur
Entrepreneur is actually a french word which mean ________
Innovate
