Module 1 Flashcards
What is Entrepreneurship?
Involves seeking opportunities for a market, establishing and operating a business out of the opportunity.
A proactive process of developing a business venture to make a profit.
Assess close monitoring of the operations (its risk reward through close monitoring of the operations)
What does entre means?
Between
What does Prendre mean?
lay hold of, seize, grasp, snatch, take, catch.
Who is the entrepreneur?
The individual who has the innate ability. Has Extraordinary dedication to establish and manage a business. Acknowledging all the risks and reaping the rewards.
what are the 5 levels of entrepreneurial process?
Self-employed manager Leader Investor True Entrepreneur
What is self-employed?
They do not want to conform to a fixed working schedule. Persons who are not comfortable with the routines of a desk job.
They want to do things their own way and start to feel agitated when controlled by the powers-that-be.
What is a Manager?
Entrepreneurs may get frustrated because the business does not go as planned and some potential problems arise from how employees operate.
What is Leader?
They are already recognized key leaders in their org. Entrepreneurs at this stage now focus on the big picture and strategic direction of their business rather than in generating sales and operating the business.
What is investor?
They may either purchase one or two businesses that can potentially add value to the company or sell their established business ( as a franchise) to potential entrepreneurs.
They will delegate a suitable manager for such operations and will act as directors.
What are true entrepreneurs?
Based on their experience, now aim for quality and excellence in their work.
IDEALIZATION process of true entrepreneur:
Entrepreneurs dream enormously and desire to build an ideal environment.
VISUALIZATION process of true entrepreneur:
Entrepreneurs dream enormously and desire to build an ideal environment.
VERBALIZATION process of true entrepreneur:
Their ideas with other people knowing their vision is already occurring
MATERIALIZATION process of true entrepreneur?
Happens when vision become reality. In this stage, true entrepreneurs now have an income that keeps on multiplying even if they do not put much effort.
