LESSON 1 Flashcards
the term “entrepreneur” originates from the FRENCH word ________ which means ______
entreprendre, “to undertake”
the start of a new business undertaking
• venture
• process
• secure
• share
find a business partner/personal savings
securing funding
Loans - borrow from banks/small amount of interest
securing funding
investors - who believe in your idea for share profits
securing funding
grants for competition
securing funding
why is it important to register your business?
• it is like giving a birth certificate, it makes your business legal and official
• it allows you to pay taxes
• it protects the business name, no one else can use your business name
• it builds trust, business partner and customers will look up to you
presenting your idea to the world and saying by…
“buy one take one”
telling the advantages of the product
sharing samples
free food taste
to encourage customers
launching products or services
the term “entrepreneurship” comes from the word _____
entrepreneur
it refers to a particular field of practice or process as compared to an entrepreneur which is a person practicing entrepreneurship
entrepreneur
a person who ORGANIZES, OPERATES, and ASSUMES the risks of business ventures
entrepreneur
a person who strongly advocates and correctly practices the concept
entrepreneur
it is an owner of a business who his/her sources to bring an idea to life, setting the direction that transforms that idea into realms, thus providing and gaining value that balances effort, purpose and profit
entrepreneur
the art of observing correct practices in managing and operating a self-owned wealth-creating business entreprise
entrepreneurship
is the process of identifying opportunities, developing innovative ideas, and taking the initiative to create, manage, and grow a business or venture to address needs, solve problem, or provide values often while taking on financial and personal asks
entrepreneurship
refers to a business or enterprise that correctly adopts and practices the principles of entrepreneurship
small business
it is owned by one person with a limited workforce of not more than 20 persons
small business
includes the small and medium enterprises (SMEs) that have been strongly promoted by both government and non government
e.g. milk tea business, sari - sari store business, buy and sell
small business
it encompasses a range of industries and business models, including startups, innovative businesses or businesses operating in nice markets
small business
they aim for growth and innovation
small business
pertains to a business enterprise managed and operated by an owner who is not an advocate of and does not practices the concept and principles of entrepreneurship
ordinary small business
wants to do things on their own
• independence
• direct involvement
• small-scale operations
• income generation focus
the self-employed
feel the need to step up and ask some help from people around them
• delegation of task
• organized operations
• leadership focus
• profitability and stability
the manager
feel the need to step up and ask some help from people around them
• delegation of task
• organized operations
• leadership focus
• profitability and stability
the manager
enjoy seeing people flourish, stepping up, and producing great results with minimal supervision
• vision oriented
• empowerment
• inspiring innovation
• building relationship
the leader
• focus on the big picture
• defining the company vision/mission
• long term objective
vision-oriented
• delegate authority
• empower team members to take initiative and make decisions
empowerment
• foster a culture of creativity
• encouraging teams to develop new ideas and solutions
inspiring innovation
• prioritize strong relationships with employees, stakeholders, and clients to ensure collaboration and trust
building relationships
setting clear, long-term goals, and aligning team efforts with organizational objectives
strategic thinking
articulating the company’s vision and inspiring the teams to achieve it
communication
understanding and managing emotions to build strong interpersonal relationships
emotional intelligence
learning through change and uncertainty with resilience and flexibility
adaptability
- look for more opportunities to grow
- at the investor level, entrepreneurs transition from directly managing business to focusing on generating wealth through investments
• passive involvements (relies on others)
• portfolio diversification (various industries) (minimize risk and maximize returns)
• focus on returns (prioritize high-growth opportunities and sustainable profitability)
• mentorship (mentor startups and small business, offering guidance and expertise alongside capital)
the investor
the investor skills
required:
• financial literacy (understanding)
• risk assessment (evaluating)
• networking (building relationships)
• negotiation (securing favorable terms for investments and partnerships)
fully learned and continue to produce four-step process of thinking
the true entrepreneur
four step process of thinking
idealization, visualization, verbalization, and materialization
dream and desire to build an ideal environment
idealization
create plans to make the dream a reality
visualization
sharing their ideas with other people
verbalization
vision becomes a reality
materialization
venture means…
enterprise
personal savings
securing funding
undertaking business
• initiation of new business venture
• identifying business idea
• planning its execution
• taking the first steps toward establishing it (securing funding, registering the business, or launching products or services)
