LESSON 1 Flashcards
This means that one of the benefits an entrepreneur gets is to develop his managerial skills.
Development of Managerial Capabilities
Which means that because of entrepreneurship many organizations will exist.
Creation of Organizations
This means that entrepreneurship can lift up the economic status of an individual.
Improving Standard of Living
This means that not only the life of the entrepreneur is improved but also the society where the business is located.
Means of Economic Development
Doing things even before being told.
Initiative
Which means he can classify opportunities and seize it.
Proactive
Which means he can retain good relations with other people.
Problem Solver
Meaning he will pursue things to get done regardless of challenges.
Perseverance
Means that 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.
Planner
Which means that he is willing to gamble but he will calculate it first.
Risk-taker
Which include political, climate, legal system, economic and social conditions and market situations.
Environmental Factors
An entrepreneur must be firm in making decisions.
Decisive
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
An entrepreneur can control a situation by making things happen or by preparing for possible future problems.
Proactive
An entrepreneur has the courage to pursue business ideas.
Risk Taker
The entrepreneur has big business ideas and he does not stop improving and thinking of new worthwhile ideas for his business.
Innovative
Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources.
Economic and Dynamic Activity
The entrepreneur constantly looks for new ideas, thus he needs to be creative.
Innovative
The entrepreneur can be compensated by his profit coming from the operation.
Profit Potential
The entrepreneur needs to gamble but wise enough to offset the risk.
Risk bearing
They are those who always make new things by thinking of new ideas. They have the ability to think newer, better and more economical ideas.
Innovative Entrepreneurs
