Lesson 1.1 Flashcards
Economic development is brought about by an. . . ?
“Invisible Hand”
Economic development is brought about by individuals who like to create and get things done not primarily for _____ but for more _____motives.
profit , noble
How do entrepreneurs make a country rich and self-reliant? (6)
They provide the goods and essentials for a community that would not be able to provide those for themselves
The profit that entrepreneurs own helps economy growth through taxes.
Entrepreneurs provide jobs for people which help sustain their business.
Entrepreneurs who have succeeded will use that knowledge to help fellow entrepreneurs grow.
As more entrepreneurs create products for their community, the community will rely less on imports from other communities before they had those resources.
Entrepreneurships focusing on underdeveloped or rural areas help provide essentials that prevent locals from migrating to bigger cities.
What makes an entrepreneur? or who makes an entrepreneur? (4)
A person who is in a business for himself, or a person who has his own business.
Someone self-employed.
Someone who organizes their own resources to run a business or an enterprise on a long term basis.
Someone who recognizes an idea for a business and carries it out.
Our common understanding of an entrepreneur? (5)
He is the boss,
He is the business owner
The risk taker for the business
One who starts a small business
One who is resourceful?
Characteristics of an entrepreneur? (10)
- Drive
- Thinking Ability
- Human relation ability
- Ability to Communicate
- Technical Knowledge
- Reasonable risk-takers
- Self-Confident
- Goal-setter
- Accountable
- Innovative
The source of success in entrepreneurship that becomes possible when the entrepreneurship is self-motivated enough to pursue his chosen course without relenting in the face of adversity.
It is the tension that occers when a need is not met.
Characteristic of an entrepreneur - Drive
This ability of the entrepreneur involves solving problems and making decisions. A person with this ability can see through the maze of information or disinformation brought before him.
Characteristic of an entrepreneur - Thinking Ability
This ability entails that an entrepreneur must deal with several persons, he must have a good ability to deal with them.
There are also 3 types of persons who determine the survival and growth of business firms, enumerate them.
Characteristics of an Entrepreneur - Human relations ability
3 types of persons:
The Customer
The Employee
The third party with interest in the firm.
This ability makes it easier for the entrepreneur to transact business with customers, bankers and government officials.
Characteristic of an entrepreneur - Ability to Communicate
An entrepreneur must be familiar with some knowledge about how various tasks are performed.
Characteristics of an Entrepreneur - Technical Knowledge
When a person starts a new venture, they have already begun to assume the risk of business failure. Entrepreneurs however, do not assume unreasonable risks. Kibali murag ila huna hunaon gyud ang root of probable causes of business failures.
Characteristic of an entrepreneur - Reasonable Risk taker
An entrepreneur cannot achieve this unless they have sufficient confidence in themself, their undertaking, and their entrepreneurship.
Characteristic of an entrepreneur : Self-confident
These are very useful motivational tools, especially those related
to accomplishing the objectives of entrepreneurs. This
performs the following functions: What is it and what are the functions it performs? (4)
Characteristic of an Entrepreneur: Goal setter;
It directs one’s attention to a specific target
It encouragesone to exert effort toward achieving something specific
It encourages persistence
It fosters the creation of strategies and action plans
The success of the entrepreneur depends on how much the subordinates want to comply with the orders of the entrepreneur. Compliance from subordinates is only expected if the entrepreneur takes responsibility for whatever happens to the firm.
Characteristic of an Entrepreneur - Accountable
