Recognizing a Potential Market and Introduction to Entrepreneurship Flashcards
Definition of a term
It is a proactive process of developing a business venture to make a profit.
Entrepreneurship
Definition of a term
It involves seeking opportunities for a market, establishing and operating a business out of the opportunity, and assessing its risks and rewards through close monitoring of the operations.
Entrepreneurship
Definition of Terms
is a proactive process of developing a business venture to make a profit.
Entrepreneurship
Definition of Terms
It involves seeking opportunities for a market, establishing and operating a business out of the opportunity, and assessing its risks and rewards through close monitoring of the operations.
Entrepreneurship
Definition of Terms
The word “entrepreneur” was derived from what word? and what did that word mean?
from the French verb enterprendre, which means “ to undertake”
Definition of terms
is a unique individual who has the innate ability and extraordinary dedication to establish and manage a business, acknowledging all the risks and reaping its rewards.
Entrepreneur
Definition of Terms
Are individuals who have generated substantial value and profits from innovations in a very short period of time
This definition is from Joseph Schumpeter
Entrepreneur
Definition of Terms
These individuals are also willing to absorb huge risks of using enormous amounts of capital in their business ventures.
2 types of Entrepreneurs according to size
Megaentrepreneurs
Definition of Terms
They also initiate business enterprise, the value-added and profits they make are limited. Their contributions are minimal and attract few competitors and imitators.
2 types of Entrepreneurs according to size
Microentrepreneurs
Enumeration
2 types of Entrepreneurs according to size
Megaentrepreneurs and Microentrepreneurs
Enumeration
What are the Types of Entrepreneurs according character
There are five
- Innovative
- Immitating
- Fabian
- Drone
- Social
Definition of Terms
they are those who always make new things by thinking of new ideas.
Types of Entrepreneurs according character
Innovative entrepreneur
Definition of Terms
they are those who don’t create new things but only follow the ideas of other entrepreneurs.
Types of Entrepreneurs according character
Imitating entrepreneurs
Definition of Terms
they are those skeptical. They don’t initiate but follow only after they are satisfied.
Types of Entrepreneurs according character
Fabian entrepreneurs
Definition of Terms
they are those who lives on the labor of others. They are die-hard conservatives even ready to suffer the loss of business
Types of Entrepreneurs according character
Drone entrepreneur
Definition of Terms
they are those who initiate changes in the various fields such as education, health, human rights, environment and enterprise development.
Types of Entrepreneurs according character
Social entrepreneurs
Enumeration
Relevance of Entrepreneurship to an organization
- Development of Managerial capabilities
- Creation of Organizations
- Improving standard of living
- Means of economic development
Enumeration
Factors Affecting Entrepreneurship
- Personality
- Environmental Factors
Definition of Terms
which means doing things even before being told
Under Personality Factors
Initiative
Definition of Terms
which means he can retain good relations with other people.
Under Personality Factors
Proactive
Definition of Terms
which means he can retain good relations with other people.
Under Personality Factors
Problem Solver
Definition of Terms
meaning he will pursue things to get done regardless of challenges
Under Personality Factors
Perseverance
Definition of Terms
means that he can entice people to buy even if they don’t.
Under Personality Factors
Persuasion
Definition of Terms
meaning he makes plan before doing things and do not fail to monitor it.
Under Personality Factors
A Planner
Definition of Terms
which means that he is willing to gamble but he will calculate it first.
Under Personality Factors
Risk-taker
Definition of Terms
These are factors which include political, climate, legal system, economic and social conditions and market situations.
Environmental Factors
Enumeration
Core Competencies in Entrepreneurship
There are 4
- Economic and dynamic activity
- Innovative
- Profit Potential
- Risk bearing
Enumeration
Career Opportunities of Entrepreneurship
- Business Consultant
- Teacher
- Researcher
- Sales
- Business Reporter
Definition of Terms
An innovative concept that can be used for financial gain that is usually centered on a product or service that can be offered for money.
Entrepreneurial Ideas
Definition of Terms
Can be defined as the steps taken in order to begin a new enterprise. It is a step-by-step method one has to follow to set up a business.
Entrepreneurial Process
Definition of Terms
The process of considering, evaluating, and pursuing market-based activities that are excepted to be beneficial for the business.
Opportunity Seeking
Definition of Terms
his allows the entrepreneur to see things in a very positive and optimistic way in the midst of difficult situation. Being a risk - taker, an entrepreneur can find solution when problems arise.
Essentials in Entrepreneur’s Opportunity Seeking
Entrepreneurial mind frame
Definition of Terms
entrepreneur’s driven passion, they are attracted to discover satisfaction in the act and process of discovery. Passion is the great desire of an entrepreneur to achieve his/her goals.
Essentials in Entrepreneur’s Opportunity Seeking
Entrepreneurial heart flame
Definition of Terms
his refers to the ability of the entrepreneur of
being intuitive. This also known as intuition. The gut game also means confidence in one’s self and the firm believes that everything you aspire can be reached.
Essentials in Entrepreneur’s Opportunity Seeking
Entrepreneurial gut game
Enumeration
Essentials in Entrepreneur’s Opportunity Seeking
There are three
- Entrepreneurial heart flame
- Entrepreneurial mind frame
- Entrepreneurial gut game
Enumeration
Sources of Opportunities
- Changes in the environment
- Technological discovery and advancement
- Government’s thrust, programs, and policies
- People’s interest
- Past experiences
Definition of Terms
refers to the physical environment, societal environment, and industry environment where the business operates.
This is under Changes in the environment
External environment
Definition of Terms
the weather conditions.
Under external environment
Climate
Definition of Terms
such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.
Under external environment
Natural resources
Definition of Terms
includes all mammals, birds, reptiles, fish, etc., that live in the wild.
Under external environment
Wildlife
Definition of Terms
includes all the laws, rules, and regulations that govern business practices as well as the permits, approvals, and licenses necessary to operate the business.
Under external environment
Political forces
Definition of Terms
such as income level and employment rate.
Under external environment
Economic forces
Definition of Terms
customs, lifestyles and values that characterize a society.
Under external environment
Sociocultural forces
Definition of Terms
New inventions and technology
innovations.
Under external environment
Technological environment
Definition of Terms
it is the act or process of trying to get or win something.
Competition
Enumeration
These are the five forces competing within the industry
- Buyers
- Potential new entrants
- Rivalry among existing firms
- Substitute products
- Supplier
Definition of Terms
are the one that pays cash in exchange to your goods and services.
Buyers
Enumeration
The threat of its bargaining power will be less if the following factors notice
Under Buyers
- There are several suppliers available in the market.
- The buyer has the potential for backward integration.
- The cost of switching the supplier cost is minimal.
- The product represents a high percentage of the buyer’s cost.
- The buyer purchases large portions of the seller’s product or services.
Definition of Terms
is defined as the one who enters something.
Potential New Entrants
Definition of Terms
is a state or situation in which people or groups are competing with each other
Rivalry among Existing Firms
Enumeration
The intensity of rivalry among existing firms is characterized to the following factors:
Name at least two (2)
- Diversity of rivals.
- Number of competing firms.
- Characteristics of the products or services.
- Increased capacity.
- Amount of fixed costs.
- Rate of industry growth.
Definition of Terms
means anything that takes the place or function of another
Substitute
Enumeration
substitute product can give a big threat in the industry environment if the following factors are notice
name at least one (1)
- Switching cost is low.
- Preferences and tastes of the customers easily change.
- Product differentiation is highly noticeable
- The quality of substitute products dramatically improves.
- The price of substitute product is substantially lower.
Definition of Terms
are the one that provides something that is needed or wanted.
Suppliers
