Lesson 1: Entrepreneurship Flashcards
What is entrepreneurship?
- Starts within yourself
- innovation and creativity
What are entrepreneurs?
- innovators
- generate unique ideas to provide profitable solutions to the needs of the market and society
What are the relevance of entrepreneurship to an organization?
- Development of managerial capabilities
- Creation of organizations
- Improving standard of living
- Means of economic development
What are the two factors that affects entrepreneurship?
- Personality
- Environmental
What are the factors in personality?
- Initiative
- Proactive
- Problem solver
- Perseverance
- Persuasion
- A planner
- Risk taker
Doing things even before being told
Initiative
Classify opportunities and seize them
Proactive
Results in retention of good relations
Problem solver
Pursue things to get done regardless of challenges
Perseverance
Entice people to buy
Persuasion
Plans before doing things and does not fail to monitor it
A planner
Willing to gamble but will calculate it first
Risk taker
Political, climate, legal system, economic, and social conditions and market situations
Environmental
What are the common competencies in entrepreneurship?
- Decisive
- Communicator
- Leader
- Opportunity seeker
- Proactive
- Risk taker
- Innovative
What are the core competencies in entrepreneurship?
- Economic and Dynamic Activity
- Innovative
- Profit potential
- Risk bearing
- creation and operation of an enterprise
- creating value or wealth by optimum utilization of limited resources
- efficiency and effectivity
Economic and dynamic activity
Compensated by his profit from operation
Profit potential
Gamble but wise enough to offset the risk
Risk bearing
What are the five types of entrepreneurs?
- Innovative
- Imitating
- Fabian
- Drone
- Social
Newer, better, more economic ideas
Innovative
Follow ideas of other entrepreneurs
Imitating
Skeptical about changes, doesn’t initiate but follows after they are satisfied
Fabian
Labor of others, ready to suffer loss of business
Drone
Initiate changes and drive social innovation in various fields
Social
