Lesson 1 Flashcards

1
Q

What is the French word of “entrepreneur”?

A

Entreprendre

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2
Q

The French word entrependre means?

A

To undertake or take over

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3
Q

What has been defined as the ability to to be able to know what products and services are needed by the people, provide things at the right time, place, people and price?

A

Entrepreneurship

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4
Q

What period is this?

  • sells goods
  • travels to many places to trade
  • enter a formal agreement with a capitalist
  • capitalist and trader divided everything between them
A

Earliest period

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5
Q

What period is this?
- an entrepreneur is both an actor and a person who was in charge of large production projects such as architectural work like buildings and cathedrals using the resources provided by the government

A

Middle agea

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6
Q

What period is this?
- An entrepreneur is in an formal agreement with the government to provide products and services.
- practices is to agree on a price
- either reaps profits or losses

A

17th century

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7
Q

What period is this?
- An entrepreneur who isn’t distinguished as a capitalist who just solids money for products sold
- But someone who coordinates, leads, and manages all the activities of the firm.

A

18th Century

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8
Q

What period is this?
- An entrepreneur is an innovator who seeks opportunities and leads. He also searches for change, responds to it, and exploits change as a opportunity

A

19th and 20th century

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9
Q

What period is this?
- An entrepreneur entrepreneur is considered as
heroes of free enterprise. Creativity and innovation enable them to exploit high growth potential. The significant changes revolutionizing the world of business was due to the Internet which provided countless opportunities for entrepreneurs.

A

21st Centuryu

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10
Q

What relevance of Entrepreneurship to an organization pertains to an entrepreneur study a problem, identifies its alternatives, compares the alternatives in terms of cost and benefit implications, and finally chooses the best alternative.

A

Development of managerial capabilities

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11
Q

What relevance of Entrepreneurship to an organization pertains to entrepreneurs assemble and coordinate physical, human and financial resources and direct them towards achievement of objectives through managerial skills.

A

Creations of organizations

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12
Q

What relevance of Entrepreneurship to an organization pertains to entrepreneurship helps in making a wide variety of goods and services available to the
society.

A

Improving standard of living

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13
Q

What relevance of Entrepreneurship to an
Entrepreneurship involves creation and use of innovative ideas, maximization of output
from given resources, and development of managerial skills.

A

Means of economic development

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14
Q

What is a phrase that could relate to entrepreneurship, it creates new products and new business model.

A

Gale of creative destruction

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15
Q

It is a type of entrepreneurial activity that are several small changes that transform process flows.

A

Incremental innovations

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16
Q

It is a type of entrepreneurial activity that shows entirely new approaches.

A

Disruptive innovations

17
Q

describes activities within a firm or large organization which may include corporate venturing, when large entities spin off organization.

A

Intrapreneurship

18
Q

What factors affecting entrepreneurship that relates to an entrepreneur’s competencies

A

Personality Factors

19
Q

List 9 personality Factors

A
  • Initiative
  • Perseverance
  • Persuasion
  • Self-critical
  • Risk-taker
  • Proactive
  • Problem-solver
  • Self-confidence
  • A planner
20
Q

What factors affecting entrepreneurship that relates conditions in which an entrepreneur has to work.

A

Environmental Factors

21
Q

List down 4 Environmental Factors

A
  • Political Climate
  • Legal System
  • Economic and Social Conditions
  • Market Situations
22
Q

It involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of scarce resources.

A

Economic and Dynamic activity

23
Q

It compels an individual to continuously
evaluate the existing modes of business operations so that more efficient and effective systems can be evolved and adopted.

A

Innovation

24
Q

It is the level of return or compensation to
the entrepreneur for taking on the risk of developing an idea into an actual business venture.

A

Profit Potential

25
Q

It is the willingness to assume risk arising
from the creation and implementation of new ideas.

A

Risk bearing

26
Q

It is a characteristic of an entrepreneur that Has a positive sense of values and personal beliefs, sense of creation and influences.

A

Integrity

27
Q

It is a characteristic of an entrepreneur that use of new approaches and ideas to enhance work.

A

Conceptual Thinking

28
Q

It is a characteristic of an entrepreneur that Try to anticipate future problems thus solve new problems.

A

Risk Taking

29
Q

It is a characteristic of an entrepreneur that shows an access to information, collaboration, and
profits.

A

Networking/Collaboration

30
Q

It is a characteristic of an entrepreneur that shows Using of strategies that can help accomplish the goals

A

Strategic Thinking

31
Q

It is a characteristic of an entrepreneur that is always updated with developments in the locality.

A

Commercial Aptitude

32
Q

It is a characteristic of an entrepreneur that resolves issues immediately as they arise in an unavoidable situation.

A

Decisiveness

33
Q

It is a characteristic of an entrepreneur that continues to be pursuing goals despite hindrances and problems.

A

Optimism

34
Q

It is a characteristic of an entrepreneur that develops and builds trust and long-term.
relationship with customers.

A

Customer Relation Service

35
Q

It is a characteristic of an entrepreneur that create commonality among stakeholders, see and value the best in others.

A

People Centered