MODULE 1 PART 1: Introduction to Entrepreneurship Flashcards
The word ___ came from the French word “entreprendre” which means “to undertake”.
- entrepreneur
What is the meaning of entrepreneur and where is it from?
- French word “entreprendre”
During the Middle Ages, what does traveling merchants and artisans do in exchange for payment?
- they would visit different kingdoms to offer goods and services.
What are the merchants and artisans during the Middle Ages called?
- tradespeople
Modern definition of entrepreneurship emphasizes ____, ____, and ___ a new business venture to generate profit while taking on financial risk. (Beattie, 2022)
- creating, organizing, operating
Who are the Entrepreneurs? (Hayes, 2023)
- people who take on risks and challenges of starting new business
- people who introduce new goods, services or concepts to the market to make a profit
- people who thinks of ideas to captivate a particular market’s interest.
Whose book is “The Entrepeneur’s Guide to Building a Successful Business”?
- Jonathan Scott (2022)
What are the advantages of owning a business?
- ability to work flexible hours
- make independent decisions
- free from obligation to others
- have complete autonomy and power
To be a successful entrepreneur, it is essential to be curious about new ___ and have the desire to explore the ___.
- knowledge, unknown
Five (5) most essential roles of entrepreneurship in society (Guillebeau, 2023)
- Employment Creation
- Economic Development
- Technological Advancement
- Market Dynamics
- Socio-Cultural Changes
Entrepreneurs frequently hire employees to help with various tasks and responsibilities when launching their businesses. As a result, employment increases and unemployment declines, which can benefit the economy as a whole.
- Employment Creation
Entrepreneurial businesses drive economic growth by expanding operations, investing in state-of-the-art technology and equipment, and strengthening the workforce.
- Economic Development
Entrepreneurs often bring new ideas and products that change how people live. These innovations range from groundbreaking technologies to more efficient and effective business models.
- Technological Advancement
The emergence of new competition may expand the options accessible to consumers and result in the provision of better goods and services at cheaper costs.
- Market Dynamics
Entrepreneurship is revolutionizing the way societal challenges are being approached and solved. Entrepreneurs are taking the initiative to tackle social and cultural challenges by creating innovative, effective and sustainable business solutions.
- Socio-cultural changes
What book explains that there are different types of entrepreneurship?
- “Entrepreneurship 101” published by Rebecca David in 2022
Whose book is the Entrepreneurship 101?
- Rebecca David
When was Entrepreneurship 101 published?
- in 2022
Any business activity or enterprise engaged in industry, agribusiness and services, whether single proprietorship, cooperative, partnership, or corporation.
- SMMEs (Small, Medium, and Micro-sized Enterprises)
(4) Types of Enterprise and its Capital Requirement:
Micro = Less than P50k
Cottage = P50,001 to P500k
Small = P500,001 to P5M
Medium = P P5,000,001 to P20M
(4) Types of Ownership:
- Sole Proprietorship (single person)
- Partnership (Two or more partners who co-own a business)
- Corporation (Business has its own identity separate from stockholders)
- Cooperative (group of people with common interest who voluntarily join to achieve social and economic end.)
(2) Types of Motivation:
- Extrinsic Motivation (rewards like money, gifts, or treats.)
- Intrinsic Motivation (people do tasks because they are passionate about the business.)
(3) Categories of Intrinsic Motivation:
- Achievement Motive - strong motivation to succed and achieve greatness.
- Power Motive - desire for control, influence, and the ability to impact others.
- Affiliation Motive - act of pursuing, upholding or revitalizing an emotional connection with others.
