Ge elec Flashcards
Owns and runs a business.
* Typically hires local employees and family.
* Examples: local grocery stores, hairdressers, and plumbers.
Small Business Entrepreneurship
For advanced professionals sustaining innovation in large companies.
* Example: Microsoft, Google, Disney.
Large company Entrepreneurship
Entrepreneurs believe their company can change the world.
* Often receive funding from venture capitalists.
* Look for market gaps and create solutions.
* Examples: Facebook, Instagram, Uber.
Scalable startup Entrepreneurship
- Solves social problems with products and services.
- Main goal is to make the world better, not profit.
- Tends to start nonprofits or businesses working towards social good.
Social Entrepeneurship
Constantly coming up with new ideas and inventions.
* Turns ideas into business ventures to improve lives.
* Aims to make products and services stand out.
* Examples: Steve Jobs, Bill Gates.
Innovative Entrepreneurship
Willing to work hard and grow a business with effort rather than capital.
* Motivated by aspirations and willing to face challenges.
* Example: cold calling for one sale.
Hustler Entrepreneurship
- Uses others’ business ideas and improves them.
- A combination of innovator and hustler.
- Learns from others’ mistakes and works hard to improve ideas.
Imitator Entrepreneurship
- Takes time to research before starting a business.
- Relies on facts, data, and logic for higher success.
- Focuses on minimizing failure through detailed business plans.
Researcher Entrepreneurship
- Uses wealth to buy and grow businesses.
- Purchases promising businesses, makes necessary changes, and expands profits.
- Less risky due to purchasing established companies.
Buyer Entrepreneurship
Risk of entrepreneurship
- Financial risk
- Strategic risk
- Technology risk
- Market risk
- Competitive risk
- Reputational risk
- Environmental, Political, and Economic risk
Rewards in Entrepreneurship
Job satisfaction
* Higher wages
* Greater control
SMEs (Small and Medium Enterprises) are crucial to economic growth.
* In the Philippines, there are:
4,769 large enterprises.
* 106,175 small enterprises.
* 4,895 medium enterprises.
* 887,272 micro business establishments.
* SMEs have created over 2.5 million jobs in the country.
- Coined from “technology” and “entrepreneurship.”
- First used in 1987 and gained popularity with the internet.
Definitions: - “Integration of technology, innovation, and entrepreneurship.”
- “Turning ‘something’ into a high-value resource by applying human knowledge.”
- “Entrepreneurship in the field of technology.”
- “Engineering the future of an individual, organization, or nation.”
- “Application of new inventions to create innovative products.”
- “Manufacturing high-tech products or using technology to deliver products.”
- “Exhaustive use of technology for profit.”
- Famous technopreneurs include Steve Jobs, Sergey Brin, Larry Page, Bill Gates, Mark Zuckerberg.
Technopreneurship
Promotes a product/service via internet technology.
* Utilizes electronic brochures and homepage for promotion.
* Cyberpreneurship involves seeking business opportunities using internet technology.
Cyberpreneurship
- _____ manufacturing and services are highly desired economic activities.
- Workforce has strong skills and educational attainment.
- _____ workers are highly paid (up to twice as much as the rest of the workforce).
Conceptual Definition of High Technology Industry: - Intensity of science, engineering, and technician occupations.
- Research and Development (R&D) employment.
- Production of high-technology products.
- Use of high-technology production methods.
- Relationship between high-technology industries and productivity growth.
High-technology industries
Advantage of the internet
- Eliminates distance problems.
- Efficient, saving time and energy.
Types of High-Technology Industries
New environmental technology
* Ocean engineering
* Advanced manufacturing technology
* Nuclear application technology
* Modern agricultural technology
* Other new processes or technologies applicable in traditional industries
- The process of becoming sensitive to problems, deficiencies, gaps in knowledge, missing elements, disharmonies, and so on; identifying the difficult; searching for solutions, making guesses, or formulating hypotheses and possibly modifying them and retesting them; and finally communicating the results. (Torrance, 1966: 6)
- “The ability to create and innovate has been observed throughout history and even though the fundamental tools may have changed the ability has been prevalent in every civilisation” (Hisrich, Peters, and Shepherd, 2005, p. 8).
Creativity
Two views of creativity
The elitist view
The Reality
- Getting New & Valuable Ideas
- A Rare Talent
- Creating Great Works of Art or Scientific Discoveries
- Unable to be Taught
- Not Relevant in My Job/ Organisation
- A Lonely Individual Process The Developmental View
- Available to Everyone
- Evident in Personal & Modest Insights
- Released Through Training & Development of Personal Potential
- Within the Scope of All Jobs
- Encouraged or Discouraged Within Groups According to their Climate
- Escape from ‘Personal Stuckness’ & Reveals Itself in Results Which are Original & Potentially Valuable
The elitist view
