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
What are the twenty(20) Important Entrepreneurial
*Self- Awareness
*Self- Motivation
*Courage
*Motivation
*Patience
*Decisiveness
*Experience
*Knowledge
*Perseverance
*Drive total commitment
*Maturity
*Integrity
*Risk-Taking
*Hard work
*Vision
*Optimism
*Creativity
*Resourcefulness
*Innovation
*Emotional Balance
include all agents, repairmen, brokers, accountant, and physician who operate alone or with only few employees and perform work personally
Solo self-Employed Individual
include highly knowledgeable businessmen engaged in various form of trades frequently, directly or indirectly related to their line of work
Dealers to Dealers
individuals who go on building larger companies using hiring and delegation
Team Builders
Include persons who hit upon ideas for better products or services and then create companies to develop, produce and sell these products
Independent Innovators
entrepreneurs who spot an effective business patterns quite possibly originated by someone else, and multiply it to realize profits
Partner Multipliers
Entrepreneurs who locate their business in lower and taxes areas
Economy of scale Exploiters
smart entrepreneurs who use their experience and expertise in pooling a group of financiers to engage in a business.
Capital Aggregators
Entrepreneurs who aquire businesess
Acquirers
