Introduction to Entrepreneurship Flashcards
What are the relevances of entrepreneurship to an organization?
Development of Managerial Capabilities, Creation of Organizations, Improving Standard Living, Means of Economic Development
Two factors affecting Entrepreneurship
Personal Factors and Environmental Factors
It is under the personality factors that means doing things even before being told.
Initiative
It means he can classify opportunities and seize it
Proactive
He can retain good relations with other people.
Problem Solver
He will pursue things to get done regardless of challenges.
Perserverance.
He can entice people to buy even if they don’t want to.
Persuasion
He makes plans before doing things and does not fail to monitor it
A Planner
It means he is willing to gamble but he will calculate it first.
Risk-taker
It includes political, climate, legal system, economic, and social conditions, and market situations.
Environmental Factors
Give the 7 common competencies in entrepreneurship
Decisive, Communicator, Leader, Opportunity Seeker, Proactive, Risk Taker, Innovative
This refers that entrepreneurs must be firm in making decisions
Decisive
It is a common competency in entrepreneurship where an entrepreneur must have a convincing power
Communicator
An entrepreneur must have the charisma to be obeyed by his employees
Leader
An entrepreneur must have the ability to be the first to see business chances
Opportunity seeker
It is a common competency in entrepreneurship that means an entrepreneur can control a situation by making things happen or by preparing for possible future problems.
Proactive
It means the entrepreneur has the courage to pursue business ideas.
Risk-taker
It is when an entrepreneur has big business ideas and he does not stop improving and thinking of new worthwhile ideas for his business.
Innovative
Give the 4 core competencies in entrepreneurship
Economic and dynamic activity, innovative, profit potential, risk bearing
Give 5 types of entrepreneurs
Innovative entrepreneurs, Social entrepreneurs, fabian, imitating, drone
A type of entrepreneur who is skeptical about changes to be made in the organization. They don’t initiate but follow only after they are satisfied
Fabian
Drone entrepreneurs are those who live on the labor of others. They are die-hard conservatives even ready to suffer the loss of business. (True/False)
True
