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ENTREP > LG 1 & 2 > Flashcards

LG 1 & 2 Flashcards

1
Q

FUNDAMENTAL CORE COMPETENCIES AND SKILLS

A
  1. Cognitive skills
  2. Technical skills
  3. Interpersonal skills
  4. Problem-Solving skills
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2
Q

a business or enterprise that embrace and practice the principles of entrepreneurship.

A

Small Business

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3
Q

5 characteristics of entrepreneurship?

A
  1. It is an art of proper conduct.
  2. It is an enterprise that produces wealth.
  3. Additionally, it offers useful products and services.
  4. It involves starting and running a self-owned business.
  5. It involves taking risks.
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4
Q

Consists of Opportunity seeker, Committed, Persistent, Risk-taker, Efficient, and Quality-oriented

A

Achievement Cluster

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5
Q

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.

A

Cognitive Skills

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6
Q

Learning Alertness Theory

A

Israel Kirzsner

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7
Q

a concept in entrepreneurship that describes how individuals can become more aware of opportunities and changes in the market

A

Learning Alertness Theory

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8
Q

a theory that states that entrepreneurship is based on innovation and that entrepreneurs are the driving force behind economic development

A

Innovation Theory

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9
Q

He based on his belief that entrepreneurs are a key factor in the growth and dynamics of economies

A

Alfred Marshall Theory (Land, Labor, Capital and Organization)

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10
Q

the french word that “Entrepreneur” comes from and it’s meaning

A

entreprendre - undertake

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11
Q

ENTREPRENEURIAL CHARACTER TRAITS

A

Achievement Cluster,
Planning Cluster,
Power Cluster

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12
Q

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.

A

Interpersonal skills

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13
Q

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

A

Problem-Solving skills

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14
Q

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)

A

CORPORATE ENTREPRENEURSHIP

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15
Q

MYTHS REGARDING ENTREPRENEURSHIP

A
  1. Entrepreneurship applies only to manufacturing businesses.
  2. Entrepreneurship applies only to small businesses.
  3. Entrepreneurship applies only to persons with good educational background and a graduate in business courses.
  4. Entrepreneurship applies only to a good economy.
  5. Entrepreneurship is simply opening a small business.
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16
Q

a business managed by an owner who is not a proponent and does not practice the concepts and principles of entrepreneurship.

A

Ordinary Business

17
Q

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.

A

Entreprenuership

18
Q

Consists of Persuasive, Positive Net-worker, and Self-confident

A

Power Cluster

19
Q

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.

A

Technical Skills

20
Q

Innovation Theory

A

Joseph Schumpeter

21
Q

Keynesian Theory

A

John Maynard Kaynes

22
Q

a theory that entrepreneurs are rewarded for taking on risks and uncertainties in business.

A

Risk and Uncertainty bearing Theory

23
Q

a person who advocates and practices the concepts and principles of entrepreneurship in operating and managing the self-owned business venture.

A

Entrepreneur

24
Q

a theory of economics that includes ideas about entrepreneurship and the role of government in the economy

A

Keynesian Theory

25
Q

5 FEATURES IN ENTREPRENEURSHIP

A
  1. Entrepreneurship is a practice of professional ethics.
  2. Entrepreneurship is a wealth-creating venture
  3. Entrepreneurship produces high-quality products and services.
  4. Opening and managing a self-owned enterprise is part of Entrepreneurship.
  5. Entrepreneurship is a risk-taking endeavor.
26
Q

Risk and Uncertainty bearing Theory

A

Frank Hyneman Knights

27
Q

Consists of Goal setter, Information-seeker, and Systematic in planning and monitoring

A

Planning Cluster

28
Q

fundamental quality of a person that contributed to his or her successful or exceptional performance in a job.

A

Competence

29
Q

is defined as the capabilities, knowledge, skills, and resources that constitute its “defining strength.”

A

Company’s core competency

30
Q

an advantageous position an organization seeks to surpass its rivals in terms of profit.

A

A competitive edge

31
Q

skill identified with the energy and focus needed to bring a business into existence

A

Determination Competencies

32
Q

skills necessary to identify and exploit elements of the business environment that can lead to a profitable and sustainable business

A

Opportunities competencies

33
Q
A
34
Q

The interpersonal skills of an entrepreneur

A

a. skills in verbal communication
b. skills in non-verbal communication
c. skills in listening
d. skills in leading, and
e. skills in negotiating.

35
Q

The cognitive skills of an entrepreneur

A
  1. Ability to understand written materials
  2. Ability to learn and apply new information
  3. Ability to solve problems systematically
  4. Ability to create new ideas
  5. Ability to innovate new products and procedures or methods

ENTREP (3 decks)

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