Lesson 1: Perspective in Entrepreneurship Flashcards
is the art of observing correct practices in managing and operating a self-owned, wealth-creating business enterprise by providing goods and services that are valuable to the customers.
Entrepreneurship
refers to a person
who strongly advocates and
correctly practices the
concepts and principles of
entrepreneurship in operating
and managing the self-owned
entrepreneurial venture
Entrepreneur
What is entrepreneurship and how is it defined in terms of managing and operating a self-owned business enterprise that provides valuable goods and services to customers?
Good Job!
is a generalization that
explains a set of facts or
phenomena. It is not an
absolute truth. It can be
supported by another
observation or proven to be otherwise.
Theory
The theory of Joseph Schumpeter considers innovation as the primary factor affecting development
Innovation Theory
What are the 5 Innovation factors in Innovation Theory?
- New product
- New production method
- New market
- New supplier
- New industry structure
The theory of John Maynard Keynes attributes economic growth, especially during depression, to the government.
Keynesian Theory
results to scare of money and high number of unemployed
Depression
The theory of Frank Hyneman Knight states that an entrepreneur faces the risk of uncertainty in the process of connecting the supplier and the buyer.
Risk and Uncertainty-bearing Theory
The theory generalizes that the organization plays the most significant role among the different factors of production.
The Alfred Marshall Theory
The theory of Weber asserts that social cultures have significant
contributions to entrepreneurship
Weber’s Sociological Theory
The theory of Kaldor gives importance to the advancement of technology as an element of production.
Kaldor’s Technological Theory
The theory of Leibenstein’s advocates that
Entrepreneurship fills the gap in any economic activity.
Leibenstein’s Gap-Filling Theory
What are the three factors found in Leibenstein’s Gap-Filling Theory?
Recognize the trends in the market
Develop new goods or processes in demands but not in supply.
Determining profitable activities.
The theory of Kirzner’s focuses on learning and alertness as the primary attributes of entrepreneurship.
Kirzner’s Learning-alertness Theory
The theory of Kirzner’s focuses on learning and alertness as the primary attributes of entrepreneurship.
Kirzner’s Learning-alertness Theory
Entrepreneurship and the activities of ordinary small business differ in the following areas:
- Motive in opening a business
- Perception of risk in the business
- Reactions to changes in the environment
- View on competition
- Vision for development and growth
- Horizon of business operation
- Sources of business funds
Give 3 contributions of Entrepreneurship to Filipino People
It provides guidelines in their wealth creating ventures
It helps improve their financial and social life.
It helps broaden their creativity.
It helps make their lives happy, fruitful and successful.
Give 3 contributions of Entrepreneurship to Local Communities
It provides employment in the community.
It creates new demand in the market.
It makes substantial contribution to the raising and collection of taxes.
It facilitates the movement of the factors of production.
It creates new business
opportunities.
It promotes a peaceful and
loving community.
It increases constructive
competition.
Give 3 contributions of Entrepreneurship to the Philippine Economy
It encourages competitiveness and thereby challenges entrepreneurs to keep improving their products and
services.
It helps find an entrepreneurial niche in the world market.
It helps hasten economic recovery process in the Philippines during financial turmoil or crackdown.
It facilitates the smooth flow of money in the local market.
It assists the national government in its desire to have favorable economic ratings in the world market.
What are the 5 sources of Entrepreneurial Ideas?
- Changes in the environment
- Technological discovery and advancement
- Government’s thrust, programs and policies
- People’s interest
- Past experiences
