MIDTERMS Flashcards
review for midterms
is a form of partnership wherein individuals had the same share and liabilities in the company.
Limited partnership
developed the seven sources of opportunity seeking/screening
Peter drucker
It refers to uncertain situations and development that can increase the probability of loss or business failure.
risk
These pertain to the dangers coming from the management of resources of a business enterprise that may affect the operations.
internal risk
It is an autonomous and duly registered association of persons with a common bond of interest, who have voluntarily joined together.
cooperative
Business entity that is usually owned by multiple stockholders and operates as a separate legal entity.
cooperative
how long do corporations last?
50 years
Seven Sources of Opportunity
Seeking by Drucker (CN TIPID)
The unexpected
Industry and market disparities
Process vulnerabilities or
process needs
Incongruities
Demographic Shifts
Changes in Perception
New Knowledge
4ms of production
manpower, method, machine, and materials
An
entrepreneur must continue to look out
for any macro environmental
development happening in the market
and industry caused by socio – cultural,
political, economic, ecological, and
technological environment
Industry and market disparities
can be founded by one person only.
corporation
It is the art of observing correct practices in managing and operating a self-owned wealth-creating business enterprise by providing goods and services.
Entrepreneurship
entrepreneur is derived from what word
french, “entreprende” meaning to undertake
should apply for Municipal business permit before it operates.
Sole Proprietorship
It Pertains to idea that have the potential to be develop into a business venture
Opportunity
entrepreneural process (DDOIR)
discovery
development of concept
organizing resources
implementation
reaping returns
successful entrepreneurs with college degree
tony tan caktiong - jollibee
cecilio kwok pedro - lamoiyan
is the art of
observing correct practices in
managing and operating a selfowned wealth-creating business
enterprise by providing goods and
services
Entrepreneurship
is a person strongly
advocates and correctly practices the
concept and principles of
entrepreneurship in operating and
managing the self-owned
entrepreneurial venture
Entrepreneur
Entrepreneurial traits and
Entrepreneurial Intention
❑ Demographics
▪Personal traits
▪Psychological traits
▪Social ties
successful entrepreneurs without college degree
socorro ramos - nbs
alfredo yao - zesto
Entrepreneurial Decision-making (CCS)
Critical thinking
▪Creative thinking –
▪Strategic thinking
An individual who starts, creates, and manages new business can be called?
Entrepreneur
Entrepreneurial Traits and Creation of Value Added (REEL)
▪Level of education
▪Employment status
Entrepreneur’s wealth
▪Risk appetite
refers to thought processes that bring
about discovery of new ideas.
▪Creative thinking –
refers to the systematic and rational way
of providing an answer to a question.
Critical thinking
– involves thoughts processes that assess
a current situation, which can be useful in the formulation of
plans for the future.
▪Strategic thinking
– threats coming from various environment
outside the business firm
external risk
– pertain to dangers coming from the
management of resources of a business enterprise that
may affect the operation
internal risk
Application through practical
task oriented problem solving.
● Deciding style
Has the determination
to persevere and an
extremely strong
desire to achieve
goals and objectives
persistence
refer to uncertain situations and
development that can increase the
probability of loss or business failure
risk
CORE COMPETENCIES (TOPDF SIG IP)
Opportunity Seeking and initiative
Persistence
Fulfilling Commitments
Demand for quality and
efficiency
Taking Calculated risks
Goal - Setting
Information Seeking
Systematic Planning
and monitoring
Persuasion and
networking
Independence and
Self Confidence
Pertains to idea
that have the potential to be
develop into a business
venture
opportunity
entrepreneur prefer taking in
abstract information through reflection and enjoy
logical problem solving and theory formulation.
● Analyzing style
Takes total
responsibility for
making things happen,
and seeks autonomy
from the rules and
control of others.
independence and
Self Confidence
Learning Style and Skill Set (BADI)
Imagining style
● Analyzing style
● Deciding style
Initiating style
● Balanced style
An
entrepreneur should continue to
study and monitor the market for
any new trend, innovation and
technology.
The unexpected
entrepreneur prefer concrete
experiences and tend to use varying thinking
processes to generate multiple solutions and
ideas.
Imagining style
refer to
the set of cognitive, technical
and interpersonal skills required
in the practice of
entrepreneurship
Entrepreneurial Skills
refers to the personal
abilities to do things well. They
come from the totality of the
knowledge, practice or
experience
skills
must continue to
monitor his/her business
operations so to identify process
weak spots, then correct or
eliminate it immediately.
Process vulnerabilities or
process needs
spotting opportunities
listen to the market
feel the competition
look at the trends
always check
for any gap between what is and
what should. The best way to
look for it is thru customer
feedback by knowing customer
complaints.
Incongruities
– should
always find a way of doing
things, improving processes
and looking for new
discoveries.
new knowledge
Competitive analysis to see
what other businesses are
doing and not doing.
feel the competition
– must
aware to changes or growth in
population, income levels,
education among others that the
entrepreneur can exploit to meet
customer wants and needs.
Demographic Shifts
skills in entrepreneurship
Cognitive Skills
Problem Solving Skills
Technical Skills
Interpersonal Skills
12 rs of oppoertunity screening
relevance
resonance
reinforcements
revenues
responsiveness
reach
range
returns
relative ease of implemtentation
resources required
risks
Must pay
attention and respond to changes in
lifestyle and personal preference such
as “down – aging” where older people
dress or behave to look like younger or
“upscaling” where remodeled products
become more appealing
Changes in Perception
gathering vital information
from potential or existing
customers and determine
what they think and feel
about their experiences.
Listen to the market
theories of entrepreneurship (IKARO)
- Innovation Theory
- Keynesian Theory
- Alfred Marshall
Theory - Risk and Uncertainty-bearing Theory
Weber’s Sociological Theory
Kaldor’s Technological Theory
being
up – to – date with the
latest trends in the industry
look at the trends
● Bring value to customer
● Provides solution to a compelling
Problem
● Fully satisfy a need or want
● Must be potential cash cow
● Matches with the skills and
resources of the entrepreneur.
opportunity screening
Four
Factors of Production are
Land,
Labor, Capital and Organization
Is a generalization that explains a set of facts or
phenomena.
It can be supported by another observation or
proven to be otherwise.
thoeries
Proposed by Frank Hyneman Knight
- entrepreneur as an agent of the production process where he or she connects the producers and consumers.
- entrepreneur
must anticipate possible random events to happen while shouldering the risk at the same time
Risk and Uncertainty-Bearing Theory
Proposed by Joseph Schumpeter
- Economic development
as the product of structural change or innovation.
- Innovation is the force that will
propel change.
innovation theory
he firmly asserted that the Four
Factors of Production are: Land,
Labor, Capital and Organization.
and considered entrepreneurship
as the driving factor that brings this
factor together
Characteristics of Successful
Entrepreneur
* Thorough understanding of the
industry
* Good Leadership Skills
* Foresight of demand and supply
changes and the willingness to act
on such risky foresights.
Alfred Marshall Theory
Proposed by Jhon Maynard Keynes in
1936
- emphasis on
the role of the government in entrepreneurial and economic development, most especially when the economy was experiencing depression
keynesian theory
- Proposed by Max Weber
- Stressed the importance of culture
as the primary driving element of
entrepreneurship.
Weber’s Sociological Theory
- Proposed by Nicholas Kaldor who
considered modern technology as an
essential factor in production. - The entrepreneur is expected to keep
updated with modern technology and
find ways to apply the same in the
entrepreneurial endeavor
Kaldor’s Technological Theory
- Father of Modern management
- Defined entrepreneurship as a
discipline something that is capable of
being learned and practiced. - He viewed entrepreneurship in terms of
practice rather than as a personality.
peter f. drucker
Associated entrepreneurship with
purposeful activity and the
creation of organization.
* Those organizations would initiate,
organize and aggrandize a profitoriented business unit for the
production or distribution of
economic goods.
arthur h. cole
is the separation of tasks, which
allows an individual to be an expert in one thing in
order to improve efficiency of society.
division of labor
