LG 1 & 2 Flashcards
FUNDAMENTAL CORE COMPETENCIES AND SKILLS
- Cognitive skills
- Technical skills
- Interpersonal skills
- Problem-Solving skills
a business or enterprise that embrace and practice the principles of entrepreneurship.
Small Business
5 characteristics of entrepreneurship?
- It is an art of proper conduct.
- It is an enterprise that produces wealth.
- Additionally, it offers useful products and services.
- It involves starting and running a self-owned business.
- It involves taking risks.
Consists of Opportunity seeker, Committed, Persistent, Risk-taker, Efficient, and Quality-oriented
Achievement Cluster
This includes the ability to understand written materials, the ability to learn and apply new information, the ability to create new ideas, the ability to innovate new products and procedures or methods, as well as the ability to solve problems systematically.
Cognitive Skills
Learning Alertness Theory
Israel Kirzsner
a concept in entrepreneurship that describes how individuals can become more aware of opportunities and changes in the market
Learning Alertness Theory
a theory that states that entrepreneurship is based on innovation and that entrepreneurs are the driving force behind economic development
Innovation Theory
He based on his belief that entrepreneurs are a key factor in the growth and dynamics of economies
Alfred Marshall Theory (Land, Labor, Capital and Organization)
the french word that “Entrepreneur” comes from and it’s meaning
entreprendre - undertake
ENTREPRENEURIAL CHARACTER TRAITS
Achievement Cluster,
Planning Cluster,
Power Cluster
are referred to the entrepreneur’s relationship and engagement with coworkers, suppliers, creditors, and other members of the business community which include verbal and nonverbal communication, listening, leading, and negotiating. The qualities mentioned may be acquired from various social activities.
Interpersonal skills
An entrepreneur’s life is full of problems as he or she oversees the day-to-day operations of the company. These issues can be large or minor, common or exceptional, and recurring or non-recurring
Problem-Solving skills
process that goes on inside an existing business venture and may lead to new ones and the development of new products and services. (ex. franchising)
CORPORATE ENTREPRENEURSHIP
MYTHS REGARDING ENTREPRENEURSHIP
- Entrepreneurship applies only to manufacturing businesses.
- Entrepreneurship applies only to small businesses.
- Entrepreneurship applies only to persons with good educational background and a graduate in business courses.
- Entrepreneurship applies only to a good economy.
- Entrepreneurship is simply opening a small business.
a business managed by an owner who is not a proponent and does not practice the concepts and principles of entrepreneurship.
Ordinary Business
It 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 customer.
Entreprenuership
Consists of Persuasive, Positive Net-worker, and Self-confident
Power Cluster
It pertains to knowledge and competency in a particular sector or other relevant technical domains. Examples are information technology, feasibility study and business plan development, technical writing skills, marketing, management, and finance skills.
Technical Skills
Innovation Theory
Joseph Schumpeter
Keynesian Theory
John Maynard Kaynes
a theory that entrepreneurs are rewarded for taking on risks and uncertainties in business.
Risk and Uncertainty bearing Theory
a person who advocates and practices the concepts and principles of entrepreneurship in operating and managing the self-owned business venture.
Entrepreneur
a theory of economics that includes ideas about entrepreneurship and the role of government in the economy
Keynesian Theory
