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
This may be the onoly way the entrepreneur can achieve the following:
Penetrate the market
Improve employee turnover
Reduce manufacturing cost
Improve collection rate
Characteristics of an Entrepreneur - Innovative
An innovative entrepreneur can achieve what?
Penetrate the market
Improve employee turnover
Reduce manufacturing cost
Improve collection rate
The three masteries for an entrepreneur
Mastery of Self
Mastery of Opportunity
Mastery of the Enterprise
Anatomy of the Entrepreneur
The entrepreneurial mind frame
The entrepreneurial heart flame
The entrepreneurial gut game
Compelling reasons why we need entrepreneurs (4)
- 90% of the world’s jobs are created by entrepreneurs
- Source of new products and innovation
- In third world counties, entrepreneurs keep the economy alive
- it’s the entrepreneur, no the central bank that keep the economy moving
True or False: 90% of the world’s jobs are created by entrepreneurs
True
True or false: Entrepreneurs are source of poor products
False. entrepreneurs are source of new products and innovation
True or false: The central bank keeps the economy moving
False, the entrepreneurs, not the central bank, keep the economy moving.
It is the process of initiating a business venture, preparing all the necessary components and predicting the possible risks and rewards of starting the venture
Entrepreneurship
Origin of the word Entrepreneurship?
Entreprende
Entreprende is a french word which means what?
An undertaker, to undertake
What is entrepreneurship about? (2)
- New products,
- business ideas
- Products
-processes
- Entrepreneurship
- a mindset
- a forever innovating mindset
Small business is a dynamic part of today’s economy for what reasons? (5)
- Economic changes
- Globalization
- Increased competition
- Advancing technology
- New market niches
Forms of Entrepreurship (2)
Social Entrepreneurship
Business Entrepreneurship
This type of entrepreneurship involves a social mission.
For profit and/or entrepreneurial processes. It is a search for aproaches to move poor people out of poverty beyond welfare-based safety nets.
- No charities
- Sustainabiliy
- Profits for non-profits.
Social Entrepreneurship
“Social entrepreneurship is any creative and innovative solution applied to solve social problems.” Who said this?
Mohammad Yunus, 2007
An example of a social entrepreneur: He became the founder and chief shoegiver of TMOS shoes, using some of his own money to fund his company. TOMS pledged to donate one pair for every pair sold. It expanded later towards supporting water, sight, birth and anti-bullying initiatives.
Blake Mycoskie
One of the most-awarded and influential social entrepreneurs in the Philippines.
CO founder of Intentionality Inc. The company behind R2R (Rags2Riches).
Therese Clarence Fernandez-Ruiz
It is a type of entrepreneurship with a business for profit. It is about the study of corporate systems and staffing to keep a corporation competitive, innovative and profitable.
Business Entrepreneurship
Types of Entrepreneurship
The Entrepreneur
The Intrapreneur
Is someone who sees a new opportunity for a product and tries to launch it for themselves, they mostly start off as a small business.
The entrepreneur
Someone who already works in an existing company and still finds opportunities for a product or service and uses the organization to bring it into fruition
The intrapreneur
He is a 3M scientist who was researching adhesives in the lab when he discovered the material for post-its.
Dr. Spencer Silver