LESSON 1-2 Flashcards
The process of starting a business
Entrepreneurship
Where does the 1st known trading between humans took place
New Guinea
When does the 1st known trading between humans took place
17,000 BCE
What does the locals exchanged for other needed goods (tools, skin, food)
obsidian
During this period, humans started to domesticate plants and animals
Agricultural Revolution
Common areas of specialization
Hunting and gathering
Fishing
Cooking
Tool-making
Shelter-building
Clothes-making
He created standardized principles for keeping track of a firm’s accounts
Luca Pacioli
Lifeblood of economies all over the world
entrepreneurs
entrepreneur was derived from the french verb …
entreprende, means “to undertake”
start a business with a unique idea
Entrepreneur
Creates new market
Entrepreneur
Low competition
Entrepreneur
Taking Risks
Entrepreneur
Market leader
Entrepreneur
Revolutionary
Entrepreneur
Start a business with an existing idea
Businessman
Creates place in existing markets
Businessman
Very high competition
Businessman
Comparatively avoid to take risks
Businessman
Market player
Businessman
Traditional
Businessman
4Ps
Profit
Power
Prestige
Privilege
Type of Entrepreneurs
- Innovative
- Imitating
- Fabian
- Drone
- Social
They are aggressive. 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
The are also called adoptive entrepreneurs. They are those who do not 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 do not initiate but follow only after they are satisfied. It is timid and cautious. He imitates other innovations only if he is certain that failure to do so may damage business
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. His entrepreneurial activity may be restricted to just one or two innovations. The refuse to adopt changes in production even at the risk of reduced returns
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
the process of setting, planning, achieving and
reviewing your life goals through the proper management of your finances.
Financial Planning
It is an important life skill to help you plan for your future and take better control of your financial goals by helping you to set realistic plans, evaluate alternatives, and take
effective measures.
Financial Planning
is a process of an estimation of revenue and expenses over a specified future period of time
Budgeting
Budgeting Technique
- Reverse budgeting
- Balanced Budgeting
- Envelope Budgeting
