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Entrepreneurship > Lesson 1 > Flashcards

Lesson 1 Flashcards

1
Q

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.

A

ENTREPRENEURSHIP

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2
Q

The word “ Entrepreneur” has a French origin and was coined from the words

A

entre, pendre

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3
Q

What does entre means?

A

between

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4
Q

What does pendre means?

A

to take

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5
Q
  • 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.
A

ENTREPRENEUR

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6
Q

They want to do things in their own way and
start to feel agitated when controlled by the powers- that – be.

A

The self-employed

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7
Q
  • 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
A

The Manager

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8
Q
  • 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.
A

The Leader

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9
Q
  • 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.
A

The Investor

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10
Q
  • Aim for quality and excellence of their work.
  • They have fully learned, and continue to practice, a four step process thinking
A

The True Entrepreneur

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11
Q

Entrepreneurs dream enormously and desire to build an ideal environment.

A

Idealization

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12
Q

Starts to create plans to make the dream a reality.

A

Visualization

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13
Q

Involves sharing their ideas with other people, knowing that their vision is already occurring.

A

Verbalization

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14
Q
  • Happens when the vision becomes reality.
  • True entrepreneur
  • Have an income that keeps on multiplying even if they do not put much effort.
A

Materialization

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15
Q

What are the four (4) step process thinking of an entrepreneur?

I V V M

A
  • Idealization
  • Visualization
  • Verbalization
  • Materialization
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16
Q

An entrepreneur who puts technology at the core of his or her business model.

A

TECHNOPRENEUR

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17
Q

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.

A

SOCIAL ENTREPRENEUR

18
Q
  • 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.
A

INTRAPRENEUR

19
Q

Who hops from one company to another to act as the innovation champion, providing and efficient solutions.

A

EXTRAPRENEUR

20
Q

They ensure that proper research is done, the risk factors are assessed, and plans are executed on a timely and most efficient way.

A

PROACTIVE

21
Q

They are always enthused to improve and develop new products and services and introduce them to the market.

A

AGENTS OF CHANGE

22
Q

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.

A

RISK TAKERS

23
Q

They know how to assess the net cause and effect of an opportunity and decide intelligently if a venture should be considered or not.

A

HAVE A SHARP EYE FOR OPPORTUNITY

24
Q

Relationship management is the key for employee and customer retention, which can be achieved by a _____ entrepreneur.

A

SOCIABLE

25
Q

Knows the key people to connect with

A

NETWORKERS

26
Q
  • 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.
A

DECISIVE

27
Q
  • 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
A

BALANCED

28
Q

Do not stop improving and thinking of new and worthwhile ideas for their business.

A

INNOVATIVE

29
Q
  • 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.
A

LEADERS

30
Q

Know how to use all forms of communication to effectively share ideas and address certain concerns with their customers of employees.

A

COMMUNICATORS

31
Q
  • 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.
A

SPECIALIST

32
Q
  • 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.
A

PROBLEM SOLVERS

33
Q

What are the four (4) core traits that an entrepreneur should develop in managing and running the business?

L C S P

A
  • Leaders
  • Communicators
  • Specialist
  • Problem-solvers
34
Q
  • 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
A

FRANCHISING

35
Q

Managing a startup business in an established business

A

INTRAPRENEURSHIP

36
Q

Buying another similar business or a new business.

A

ACQUISITION

37
Q

What are the three (3) career in entrepreneurship?

A
  • Franchising
  • Intrapreneurship
  • Acquisition
38
Q

a moment of sudden, triumphant discovery, inspiration, or insight.

A

Eureka

39
Q

foreshadowing what will happen to problems and making solutions beforehand

A

Proactive

40
Q
  • they will only respond to some unanticipated event only after it occurs
  • opposite of proactive
A

Reactive

41
Q

(IGNORE)

your mnemonics ranked

A

T L C D F I B

Entrepreneurship (3 decks)

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