Lesson 1 Overview and Concepts Flashcards
A person who creates unique ideas that will be useful for starting a business.
Entrepreneur
The science of converting processed ideas into a remarkable business venture.
Entrepeneurship
Are considered as the capability, capacity and ability of the learner in handling situations in various areas in business operations such as in marketing, management, production, and finance.
Competencies
Entrepreneurship Common Competencies
- Specific Goal Setting
- Self-Efficacy
- Need for Achievement
- Ambition
- Willingness to Learn
- Adaptability and Flexibility
- Willingness to Take Risk
- Interpersonal Skills
Competencies For Entrepreneurial Success
Integrity
Conceptual Thinking
Strategic Thinking
Decisiveness
Customer Relations Service
An entrepreneur knows what is good and right. Do what is best for everyone and do not act without thinking.
Integrity
Review outcome projects in order to understand where problems occurred. Check the impact of the proposed solution to both customers and employees.
Conceptual Thinking
An entrepreneur finds ways to do things faster or at less costs.
Strategic Thinking
An entrepreneur switches to an alternative strategy to reach a goal. It generates new ideas and innovative solutions.
Decisiveness
A good entrepreneur knows what his or her customer needs in order to satisfy them and have a long term relationship.
Customer Relations Service
Other Competencies
Risk-taking
Collaboration
Commercial Aptitude
Optimism
People-centered
Difference Between Businessman and Entrepreneur
A businessman starts the business with an existing idea or concept, while an entrepreneur starts the business from his own idea or concept.
