Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Entrepreneurship > Part 2 > Flashcards

Part 2 Flashcards

1
Q

what are private entrepreneurs?

A

When an individual or a group of individuals set up an enterprise, arrange finance, bear the risk and adopt the latest techniques in the business with the intention to earn profits, he or the group is called as private entrepreneur/entrepreneurs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

what is a state entrepreneur?

A

As the name indicates, state entrepreneur means the trading or industrial venture undertaken by the state or the government itself.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

what are joint entrepreneurs?

A

Joint entrepreneur means the combination of private entrepreneur and state entrepreneur who join hands

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

5 types of entrepreneurs according to gender and age?

A

man entrepreneur
woman entrepreneur
young entrepreneur
old entrepreneur
middle-aged entrepreneur

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

what is the first truth of entrepreneurship?

A

TRUTH#1 : Entrepreneurship is not reserved for startups.

An entrepreneur creates a business based on research to assess the validity of an idea or model.

Start-up is not the only path for entrepreneurs. He or she may be engaged from corporations to franchises, to profit and nonprofit organizations, to family enterprise.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

what is the second truth of entrepreneurship?

A

TRUTH#2 : Entrepreneurs do not have a special set of personality traits.

It is how an entrepreneur think and act. It is more of understand the correct entrepreneurial mindset.

Effectuation – idea that the future is unpredictable yet controllable. In other words, entrepreneurs focus on creating a future rather than predicting it.

Entrepreneurs create opportunities, make markets rather than find them, accept and learn from it, and build relationships with a variety of stockholders.

Thus, an entrepreneur must be passionate on creating opportunities.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

what is the third truth of entrepreneurship?

A

TRUTH#3: Entrepreneurship can be taught (it’s a method that require practice)

Entrepreneurship is not just learning the processes (knowledge and expertise) but requires consistent practice to gain EXPERIENCE.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

what is the fourth truth of entrepreneurship?

A

TRUTH#4: Entrepreneurs are not extreme risk-takers.

  • Entrepreneurs are very calculated risk takers and gauge what they are willing to lose with every step taken.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

what is the fifth truth of entrepreneurship?

A

TRUTH#5: Entrepreneurs collaborate more than they compete.

Entrepreneurs draw on shared experience and desire to learn from others facing similar challenges.

Entrepreneurs collaborate for the common good.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

what is the sixth truth of entrepreneurship?

A

TRUTH#6 : Entrepreneurs act more than they plan.

  • Entrepreneurs need not to write a formal business plan in order to start an enterprise.

Most entrepreneurs ACT more – go out and talk to other people, connect with customers, generate buzz about their product or service, and a build a strong network.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

what is the seventh truth of entrepreneurship?

A

TRUTH#7 : Entrepreneurship is a life skill.

Entrepreneurship is a life skill that helps people to deal with an uncertain future by providing them with method to think, act, identifying opportunities, approach problems in a specific way, adapt to new conditions, and take control of personal goals and ambitions.

These set of skills can be applied to many other fields.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

what are the types of entrepreneurship? (other than start-ups)

A

Corporate Entrepreneurship

Entrepreneurs inside

Buying a Franchise

Buying a Small Business

Social Entrepreneurship

Serial Entrepreneurs (Habitual Entrepreneurs)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

what is corporate entrepreneurship?

A

is a process of creating new products, ventures, processes, or renewal within large organizations. It is carried out by working employees within the broader organization.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

what does entrepreneurs inside mean?

A

consist of employees who think and act entrepreneurially within organizations.

Compared to Corporate Entrepreneurship, entrepreneurs inside can exist and function in any type of organization, big or small

Examples: government agencies, cooperatives, nonprofit, religious

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

what does buying a franchise mean?

A

is a type of license purchased by an entrepreneur (franchisee) from an existing business (franchisor) that allows the entrepreneur to trade under the name of the business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

what does buying a small business mean?

A

when the entrepreneur is buying out the existing owner and taking over operations.

17
Q

what is social entrepreneurship?

A

creating a social impact and at the same time, make a profit. It is a process of sourcing innovative solutions to social and environmental problems.

18
Q

what is serial entrepreneurship?

A

are people who start several businesses, whether simultaneous or one after another.

19
Q

is a mindset essential for entrepreneurship.
people believe that their abilities can be developed through dedication, effort and hard work.

brain and talents are not key to lifelong success, but merely the starting point.

eager to enhance their qualities through lifelong learning, training and practice.

they see failure as an opportunity to improve their performance, and to learn from their mistakes.

A

growth mindset

20
Q

the ability to quickly sense, take action, and get organized under uncertain conditions.

ability to persevere, accept and learn from failure, and get comfortable with a certain level of discomfort.

involves employing numerous cognitive strategies to identify opportunities, consider alternative options and take action. (Cognitive strategies are ways in which people solve problems such as reasoning, analyzing and experimenting).

requires constant thinking and rethinking and has the capacity to control his/her emotions and impulses.

A

entrepreneurial mindset

21
Q

is defined as an intense positive emotion which is usually related to entrepreneurs who are engaged in meaningful ventures, or task and activities, and which has the effect of motivating and stimulating entrepreneurs to overcome obstacles and remain focused on their goals.

A

passion

22
Q

is a pattern of behavior that carried out often and regularly.

A

habit

23
Q

Three (3) habits that need to be cultivated for an entrepreneurial mindset

A

self leadership
creativity
improvisation

24
Q

is a process whereby people can influence and control their own behavior, actions and thinking to achieve the self-direction and self-motivation necessary to build their entrepreneurial business ventures.

A

self leadership

25
Q

these help increase self-awareness to manage behaviors particularly dealing with necessary but unpleasant tasks

A

behavior focused strategies

26
Q

these endeavor to make aspects of a task or activity more enjoyable by building certain features, or by reshaping perceptions to focus on the most positive aspect of the task and the value it holds.

A

natural reward strategies

27
Q

these help us to form positive and productive ways of thinking that can benefit our performance

A

constructive thought pattern strategies

28
Q

is the capacity to produce new ideas, insights, inventions and products that are considered to be unique, useful and of value to others.

A

creativity

29
Q

is the art of spontaneously creating something without preparation

is connected to the mindset because it help us develop the cognitive ability to rapidly sense and act as well as change direction quickly

A

improvisation

30
Q

refers to a set of assumptions, methods or notations held by one or more people or groups of people which is so established that it creates a powerful incentive within these people or groups to continue to adopt or accept prior behaviors, choices or tools

A

mindset

31
Q

in this type of mindset, people believe that their basic qualities like their intelligence or talent are simply fixed traits (rigid).

they spend their time documenting their talent rather than developing it

they believe that talent alone creates success (without effort)

A

fixed mindset

32
Q

in this type of mindset, people believe that their most basic abilities can be developed through dedication and hard work.

Brains and talent are just the starting point

Virtually all great people have this mindset

A

growth mindset

33
Q

what is the hallmark of the growth mindset?

A

the passion for stretching yourself and sticking to it, even if things are not going well.

34
Q

is a set of cognitive processes that triggers the individuals to act or to behave entrepreneurially

A

entrepreneurial mindset

Entrepreneurship (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions