Relevance of an entrepreneur to an organization Flashcards
this means that one of the benefits an entrepreneur gets is to develop his managerial skills.
Development of Managerial Capabilities
which means that because of entrepreneurship many organizations will exist.
Creation of Organizations
this means that entrepreneurship can lift up the economic status of an individual.
improving standard of living
this means that not only the life of the entrepreneur is improved but also the society where the business is located.
Means of Economic Development
The word “entrepreneur” was derived from the French verb ____ , which means “to undertake.”
enterprendre
Personality factors of an entrepreneur are:
- initiative
- proactive
- problem solver
- perserverance
- persuasion
- a planner
- risk taker
doing things even before they are told
initiative
which means he can classify opportunities and seize it.
proactive
which means he can retain good relationships with other people
problem solver
meaning he will pursue things to get done regardless of challenges
perseverance
means that he can entice people to buy even if they don’t want to
persuasion
means that he can entice people to buy even if they don’t want to
persuasion
he makes plans before doing things and does not fail to monitor it.
a planner
which means that he is willing to gamble but calculate it first
risk taker
common competencies in entrepreneurship
- decisive
- communicator
- opportunity seeker
- proactive
- risktaker
- risk taker
- innovative
what are the core competencies in entrepreneurship
- economic and dynamic activity
- innovative
- profit potential
- risk bearing
an entrepreneur must be firm in making decisions
decisive
an entrepreneur must have convincing power
communicator
an entrepreneur must have the ability to be the first to see business chances
leader
an entrepreneur must have the ability to be the first to see business chances
opportunity seeker
an entrepreneur can control a situation by making things happen or by preparing for possible future problems
proactive
an entrepreneur has the courage to pursue business ideas
risk taker
the entrepreneur has big business ideas and he does not stop improving and thinking of new worthwhile ideas for his busiess
innovative
the entrepreneur can be compensated by his profit coming from the operation
profit potential
the entrepreneur needs to gamble but wise enough to offset the risk.
risk bearing
5 types of entrepreneurs
- innovative entrepreneurs
- imitating entrepreneurs
- fabian entrepreneurs
- drone entrepreneurs
- social entrepreneurs
they are the those who always makes new things by thinking of new ideas
innovative entrepreneurs
they are those who don’t create new things but only follow the ideas of others
imitating entrepreneurs
they are skeptical about the changes to be made in the organization.
fabian entrepreneurs
they are those who live on the labors of others.
drone entrepreneurs
they are those who initiate changes and drive social innovation and transformation in the various fields such as education, health, etc
social entrepreneurs
