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ENTREPRENEUR > Module 1 > Flashcards

Module 1 Flashcards

1
Q

proactive process of developing a business venture to make a profit

A

Entrepreneurship

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2
Q

Societal and Economic Benefits

A
  1. E. produces more jobs that equate to natl income
  2. E. amplifies economic activities of diff. sectors of society
  3. E. introduces new products & services
  4. E. improves people’s living standards
  5. E. disperses the economic power & creates equality
  6. E. controls local wealth & balances regional dev’t
  7. E. reduces social conflict * political unrest
  8. E. elicits economic independence & capital formation
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3
Q

between

A

Entre

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4
Q

to take

A

Prendre

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5
Q

adventurer

A

Entreprendre

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6
Q

unique individual who has the innate ability & extraordinarydedication to establish & management a business acknowledging all the risks and reaping its rewards

A

Entrepreneur

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7
Q

5 levels of an entrepreneur

A
  1. Self-employed
  2. Manager
  3. Leader
  4. Investor
  5. True Entrepreneur
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8
Q

selfish; confident

A

Self-employed

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9
Q

hire people; teach

A

Manager

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10
Q

independent

A

leader

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11
Q

expansion

A

investor

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12
Q

4 step process

A
  1. Idealization
  2. Visualization
  3. Verbalization
  4. Materialization
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13
Q

where E. dream enormously & desire to build an ideal envt

A

Idealization

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14
Q

where one starts to create plans to make a dream a relaity

A

Visualization

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15
Q

involves sharing ideas with ppl, knowing that their vision is already occuring

A

Verbalization

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16
Q

happens when the vision becomes a reality

A

Materialization

17
Q

Types of Entrepreneur

A 
S.I.T.E
Social Entrepreneur
Intrapreneur
Technopreneur
Extrapreneur
18
Q

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

A

Social Entrepreneur

19
Q

tasked to think in, establish & run a new big idea in a large company

A

Intrapreneur

20
Q

puts technology at the core if his/her business

A

Technopreneur

21
Q

hops from 1 company to another; acts as an innovation champion probviding craeture and efficient solution

A

Extrapreneur

22
Q

these are the competencies that you need to apply all through your entrepreneur career

A

Common Competencies

23
Q

these are the competencies that you need to apply to maintain a successful business

A

Core Competencies

24
Q

Common Traits

A

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

25
Q

Core Competencies

A

a. Leaders
b. Communicators
c. Specialists
d. Problem SOlvers

26
Q

Ent vs. Em
Income
- generated passively even when resting ; only earned when business is successful

A

Entrepreneur

27
Q

Ent vs. Emp
Income
- generated actively ; usually fixed per month and increases depending on performance

A

Employed

28
Q 
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
A

Entrepreneur

29
Q

Ent vs. Emp
Hiring and Firing Organizational Setup
- seeks for job; apply; one being interviewed ; goal of satisfying employer

A

Employed

30
Q

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

A

Entrepreneur

31
Q

Ent vs. Emp
Daily Tasks
- has routine tasks & works on regular hrs ; follows policies, memoranda

A

Employed

32
Q

Ent vs. Emp
Leisure time & vacations
-flexible sched; unli vacay days when business is stabilized already

A

Entrepreneur

33
Q

Ent vs. Emp
Leisure time & vacations
-limited number imposed by employer

A

Employed

34
Q 
Ent vs. Emp
Taxation
-*Taxed on the net income
can claim taxable income
deductions for allowable
expenses incurred by the
business
A

Entrepreneur

35
Q 
Ent vs. Emp
Taxation
-*Taxed on the gross income
cannot use expenses
incurred related to the job to
claim for deductions
A

EMployed

36
Q 
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
A

Entrepreneur

37
Q 
Ent vs. Emp
Comfort level at work
-comfortable
with routine and minimal
risks ; working for company
A

Employed

ENTREPRENEUR (2 decks)

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