Module 1 Flashcards
It’s a proactive process of developing a business venture to make a profit.
It involves seeking opportunities for a market, establishing or operating a business out of opportunity, and assessing its risks and rewards through close monitoring of the operations.
Entrepreneurship
Social and economic benefits of entrepreneurship:
- Produces more jobs equating to an increase in national income
- Amplifies economic activities of different sectors of society
- Introduces new and innovative products and services
- Improves people’s living standards
- Disperses the economic power and creates equality
- Controls the local wealth and balances regional development
- Reduces social conflicts and political unrest
- Elicits economic independence and capital formation
A unique individual who has the innate ability and extraordinary dedication to establish and manage a business, acknowledging all the risks and reaping its rewards.
They innovate, execute their big ideas, and rarely procrastinates. The word came from the French words entre (between) and prendre (to take)
Entrepreneur
The first level of entrepreneurial development.
They want to do things on their own.
The self-employed
The second level of entrepreneurial development.
They feel the need to step up and ask some help from people around them.
The manager
The third level of entrepreneurial development.
They enjoy seeing people flourish, stepping up, and producing great results with minimal supervision.
The leader
The fourth level of entrepreneurial development.
They look for more opportunities for their business to grow.
The investor
The fifth and last level of entrepreneurial development
They are fully learned, and continue to practice four-step process of thinking.
The true entrepreneur
The first step process of thinking.
The dream and desire to build and ideal environment
Idealization
The second step process of thinking.
Create plans to make the dream a reality
Visualization
The third step of process of thinking.
Sharing ideas with other people
Verbalization
The fourth and last step of process of thinking
The vision becomes a reality
Materialization
One of the common traits in entrepreneurship.
Address issues, problems, and challenges before they come
Proactive
One of the common traits in entrepreneurship.
See opportunities in hopeless and complex situation
Agents of change
One of the common traits in entrepreneurship.
Grab opportunities left and right
Risk takers
