Introduction to Entrepreneurship Flashcards
is the process of identifying, developing, and bringing a business idea to life. According to Hisrich, Peters, & Shepherd (2020), entrepreneurship involves innovation, risk-taking, and persistence. Entrepreneurs play a crucial role in economic development by creating jobs, introducing new products and services, and fostering economic growth.
Entrepreneurship
is not just about starting a business — it involves recognizing opportunities, organizing resources, and taking calculated risks to create value. Entrepreneurs develop innovative solutions to market gaps and seek to maximize profitability and sustainability.
Entrepreneurship
The ability to develop new ideas, products, or services (e.g., Steve Jobs revolutionizing technology with Apple).
Rules Shaping Apple ‘ s Innovation Culture: Put people first. Align corporate culture with innovation strategy. Hire smart people, then empower them.
Innovation
Entrepreneurs embrace uncertainty and make bold decisions
Socorro Ramos – National Book Store She started her business during the Japanese occupation, a highly uncertain time with strict censorship. Expanding into other goods to survive was a major risk.
Risk-taking
Overcoming setbacks and persevering through challenges is crucial.
Edgar Sia – Mang Inasal o Dropped out of college, taking a risk without a guaranteed future. o He built Mang Inasal from scratch in a parking lot, showing determination in the face of uncertainty. o When he sold Mang Inasal, he reinvested in other ventures, proving his ability to keep going.
Resilience
Entrepreneurs inspire teams and set long-term business goals.
Tony Tan Caktiong – Jollibee - Built a local brand that successfully challenged McDonald’ s in the Philippines. - Expanded Jollibee into a global fast-food giant with thousands of stores worldwide. - Acquired other brands (Greenwich, Red Ribbon, Mang Inasal, Coffee Bean & Tea Leaf), showing visionary expansion. - Demonstrated strong leadership by adapting to Filipino tastes while managing global expansion.
Leadership and Vision
The business landscape changes quickly, requiring entrepreneurs to pivot when necessary.
Ole Kirk Kristiansen, Lego o Founded in 1932 by Danish carpenter Ole Kirk Kristiansen, Lego began with wooden toys before shifting to plastic bricks. Near bankruptcy in 2003, it recovered by streamlining, collaborating with major franchises, and launching hit movies.
Adaptability
Entrepreneurs can leverage digital marketing
strategies, such as social media marketing,
search engine optimization (SEO), and email
campaigns, to reach targeted audiences with
precision. Social media and SEO strategies allow
targeted advertising.
Digital Marketing
These platforms provide essential tools for inventory management, payment processing, and customer analytics, reducing barriers to entry for new businesses. Platforms like Amazon, Lazada, and Shopee enable international or global reach.
E-commerce and Online Marketplaces
The integration of artificial intelligence (AI) and automation tools has streamlined various business operations, from customer service chatbots to automated inventory tracking. AI- powered data analytics enable entrepreneurs to make informed decisions by identifying market trends, optimizing pricing strategies, and improving customer service. Machine learning, Cloud Computing, and the Internet of Things (IoT)
Automation and AI
It has traditionally been defined as “the established set of attitudes held by someone.
Mindset
People with a fixed mindset believe that their talents and abilities are set in stone. They think they’re either naturally good at something or they’re not, and they want to always look smart. They take criticism personally and think others’ success is just luck. They avoid challenges and failure because they don’t want to seem dumb.
Fixed mindset
People with a growth mindset believe they can develop their abilities through hard work. They know that talent is just a starting point and that they can improve with effort. They’re eager to learn and practice to get better. When they fail, they see it as a chance to learn and grow. They keep going even when things get tough.
Growth mindset
means being able to act fast, stay organized, and make decisions even when things are uncertain. It’ s about not giving up when you fail, but learning from mistakes and getting used to feeling a bit uncomfortable sometimes.
Having an entrepreneurial mindset
