Lesson 1 Flashcards
What is the French word of “entrepreneur”?
Entreprendre
The French word entrependre means?
To undertake or take over
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?
Entrepreneurship
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
Earliest period
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
Middle agea
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
17th century
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.
18th Century
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
19th and 20th century
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.
21st Centuryu
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.
Development of managerial capabilities
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.
Creations of organizations
What relevance of Entrepreneurship to an organization pertains to entrepreneurship helps in making a wide variety of goods and services available to the
society.
Improving standard of living
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.
Means of economic development
What is a phrase that could relate to entrepreneurship, it creates new products and new business model.
Gale of creative destruction
It is a type of entrepreneurial activity that are several small changes that transform process flows.
Incremental innovations
It is a type of entrepreneurial activity that shows entirely new approaches.
Disruptive innovations
describes activities within a firm or large organization which may include corporate venturing, when large entities spin off organization.
Intrapreneurship
What factors affecting entrepreneurship that relates to an entrepreneur’s competencies
Personality Factors
List 9 personality Factors
- Initiative
- Perseverance
- Persuasion
- Self-critical
- Risk-taker
- Proactive
- Problem-solver
- Self-confidence
- A planner
What factors affecting entrepreneurship that relates conditions in which an entrepreneur has to work.
Environmental Factors
List down 4 Environmental Factors
- Political Climate
- Legal System
- Economic and Social Conditions
- Market Situations
It involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of scarce resources.
Economic and Dynamic activity
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.
Innovation
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.
Profit Potential
