Prelim (Mod 1-3) Flashcards
_____________ claims, that whilst there is no universally
accepted definition of entrepreneurship, it is fair to say that it is___________. It involves
analyzing people and their actions together with the ways in which they interact with their
environments, be these social, economic, or political, and the institutional, policy, and legal
frameworks that help define and legitimize human activities
Blackburn (2011)
multi-dimensional
Cantillon associated entrepreneurs with _______ activity in economy
risk-bearing
According to him, an entrepreneur is the agent who buys means of production at certain
prices in order to combine them into a product that he going to sell at prices that are uncertain at
the moment at which he commits himself to his costs.
Richard Cantillon
nationality of richard cantillon
Irish-French
He emphasized the entrepreneur’s function of
taking risks and bearing the uncertainties.
Richard Cantillon
According to him, The entrepreneur is the economic agent who unites all
means of production, the labor force of the one and the capital or the land of the others and who
finds in the value of products his results from their employment reconstitution of the entire capital
that he utilizes and the value of the wages, the interest and the rent which he pays as well as profits
belonging to himself.”
Jean-Baptiste
He further contends that an entrepreneur is someone who shifts economic
resources out of an area of lower productivity into an area of higher productivity and greater yield
Jean-Baptiste
He defined entrepreneur as an individual who carries out
new combines of means of production by which there occurs disequilibrium
Joseph Schumpeter
” He further puts forth that
entrepreneurs, an especially talented and motivated class of people, are key individuals in development.
Joseph Schumpeter
____________is one who introduces new
combinations
innovator
According to him, entrepreneur is basically an innovator and innovator is one who introduces new
combinations.
Joseph Schumpeter
According to ___________, “entrepreneurship is the pursuit of opportunity beyond
resources controlled.”
Professor Howard Stevenson
Where do Howard Stevenson teach?
Harvard Business School
According to them, an entrepreneur can be described as “one who creates a new business in the face of risk and
uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalize on them
Zimmerer & Scarborough
According to them, entrepreneurship can be defined as a field of business that “seeks to understand how opportunities to create
something new (e.g., new products or services, new markets, new production processes or raw materials, new
ways of organizing existing technologies) arise and are discovered or created by specific persons, who then use
various means to exploit or develop them, thus producing a wide range of effects
Baron, Shane, & Reuber
Who says that entrepreneurship “is that it is the process of pursuing opportunities without limitation by resources currently in hand”
Brooks
Who says that entrepreneurship is the process of doing something new and something different for the purpose of creating wealth for the
individual and adding value to society
Kao
Who provided this integrated definition of entrepreneurship, “Entrepreneurship is a dynamic process of vision, change and creation. It requires an application of energy and
passion towards the creation and implementation of new value-adding ideas and creative solutions. Essential
ingredients include the willingness to take calculated risks in terms of time, equity or career; the ability to
formulate an effective venture team; the creative skill to marshal needed resources; and, finally, the vision to
recognise opportunity where others see chaos, contradiction and confusion.”
Frederick, Kuratko, and O’Connor
___________ is the process of
creating something new of value while assuming the risks
Entrepreneurship
A ___________denotes that a procedure has several steps or stages to be taken. In the same manner,
the practice of entrepreneurship involves several steps of stages to be taken.
process
Simply put, this is innovation. The practice of entrepreneurship always involves
innovation.
creating something new
it refers to the worth attributed to something.
value
We often associate the word risk with negative things. But simply put, a risk is an
uncertainty. Those who practice entrepreneurship must be willing to bear the risks involved with every
venture. They must have a certain degree of tolerance for uncertainty
assuming the risk
6 nature of entrepreneurship
1.Entrepreneurship creates opportunity
- Entrepreneurship ensures social justice.
- Entrepreneurship instills in us confidence.
- Entrepreneurship stimulates the economy
- Entrepreneurship teaches us to fail and to persevere
- Entrepreneurship teaches us to become creative, innovative, and inventive
_________________ is the adding of new businesses (or portions
of new businesses via equity investments) to the company
Corporate venturing
_______________ focuses on large Scale, highly consequential innovations that are adopted in the company’s pursuit of competitive advantage.
Strategic entrepreneurship
An _____________develops their own business
with a new concept or idea that they have cultivated
entrepreneur
An ____________ is an
employee of a company who uses their
entrepreneurial skills within the business to
innovate in company processes, services,
and products.
intrapreneur
They procure the finished products from the
manufacturers and sell these to the customers directly or through a
retailer. These serve as the middlemen as wholesalers, dealers, and
retailers between the manufacturers and customers
trading entrepreneur
They
identify the needs of the customers and then explore the resources
and technology to be used to manufacture the products to satisfy the
customers’ needs. In other words, the manufacturing entrepreneurs
convert raw materials into finished products.
Manufacturing Entrepreneur
They cover a wide spectrum of
agricultural activities like cultivation, marketing of agricultural
produce, irrigation, mechanization, and technology
agricultural entrepreneur
types of engineers based on the type of the business
trading entrepreneur
manufacturing entrepreneur
agricultural entrepreneur
The entrepreneurs who establish and run science and
technology-based industries are called ‘technical
entrepreneurs.’ Speaking alternatively, these are the
entrepreneurs who make use of science and technology in
their enterprises. Expectedly, they use new and innovative
methods of production in their enterprises
Technical entrepreneur
The
forte of their enterprises is not science and technology. They are
concerned with the use of alternative and imitative methods of
marketing and distribution strategies to make their business
survive and thrive in the competitive market. Example: Alibaba –
Founder Jack Ma has a degree in English.
Non-technical entrepreneur
two types of entrepreneur based on the use of technology
technical and non-technical
A ______________ is one who as an individual sets up a business
enterprise. He/she is the sole owner of the enterprise and bears the entire
risk involved in it
private entrepreneur
When the trading or industrial venture is
undertaken by the State or the Government,
it is called a ‘_______________.’
state entrepreneur
When a private entrepreneur and the Government jointly
run a business enterprise, it is called ‘_______________.
joint entrepreneur
three types entrepreneur based on ownership
private, state, joint
An entrepreneur who has made
investment in plant and machinery
up to Php. 15M. is called ____________
smale-scale entrepreneur
The entrepreneur who has made
investment in plant and machinery
above Php. 15M to Php. 100M is
called ‘____________
medium-scale entrepreneur
The entrepreneur who has made investment in plant and machinery more than Php. 100M is called ___________
Large-scale entrepreneur
type of entrepreneur based on the size of the enterprise
small-scale
medium-scale
large-scale
______________, on the basis of his study of the American Agriculture,
classified entrepreneurs in the manner that at the initial stage of economic
development, entrepreneurs have less initiative and drive and as economic
development proceeds, they become more innovating and enthusiastic
Clarence Danhof (1949)
________________are one who introduce new
goods, inaugurate new method of production, discover
new market and re-organize the enterprise. It is
important to note that such entrepreneurs can work
only when a certain level of development is already
achieved, and people look forward to change and
improvement
innovating entrepreneur
These are characterized by readiness to adopt successful
innovations inaugurated by innovating entrepreneurs. Imitative
entrepreneurs do not innovate the changes themselves they only
imitate techniques and technology innovated by others. Such types
of entrepreneurs are particularly suitable for the underdeveloped
regions for bringing a mushroom drive of imitation of new
combinations of factors of production already available in
developed regions.
imitative entrepreneur
___________________ are characterized by very great caution and
skepticism in experimenting any change in their enterprises. They
imitate only when it becomes perfectly clear that failure to do so would
result in a loss of the relative position in the enterprise
Fabian entrepreneurs
These are characterized by a refusal to adopt opportunities to make
changes in production formulae even at the cost of severely reduced returns
relative to other like producers. Such entrepreneurs may even suffer from
losses but they are not ready to make changes in their existing production
methods. They are laggards as they continue to operate in their traditional
way and resist changes.
drone entrepreneur
4 types of entrepreneur based on Clarence Danhof Classification
innovating, imitative, fabian, drone
A _______________ is self-motivated and takes ownership of their own success. They do not wait for someone else to tell them what to do or motivate them; instead, they take matters into their own hands and make things happen for themselves
true entrepreneur
_______________ are individuals within government institutions that can identify opportunities, leading to the development of new business ideas that could help achieve socio-political objectives by harnessing resources to help achieve the identified objectives
Public entrepreneurs
who owns national bookstore
Socorro Ramos
who owns Jollibee
Tony Tan Caktiong
who owns mang inasal
Edgar Sia
Who owns Greenwich Pizza
Cresida Tueres
who owns Goldilocks
Milagros, Clarita, Doris leelin
who owns potato corner
Joe Magsaysay
who owns The aristocrat
Asiang Reyes
Who owns hen lin
Araceli and Jun Manas
_____________begin at the nexus of a lucrative opportunity and an enterprising
individual.
entrepreneurial
actions
is a set of perspective and values, a perspective
which to give an impression, ideas and thought in a particular thing and
values as an important role that allow them to achieve greatness.
Entrepreneur mindset
could stem from introducing an
existing technological product used
in one market to create a new
market
Entrepreneurial Oppotunity
________________through the creation products or
processes into new markets are possible occur through newly created
organization or within an established organization. It can also exist in
uncertainty which has to be an understanding entrepreneurial action to
assess amount of uncertainty perceived surround a potential opportunity and
the individual’s willingness to bear with that uncertainty
Entrepreneurship Action
________________ is creating something from nothing by making
do and applying combinations of resources at hand to new problems and
opportunities1
bricolage
Potential and nascent entrepreneurs should always pay close attention
to potential customers. This can take the form of informally monitoring
potential ideas and needs or formally arranging for consumers to have
an opportunity to express their opinions. The idea or need has to have
a large enough market to support a new venture
consumers
Potential entrepreneurs should also establish a method for monitoring
and evaluating competitive products/services on the market.
Frequently, this analysis uncovers ways to improve on these offerings
that may result in a new product/service that has more market appeal
and sales and profit potential
Existing Products and services
Members of the distribution channels are also excellent sources for
new ideas reflecting their familiarity with the needs of the market. Not
only do channel members frequently have suggestions for completely
new products, but they can also help in marketing the entrepreneur’s
newly developed products.
Distribution channel
IT can also be a source of new product ideas in
two ways. First, the files of the Patent Office contain numerous new product possibilities. Although the patents themselves may not be
feasible, they can frequently suggest other more feasible product
ideas. Several government agencies and publications are helpful in
monitoring patent application
federal government
The largest source of new ideas is the entrepreneur’s own “_________________” efforts, which may be a formal endeavor connected
with one’s current employment or an informal one in a basement or
garage.
research
and development
Although some may feel that entrepreneurs are less educated than the
general population, research findings indicate that this is clearly not the case. Even general education is valuable because it facilitates the integration and
accumulation of new knowledge, providing individuals with a larger
opportunity set and assists entrepreneurs in adapting to new situations and
how entrepreneur play a major role in helping entrepreneurs cope with the
problems they confront
Education
chronoliogical age
22-45
Also, there are milestone ages every____________when an individual is more inclined to start
an entrepreneurial career.
five
years (25, 30, 35, 40, and 45)
Can influence and initiate the decision to launch a new entrepreneurial
venture, it also plays a role in the growth and eventual success of the new
venture. Experience in the following areas is particularly important:
financing, product or service development, manufacturing, and the
development of distribution channels.
work history
3 things to consider during evaluation of background and characteristics
age, education, work history
Groups of individuals providing information in a structured format. In
addition to generate new ideas, the focus group is an excellent method
for initially screening ideas and concepts. with the use one of several
procedures available the results can be analyzed and more
quantitively, making the focus group a useful method for generating
new product ideas.
focus group
The _______________ method stimulates people to be creative by meeting
with others and participating in an organized group experience.
Although most of the ideas generated by the group have no basis for
further development, sometimes a good idea emerges. This has a
greater frequency of occurrence when the br
brainstorming
________________ is a form of written brainstorming. It was created by Bernd
Rohrbach at the end of the 1960s under the name Method 635 and
differs from classical brainstorming by giving participants more time to
think than in a brainstorming session, where the ideas are expressed
spontaneously
Brainwriting
Problem inventory analysis uses individuals in a manner analogous to
focus groups to generate new product ideas. However, instead of
generating new ideas themselves, consumers in the group are
provided with a list of problems in a general product category
Problem Inventory Analysis
4 methods of generating ideas
- focus group
- brainstorming
- brain writing
- problem inventory analysis
The study and examination of moral and
social Responsibility in relation to business practice and decision
making in business is known as “________________
Business Ethics
A ________________ is a
person who pursues novel
applications that have the
potential to solve community based problems. These
individuals are willing to take on
the risk and effort to create
positive changes in society
through their initiatives.
social entrepreneur
_________________ is a
growing trend alongside socially
responsible (SRI) – Socially
Responsible Investing and ESG –
Environmental, Social and Governance investing.
Social entrepreneurship
