Lesson 1: Introduction to Entrepreneurship Flashcards
“entrepreneur” was derived from
the French verb enterprendre
an economic activity
because it involves the creation and operation of an enterprise with a view to
creating value or wealth by ensuring optimum utilization of limited resources
entrepreneurship
why is entrepreneurship an economi activity
it involves the creation and operation of an enterprise with a view to create value or wealth by ensuring optimum utilization of limited resources
enterprendre means
to undertake
to those who “undertake” the risk of
enterprise.
entrepreneur
the process of an entrepreneur creating an enterprise
Entrepreneurship
entrepreneurs are
innovators
entrepreneurs are willing to
take on risks and generate unique ideas that can provide profitable solutions to the needs of the market and the society
how to categorize entrepreneurs
according to SIZE and CHARACTER
types of entrepreneurs according to size
megaentrepreneurs and microentrepreneurs
these individuals are also willing to absorb huge risks of using enormous amounts of capital in their business venture
megaentrepreneurs
Individual who have generated substantial value and profits from innovations in a very short period of time.
megaentrepreneurs
Willing to absorbs huge risk using enormous amounts of capital in their business
megaentrepreneurs
creates Rapid Economic Progress
megaentrepreneurs
huge amount of value-added
megaentrepreneurs
attracts numbers of competitors and imitators
megaentrepreneurs
they also initiate business enterprise, the value-added and profits they make are limited. their contributions are minimal and attract few competitors and imitators
microentrepreneurs
Individuals who initiates business enterprise, but value-added and profits they make are limited
microentrepreneurs
value-added and profits are limited
microentrepreneurs
contributions are minimal
microentrepreneurs
attracts few competitors and imitators
microentrepreneurs
short in funds and inadequate in skills
microentrepreneurs
cannot undertake huge capital, sophisticated technology, and extensive risks
microentrepreneurs
engage in micro and small business as an alternative to formal employment
microentrepreneurs
types of entrepreneurs according to character
innovative; imitating; fabian; drone; and social ENTREPRENEURS
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
they are those who don’t create new things but only
follow the ideas of other entrepreneurs.
imitating entrepreneurs
They are skeptical about changes to be made in the
organization.
fabian entrepreneurs
They don’t initiate but follow only after they are satisfied.
fabian entrepreneurs
They are those who live on the labor of others.
drone entrepreneurs
They
are die-hard conservatives even ready to suffer the loss of business.
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
relevance of entrepreneurship to an organization
development of managerial capabilities; creation of organizations; improving standard of living; means of economic development
this means that one of the benefits
an entrepreneur gets is to develop his managerial skills
development of managerial capabilities
which means that because of entrepreneurship
many organizations will exist.
creation of organizations
this means that entrepreneurship can lift up the
economic status of an individual.
improving standard of living
this means that not only the life of the
entrepreneur is improved but also the society where the business is located.
means of economic development
two types of factors affecting entrepreneurship
personality and environmental factors
personality factors that affect entrepreneurship
initiative; proactive; problem solver; perseverance; persuasion; A planner; risk-taker
doing things even before being told.
initiative
which means he can classify opportunities and seize it.
proactive
which means he can retain good relations with other people.
problem solver
meaning he will pursue things to get done regardless of
challenges
perseverance
means that he can entice people to buy even if they don’t want to.
persuasion
he makes plans before doing things and does not fail to
monitor it.
A planner
which means that he is willing to gamble but he will calculate it
first.
risk-taker
environmental factors that affect entrepreneurship
political; climate; legal system; economic and social conditions; market situations
common competencies in entrepreneurship
decisive; communicator; leader; opportunity seeker; proactive; risk taker; innovative
an entrepreneur must be firm in making decisions.
decisive
an entrepreneur must have a convincing power.
communicator
an entrepreneur must have the charisma to be obeyed by his employees.
leader
an entrepreneur must have the ability to be the first to
see business chances.
opportunity seeker
an entrepreneur can control a situation by making things happen
or by preparing for possible future problems.
proactive
an entrepreneur has the courage to pursue business ideas.
risk taker
the entrepreneur has big business ideas and he does not stop
improving and thinking of new worthwhile ideas for his business.
innovative
core competencies in entrepreneurship
economic and dynamic activity; innovative; profit potential; risk bearing
Entrepreneurship is an economic activity
because it involves the creation and operation of an enterprise with a view to
creating value or wealth by ensuring optimum utilization of limited resources.
economic and dynamic activity
The entrepreneur constantly looks for new ideas, thus he needs
to be creative.
innovative
The entrepreneur can be compensated by his profit coming
from the operation.
profit potential
The entrepreneur needs to gamble but wise enough to offset the risk
risk bearing
career opportunities for entrepreneurship
business consultant; teacher; researcher; sales; business reporter
with the expertise of in the field of entrepreneurship,
he can be a very good source of advices to other entrepreneurs and would be
business men.
business consultant
a graduate of an entrepreneurship can use his knowledge in
teaching.
teacher
the entrepreneur can be employed as a researcher by an
enterprise.
researcher
the entrepreneurship graduate can apply as a salesman.
sales (salesman)
the entrepreneur being expert in the field, can be
employed as a
business reporter
