Module 1 Session 2 Flashcards
Give the 6 statements in the entrepreneur as the individual that steers
Entrepreneurs identify opportunities in the market.
Entrepreneurs process market information.
Entrepreneurs bring innovation.
Entrepreneurs take and accept risks.
Entrepreneurs establish new venture and improve existing ones.
Entrepreneurs are managers as well as leaders.
Identify this specific statement in the entrepreneur as the individual that steers
Entrepreneurial ventures are created because opportunities are identified, pursued and exploited. Economies would not run without entrepreneurial ventures. Without individuals identifying and exploiting opportunities economic activities would be limited and would not thrive. Entrepreneurs actively seek our opportunities to pursue and exploit. It is one of the more important skills that entrepreneurs must have.
Entrepreneurs identify opportunities in the market.
Identify this specific statement in the entrepreneur as the individual that steers
Entrepreneurs identify opportunities by processing market information. At times, it could be a very technical process using scientifically backed data, but more often that not, most successful entrepreneurs identify opportunities by merely observing and having and enthusiastic willingness to learn and understand. Often, they ask themselves questions like: “How can something be made better?” or “How can the customers’ experience happier?”
Entrepreneurs process market information.
Identify this specific statement in the entrepreneur as the individual that steers
More important that identifying opportunities is what entrepreneurs actually do about them. This is when innovation comes in, and this is generally what sets them apart from businessmen and managers. Entrepreneurs don’t stop at simply creating a product but instead innovate and create more value for customers.
Entrepreneurs bring innovation.
Identify this specific statement in the entrepreneur as the individual that steers
There will always be risks involved in starting anything new. As it often is with novel things, acceptance is hard to come by. People, generally reject new ideas and do not instantly accept what is being introduced. That is why not a lot of people go on and start a new business. The risks, aside from the risk of the product not being accepted is numerous! However, entrepreneurs, willingly take and accept those risks. It is believed that they’d rather fail trying than have someone else try it before them.
Entrepreneurs take and accept risks.
Identify this specific statement in the entrepreneur as the individual that steers
With innovations, entrepreneurs establish new ventures. They usually don’t stop at one. The most successful entrepreneurs are often known to be serial entrepreneurs, pursuing and exploiting opportunities and starting new entrepreneurial ventures, one after the other.
Entrepreneurs establish new venture and improve existing ones.
Identify this specific statement in the entrepreneur as the individual that steers
Entrepreneurs are known to know even the tiniest details of their ventures.
Entrepreneurs are managers as well as leaders.
Give the 8 impacts of entrepreneurship
Entrepreneurship Spurs Economic Growth
Entrepreneurship Creates Jobs
Entrepreneurships Bring Innovations
Entrepreneurship Creates Wealth
Entrepreneurship improves the quality of life
Entrepreneurship contributes to more equitable distribution of income taxes and therefore eases social unrest.
Entrepreneurship utilizes and mobilizes resources for greater national productivity
Entrepreneurship brings social benefit through the government
Identify the specific impact of entrepreneurship
Entrepreneurs create new products and services and this in turn spurs on the creation of other economic activities that would support the new business venture. These economic activities could be job creation, the production of supplementary products and services and other activities that would stimulate economic development.
Entrepreneurship Spurs Economic Growth
Identify the specific impact of entrepreneurship
As new businesses are made, jobs are also created. Starting an entrepreneurial venture, no matter how small it is, requires an entrepreneur to hire people. As the business expands, more jobs are created and would require hiring even more. Inadvertently jobs are also created by entrepreneurs who previously had jobs before opening their business. Leaving their day jobs creates a vacancy. Sometimes, these vacancies require more than one person to fill in the gap left by the entrepreneurs.
Entrepreneurship Creates Jobs
Identify the specific impact of entrepreneurship
Necessity is the mother of invention, as the saying goes, and so perhaps its older sibling is innovation. We have come to learn that entrepreneurs succeed because of the innovation they bring in. It could be innovation that come in the form of the products and service they offer, or the way they get the products and services to the market or even how the products and services are made.
Entrepreneurships Bring Innovations
Identify the specific impact of entrepreneurship
Entrepreneurial ventures help generate new wealth not only for the entrepreneur but for the nation as well. Existing businesses may remain focused to serve their current market and may hit the glass ceiling in terms of income. By introducing new and improved products and services entrepreneurs are able to serve new markets and thereby creating new wealth.
As previously stated, entrepreneurship creates jobs which in turn provides earnings or higher earnings. This in turn contributes to better national income in the form of higher tax revenue and higher government spending. The government can then use the revenue in struggling sectors and more importantly on human capital.
Entrepreneurship Creates Wealth
Identify the specific impact of entrepreneurship
Entrepreneurial ventures contribute significantly to the continuous improvement of living standards. The development of new products and the delivery of needed services make life easier and comfortable for society in general.
Entrepreneurship improves the quality of life
Identify the specific impact of entrepreneurship
When income is evenly distributed, entrepreneurship also grows. People will have more money with which to buy the products and services they need, bringing in more profits to entrepreneurs. They will also have enough money to invest on enterprises on their own, thus increasing the supply of entrepreneurs. Income that is evenly distributed means less poor people.
Entrepreneurship contributes to more equitable distribution of income taxes and therefore eases social unrest.
Identify the specific impact of entrepreneurship
A certain country will develop faster economically if none of its resources were left idle or unused
Entrepreneurship utilizes and mobilizes resources for greater national productivity
