Reviewer Flashcards
It is the dynamic process of conceptualizing, financing, and running a business enterprise to provide goods and services and earn profits
Entrepreneurship
It is a skill, the mobilization of the factors of production to create products or services
Entrepreneurship
What are the 4 factors of production?
Labor, Capital, Land, Entrepreneur
It is a french word which means to undertake
Entreprendre
People who work at their own time and pace and don’t work for anyone but they can work for everyone
Freelancers
Improvement; Creative destruction
Innovation
Creation
Invention
There is no competition in the market
Monopoly
According to who? It improves the already existing products.
Innovation (Schumpeter)
According to who? It provides goods and services to build connections
Purposeful activity and creation of organizations (Cole)
According to who? Entrepreneurship is not a personality; it can be learned
Discipline (Drucker)
What are the learning styles of entrepreneurs?
Imagining Style
Analyzing Style
Deciding Style
Initiating Style
Balanced Style
It is an idea that can be developed into a business venture
Opportunity
What is the SPEET Environment?
Socio-cultural, Political, Economical, Ecological, Technology
What and where do we look at the unexpected opportunities?
Trends and technology
What and where do we look at the industry and market disparities opportunities?
SPEET environment
What and where do we look at the process needs opportunities?
Weak spots and turn them into strengths
What and where do we look at the incongruities opportunities?
Incongruity - not suitable or not fitting well with (Google, 2024)
Customer feedback
What and where do we look at the demographic shifts opportunities?
Target market
What and where do we look at the changes in perception opportunities?
Lifestyle changes; e.g. gym kulto, veganism
What and where do we look at the new knowledge opportunities?
Inventions; e.g. COVID Vaccine
It is when an entrepreneur is finding opportunities
Opportunity Seeking
It is when an entrepreneur determines if the elements are good or bad.
NOTE: Not all opportunities are the best for business
Opportunity Screening
It is when an entrepreneur starts the business
Opportunity Seizing
In this enterprise life cycle, business ventures begin with an idea and testing the viability of an opportunity
Phase 1: Development
In this enterprise life cycle, adaptability is the key and business concept should be tested and adjusted to meet the expectations
Phase 2: Start-up
In this enterprise life cycle, the execution begins and sustainable profits are generated. Moreover, there are also the presence of growing competition
Phase 3: Growth
In this enterprise life cycle, buy outs happen (bibilhin mo ‘yung ibang kompanya para bawas competitors mo; e.g. Jollibee to Greenwich, etc.).
Phase 4: Expansion
It is a learning style of entrepreneur which uses concrete experiences
Imagining Style
It is a learning style of entrepreneur which uses abstract information
Analyzing Style
It is a learning style of entrepreneur which uses application of theory
Deciding Style
It is a learning style of entrepreneur which uses social interactions
Initiating Style
It is a learning style of entrepreneur which adapts in any situations
NOTE: It assesses the situation to determine which learning style to apply.
Balanced Style
