(P) Chapter 1. Entrepreneurship: Evolutionary Development -- Revolutionary Impact Flashcards
Small business owners (SBO) or entrepreneurs (E)?
Independently own and operate a small business
SBO
Small business owners (SBO) or entrepreneurs (E)?
Not dominant in their fields
SBO
Small business owners (SBO) or entrepreneurs (E)?
Do not engage in many new or innovative practices
SBO
Small business owners (SBO) or entrepreneurs (E)?
Simpy expect stable sales and profits
SBO
Small business owners (SBO) or entrepreneurs (E)?
Include those who purchase already established businesses as well as franchises
SBO
Small business owners (SBO) or entrepreneurs (E)?
Viewed as managers of small business
SBO
Small business owners (SBO) or entrepreneurs (E)?
Recognize opportunities where others see as chaos, contradiction, and confusion
E
Small business owners (SBO) or entrepreneurs (E)?
Aggressive catalysts for change within a marketplace
E
Small business owners (SBO) or entrepreneurs (E)?
Break new barriers, challenge the unknown, create breakthroughs
E
Small business owners (SBO) or entrepreneurs (E)?
Create jobs in a breathtaking pace
E
Small business owners (SBO) or entrepreneurs (E)?
Are all about innovation, profitability, and growth
E
Small business owners (SBO) or entrepreneurs (E)?
Their businesses are characterized by innovative practices and sustainable growth
E
Small business owners (SBO) or entrepreneurs (E)?
Their mindset revolutionizes the way business is conducted at every level in every country
E
Entrepreneurship is defined as a ______ process of vision, change, and creation
dynamic
It requires an application of energy and passion toward the creation
Entrepreneurship
Entrepreneurship is the _____ of innovative ideas and creative solutions
implementation
“Entrepreneur” came from which French word?
Entreprendre
What does Entreprendre mean?
To undertake (French word for entrepreneur)
This economist stated “Entrepreneurs assume and organize the risk of a business in return for profits”
Richard Cantillon (1725)
This economist states the Law of Markets: “Supply creates its own demand”
Jean Baptiste Say
This economist assumed the dynamic economic growth known as “creative destruction”
Joseph Schumpeter (1932)
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
Entrepreneur
This consists in doing things that are not generally done in the ordinary course of business routine
Entrepreneurship
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
True
Entrepreneurship as a topic for discussion and analysis was introduced in which century?
18th century
Entrepreneurship continued to attract the interest of economists in what century?
19th century
In this century, the word entrepreneurship became synonymous or closely linked to free enterprise and capitalism
20th century
In the 20th century, the word entrepreneurship became synonymous or closely linked to which concepts?
Free enterprise and capitalism
In the 21st century, entrepreneurs were regarded as what?
Heroes of free enterprise
Essential ingredients included to be an entrepreneur:
The __________ to take ___________ in terms of time, equity, and career
willingness; calculated risks
Essential ingredients included to be an entrepreneur:
The ability to formulate an ___________
effective venture team
Essential ingredients included to be an entrepreneur:
The ___________ to _______ resources
creative skill; marshal
Essential ingredients included to be an entrepreneur:
The fundamental skill of building a __________
solid business plan
Essential ingredients included to be an entrepreneur:
The ______ to _______________ where others see chaos, contradiction, and confusion
vision; recognize opportunity
T or F: Entrepreneurs are doers, not thinkers
False (myth 1)
T or F: Entrepreneurs are made, not born
True
“Entrepreneurs are born, not made” is a myth (myth 2)
T or F: Entrepreneurs are always inventors
False (myth 3)
T or F: Entrepreneurs are not necessarily academic and social misfits
True
“Entrepreneurs are academic and social misfits” is a myth (myth 4)
T or F: All entrepreneurs need is money
False (myth 6)
pero ako, ‘yan lang kailangan ko
T or F: Luck is not what all entrepreneurs need; luck is when opportunity meets preparation
True
“All entrepreneurs need is luck” is a myth (myth 7)
T or F: Entrepreneurship is unstructured and chaotic
False (myth 8)
T or F: Most Entrepreneurial initiatives fail
False (myth 9)
T or F: Entrepreneurs are calculated risk-takers
True
“Entrepreneurs are EXTREME risk takers” is a myth (myth 10)
This provides job options for those who see opportunities and those who need a source of income
Entrepreneurship
They continue to be the answer to any economic downturn.
Entrepreneur
T of F: Entrepreneurs enter and expand existing markets, thereby decreasing competition and economic efficiency
False (increasing competition)
T or F: Entrepreneurs do not tend to create entirely new markets by offering innovative products — new ventures having no direct competition
False (they do)
Refers to the same techniques & principles whether in a large organization or a new venture, business, or nonbusiness, government or NGO
Entrepreneurial discipline
These are individuals who possess the passion, energy, and skills to innovate and sustain
Entrepreneurs
This is the symbol of business tenacity and achievement
Entrepreneurial leadership
Myth that refers to the idea that the characteristics of entrepreneurs cannot be taught or learned
Entrepreneurs are born not made
Myth that is a result of misunderstanding and tunnel vision. The truth is, entrepreneurship covers more than just invention
Entrepreneurs are always inventors
Myth that refers to the belief that entrepreneurs are academically and socially ineffective
Entrepreneurs are academic and social misfits
Myth that acknowledges a checklist of characteristics of a successful entrepreneur
Entrepreneurs must fit the profile
Myth that highlights how a venture needs capital to survive. The truth is money is not the only bulwark against failure.
All entrepreneurs need is money
Myth that is counterargued by the fact that luck only happens when preparation meets opportunity.
All entrepreneurs need is luck
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.
Entrepreneurship is unstructured and chaotic
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.
Most entrepreneurial ventures fail
Myth that claims that entrepreneurs are gambling on a wild chance when in fact, entrepreneurs are working on a calculated risk
Entrepreneurs are extreme risk takers
