Lesson 1 Flashcards
are the backbone of the economy.
Businesses
play an important role in developing the economy through providing the needed products and services including the solution to the problem of unemployment.
Entrepreneurs
is encouraged by the economy because it can provide a lot of opportunities for the unemployed people.
Entrepreneurship
It will increase per capita income, improve standard of living and increase individual savings, provide revenue to the government in the form of:
income tax,
value added tax,
export duties,
import duties,
and balanced regional development.
is a person who creates unique ideas that will be useful for starting a business.
entrepreneur
The word “entrepreneur” was derived from the French verb _____, which means____ “ This is pinpointing to those who “undertake” the risk of enterprise.
enterprendre
to undertake.
Entrepreneurs are innovators. They are willing to take the risks and generate unique ideas that can provide profitable solutions to the needs of the market and the society.
True
The enterprise is created by an ____ and the process is called “______.”
entrepreneur
Entrepreneurship
the science of converting processed ideas into a remarkable business venture
Entrepreneurship
6 Usefulness of the Course to the Students
It develops skills that will be needed in starting up a business.
It enhances knowledge on how to operate business.
It demonstrates how to manage a business.
Learners consider becoming an employer rather than an employee.
Learners change their attitude towards the course as a means of living.
Learners change in personal and career attitudes such as communication, problem-solving, collaboration, motivation, creativity, and teamwork.
3 Importance of Entrepreneurship Education
key economic driver
increase the level of knowledge, competence and improve the quality of life
alternative career path
2*Factors Affecting Entrepreneurship
Personality Factors
Environmental Factors
7 types of Personality Factors
Initiative
Proactive
Problem solver
Perseverance
Persuasion
A planner
Risk taker
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
A planner
- which means that he is willing to gamble but he will calculate it first
Risk taker
include political, climate, legal system, economic and social conditions and market situations
Environmental Factors
are considered as the capability, capacity and ability of the learner in handling situations in various areas in business operations such as in marketing, management, production, and finance.
Competencies
14 COMMON Competencies in Entrepreneurship
k
Decisive
Communicator
Leader
Opportunity seeker
Proactive
Risk taker
Innovative
Specific Goal Setting
Self-Efficacy
Need for Achievement
Ambition
Willingness to Learn
Adaptability and Flexibility
Interpersonal Skills
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
the entrepreneur has big business ideas, and he does not stop improving and thinking of new worthwhile ideas for his business.
Innovative
7 CORE Competencies in Entrepreneurship
Profit Potential
Risk bearing
Integrity
Conceptual Thinking
Strategic Thinking
Decisiveness
Customer Relations Service
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
An entrepreneur knows what is good and right. Do what is best for everyone and do not act without thinking.
Integrity
Review outcome projects in order to understand where problems occurred. Check the impact of the proposed solution to both customers and employees.
Conceptual Thinking
An entrepreneur finds ways to do things faster or at less costs.
Strategic Thinking
An entrepreneur switches to an alternative strategy to reach a goal. It generates new ideas and innovative solutions.
Decisiveness
A good entrepreneur knows what his or her customer needs in order to satisfy them and have a long-term relationship.
Customer Relations Service
5 Types of Entrepreneurs
Innovative Entrepreneurs
Imitating Entrepreneurs
Fabian Entrepreneurs
Drone Entrepreneurs
Social Entrepreneurs
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
They are those who don’t create new things but only follow the ideas of other entrepreneurs.
Imitating Entrepreneurs
They are skeptical about changes to be made in the organization. They don’t initiate but follow only after they are satisfied.
Fabian Entrepreneurs
They are those who live on the labor of others. They are die-hard conservatives even ready to suffer the loss of business.
Drone Entrepreneurs
They are those who initiate changes and drive social innovation and transformation in the various fields such as education, health, human rights, environment and enterprise development.
Social Entrepreneurs
4 Career Opportunities of Entrepreneurship
Business Consultant
Teacher
Researcher
Business Reporter
with the expertise of in the field of entrepreneurship, he can be a very good source of advices to other entrepreneurs and would be businessmen.
Business Consultant
a graduate of an entrepreneurship can use his knowledge in teaching.
Teacher
the entrepreneur can be employed as a researcher by an enterprise.
Researcher
the entrepreneur being expert in the field, can be employed as a business reporter.
Business Reporter
Environmental Factors
political,
climate,
legal system,
economic and social conditions
and market situations
Competencies
learner in handling situations in various areas in business operations such
marketing,
management,
production, and
finance.
Competencies
learner in handling situations in various areas in business operations such
marketing,
management,
production, and
finance.
