Module 1 Flashcards
proactive process of developing a business venture to make a profit
Entrepreneurship
Societal and Economic Benefits
- E. produces more jobs that equate to natl income
- E. amplifies economic activities of diff. sectors of society
- E. introduces new products & services
- E. improves people’s living standards
- E. disperses the economic power & creates equality
- E. controls local wealth & balances regional dev’t
- E. reduces social conflict * political unrest
- E. elicits economic independence & capital formation
between
Entre
to take
Prendre
adventurer
Entreprendre
unique individual who has the innate ability & extraordinarydedication to establish & management a business acknowledging all the risks and reaping its rewards
Entrepreneur
5 levels of an entrepreneur
- Self-employed
- Manager
- Leader
- Investor
- True Entrepreneur
selfish; confident
Self-employed
hire people; teach
Manager
independent
leader
expansion
investor
4 step process
- Idealization
- Visualization
- Verbalization
- Materialization
where E. dream enormously & desire to build an ideal envt
Idealization
where one starts to create plans to make a dream a relaity
Visualization
involves sharing ideas with ppl, knowing that their vision is already occuring
Verbalization
happens when the vision becomes a reality
Materialization
Types of Entrepreneur
S.I.T.E Social Entrepreneur Intrapreneur Technopreneur Extrapreneur
one who takes advantage of the country’s social problems & turn them to profitable institutions w/ the intnetion of helping the disadvantaged community rather than making a profit
Social Entrepreneur
tasked to think in, establish & run a new big idea in a large company
Intrapreneur
puts technology at the core if his/her business
Technopreneur
hops from 1 company to another; acts as an innovation champion probviding craeture and efficient solution
Extrapreneur
these are the competencies that you need to apply all through your entrepreneur career
Common Competencies
these are the competencies that you need to apply to maintain a successful business
Core Competencies
Common Traits
a. Proactive
b. Networkers
c. Agents of change
d. Risk takers
e. Have a sharp eye for oppurtunities
f. Sociable
g. Decisive
h. Balanced
i. Innovative
Core Competencies
a. Leaders
b. Communicators
c. Specialists
d. Problem SOlvers
Ent vs. Em
Income
- generated passively even when resting ; only earned when business is successful
Entrepreneur
Ent vs. Emp
Income
- generated actively ; usually fixed per month and increases depending on performance
Employed
Ent vs. Emp Hiring and Firing Organizational Setup - provide jobs; owner - fully responsible for serving customers, making business profitable, sustainable, & employee satisfaction -power to fire
Entrepreneur
Ent vs. Emp
Hiring and Firing Organizational Setup
- seeks for job; apply; one being interviewed ; goal of satisfying employer
Employed
Ent vs. Emp
Daily Tasks
- performs all tasks to establish & manage a startup business; spend more hours on work = no sleep
-prepares policies, memorandum, procedures
Entrepreneur
Ent vs. Emp
Daily Tasks
- has routine tasks & works on regular hrs ; follows policies, memoranda
Employed
Ent vs. Emp
Leisure time & vacations
-flexible sched; unli vacay days when business is stabilized already
Entrepreneur
Ent vs. Emp
Leisure time & vacations
-limited number imposed by employer
Employed
Ent vs. Emp Taxation -*Taxed on the net income can claim taxable income deductions for allowable expenses incurred by the business
Entrepreneur
Ent vs. Emp Taxation -*Taxed on the gross income cannot use expenses incurred related to the job to claim for deductions
EMployed
Ent vs. Emp Comfort level at work - *Is comfortable in doing multiple and challenging tasks and takes accountability with the risks and profits of the business
Entrepreneur
Ent vs. Emp Comfort level at work -comfortable with routine and minimal risks ; working for company
Employed
