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ETEM REVIEWER > The Entrepreneurial Mindset > Flashcards

The Entrepreneurial Mindset Flashcards

1
Q

•A set of skills that enable people to identify and make the most of opportunities, overcome and learn from setbacks, and succeed in a variety of settings
•Enhances a student’s education by teaching them perseverance, tenacity, creativity, problem solving, and collaboration so they can identify problems and find solutions

A

Entrepreneurial Mindset

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2
Q

The Two Entrepreneurship Views

A

•Predictive approach
•Creation Approach

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3
Q

•Entrepreneurship as a linear process where the results are usually predictable
•have predetermined goals, their problems are clear and they are in possession of dependable and accessible information

A

Predictive Approach

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4
Q

•Entrepreneurship as a mindset and a method that needs practice and used only when the future is unpredictable and not certain
•define their goals based from the resources available at hand.
•small businesses always begin with this

A

Creation Approach

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5
Q

Identifies entrepreneurship as an instrument of economic growth

A

The 1987 Philippine Constitution

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6
Q

The role of private enterprises in supporting fair distribution of income and wealth, satisfying production for goods and services and escalating productivity
•Intention is to raise the quality of Filipinos’ lives.

A

Article XII Section 1

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7
Q

Skills important in entrepreneurship

A
  1. The Skill of Play
  2. The Skill of Experimentation
  3. The Skill of Empathy
  4. The Skill of Creativity
  5. The Skill of Reflection
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8
Q

An entrepreneur with this skill usually allows his imagination to explore, exposes his mind to a treasure of opportunities and potentials and is very innovative

A

The Skill of Play

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9
Q

•Calls for entrepreneurs to act as to learn. Acting to learn means attempting to do something, learning from such attempts and structuring said learning when next thing similar happens
•Refers to making action

A

The Skill of Experimentation

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10
Q

•putting ones’ shoes in the shoes of others
•can help in having meaningful relationship with stakeholders as their needs are determined so that new products and services could be created.

A

The Skill of Empathy

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11
Q

•means being open minded and letting loose one’s ability to create, discover opportunities and resolve problems
•Depends on how much an entrepreneur desires to learn, how interested he is and how much effort he would invest to apply his idea/s.

A

The Skill of Creativity

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12
Q

•most vital skill of all skills
•the discomfort handled, the feelings felt and the knowledge possessed gives new perspectives and allow for more assessment of the results and forming of conclusion

A

The Skill of Reflection

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13
Q

Types of reflection

A
  1. Narrative
  2. Emotional
  3. Perceptive
  4. Analytical
  5. Evaluative
  6. Critical
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14
Q

It is describing on what you might feel to be and how the future looks

A

Narrative

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15
Q

Centers on the feelings and the management of these feelings during a certain situation

A

Emotional

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16
Q

Focuses on one’s insights and feedbacks as well as the others in addition to how various views, needs or inclinations affected the experience

A

Perceptive

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17
Q

Ability to collect and analyze information and solve problems

A

Analytical

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18
Q

Concerns on what went well as well as what went bad or whether the experience was useful or not

A

Evaluative

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19
Q

Considering the role played in a situation, the approach applied, what could still might be done, the lessons from the experience, queries in mind, and the anticipation of the possible result

A

Critical

20
Q

The truths about Entrepreneurship

A
  1. Entrepreneurship is Not Solely for Startups
  2. Entrepreneurs Do not have exceptional personality qualities
  3. Entrepreneurship can be taught yet entails practice
  4. Entrepreneurs are not so much risk takers
  5. Entrepreneurs work in a partnership more than they compete
  6. Entrepreneurs are more in doing than planning
  7. Entrepreneurship is truly a life skill
21
Q

The 6 Life Skills

A
  1. Resilience
  2. Agility
  3. Negotiating
  4. Problem solving
  5. Relationship Building
  6. Mindfulness
22
Q

Able to deal with the setbacks through bouncing back and refocus after failure

A

Resilience

23
Q

Responding speedily and conclusively

A

Agility

24
Q

About setting boundaries

A

Negotiating

25
Q

Creating solutions from minor technical difficulties to major financial headsches

A

Problem Solving

26
Q

Involves give and take relationship of the entrepreneur with a supplier, investor, or even his employee.

A

Relationship Building

27
Q

Able to disconnect from the pressure and focus on being in the moment

A

Mindfulness

28
Q

Types of Entrepreneurships

A
  1. Intrapreneurship
  2. Entrepreneurs Inside
  3. Buying a Franchise
  4. Buying a Small Business
  5. Social Entrepreneurship
  6. Family Business
  7. Serial Entrepreneur
29
Q

•The act of behaving like an entrepreneur while working within a large organization
•bringing an entrepreneurial mindset to one’s role at an established company

A

Intrapreneurship

30
Q

•almost similar with intrapreneurship. Only difference is that entrepreneurs function inside any type of organization
•must be supported by management

A

Entrepreneurs Inside

31
Q

A business structure where the buyer pays a licensing fee to trade using the branding, trademarks, products, suppliers, and systems of an established business.

A

Buying a Franchise

32
Q

•Buyer takes over full ownership of the business
•largest advantage is having an existing blueprint
•presents less risks than starting from zero

A

Buying a Small Business

33
Q

Pursuing innovative applications that have the likelihood of solving community based problems

A

Social Entrepreneurship

34
Q

Owned and managed by members of the family that is usually handed down from generation to generation.

A

Family Business

35
Q

Famous Chinese saying meaning “wealth does not pass three generations.”

A

Fu Pu Kuo San Tai

36
Q

•Someone who starts multiple businesses.

A

Serial Entrepreneur

37
Q

8 signs you might be a serial Entrepreneur

A
  1. Restless
  2. Too many Talents
  3. Made money as a kid
  4. Dropped out or disliked school
  5. Fear regret more than failure
  6. Try a few ideas at once
  7. Customer of your own business
  8. Look to fix simple life problems
38
Q

Believes that the focus of effectual entrepreneurs is to create a future instead of predicting it

A

Sarasvathy

39
Q

5 principles of effectuation

A
  1. Bird in Hand
  2. Affordable Loss
  3. Crazy Quilt
  4. Lemonade
  5. Pilot in the Plane
40
Q

•This principle of effectuation means creating solutions using the resources available at the disposal of entrepreneurs instead of having goals I’m mind

A

Bird in hand

41
Q

•in order to limit the disadvantage risk, an entrepreneur should define his affordable Loss. This means only investing much that an entrepreneur is willing and can afford to lose

A

Affordable Loss

42
Q

•about entering into new partnerships that bring in new opportunities and reduce uncertainty

A

Crazy quilt

43
Q

•Mistakes and surprises are inevitable and can be used to look for new authorities
•expect surprises and must welcome contingencies

A

Lemonade

44
Q

•believe that the future is really something that needs to be controlled and not try to predict

A

Pilot in the Plane

45
Q

Components of the Entrepreneurial Method

A
  1. Identify desired impact
  2. Begin with Means at hand
  3. Describe the idea today
  4. Estimate affordable Loss
  5. Reflect and Be Honest
  6. Take small action
  7. Network and enjoin others in the journey
  8. Build and learn from what has been learned
    9.

ETEM REVIEWER (2 decks)

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