Lesson 1 Flashcards
Is a proactive of developing a business venture to make a profit.
It involves seeking opportunities for a market, establishing and operating a business out of opportunity, and assessing its risk and rewards through close monitoring of the operations.
ENTREPRENEURSHIP
The word “ Entrepreneur” has a French origin and was coined from the words
entre, pendre
What does entre means?
between
What does pendre means?
to take
- Is a unique individual who has the innate ability and extraordinary dedication to establish and manage a business,
- acknowledging all the risks and reaping its rewards.
- Will only expect returns once he or she
- already added or created value out of an opportunity.
- One’s natural talent is being perceptive for opportunities in his or her surroundings that
- normal people don’t give importance to or often neglect.
- Leadership is the core of every entrepreneur.
ENTREPRENEUR
They want to do things in their own way and
start to feel agitated when controlled by the powers- that – be.
The self-employed
- Entrepreneurs in this level feel the need to step up and ask some help from others.
- They delegate and hire potential employees to do the work
The Manager
- This level already enjoy seeing people flourish, stepping up and producing great results with minimal supervision.
- They now focus on the big picture and strategic direction of their business rather than in generating sales and operating the business.
The Leader
- They look for more opportunities for their business to grow.
- They will delegate a suitable manager for such operations and will act as directors. When this become successful, they will now become true entrepreneur
- Ex. Tony Caktiong founder of Jollibee.
The Investor
- Aim for quality and excellence of their work.
- They have fully learned, and continue to practice, a four step process thinking
The True Entrepreneur
Entrepreneurs dream enormously and desire to build an ideal environment.
Idealization
Starts to create plans to make the dream a reality.
Visualization
Involves sharing their ideas with other people, knowing that their vision is already occurring.
Verbalization
- Happens when the vision becomes reality.
- True entrepreneur
- Have an income that keeps on multiplying even if they do not put much effort.
Materialization
What are the four (4) step process thinking of an entrepreneur?
I V V M
- Idealization
- Visualization
- Verbalization
- Materialization
An entrepreneur who puts technology at the core of his or her business model.
TECHNOPRENEUR
One who takes advantage of the country’s social problems and turn them to profitable institutions with the intention of helping the disadvantage community rather than making a profit.
SOCIAL ENTREPRENEUR
- An entrepreneur in a large company or corporation who is tasked to think, establish, and run a new big idea or project.
- Usually the product managers or the business development managers of a company.
INTRAPRENEUR
Who hops from one company to another to act as the innovation champion, providing and efficient solutions.
EXTRAPRENEUR
They ensure that proper research is done, the risk factors are assessed, and plans are executed on a timely and most efficient way.
PROACTIVE
They are always enthused to improve and develop new products and services and introduce them to the market.
AGENTS OF CHANGE
They have take consideration the potential various threats they may encounter, and if there is a big chance of succeeding, they push through with the venture and don’t let the opportunity pass.
RISK TAKERS
They know how to assess the net cause and effect of an opportunity and decide intelligently if a venture should be considered or not.
HAVE A SHARP EYE FOR OPPORTUNITY
Relationship management is the key for employee and customer retention, which can be achieved by a _____ entrepreneur.
SOCIABLE
Knows the key people to connect with
NETWORKERS
- They do not leave an issue unsolved without disposition.
- They make sure that all aspects of their business have clear objectives and strategies.
- They base their decisions on scientific calculations backed up by their experience and technical knowledge.
DECISIVE
- They balance between analytical and the creative side
- Always playing with “unique ideas” that no one has ever thought of yet.
- Always have “EUREKA” moments and enjoy time
BALANCED
Do not stop improving and thinking of new and worthwhile ideas for their business.
INNOVATIVE
- They must be a source of inspiration for their employees.
- Act on their responsibilities that were given to them.
- Use their strengths and limitations to make the best of a situation.
- Decisive and know ho to own up their decision
- Know how to unite the team and bring out the best in every employee.
LEADERS
Know how to use all forms of communication to effectively share ideas and address certain concerns with their customers of employees.
COMMUNICATORS
- Tactical and are very keen with details
- Can easily answer about their product without relying on their people.
- Innovating and improving the product or service offerings because they know their intricacies.
- Being in action instead of being behind the scenes.
SPECIALIST
- Possess critical thinking skill and look at problems as challenge or puzzle that they need to solve.
- Know how to handle issues in any areas of the business.
- Have faith that every problem has a solution no matter how hard it is.
- Courageous and know how to face consequences of their decisions.
PROBLEM SOLVERS
What are the four (4) core traits that an entrepreneur should develop in managing and running the business?
L C S P
- Leaders
- Communicators
- Specialist
- Problem-solvers
- Is a business arrangement wherein the ________ acquires distribution centers through the franchises or the affiliated dealers.
- ________, the one who is the owner of the business
FRANCHISING
Managing a startup business in an established business
INTRAPRENEURSHIP
Buying another similar business or a new business.
ACQUISITION
What are the three (3) career in entrepreneurship?
- Franchising
- Intrapreneurship
- Acquisition
a moment of sudden, triumphant discovery, inspiration, or insight.
Eureka
foreshadowing what will happen to problems and making solutions beforehand
Proactive
- they will only respond to some unanticipated event only after it occurs
- opposite of proactive
Reactive
(IGNORE)
your mnemonics ranked
T L C D F I B
