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The Entrepreneurial Mind (Coverage-based) > (P) Chapter 1. Entrepreneurship: Evolutionary Development -- Revolutionary Impact > Flashcards

(P) Chapter 1. Entrepreneurship: Evolutionary Development -- Revolutionary Impact Flashcards

1
Q

Small business owners (SBO) or entrepreneurs (E)?

Independently own and operate a small business

A

SBO

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2
Q

Small business owners (SBO) or entrepreneurs (E)?

Not dominant in their fields

A

SBO

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3
Q

Small business owners (SBO) or entrepreneurs (E)?

Do not engage in many new or innovative practices

A

SBO

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4
Q

Small business owners (SBO) or entrepreneurs (E)?

Simpy expect stable sales and profits

A

SBO

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5
Q

Small business owners (SBO) or entrepreneurs (E)?

Include those who purchase already established businesses as well as franchises

A

SBO

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6
Q

Small business owners (SBO) or entrepreneurs (E)?

Viewed as managers of small business

A

SBO

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7
Q

Small business owners (SBO) or entrepreneurs (E)?

Recognize opportunities where others see as chaos, contradiction, and confusion

A

E

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8
Q

Small business owners (SBO) or entrepreneurs (E)?

Aggressive catalysts for change within a marketplace

A

E

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9
Q

Small business owners (SBO) or entrepreneurs (E)?

Break new barriers, challenge the unknown, create breakthroughs

A

E

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10
Q

Small business owners (SBO) or entrepreneurs (E)?

Create jobs in a breathtaking pace

A

E

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11
Q

Small business owners (SBO) or entrepreneurs (E)?

Are all about innovation, profitability, and growth

A

E

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12
Q

Small business owners (SBO) or entrepreneurs (E)?

Their businesses are characterized by innovative practices and sustainable growth

A

E

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13
Q

Small business owners (SBO) or entrepreneurs (E)?

Their mindset revolutionizes the way business is conducted at every level in every country

A

E

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14
Q

Entrepreneurship is defined as a ______ process of vision, change, and creation

A

dynamic

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15
Q

It requires an application of energy and passion toward the creation

A

Entrepreneurship

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16
Q

Entrepreneurship is the _____ of innovative ideas and creative solutions

A

implementation

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17
Q

“Entrepreneur” came from which French word?

A

Entreprendre

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18
Q

What does Entreprendre mean?

A

To undertake (French word for entrepreneur)

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19
Q

This economist stated “Entrepreneurs assume and organize the risk of a business in return for profits”

A

Richard Cantillon (1725)

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20
Q

This economist states the Law of Markets: “Supply creates its own demand”

A

Jean Baptiste Say

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21
Q

This economist assumed the dynamic economic growth known as “creative destruction”

A

Joseph Schumpeter (1932)

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22
Q

He/she undertakes to organize, manage, and assume the risks of a business. Also an innovator who:

  • recognizes and seizes opportunities
  • converts those opportunities into workable/marketable ideas
  • adds value through time, effort, , and money
A

Entrepreneur

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23
Q

This consists in doing things that are not generally done in the ordinary course of business routine

A

Entrepreneurship

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24
Q

T or F: Entrepreneurship constitutes a bridge between society as a whole, especially the noneconomic aspects of that society, and the profit-oriented institutions established to take advantage of its economic endowments

A

True

25
Q

Entrepreneurship as a topic for discussion and analysis was introduced in which century?

A

18th century

26
Q

Entrepreneurship continued to attract the interest of economists in what century?

A

19th century

27
Q

In this century, the word entrepreneurship became synonymous or closely linked to free enterprise and capitalism

A

20th century

28
Q

In the 20th century, the word entrepreneurship became synonymous or closely linked to which concepts?

A

Free enterprise and capitalism

29
Q

In the 21st century, entrepreneurs were regarded as what?

A

Heroes of free enterprise

30
Q

Essential ingredients included to be an entrepreneur:

The __________ to take ___________ in terms of time, equity, and career

A

willingness; calculated risks

31
Q

Essential ingredients included to be an entrepreneur:

The ability to formulate an ___________

A

effective venture team

32
Q

Essential ingredients included to be an entrepreneur:

The ___________ to _______ resources

A

creative skill; marshal

33
Q

Essential ingredients included to be an entrepreneur:

The fundamental skill of building a __________

A

solid business plan

34
Q

Essential ingredients included to be an entrepreneur:

The ______ to _______________ where others see chaos, contradiction, and confusion

A

vision; recognize opportunity

35
Q

T or F: Entrepreneurs are doers, not thinkers

A

False (myth 1)

36
Q

T or F: Entrepreneurs are made, not born

A

True

“Entrepreneurs are born, not made” is a myth (myth 2)

37
Q

T or F: Entrepreneurs are always inventors

A

False (myth 3)

38
Q

T or F: Entrepreneurs are not necessarily academic and social misfits

A

True

“Entrepreneurs are academic and social misfits” is a myth (myth 4)

39
Q

T or F: All entrepreneurs need is money

A

False (myth 6)

pero ako, ‘yan lang kailangan ko

40
Q

T or F: Luck is not what all entrepreneurs need; luck is when opportunity meets preparation

A

True

“All entrepreneurs need is luck” is a myth (myth 7)

41
Q

T or F: Entrepreneurship is unstructured and chaotic

A

False (myth 8)

42
Q

T or F: Most Entrepreneurial initiatives fail

A

False (myth 9)

43
Q

T or F: Entrepreneurs are calculated risk-takers

A

True

“Entrepreneurs are EXTREME risk takers” is a myth (myth 10)

44
Q

This provides job options for those who see opportunities and those who need a source of income

A

Entrepreneurship

45
Q

They continue to be the answer to any economic downturn.

A

Entrepreneur

46
Q

T of F: Entrepreneurs enter and expand existing markets, thereby decreasing competition and economic efficiency

A

False (increasing competition)

47
Q

T or F: Entrepreneurs do not tend to create entirely new markets by offering innovative products — new ventures having no direct competition

A

False (they do)

48
Q

Refers to the same techniques & principles whether in a large organization or a new venture, business, or nonbusiness, government or NGO

A

Entrepreneurial discipline

49
Q

These are individuals who possess the passion, energy, and skills to innovate and sustain

A

Entrepreneurs

50
Q

This is the symbol of business tenacity and achievement

A

Entrepreneurial leadership

51
Q

Myth that refers to the idea that the characteristics of entrepreneurs cannot be taught or learned

A

Entrepreneurs are born not made

52
Q

Myth that is a result of misunderstanding and tunnel vision. The truth is, entrepreneurship covers more than just invention

A

Entrepreneurs are always inventors

53
Q

Myth that refers to the belief that entrepreneurs are academically and socially ineffective

A

Entrepreneurs are academic and social misfits

53
Q

Myth that acknowledges a checklist of characteristics of a successful entrepreneur

A

Entrepreneurs must fit the profile

54
Q

Myth that highlights how a venture needs capital to survive. The truth is money is not the only bulwark against failure.

A

All entrepreneurs need is money

55
Q

Myth that is counterargued by the fact that luck only happens when preparation meets opportunity.

A

All entrepreneurs need is luck

56
Q

Myth that acknowledges the tendency to think of entrepreneurs as gunslingers (people who shoot from the hip and ask questions later. This myth assumes that some entrepreneurs are disorganized and unstructured.

A

Entrepreneurship is unstructured and chaotic

57
Q

Myth thatt claims that 9 out of 10 new ventures fail, but is counterargued by the statistics with the fact that 50% of the ventures started in 1977 are still surviving, 28% VOLUNTARILY closed down, and 18% actually failed.

A

Most entrepreneurial ventures fail

58
Q

Myth that claims that entrepreneurs are gambling on a wild chance when in fact, entrepreneurs are working on a calculated risk

A

Entrepreneurs are extreme risk takers

The Entrepreneurial Mind (Coverage-based) (14 decks)

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