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Entrepreneurial Mind > Prelim > Flashcards

Prelim Flashcards

1
Q

Mobilizing the idle savings of public. They employ their own as well as borrowed resources for setting up their enterprises. Such type of entrepreneurial activities leads to value addition and creation of wealth, which is very essential for the industrial and economic development of country

A

Promotes capital formation

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2
Q

Entrepreneurs provide immediate large scale employment opportunities to the unemployed which is a chronic problem of underdeveloped nations

A

Creates large-scale employment opportunities

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3
Q

Entrepreneurs help to remove regional disparities to setting up of industries in less developed and backward areas

A

Promotes balanced regional develpment

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4
Q

Economic power is the natural outcome of industrial and business activity. Industrial development normally leads leads visitation concentration of economic power in the hands of a few individuals which results in the growth of monopolies

A

Reduces concentration of economic power

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5
Q

It stimulates equitable redistribution of wealth and income in the interest of the country to more people and geographic areas, thus giving benefit to a larger sections of the society.

A

Wealth creation and distribution

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6
Q

Entrepreneurs are always on the lookout for opportunities

A

Increasing gross national product and per capita income

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7
Q

Increase in the standard of living of the people is a characteristics feature of economic development of the country

A

Improvement in standard of living

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8
Q

Entrepreneurs help in promoting a country’s export-trade, which is an important ingredient of economic development.

A

Promote country’s export trade

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9
Q

Entrepreneurs like to work with an environment of change and try to maximize profits by innovation.

A

Induces backward and forward linkages

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10
Q

Entrepreneurs act as a catalytic agent for change which results in chain reaction.

A

Facilitates overall development

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11
Q

Two imporatnt economic factors that hinder our growth as a nation

A
  1. Poverty
  2. Population explosion
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12
Q

The following factors are contributory determinants to our slow growth in economic development as a nation

A
  1. The Filipino Values and Culture
  2. Income opportunity in the countryside is still subsistence in nature
  3. The failure to develop better system of education
  4. Availability of needed capital
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13
Q

Probided the necessary funds for the development of entrepreneurs in the countryside.

A

R.A. 6977 aka MAGNA CARTA FOR SMALL ENTERPRISES

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14
Q

Granting exemptions from any and all government rules and regulations and other incentive and benefits and for other purposes.

A

R.A. 6810 aka MAGNA CARTA FOR COUNTRYSIDE AND BARANGAY BUSINESS ENTERPRISES

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15
Q

If you are determined to run your own business, you must concentrate on your work either as a producer or a seller. The success of your business depends on how much time and effort you will soend on it.

A

Hard working

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16
Q

You must have a strong faith in your ability despite the problems that you will encounter along the way

A

Self-confidence

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17
Q

once a person enters in a line of business, you must understand that you are in a non-stop contract that en entrepreneur should understand. It may take several years to build up a business to a reasonable standard. The goal for most succesful business people is to build a secure job and stable income for themselves based on their own ability.

A

Future-oriented

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18
Q

when you enter into the world of business, obviously, you are looking for income because you know that this will be your bread and butter not only for you but also for your family. Therefore, you must see to it the business can generate income. Another plan of action is to expand your own business through the use of your generated income.

A

profit-oriented

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19
Q

an entrepreneur is forward looking. you have an advanced preparation for your business. You set a long-term goal for the activities that are needed, an extensive preparation for the production process and procedures that you need to go through to acquire, human and non-human resources

A

Goal-oriented

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20
Q

Differences in opinion and judgement. Your opponent can be a part of the rejection on what you intend to do for your endeavor. As an entrepreneur, you must be firm, syrong willed, and stick or follow your own belief.

A

Persistence

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21
Q

Learn from you mistakes

A

copes with failure

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22
Q

you must be concerned to know how well you are doing and keep track of your performance. You must obtain useful feedback and advice from others.

A

responds to feedback or open to feedback

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23
Q

a successful entrepreneur takes the initiative. You must put yourself in a position where you personally are resoonsible for the failure or success of your business.

A

take the initiative

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24
Q

take time to listen to the advice, suggestions, and recommendations of fellow entrepreneurs. It will help your business grow.

A

willing to listen

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25
Q

the capability for exploiting successfully innovative ideas in a commercially competitive market

A

entrepreneurship

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26
Q

a people who manage business with the intention of expanding that business by applying some form of innovation and with the leadership and managerial capacity for achieving their goals, generally in the fact of strong competition from other firms, large and small.

A

entrepreneur

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27
Q

two vital roles in the economy

A
  1. to introduce new ideas
  2. to energize business processes
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28
Q

the term entrepreneur, is derives from the French word

A

entre (between), pendre (to take)

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29
Q

wealth of nations

A

Adam Smith, 1776

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30
Q

first appearance of entrepeneur

A

France

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31
Q

an Irishman living in France, suggested in 1756

A

Richard Cantillon

32
Q

was someone prepared to bear uncertainty in engaging in risky arbitrage, buying goods and services at a certain (fixed) price in one market to be sold elsewhere or at another time for uncertain future prices, usually in other market.

A

Entrepreneur

33
Q

Austrian economist, who has had a seminal influence on entrepreneurship, as well as innivation, placed the entrepreneur at the center of his theory of economic development.

A

Joseph Schumpeter

34
Q

He defined entrepreneur-simply as someone who acts as an agent of change by bringing into existence a “new combination of the means of production”

A

Schumpeter

35
Q

New combinations include

A

process, product and organizational innovations.

36
Q

earning cannot give financial security, saving mostly does.

A

True

37
Q

saving always does not guarantee financial security, but wealth does.

A

saving and wealth

38
Q

avenues of investments

A

-Savings account
-Fixed deposits
-Commodities-Precious Metals, agricultural commodities etc.
-Real estate
-Bond
-Direct equity and Equity Mutual Funds

39
Q

Two villains for wealth creation

A

-Inflation
-Tax

40
Q

the portion of the business that belongs to the shareholder

A

equity

41
Q

has pricing power and produces high return on invested money

A

unique product makes a franchise business

42
Q

comoetition curtails pricing power and hence generally low return on invested money.

A

Me too product makes a commodity business

43
Q

antidotes to a commodity business

A

low-cost producer
exceptional manager

44
Q

mind-set for value investing

A

-stock is not a piece of paper, but an ownership stake in a business
-owner’s perspective
-have a long-term vie
-Stay within your circle of competence
-do the ground work well
-think in terms of probabilities

45
Q

Main motivation for entrepreneurs to overcome the barriers of economic pressure and uncertainty

A

Schumpeter

46
Q

a desire to do well, not so much for the sake of social recognition or prestige, but to attain an inner feeling of personal accomplishment

A

achievement

47
Q

collection of people working together to achieve common purpose.

A

organization

48
Q

a collection of peoole working together to achieve a common purpose in relation to their organization’s mission, vision, goals, and objectives, sharing a common organizational culture

A

Business organization

49
Q

a __________ business owner is someone who conducts a trade or business with the intent of making a profit. The __________ individual may conduct the business on a full-time basis or as a part-time venture.

A

Self-employed business owner

50
Q

two or more persons bind themselves to contribute money, property, or industry to a common fund with the intention of dividing profits among themselves.

A

partnership

51
Q

who invest in the partnership, participate in the day-to-day operations and are liable for debts and lawsuits of the partnership

A

general partners

52
Q

who invest in the partnership but who have no participation in day-to-day operations and who are not usually considered to have liability

A

limited partners

53
Q

an association of two or more persons that carry on as the co-owners of a business in order to generate a profit. Equal voice and liability

A

general partnership

54
Q

formed by two or more persons, having one or more general partners and one or more limited partners. Has no voice in active management

A

limited partnership

55
Q

partners will receive the same beneficial taxation provided by a general partnership, and will also be shielded from the debts, and liabilities of the business. In addition, they will be protected from the actions of other partners

A

limited liability partnership

56
Q

is an artificial being created by law, having the right of succession and powers, attributes and properties expressly authorized by law or incident to its existence

A

corporation

57
Q

a corporation formed to engage in commercial activity for a profit. Another name for this type is a “for-profit” corporation.

A

Business Corporation

58
Q

a corporation whose income is taxed through the corporation rather than its shareholdet

A

C corporation

59
Q

any corporation whose stock is freely traded and is held by only a few shareholders who are often within the same family

A

close corporation

60
Q

a corporation in which the majority of stock is held by one individual or firm

A

controlled corporation

61
Q

a corporation primarily organized for the purpose of providing services and profits to its members rather than for a corporate profit

A

cooperative corporation

62
Q

a corporation that is registered in one state, but is also “authorized to do business” in one or more different states.

A

foreign corporation

63
Q

a corporation organized for some purpose other than making a profit.

A

non-profit corporation

64
Q

a corporation founded by and composed of private individuals principally for a nonpublic purpose, such as manufacturing, banking, and railroad corporations

A

private corporations

65
Q

a cotporation that provides services of a type that requires a professional license.

A

professional corporation

66
Q

a corporation whose shares are traded to and among the general public

A

public corporation

67
Q

a corporation whose income is taxed through its shareholders rather than the corporation itself

A

S corporation

68
Q

founder of Jollibee fopds corporation

A

Tony Tan Caktion

69
Q

founder of Nbs

A

Soccorro Ramos

70
Q

The jeepney king

A

Leonardo Sarao

71
Q

this involves developing and using logical, step-by-step plans to reach the goals, or offering evaluation alternatives, monitoring progress, and switching to successful strategies for the goal you want to achieve

A

Set your own standards

72
Q

pursue your vision to be a successful entrepreneur, you should know how to handle unusual events that may happen in the business which include problems in managing the workers, problems on the delivery of goods and services, and the problems on demand and production. You must be patient in dealing with these uncertainties

A

Copes with uncertainty

73
Q

you should know that in your business, personal needs, and attachment to your friends, families, and relatives are set aside. You must separate the money for your business from the amount that you need to spend for personal obligations and lifestyles

A

Committed

74
Q

successful business people base their work on strengths. Use your manual skills, knowledge in creating products or services, knowledge in trade and industry, ability to make and use of a wide network of contacts to build your business

A

Builds on strengths

75
Q

an entrepreneur must build a good reputation, possess the courage to do the right thing, do what you say, walk your talk, be loyal, and be fair in dealing with the subordinatea and customers

A

Reliable and has integrity

76
Q

risk sometimes cannot be anticipated. When misfortunes happen, consider these as challenges and work them out and set good alternatives. Risks may result to loss of your business or even bankruptcy

A

Risk-taker

77
Q

The Filipino Values and Culture

A
  1. Love for imported products
  2. Our values of BAHALA NA
  3. Our Crab Mentality
  4. The MAÑANA HABIT
  5. The Value of Time
  6. Our Values of Hiya
  7. Fiesta and Social Occassions

Entrepreneurial Mind (4 decks)

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