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Entrepreneurial Minds > Module 1 > Flashcards

Module 1 Flashcards

1
Q

claims that entrepreneurship is multi-dimensional

A

Blackburn (2011)

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2
Q

Entrepreneurship involves analyzing people and their actions together with the ways in which they interact with their environments, be these social, economic, or political, and the institutional, policy, and legal frameworks that help define and legitimize human activities.

A

Blackburn (2011)

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3
Q

associated entrepreneurs with “risk-bearing” activity in the economy

A

Irish-French economist Richard Cantillon

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4
Q

Assumes that entrepreneurs are agents who buys means of production at certain prices in order to combine them into a product that he is going to sell at prices that are uncertain at the moment at which he commits himself to his costs

A

Irish-French economist Richard Cantillon

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5
Q

emphasized the entrepreneur’s function of taking risks and bearing the uncertainties

A

Irish-French economist Richard Cantillon

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6
Q

says that “The entrepreneur is the economic agent who unites all means of production, the labor force of the one and the capital or the land of the others and who finds in the value of products his results from their employment reconstitution of the entire capital that he utilizes and the value of the wages, the interest and the rent which he pays as well as profits belonging to himself.”

A

economist Jean-Baptiste

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7
Q

further contends that an entrepreneur is someone who sifts economic resources out of an area of lower productivity into an area of higher productivity and greater yield

A

economist Jean-Baptiste

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8
Q

defines entrepreneur as an individual who carries out new combines of means of production by which there occurs disequilbrium

A

Joseph Schumpeter

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9
Q

he says that entrepreneurs as especially talented and motivated class of people are key individuals in development

A

Joseph Schumpeter

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10
Q

According to him, entrepreneur is basically an innovator and innovator is one who introduces new combinations

A

Joseph Schumpeter

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11
Q

one who introduces new combinations

A

innovator

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12
Q

According to him, entrepreneurship is the pursuit of opportunity beyond resources controlled.

A

Harvard Business School professor Howard Stevenson

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13
Q

one who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalize on them

A

entrepreneur (Zimmer & Scarborough, 2008)

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14
Q

one who organizes, manages, and assumes the risks of a business or enterprise

A

entrepreneur

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15
Q

can be defined as a field of business that seeks to understand how opportunities to create something new arise and are discovered or created by specific persons, who then use various means to exploit or develop them, thus producing a wide range of effects

A

entrepreneurship (Baron, Shane, & Reuber, 2009)

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16
Q

it is the process of pursuing opportunities without limitation by resources currently in hand

A

entrepreneurship (Brooks)

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17
Q

the process of doing something new and something different for the purpose of creating wealth for the individual and adding value to society

A

entrepreneurship (Kao, 1993)

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18
Q

Who said that entrepreneurship is a dynamic process of vision, change and creation. It requires an application of energy and passion towards the creation and implementation of new value-adding ideas and creative solutions. Essential ingredients include the willingness to take calculated risks in terms of time, equity or career; the ability to formulate an effective venture team; the creative skill to marshal needed resources; and, finally, the vision to recognize opportunity where others see chaos, contradiction and confusion?

A

Frederick, Kuratko, O’Connor

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19
Q

working definition of entrepreneurship

A

Entrepreneurship is the process of creating something new of value while assuming the risks.

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20
Q

denotes that a procedure has several steps or stages to be taken

A

process

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21
Q

Simply put, this is innovation.

A

creating something new

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22
Q

refers to the worth attributed to something

A

value

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23
Q

Those who practice entrepreneurship must be willing to bear the risks involved with every venture. They must have a certain degree of tolerance for uncertainty.

A

assuming the risks

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24
Q

more than just an economic term but a way of thinking

A

entrepreneurship

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25
Q

not always about starting a business venture

A

entrepreneurship

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26
Q

employees and people within organizations that engage in entrepreneurship

A

corporate entrepreneurship (in the US), entrepreneurial employee activity (Bosma, Wennekers, Guerrero, Amoros, Martiarena, Singer)

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27
Q

entrepreneurship within organizations

A

intrapreneurship

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28
Q

procure the finished products from the manufacturers and sell these to the customers directly or through a
retailer

A

trading entrepreneur

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29
Q

serve as the middlemen as wholesalers, dealers, and retailers between the manufacturers and customers

A

trading entrepreneur

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30
Q

undertakes the trading activities

A

trading entrepreneur

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31
Q

manufacture products

A

manufacturing entrepreneur

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32
Q

identify the needs of the customers and then explore the resources and technology to be used to manufacture the products to satisfy the customers’ needs

A

manufacturing entrepreneur

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33
Q

convert raw materials into finished products

A

manufacturing entrepreneurs

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34
Q

entrepreneurs who take agricultural pursuits

A

agricultural entrepreneur

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35
Q

they cover a wide spectrum of agricultural activities like cultivation, marketing of agricultural produce, irrigation, mechanization, and technology

A

agricultural entrepreneur

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36
Q

entrepreneurs who establish and run science and technology-based industries

A

technical entrepreneur

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37
Q

entrepreneurs who make use of science and technology in their enterprises

A

technical entrepreneur

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38
Q

they use new and innovative methods of production in their enterprises

A

technical entrepreneur

39
Q

entrepreneurs who are not technical entrepreneurs

A

non-technical entrepreneur

40
Q

their forte of enterprises is not science and technology

A

non-technical entrepreneur

41
Q

they are concerned with the use of alternative and imitative methods of marketing and distribution strategies to make their business survive and thrive in the competitive market

A

non-technical entrepreneur

42
Q

Who is the founder of Alibaba and what is his college degree?

A

Jack Ma, degree in English

43
Q

one who as an individual sets up a business enterprise

A

private entrepreneur

44
Q

he/she is the sole owner of the enterprise and bears the entire risk involved in it

A

private entrepreneur

45
Q

when the trading or industrial venture is undertaken by the State or the Government

A

State entrepreneur

46
Q

when a private entrepreneur and the government jointly runs a business enterprise

A

joint entrepreneur

47
Q

an entrepreneur who has made investment in plant and machinery up to Php 15M

A

small-scale entrepreneur

48
Q

entrepreneur who has made investment in plant and amchinery above Php 15M to Php 100M

A

medium-scale entrepreneur

49
Q

entrepreneur who has made investment in plant and machinery more than Php 100M

A

large-scale entrepreneur

50
Q

range of investment of small-scale entrepreneur

A

up to Php 15M

51
Q

range of investment of medium-scale entrepreneur

A

Php 15M to Php 100M

52
Q

range of investment of large-scale entrepreneur

A

more than Php 100M

53
Q

classified entrepreneurs in the manner that at the initial stage of economic development, entrepreneurs have less initiative and drive and as economic development proceeds, they become more innovating and enthusiastic

A

Clarence Danhof

54
Q

Clarence Danhof’s study and year

A

study of the American Agriculture, 1949

55
Q

one who introduce new goods, inaugurate new method of production, discover new market and re-organize the enterprise

A

innovating entrepreneurs

56
Q

this entrepreneur can only work when a certain level of development is already achieved and people look forward to change and improvement

A

innovating entrepreneurs

57
Q

characterized by readiness to adopt successful innovations inspired by innovating entrepreneurs

A

imitative entrepreneurs

58
Q

do not innovate the changes themselves they only imitate techniques and technology innovated by others

A

imitative entrepreneurs

59
Q

particularly suitable for the underdeveloped regions for bringing a mushroom drive of imitation of new combinations of factors of production already available in developed regions

A

imitative entrepreneurs

60
Q

characterized by very great caution and skepticism in experimenting any change in their enterprises

A

Fabian entrepreneurs

61
Q

imitate only when it becomes perfectly clear that failure to do so would result in a loss of the relative position in the enterprise

A

Fabian entrepreneurs

62
Q

characterized by a refusal to adopt opportunities to make changes in production formulae even at the cost of severely reduced returns relative to other like producers

A

drone entrepreneurs

63
Q

Such entrepreneurs may even suffer from losses but they are not ready to make changes in their existing production methods

A

drone entrepreneurs

64
Q

laggards as they continue to operate in their traditional way and resist changes

A

drone entrepreneurs

65
Q

Entrepreneurs based on Type of Business

A

trading, manufacturing, agricultural

66
Q

Entrepreneurs based on the Use of Technology

A

technical, non-technical

67
Q

Entrepreneurs based on Ownership

A

private, state, joint

68
Q

Entrepreneurs based on Size of Enterprise

A

small-scale, medium-scale, large-scale

69
Q

Entrepreneurs based on Clarence Danhof Classification

A

innovating, imitative, Fabian, drone

70
Q

entered the publishing and retail industry by working as a salesgirl at a bookstore

A

Socorro Ramos

71
Q

What was Socorro Ramos’ enterprise?

A

National Book Store

72
Q

believes in the time-honored tradition of “hands-on approach” in business

A

Socorro Ramos

73
Q

Socorro Ramos’s starting capital

A

Php 200

74
Q

What is Tony Tan Caktiong’s enterprise?

A

Jollibee

75
Q

used to operate an ice cream parlor, before converting it into a fast food restaurant

A

Tony Tan Caktiong

76
Q

What was Tony Tan Caktiong’s starting capital?

A

Php 350,000

77
Q

What is Edgar Sia’s enterprise?

A

Mang Inasal

78
Q

Hailing from Iloilo City, he dropped out of college to pursue his own laundry and photo developing business at the age of 19

A

Edgar Sia

79
Q

For how much did Tony Caktiong buy Edgar Sia’s Mang Inasal?

A

Php 5 billion

80
Q

What is Cresida Tueres’ enterprise?

A

Greenwich Pizza

81
Q

In 1971, she started Greenwich as a small over-the-counter pizza store in Greenhills

A

Cresida Tueres

82
Q

What percent of Greenwich did Jollibee acquire in 1994?

A

80%

83
Q

record sale of Greenwich in 1997

A

Php 1 billion

84
Q

Whose enterprise is Goldilocks?

A

Milagros, Clarita, and Doris Leelin

85
Q

starting capital of Goldilocks

A

Php 66,000

86
Q

What is Joe Magsaysay’s enterprise?

A

Potato Corner

87
Q

left school to bust tables, wash plates, and work on the cash register at a fast food chain then became a manager handling five stores after a few years

A

Joe Magsaysay

88
Q

Potato Corner stalls in the PH and around the world

A

more than 550

89
Q

Whose enterprise is The Aristocrat?

A

Asiang Reyes

90
Q

started as a mobile canteen in Luneta, serving sandwiches filled with adobo and other Filipino viands

A

The Aristocrat

91
Q

What is the enterprise of Araceli and Jun Manas?

A

Hen Lin

92
Q

starting capital of Hen Lin

A

Php 30,000

93
Q

When did Araceli and Jun Manas start Hen Lin?

A

1983

Entrepreneurial Minds (3 decks)

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