Prelims Flashcards
Entrepreneurship
A discipline that seeks to understand how opportunities are discovered, created, and exploited by whom, and with what consequences.
Latin of Entre Pre Neur
Entre - Enter
Pre - before
Neur - nerve center
What is Entrepreneur based from its Latin origin
Entrepreneur as someone who enters business in time to form or change substantially that business’ nerve center
Entrepreneur Development - Economic Growth & Job creation driver
- Entrepreneur is a key driver for economic growth & job creation.
- provides many people with career opportunities that better fit their preferences
- Also may be a response by significant numbers of people to job losses
Entrepreneur Development - Good career choice to flourish
- can lessen/prevent working abroad
- provide opportunity for working professionals in the country.
Myth of Entrepreneur
- Entrepreneurship is not reserved for startups.
- Entrepreneurs do not have a special set of personality traits.
- Entrepreneurship can be taught.
- Entrepreneurs are not extreme risk-takers.
- Entrepreneurs collaborate more than they compete.
- Entrepreneurs act more than they plan.
- Entrepreneurship is a life skill.
What stops us to be an Entrepreneur?
Knowledge - seminars, find cases, investigate surroundings, learn about suppliers, read current events
Capital - loans, savings, kickstarters, fam & friends, raise the money
Guidance - mentors, investors, partners, famiily, self-helep
Laziness and Fear of Failure
Student Journey to Entrepreneurship
- Attitudes (think entrepreneurial)
- Skills to start-up (be an entrepreneur)
- Skills to survive and grow ( be a successful entrepreneur)
TIPS
Theory - Inspiration - Practical - Seek various sources
- youtube, ted talks, netflix, shark tank, spotify, business wars
Entrepreneurship GEM Definition
“any attempt at new business or venture creation, such as self-employment, a new business organization, or the expansion of an existing business by an individual, a team of individuals, or an established business”
Entrepreneurial Activity
Influenced by 2 factors
Country’s societal values towards entrepreneurship & the individuals’ psychology, demographic characteristics, and motivations.
GEM Surveys
Adult Population Surveys (APS) min. 2000 adults
- Participated by adults and asks about activity, phases of entrepreneurship, and perception and intentions of the population regarding entrepreneurship.
National Experts Surveys (NES) min. 36 experts
-inquires opinions of experts on the entrepreneurial environment in their countries
Factor Driven Economies
Countries that depend on agriculture and extraction businesses using more labor factors and natural resources.
Efficiency Driven Economies
Countries that have become more competitive with economic development supported by industrialization and economies of scale where capital-intensive businesses dominate the economy.
Innovation Driven Economies
Countries that rely more on new knowledge and expanding into the service sector.
