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ENTREPRENEURSHIP > MODULE 1 > Flashcards

MODULE 1 Flashcards

1
Q

This is the proactive process of developing a business venture to make a profit.

A

ENTREPRENEURSHIP

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2
Q

What does ENTREPRENEURSHIP involves? (state the three)

A

1) Seeking opportunities for a market.
2) Establishing or operating a business out of opportunity.
3) Assessing its risks and rewards through close monitoring of the operations.

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3
Q

Social and Economic Benefits of Entrepreneurship (True or False)

1) Entrepreneurship produces LESS jobs that equate to an increase in national income.

A

FALSE

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4
Q

Social and Economic Benefits of Entrepreneurship (True or False)

2) Entrepreneurship amplifies economic activities of different sectors of society.

A

TRUE

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5
Q

Social and Economic Benefits of Entrepreneurship (True or False)

3) Entrepreneurship introduces NEW and INNOVATIVE products and services.

A

TRUE

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6
Q

Social and Economic Benefits of Entrepreneurship (True or False)

4) Entrepreneurship IMPROVES people’s living standards.

A

TRUE

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7
Q

Social and Economic Benefits of Entrepreneurship (True or False)

5) Entrepreneurship DISPERSES the economic power and creates equality.

A

TRUE

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8
Q

Social and Economic Benefits of Entrepreneurship (True or False)

6) Entrepreneurship CONTROLS the local wealth and balances regional development.

A

TRUE

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9
Q

Social and Economic Benefits of Entrepreneurship (True or False)

7) Entrepreneurship INCREASES social conflicts and political unrest.

A

FALSE

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10
Q

Social and Economic Benefits of Entrepreneurship (True or False)

8) Entrepreneurship ELICITS economic independence and capital formation.

A

TRUE

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11
Q

Give the EIGHT (8) Socio-Economic Benefits of Entrepreneurship

A

1) Entrepreneurship PRODUCES more jobs that equate to an increase in national income.
2) Entrepreneurship AMPLIFIES economic activities of different sectors of society.
3) Entrepreneurship INTRODUCES new and innovative products and services.
4) Entrepreneurship IMPROVES people’s living standards/
5) Entrepreneurship DISPERSES the economic power and creates equality.
6) Entrepreneurship CONTROLS the local wealth and balances regional development.
7) Entrepreneurship REDUCES social conflicts and political unrest.
8) Entrepreneurship elicits economic independence and capital formation.

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12
Q

02: Who is an Entrepreneur?

The word “entrepreneur” is of what origin?

A

FRENCH

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13
Q

02: Who is an Entrepreneur?

entre: between; prendre: ????

A

TO TAKE

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14
Q

02: Who is an Entrepreneur?

This is an unique individual who has the innate ability and extraordinary dedication to establish and manage a business, acknowledging all the risks and reaping its rewards.

A

ENTREPRENEUR

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15
Q

02: Who is an Entrepreneur?

TRUE OR FALSE?

As an entrepreneur, he or she innovates, executes his or her big ideas, and rarely procrastinates.

A

TRUE

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16
Q

02: Who is an Entrepreneur?

What are the FIVE (5) LEVELS of ENTREPRENEURIAL DEVELOPMENT?

A
  1. THE SELF-EMPLOYED
  2. THE MANAGER
  3. THE LEADER
  4. THE INVESTOR
  5. THE TRUE ENTREPRENEUR
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17
Q

02: Who is an Entrepreneur?

Of the Five (5) Levels of Development, this want to DO THINGS ON THEIR OWN.

A
  1. THE SELF EMPLOYED
18
Q

02: Who is an Entrepreneur?

Of the Five (5) Levels of Development, they feel the need to STEP UP and ASK SOME HELP from people around them.

A
  1. THE MANAGER
19
Q

02: Who is an Entrepreneur?

Of the Five (5) Levels of Development, they ENJOY seeing people FLUORISH, stepping up, and PRODUCING great results with minimal supervision.

A
  1. THE LEADER
20
Q

02: Who is an Entrepreneur?

Of the Five (5) Levels of Development, they LOOK for more OPPORTUNITIES for their business to grow.

A
  1. THE INVESTOR
21
Q

02: Who is an Entrepreneur?

Of the Five (5) Levels of Development, they FULLY LEARNED, and continue to PRACTICE FOUR-STEP PROCESS of THINKING.

A
  1. THE TRUE ENTREPRENEUR
22
Q

02: Who is an Entrepreneur?

What is the FOUR (4) STEP PROCESS of THINKING?

A
  1. IDEALIZATION
  2. VISUALIZATION
  3. VERBALIZATION
  4. MATERIALIZATION
23
Q

02: Who is an Entrepreneur?

Of the Four (4) Step Process of Thinking, this is the DREAM and DESIRE to BUILD an IDEAL ENVIRONMENT.

A
  1. IDEALIZATION
24
Q

02: Who is an Entrepreneur?

Of the Four (4) Step Process of Thinking, this is to CREATE PLANS to make the dream a REALITY.

A
  1. VISUALIZATION
25
Q

02: Who is an Entrepreneur?

Of the Four (4) Step Process of Thinking, this is the SHARING of THEIR IDEAS with other people.

A
  1. VERBALIZATION
26
Q

02: Who is an Entrepreneur?

Of the Four (4) Step Process of Thinking, this when VISION becomes a REALITY.

A
  1. MATERIALIZATION
27
Q

03: Common and Core Competencies in Entrepreneurship

What are the NINE (9) COMMON TRAITS of an ENTREPRENEUR?

A
  1. PROACTIVE
  2. AGENTS OF CHANGE
  3. RISK TAKERS
  4. HAVE A SHARP EYE FOR OPPORTUNITIES
  5. SOCIABLE
  6. NETWORKERS
  7. DECISIVE
  8. BALANCED
  9. INNOVATIVE
28
Q

03: Common and Core Competencies in Entrepreneurship

Of the Nine (9) Common Traits, this trait address issues, problems, and challenges before they come.

29
Q

03: Common and Core Competencies in Entrepreneurship

Of the Nine (9) Common Traits, this trait see opportunities in hopeless and complex situations.

A

AGENTS OF CHANGE

30
Q

03: Common and Core Competencies in Entrepreneurship

Of the Nine (9) Common Traits, this trait grabs opportunities left and right.

A

RISK TAKERS

31
Q

03: Common and Core Competencies in Entrepreneurship

Of the Nine (9) Common Traits, this trait have a talent of recognizing an opportunity

A

HAVE A SHARP EYE FOR OPPORTUNITIES

32
Q

03: Common and Core Competencies in Entrepreneurship

Of the Nine (9) Common Traits, this trait is to establish relationship with customers/

33
Q

03: Common and Core Competencies in Entrepreneurship

Of the Nine (9) Common Traits, knows the key people to connect with.

A

NETWORKERS

34
Q

03: Common and Core Competencies in Entrepreneurship

Of the Nine (9) Common Traits, this trait always have a decision about their business.

35
Q

03: Common and Core Competencies in Entrepreneurship

Of the Nine (9) Common Traits, this trait should have a balance between analytical and creative side.

36
Q

03: Common and Core Competencies in Entrepreneurship

Of the Nine (9) Common Traits, this trait is rich with big ideas.

A

INNOVATIVE

37
Q

03: Common and Core Competencies in Entrepreneurship

What are the FOUR (4) CORE TRAITS of an entrepreneeur?

A
  1. LEADERS
  2. COMMUNICATORS
  3. SPECIALISTS
  4. PROBLEM SOLVERS
38
Q

03: Common and Core Competencies in Entrepreneurship

Of the Four (4) Core Traits, this core trait should always have the heart of a leader.

39
Q

03: Common and Core Competencies in Entrepreneurship

Of the Four (4) Core Traits, this core trait should know how to use all forms of communications.

A

COMMUNICATORS

40
Q

03: Common and Core Competencies in Entrepreneurship

Of the Four (4) Core Traits, this core trait should be experts in their chosen business.

A

SPECIALISTS

41
Q

03: Common and Core Competencies in Entrepreneurship

Of the Four (4) Core Traits, this core trait should possess critical thinking skills.

A

PROBLEM SOLVERS

42
Q

04: Careers in Entrepreneurship

State at least FIVE (5) Common Small Businesses.

A
  1. SARI-SARI STORE
  2. RICE-RETAILING
  3. FOOD CART BUSINESS
  4. PRINTING BUSINESS
  5. BUY-AND-SELL BUSINESS
  6. STREET FOOD BUSINESS
  7. FLEA MARKET BUSINESS
  8. ONLINE SELLING BUSINESS
  9. CELLPHONE LOADING BUSINESS
  10. LAUNDRY AND DRY CLEANING BUSINESS
  11. HAIR STYLING AND MAKEUP BUSINESS
  12. SPA, GYM, AND NAIL CARE BUSINESS
  13. VIDEO AND PHOTOGRAPHY BUSINESS
  14. TUTORIAL BUSINESS
  15. BAKING BUSINESS
  16. WEBSITE DEVELOPMENT AND DESIGN/BLOGGING
  17. DIRECT SELLING BUSINESS
  18. CAR WASH AND CAR CARE BUSINESS
  19. BAR, CAFE, AND RESTAURANT
  20. WATER STATION AND LPG STATION

ENTREPRENEURSHIP (2 decks)

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