LESSON 1: INNOPRENEURSHIP Flashcards
fusion of entrepreneurial spirit with innovative practices to bring new ideas and solutions to the market
innopreneurship
what is an entrepreneur
they make things happen
what is an innovator
they make new things happen
business owner who invests resources to bring an idea to life, balancing effort, purpose, and profit.
entrepreneur
components of an entrepreneur
owner who invests
brings idea to life
setting direction
makes things happen
adding value
component that involves risk-taking and calculated risks
owner who invests
component that involves maximizing revenue from an idea
brings idea to life
component that involves quality info and mindful decision-making
setting direction
component that involves ensuring elements are aligned
making things happen
component that involves financial understanding and reward higher than investment alternatives
adding value
introduces new processes, products, or models that become commercially succesful
innovator
2 essential elements of innovation
newness and commercial success
something different from what’s already available
newness
acceptance by a critical mass of paying customers
commercial success
entrepreneurs are considered “ “ of the modern economy
rock stars
personal reasons in why you should be an entrepreneur
freedom, financial independence, personal growth
societal impact of becoming an entrepreneur
contributing to the local economy, especially as an alternative to overseas work (OFWs)
the wealth conversion principle process
cash-inventories-receivables-cash
key success factors for entrepreneurship (3Cs)
commitment
coordination
competency
strong dive to achieve goals
commitment
organizing people for efficiently
coordination
ability to do a job well, consistently
competency
4-gate model for prosperity
preparation gate
marketing gate
executing gate
self-leadership gate
gate wherein planning strategizing is included
preparation gate
gate for aligning with customer needs
marketing gate
gate for implementing the plan effectively
executing gate
gate for discipline and resilience to push through challenges
self-leadership gate
profit is _______, but ____ _____ is king
necessary, cash flow
a well-rounded entrepreneur drives both _______ and ___________ prosperity
economic and personal
