Perspective on Entrepreneurship Flashcards
the one who organizes, manages, and assumes the risks of a business or franchise
Entrepreneur
economic activity that a person starts, manages, and assumes the risk of a business
Entrepreneurship
refers to the department who is in charge in hiring employees for a certain company
Human resources
accumulated goods devoted to the production of other goods
Capital
the practical application of knowledge especially in a particular area: Engineering
Technology
a portion of earth’s surface distinguishable by boundaries or ownership
Land
the services performed by workers for wages as distinguished from those rendered by entrepreneur for profits
Labor
a charges usually of money imposed by authority on persons or property for public purposes
Taxes
a new idea, method, or device: Novelty
Innovation
a man who transacts business
Businessman
people’s belief about their capabilities to produce designated levels of performance influence over events that affect their lives (Albert Badura)
Self Efficacy
an inclination to put the most favorable construction upon actions and events or anticipate the best possible outcome
Optimism
is a scheme aimed at improving the living standards of the nation’s citizenry.
Economic Development
Labor supply, Education, Discipline, and Motivation
Human Resources
Land, Minerals, Fuel, and Climate
Natural Resources
Machines, Factories, and Roads
Capital
Science, Engineering, Management, and Entrepreneurship
Technology
The entrepreneur is now responsible in providing the products and services to the customers
Products and Services for Customers
The entrepreneur will now need manpower for their business to operate. So, they will be hiring people who are capable of such work
Employment
The entrepreneur will pay ____ in a form of business licenses, fees and permits applicable to their business.
Taxes
The entrepreneur will demand to the supplier of the products and services to constantly provide them with the service
Demand for Supplies and Services
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
Training facilities for future entrepreneurship
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
pres-start up stage
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.
Start-up stage
No full-scale activity must be undertaken at this stage for the simple reason that feasibility must be established and verified.
Start-up stage
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
Early growth stage
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
Late-growth stage
When __ is used in production activities, the owners of the land are paid compensation called rent
Land
the price paid per unit of time or durable goods, which, most often, refers to land or buildings
Rent
determined on a piece-rate basis, while salary is based on time
Wage
