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101ENTREP > Lesson 1: Introduction to Entrepreneurship > Flashcards

Lesson 1: Introduction to Entrepreneurship Flashcards

1
Q

“entrepreneur” was derived from

A

the French verb enterprendre

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2
Q

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

A

entrepreneurship

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3
Q

why is entrepreneurship an economi activity

A

it involves the creation and operation of an enterprise with a view to create value or wealth by ensuring optimum utilization of limited resources

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4
Q

enterprendre means

A

to undertake

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5
Q

to those who “undertake” the risk of
enterprise.

A

entrepreneur

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6
Q

the process of an entrepreneur creating an enterprise

A

Entrepreneurship

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7
Q

entrepreneurs are

A

innovators

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8
Q

entrepreneurs are willing to

A

take on risks and generate unique ideas that can provide profitable solutions to the needs of the market and the society

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9
Q

how to categorize entrepreneurs

A

according to SIZE and CHARACTER

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10
Q

types of entrepreneurs according to size

A

megaentrepreneurs and microentrepreneurs

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11
Q

these individuals are also willing to absorb huge risks of using enormous amounts of capital in their business venture

A

megaentrepreneurs

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12
Q

Individual who have generated substantial value and profits from innovations in a very short period of time.

A

megaentrepreneurs

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13
Q

Willing to absorbs huge risk using enormous amounts of capital in their business

A

megaentrepreneurs

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14
Q

creates Rapid Economic Progress

A

megaentrepreneurs

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15
Q

huge amount of value-added

A

megaentrepreneurs

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16
Q

attracts numbers of competitors and imitators

A

megaentrepreneurs

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17
Q

they also initiate business enterprise, the value-added and profits they make are limited. their contributions are minimal and attract few competitors and imitators

A

microentrepreneurs

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18
Q

Individuals who initiates business enterprise, but value-added and profits they make are limited

A

microentrepreneurs

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19
Q

value-added and profits are limited

A

microentrepreneurs

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20
Q

contributions are minimal

A

microentrepreneurs

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21
Q

attracts few competitors and imitators

A

microentrepreneurs

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22
Q

short in funds and inadequate in skills

A

microentrepreneurs

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23
Q

cannot undertake huge capital, sophisticated technology, and extensive risks

A

microentrepreneurs

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24
Q

engage in micro and small business as an alternative to formal employment

A

microentrepreneurs

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25
Q

types of entrepreneurs according to character

A

innovative; imitating; fabian; drone; and social ENTREPRENEURS

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26
Q

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.

A

innovative entrepreneurs

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27
Q

they are those who don’t create new things but only
follow the ideas of other entrepreneurs.

A

imitating entrepreneurs

28
Q

They are skeptical about changes to be made in the
organization.

A

fabian entrepreneurs

29
Q

They don’t initiate but follow only after they are satisfied.

A

fabian entrepreneurs

30
Q

They are those who live on the labor of others.

A

drone entrepreneurs

31
Q

They
are die-hard conservatives even ready to suffer the loss of business.

A

drone entrepreneurs

32
Q
  • 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.
A

social entrepreneurs

33
Q

relevance of entrepreneurship to an organization

A

development of managerial capabilities; creation of organizations; improving standard of living; means of economic development

34
Q

this means that one of the benefits
an entrepreneur gets is to develop his managerial skills

A

development of managerial capabilities

35
Q

which means that because of entrepreneurship
many organizations will exist.

A

creation of organizations

36
Q

this means that entrepreneurship can lift up the
economic status of an individual.

A

improving standard of living

37
Q

this means that not only the life of the
entrepreneur is improved but also the society where the business is located.

A

means of economic development

38
Q

two types of factors affecting entrepreneurship

A

personality and environmental factors

39
Q

personality factors that affect entrepreneurship

A

initiative; proactive; problem solver; perseverance; persuasion; A planner; risk-taker

40
Q

doing things even before being told.

A

initiative

41
Q

which means he can classify opportunities and seize it.

A

proactive

42
Q

which means he can retain good relations with other people.

A

problem solver

43
Q

meaning he will pursue things to get done regardless of
challenges

A

perseverance

44
Q

means that he can entice people to buy even if they don’t want to.

A

persuasion

45
Q

he makes plans before doing things and does not fail to
monitor it.

A

A planner

46
Q

which means that he is willing to gamble but he will calculate it
first.

A

risk-taker

47
Q

environmental factors that affect entrepreneurship

A

political; climate; legal system; economic and social conditions; market situations

48
Q

common competencies in entrepreneurship

A

decisive; communicator; leader; opportunity seeker; proactive; risk taker; innovative

49
Q

an entrepreneur must be firm in making decisions.

A

decisive

50
Q

an entrepreneur must have a convincing power.

A

communicator

51
Q

an entrepreneur must have the charisma to be obeyed by his employees.

A

leader

52
Q

an entrepreneur must have the ability to be the first to
see business chances.

A

opportunity seeker

53
Q

an entrepreneur can control a situation by making things happen
or by preparing for possible future problems.

A

proactive

54
Q

an entrepreneur has the courage to pursue business ideas.

A

risk taker

55
Q

the entrepreneur has big business ideas and he does not stop
improving and thinking of new worthwhile ideas for his business.

A

innovative

56
Q

core competencies in entrepreneurship

A

economic and dynamic activity; innovative; profit potential; risk bearing

57
Q

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.

A

economic and dynamic activity

58
Q

The entrepreneur constantly looks for new ideas, thus he needs
to be creative.

A

innovative

59
Q

The entrepreneur can be compensated by his profit coming
from the operation.

A

profit potential

60
Q

The entrepreneur needs to gamble but wise enough to offset the risk

A

risk bearing

61
Q

career opportunities for entrepreneurship

A

business consultant; teacher; researcher; sales; business reporter

62
Q

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.

A

business consultant

63
Q

a graduate of an entrepreneurship can use his knowledge in
teaching.

A

teacher

64
Q

the entrepreneur can be employed as a researcher by an
enterprise.

A

researcher

65
Q

the entrepreneurship graduate can apply as a salesman.

A

sales (salesman)

66
Q

the entrepreneur being expert in the field, can be
employed as a

A

business reporter

101ENTREP (9 decks)

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