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Lesson 2 Flashcards

1
Q

ENTREPRENEURSHIP VIEWS
Two ways of thinking about entrepreneurship

A

• Predictive approach
• Creation approach

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2
Q

considers entrepreneurship as a linear process where there are steps to do and the results are usually predictable

A

PREDICTIVE APPROACH

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3
Q

able to foretold or declared in advance

A

PREDICTIVE APPROACH

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4
Q

sees entrepreneurship as a mindset and a method that needs practice and use only when the future is unpredictable and not certain

A

CREATION (creative) APPROACH

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5
Q

the ability to come up with new ideas

A

CREATION (creative) APPROACH

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6
Q

Owners of Habi Business

A

Janine Chiong
Paola Savillo
Bernadee Uy

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7
Q

1987 Philippine Constitution identifies entrepreneurship as what?

A

instrument of economic growth

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8
Q

identifies entrepreneurship as an instrument of economic growth

A

1987 Philippine Constitution

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9
Q

It outlines the principles and policies governing the national economy and patrimony of the Philippines.

A

Article XII, Section 1 of the Constitution

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10
Q

supervises the government objective of economic development & job formation has been placed

A

Philippine Development Plan (PDP)

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11
Q

an agency is an advocate of entrepreneurship which formed the Philippine Center for Entrepreneurship (PCE)

A

Philippine Chamber of Commerce and Industry (PCCI)

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12
Q

PCE stands as….

A

Philippine Center for Entrepreneurship

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13
Q

PCE created this

A

“Go Negosyo Communities”

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14
Q

SKILLS IMPORTANT IN ENTREPRENEURSHIP

A
  1. The Skill to Play
  2. The Skill Experimentation
  3. The Skill of Empathy
  4. The Skill Creativity
  5. The skill of Reflection
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15
Q
  • an entrepreneur usually allows his imagination to explore, expose his mind to a treasure of opportunities and potential and is very innovative.
A

The skill to play

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16
Q
  • it is a skill to call for entrepreneurs to act so as to learn, in other words “acting to learn”.l
A

The Skill of Experimentation

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17
Q
  • this means being sympathetic/supportive with the feeling, situation, purposes, opinions and wants of other people
A

The Skill of Empathy

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18
Q
  • this means being open-minded and letting loose one’s ability to create, discover opportunities and resolve problems
A

The Skill of Creativity

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19
Q
  • this skill, organizes all four skills mentioned a while ago. By taking time to reflect is the most vital skill of all skills
A

The Skill of Reflection

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20
Q

THE TRUTHS ABOUT ENTREPRENEURSHIP

A
  1. Entrepreneurship is Not Solely for Startups
  2. Entrepreneurs Do Not Have Exceptional Personality Qualities
  3. Entrepreneurship can be Taught Yet Entails Practice
  4. Entrepreneurs are Not So Much Risk-Takers
    5.
    Entrepreneurs Work in Partnership More than They Compete
  5. Entrepreneurs are More on Doing than Planning
    7.
    Entrepreneurship is Truly a Life Skills
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21
Q

7 TYPES OF ENTREPRENEURSHIP

A
  1. INTRAPRENEURSHIP
  2. ENTREPRENEUR INSIDE
  3. BUYING A FRANCHISE
  4. BUYING A SMALL BUSINESS
  5. SOCIAL ENTREPRENEURSHIP
  6. FAMILY BUSINESS
  7. SERIAL ENTREPRENEURS
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22
Q

Refers to encouraging people to discover high-risk, high-reward concepts with the support of a big corporate organization.

A

INTRAPRENEURSHIP

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23
Q

refers to entrepreneurs that function inside any type of organization such as government agencies, non-profit organizations, religious entities, self-employed and even cooperatives, whether they are big or small.

A

ENTREPRENEUR INSIDE

24
Q

a franchise is a type of license brought by an entrepreneur as the franchisee from the existing branded Business (franchisor) so that they may do business under the name of the said brand.

A

BUYING A FRANCHISE

25
Q

refers to an entrepreneur who buys out the existing owner and takes the management and operation of the small business.

A

BUYING A SMALL BUSINESS

26
Q

refers to entrepreneurs pursuing innovative applications that have the likelihood of solving community-based problems.

A

SOCIAL ENTREPRENEURSHIP

27
Q

owned and managed by members of the family that is usually handed down from generation to generation.

A

FAMILY BUSINESS

28
Q

an entrepreneur who constantly crops up with fresh ideas and starts a new business.

A

SERIAL ENTREPRENEURS

29
Q

is a systematic way of doing a task

30
Q

is a sequence of steps to take to attain something

31
Q
  • when there are steps that could lead to a successful business.
  • focuses on planning and making forecasts
A

Entrepreneurship as a process

32
Q
  • when it describes a logic of thinking that is usually used by some of the most successful entrepreneurs to form their venture.
  • focuses on planning and making forecasts
A

Entrepreneurship as a method

33
Q

5 PRINCIPLES OF EFFECTUAL ENTREPRENEURSHIP METHOD

A
  1. Birds in Hand
  2. Affordable Loss
  3. Crazy Quilt
  4. Lemonade
  5. Pilot in the Plane
34
Q

The idea in entrepreneurship that the future is unpredictable yet controllable.

A

EFFECTUATION

35
Q

creating solutions using the resources available at the disposal of entrepreneurs instead of having goals in mind.

A

Birds in Hand

36
Q

only investing much that an entrepreneur is willing and can afford to loss

A

Affordable Loss

37
Q

to leveraging partnerships and collaborations with a diverse network of stakeholders

A

Crazy Quilt

38
Q

turn challenges into opportunities

39
Q

believes that the future is really something that needs to be controlled and not try to predict

A

Pilot in the Plane

40
Q

Identify if it is MANAGERIAL THINKING or ENTREPRENEURSHIP THINKING

uses information and data as a basis for decision-making

A

MANAGERIAL THINKING

41
Q

Identify if it is MANAGERIAL THINKING or ENTREPRENEURSHIP THINKING

use primarily by big and well-established companies, where goals are planned, problem are transparent and information is reliable and reachable.

A

MANAGERIAL THINKING

42
Q

Identify if it is MANAGERIAL THINKING or ENTREPRENEURSHIP THINKING

the ability to identify opportunities in the market place and discover the most fitting ways and time to take advantage of them

A

ENTREPRENEURIAL THINKING

43
Q

Identify if it is MANAGERIAL THINKING or ENTREPRENEURSHIP THINKING

the ability to discover and pursue the problem-solution fits

A

ENTREPRENEURIAL THINKING

44
Q

Identify if it is MANAGERIAL THINKING or ENTREPRENEURSHIP THINKING

Manage and mitigate risk

A

MANAGERIAL THINKING

45
Q

Identify if it is MANAGERIAL THINKING or ENTREPRENEURSHIP THINKING

Safeguard inventions & insights

A

MANAGERIAL THINKING

46
Q

Identify if it is MANAGERIAL THINKING or ENTREPRENEURSHIP THINKING

Avoid failing

A

MANAGERIAL THINKING

47
Q

Identify if it is MANAGERIAL THINKING or ENTREPRENEURSHIP THINKING

Work within the confines of the current environment

A

MANAGERIAL THINKING

48
Q

Identify if it is MANAGERIAL THINKING or ENTREPRENEURSHIP THINKING

Increase the bottom line

A

MANAGERIAL THINKING

49
Q

Identify if it is MANAGERIAL THINKING or ENTREPRENEURSHIP THINKING

Evaluate and embrace risk

A

ENTREPRENEURIAL THINKING

50
Q

Identify if it is MANAGERIAL THINKING or ENTREPRENEURSHIP THINKING

Exchange ideas and share learnings

A

ENTREPRENEURIAL THINKING

51
Q

Identify if it is MANAGERIAL THINKING or ENTREPRENEURSHIP THINKING

Fail fast and try again

A

ENTREPRENEURIAL THINKING

52
Q

Identify if it is MANAGERIAL THINKING or ENTREPRENEURSHIP THINKING

Think in terms of possibilities

A

ENTREPRENEURIAL THINKING

53
Q

Identify if it is MANAGERIAL THINKING or ENTREPRENEURSHIP THINKING

Create value and make a difference

A

ENTREPRENEURIAL THINKING

54
Q

is usually linked with repetition and of course experience

55
Q

a significant event in once life.
an action or event marking a significant change or stage in development.

A

MILESTONES

56
Q

His book entitled “In Outliers: The Story of Success”, claims that successful performers spent 10,000 hours in practicing their craft.

A

Malcolm Gladwell

57
Q

Malcolm Gladwell book entitled _____________, claims that successful performers spent 10,000

hours in practicing their craft.

A

In Outliers: The Story of Success

(3) Entrepreneurship (2 decks)

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