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The Entrepreneurial Mind > Handout 1 > Flashcards

Handout 1 Flashcards

1
Q

marked by imagination, initiative, and readiness to undertake new projects.

A

Enterprising

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2
Q

willing to take risks to create value.

A

Entrepreneurial

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3
Q

symbol of business tenacity and achievement.

A

Entrepreneurship

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4
Q

the pioneers of today’s business successes

A

Entrepreneurs

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5
Q

Entrepreneurs make three (3) indispensable contributions to the economy:

A
  1. Entrepreneurs create new businesses.
  2. Entrepreneurs contribute greatly to national development.
  3. Entrepreneurs create social change.
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6
Q

various spectrums of entrepreneurship:

A
  • Entrepreneurs on starting a business from scratch.
  • Entrepreneurs on starting a family business.
  • Entrepreneurs on entering a partnership.
  • Entrepreneurs on buying an existing business.
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7
Q

Triple Bottom Line (TBL)

A
  • Profit
  • People
  • Planet
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8
Q

The goods and services offered by entrepreneurs can produce a cascading effect by stimulating related industries or sectors supporting the new venture to further economic development.

A

Entrepreneurs create new businesses

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9
Q

Entrepreneurial ventures generate new
wealth.

A

Entrepreneurs contribute greatly to national development

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10
Q

Through their unique offerings of new goods and services, entrepreneurs break away from tradition and indirectly support freedom by reducing dependence on obsolete systems and technologies. This results in an improved quality of life, improved morale, and greater economic freedom.

A

Entrepreneurs create social change.

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11
Q

The first call center operations in the Philippines encouraged other BPOs to also set up in the country due to its relatively cheap rates. Thus, in 2015, the Philippines replaced Mumbai as the 2nd ranking BPO destination.

A

Entrepreneurs create new businesses

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12
Q

Increased employment and higher earnings in the Philippines shall contribute to better national income through higher tax revenue and government spending. The government can use this revenue to invest in other struggling sectors and human capital.

A

Entrepreneurs contribute greatly to national development

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13
Q

The water supply in a water-scarce region will sometimes force people to stop working to collect water. This will impact their business, productivity, and income. Imagine an innovative, automatic, low-cost, flow-based pump that can automatically fill people’s water containers. This innovation ensures people can focus on their jobs without worrying about basic necessities like water. More time to devote to work translates to economic growth.

A

Entrepreneurs create social change.

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14
Q

Many entrepreneurs start their businesses with
a vision

A

Entrepreneurs on starting a business from scratch.

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15
Q

As a sole proprietor, the entrepreneur gets the first and only say – without having to run his/her decision by other parties, there will be no need for team meetings, collaboration, or voting. The entrepreneur can do what s/he wants and needs to do effectively, and the results will be up to his/her high standards.

A

Entrepreneurs on starting a business from scratch.

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16
Q

Entrepreneurs choose to start a this business due to its long-term orientation.

A

Entrepreneurs on starting a family business.

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17
Q

Most of this aim to maximize the well-being of current and future generations from a transgenerational perspective. Thus, they focus on the potential for growth and investment projects. This orientation results from the willingness of family members to pass down to their heirs a healthy and competitive firm.

A

Entrepreneurs on starting a family business.

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18
Q

The strong economic and emotional involvement of family members in the enterprise implies that the firm is an asset to be safeguarded and, at the same time, to be developed

A

Entrepreneurs on starting a family business

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19
Q

an excellent way for entrepreneurs to leverage existing resources between parties.

A

partnership

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20
Q

Having partners can mean multiple sources of cash flow, which will benefit the business during the start-up and growth phases.

A

Entrepreneurs on entering a partnership.

21
Q

The investment risk will be spread among others, which can protect the entrepreneur if the business does not work out as
planned.

A

Entrepreneurs on entering a partnership.

22
Q

By engaging with partners of different expertise, the entrepreneur can broaden the scope of their business. This may lead to an expanded customer base, increasing earning potential. Partners can also be an additional source of creativity during brainstorming and problem-solving

A

Entrepreneurs on entering a partnership.

23
Q

The idea is that this is less risky than starting from scratch, however expensive it is.

A

Entrepreneurs on buying an existing business.

24
Q

the entrepreneur takes over an operation already generating cash flow and profits. There is already an established customer base, reputation, and employees familiar with all aspects of the business.

A

Entrepreneurs on buying an existing business.

25
Q

The entrepreneur does not have to set up new procedures, systems, and policies since a successful business formula has already been implemented. In addition, it is often easier to get financing than to start a new one.

A

Entrepreneurs on buying an existing business.

25
Q

it may give the entrepreneur valuable legal rights such as patents or copyrights, which can prove very profitable. Bankers and investors generally feel more comfortable dealing with a company with a proven track record.

A

Entrepreneurs on buying an existing business.

26
Q

They see the largest and most important circle as the economy, with society and environment as
much smaller domains within

A

Industrial Age point of view

27
Q

In this new way of looking at the world, the biggest circle is the environment; within that circle is human society; the economy, industries, and individual businesses are much smaller circles that fit within society and the environment.

A

Modern Age system

27
Q

who said that businesses need to wake up to the simple fact that “the economy is the wholly owned subsidiary of nature, not the other way around

A

Ray Andersen, CEO of Interface

28
Q

was coined in 1994 by John Elkington, the founder of a British consultancy called Sustainability

A

the triple bottom line

29
Q

He argued that companies should prepare three (3) different bottom lines

A

John Elkington

30
Q

the traditional measure of corporate profit

A

the “bottom line” of the profit and loss account

31
Q

a measure in some shape or form of how socially responsible an organization has been throughout its operations.

A

the bottom line of a company’s “people account”

32
Q

a measure of how environmentally responsible it has been

A

the bottom line of the company’s “planet” account

33
Q

It aims to measure the financial, social, and
environmental performance of the corporation over some time. Only a company that produces this considers the full cost of doing business.

A

TBL

34
Q

provides a framework for measuring the business’s performance and the organization’s success using the economic, social, and environmental lines

A

TBL

35
Q

The term has also been referred to as the practical framework of sustainability

A

TBL

36
Q

Targeted toward corporations, it’s agenda puts a consistent and balanced focus on the organizations’ economic, social, and environmental values.

A

TBL

37
Q

refers to the real economic value created by the business and enjoyed by the host society.

A

Profit

38
Q

It is the income and expenditures, taxes, business climate factors, employment, and business diversity factors, as well as the economic impact the business has on society.

A

Profit

39
Q

refer to a business’s impact on employees and people outside of the business (community).

A

People

40
Q

All stakeholders are interdependent via fair wages, fair-trade practices, safe work environments, retention rates, ethical standards, local hiring, local sourcing, local participation, local charitable contributions, and contributions to community living standards.

A

People

41
Q

refers to environmental stewardship.

A

Planet

42
Q

Entrepreneurs enhance the natural order and minimize their ecological impact in a wide variety of ways that are not only cost-effective but easy to implement and adopt.

A

Planet

43
Q

It can be done through small efforts such as managing energy consumption, employing eco-friendly materials, managing water consumption, and minimizing waste in landfills.

A

Planet

44
Q

Entrepreneurs also contribute substantial measures such as reducing waste from packaging and determining the actual environmental cost of manufacturing, from harvesting raw materials to the disposal by the end user.

A

Planet

45
Q

an “attitude to life, an attitude of exploring, developing, leading, and taking initiatives.”

A

enterprise

46
Q

the process of identifying, developing, and bringing a vision to life, be it an innovative idea or a better way of doing something.

A

Enterprise

47
Q

applies to business ventures and political and social decisions

A

Enterprise

The Entrepreneurial Mind (8 decks)

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