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2. Entrepreneurship > Lesson 1: Entrepreneurship > Flashcards

Lesson 1: Entrepreneurship Flashcards

1
Q

What is entrepreneurship?

A
  • Starts within yourself
  • innovation and creativity
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2
Q

What are entrepreneurs?

A
  • innovators
  • generate unique ideas to provide profitable solutions to the needs of the market and society
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3
Q

What are the relevance of entrepreneurship to an organization?

A
  1. Development of managerial capabilities
  2. Creation of organizations
  3. Improving standard of living
  4. Means of economic development
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4
Q

What are the two factors that affects entrepreneurship?

A
  1. Personality
  2. Environmental
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5
Q

What are the factors in personality?

A
  1. Initiative
  2. Proactive
  3. Problem solver
  4. Perseverance
  5. Persuasion
  6. A planner
  7. Risk taker
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6
Q

Doing things even before being told

A

Initiative

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7
Q

Classify opportunities and seize them

A

Proactive

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8
Q

Results in retention of good relations

A

Problem solver

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9
Q

Pursue things to get done regardless of challenges

A

Perseverance

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10
Q

Entice people to buy

A

Persuasion

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11
Q

Plans before doing things and does not fail to monitor it

A

A planner

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12
Q

Willing to gamble but will calculate it first

A

Risk taker

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13
Q

Political, climate, legal system, economic, and social conditions and market situations

A

Environmental

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14
Q

What are the common competencies in entrepreneurship?

A
  1. Decisive
  2. Communicator
  3. Leader
  4. Opportunity seeker
  5. Proactive
  6. Risk taker
  7. Innovative
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15
Q

What are the core competencies in entrepreneurship?

A
  1. Economic and Dynamic Activity
  2. Innovative
  3. Profit potential
  4. Risk bearing
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16
Q
  • creation and operation of an enterprise
  • creating value or wealth by optimum utilization of limited resources
  • efficiency and effectivity
A

Economic and dynamic activity

17
Q

Compensated by his profit from operation

A

Profit potential

18
Q

Gamble but wise enough to offset the risk

A

Risk bearing

19
Q

What are the five types of entrepreneurs?

A
  1. Innovative
  2. Imitating
  3. Fabian
  4. Drone
  5. Social
20
Q

Newer, better, more economic ideas

A

Innovative

21
Q

Follow ideas of other entrepreneurs

A

Imitating

22
Q

Skeptical about changes, doesn’t initiate but follows after they are satisfied

A

Fabian

23
Q

Labor of others, ready to suffer loss of business

A

Drone

24
Q

Initiate changes and drive social innovation in various fields

A

Social

25
Q

What are the career opportunities in entrepreneurship?

A
  1. Business consultant
  2. Teacher
  3. Researcher
  4. Sales
  5. Business reporter

2. Entrepreneurship (5 decks)

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