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Entrepreneurship > Perspective on Entrepreneurship > Flashcards

Perspective on Entrepreneurship Flashcards

1
Q

the one who organizes, manages, and assumes the risks of a business or franchise

A

Entrepreneur

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2
Q

economic activity that a person starts, manages, and assumes the risk of a business

A

Entrepreneurship

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3
Q

refers to the department who is in charge in hiring employees for a certain company

A

Human resources

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4
Q

accumulated goods devoted to the production of other goods

A

Capital

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5
Q

the practical application of knowledge especially in a particular area: Engineering

A

Technology

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6
Q

a portion of earth’s surface distinguishable by boundaries or ownership

A

Land

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7
Q

the services performed by workers for wages as distinguished from those rendered by entrepreneur for profits

A

Labor

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8
Q

a charges usually of money imposed by authority on persons or property for public purposes

A

Taxes

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9
Q

a new idea, method, or device: Novelty

A

Innovation

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10
Q

a man who transacts business

A

Businessman

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11
Q

people’s belief about their capabilities to produce designated levels of performance influence over events that affect their lives (Albert Badura)

A

Self Efficacy

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12
Q

an inclination to put the most favorable construction upon actions and events or anticipate the best possible outcome

A

Optimism

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13
Q

is a scheme aimed at improving the living standards of the nation’s citizenry.

A

Economic Development

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14
Q

Labor supply, Education, Discipline, and Motivation

A

Human Resources

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15
Q

Land, Minerals, Fuel, and Climate

A

Natural Resources

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16
Q

Machines, Factories, and Roads

A

Capital

17
Q

Science, Engineering, Management, and Entrepreneurship

A

Technology

18
Q

The entrepreneur is now responsible in providing the products and services to the customers

A

Products and Services for Customers

19
Q

The entrepreneur will now need manpower for their business to operate. So, they will be hiring people who are capable of such work

A

Employment

20
Q

The entrepreneur will pay ____ in a form of business licenses, fees and permits applicable to their business.

A

Taxes

21
Q

The entrepreneur will demand to the supplier of the products and services to constantly provide them with the service

A

Demand for Supplies and Services

22
Q

The entrepreneur is also responsible to provide training ground for future entrepreneurs. Considering the fact, that many entrepreneurs were former employees of an enterprising persons. Many of them used their acquired skills in starting new business

A

Training facilities for future entrepreneurship

23
Q

This happens when the entrepreneur starts to question the feasibility of an idea, product or service. He/she in this stage will also seeks answers to questions regarding potential markets, production, and financing. This is the very important stage that the entrepreneur must consider. If he/she errs in his/her evaluation, he/she will fail before considerable growth is attained

A

pres-start up stage

24
Q

The following activities are undertaken:
1. formation of the business;
2. generation of necessary capital;
3. purchase of facilities and equipment
4. constructing prototype products; and
5. testing the market.

A

Start-up stage

25
Q

No full-scale activity must be undertaken at this stage for the simple reason that feasibility must be established and verified.

A

Start-up stage

26
Q

This follows after establishing the feasibility of your business. Activities will be on a small scale, example, selling to limited resources. If losses occur, it will naturally be limited also. If the enterprise is successful at this stage, the option to move to the next stage can be exercised

A

Early growth stage

27
Q

This is the final stage before the new venture matures into a stable enterprise. This is also the stage where management is structured, long-term financing is established, and facilities planning are undertaken. Furthermore, this is the stage where the skills of an entrepreneur are less needed, instead a manager begin to take-over the responsibilities

A

Late-growth stage

28
Q

When __ is used in production activities, the owners of the land are paid compensation called rent

A

Land

29
Q

the price paid per unit of time or durable goods, which, most often, refers to land or buildings

A

Rent

30
Q

determined on a piece-rate basis, while salary is based on time

A

Wage

Entrepreneurship (1 decks)

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