The Practice of Entrepreneurship Flashcards
It is an individual making their own business creatively and the reason for economic growth in the country.
Entrepreneur
The one who organizes and operates a business or businesses.
Entrepreneur
What are classic views?
Not at all regarded as enhancing society’s wellbeing.
Making a profit
Aristotle’s Zero-Sum-Game, one man’s gain is another man’s loss
Importance of Entrepreneurs
Product Innovation
Process Innovation
Market Innovation
Organization Innovation
What do innovative ideas do?
satisfy customers and their wants
create economic growth and jobs
The first man to introduce entrepreneurship and acknowledge its importance to the economic system.
Richard Cantillon
Three types of agents in Richard Cantillon’s economic system
Landowners
Entrepreneurs
Hirelings
According to Richard Cantillon, they are responsible for the exchange and circulation in the economy.
Entrepreneur
Cantillon’s perception of the market
self-regulating network of reciprocal exchange arrangements
what does a class of entrepreneurs bring?
equilibrium of supply and demand by engaging in pure investment
the potential profit generated from the activity of buying at a Certain price and selling at an uncertain price.
The motivating factor
feature of the entrepreneurial task
risk-bearing nature
It is the process of starting a new business that is innovated and designed and planned.
Entrepreneurial
a system wherein goods and services are the means of exchanges
Barter System
a system where people use different forms of money to pay for the goods that they bought
Money Economy
Introducers of centralized currency
Spain
an Miguel Brewery, Bank of the Philippines, and Meralco we’re given royal grants
Spain
business were secure amidst the harsh conditions and guidelines in terms of service
Japan
gain of freedom and rights, including free enterprise
America
Entrepreneurship of the PLDT, Globe Telecom, Coca cola and Philippine Airline
America
recognizes entrepreneurship as an engine of economic growth
1987 Philippine Constitution
an embodiment of entrepreneurs of the Philippines and contribute a huge factor in the increased rate of employment
SMEs (Small and Medium Enterprises)
The skills important in entrepreneurship
Team Work and Leadership Critical Thinking Work Ethic Business Management Time Management Planning Options Communication Skills
A skill who leads and also the one who is a part of the team, and make decisions
Team Work and Leadership
A skill used to think ahead and utilize adaptability and consideration of other solutions
Critical thinking
A skill that desire to work hard, take on responsibilities, and the awareness of having the value you add to the company and guides your behavior to the extent of what is right and wrong when it comes to decision making
Work Ethic
A skill that requires leading and managing people around you
Business Management
A skill that if we fail to use in the most optimized way, we could be wasting a lot of it without achieving anything. Millionaires say “Learn constantly.”
Time Management
A skill that states having a “Plan B” does not mean you’re not confident about your initial plan, most of the time, it’s the smartest way to plan your way to your success
Planning Options
A skill that states having the ability to deliver your message clearly and precisely to other people and having this ability will prevent misunderstanding and even further, an argument that leads to chaos and an unorganized workplace.
Communication skills
Quote: Be ready to sacrifice and be practical.
Gary Vaynerchuk
Quote: The world is malleable
Chris Plough
Quote: Go all-in on company culture.
Craig Handley
Quote: Act with integrity.
Steve Griggs
Quote: Take care of your health.
AJ Rivera
Quote: Know your outcome.
Roy McDonald
It is turning a business idea into a business product through risk-taking or innovation.
INTRAPRENEURSHIP
enhancing or improving an existing product or brand-new product
INTRAPRENEURSHIP
Encouraging the workers to work collaborate and work naturally.
INTRAPRENEURSHIP
Create a sustainable workforce for people
INTRAPRENEURSHIP
technological and entrepreneur skill or knowledge, Always strive to redefine the digital economy, Process of synthesis in engineering the future do an individual, requires professional development program and training.
Technopreneurship
profit gains through music, visual arts like Writers, performers, graphic designers.
CULTURAL ENTREPRENEURRSHP
involving business activity across national borders.
International Entrepreneurship
Business that solves environmental problems
Ecopreneurship
David Kainrath’s 3 main concepts
- ECO-INNOVATION
- ECO- OPPURTUNITY
- ECO - COMMITMENT
Less focus on management systems of technical procedures and personal initiative and skills of the entrepreneur is honed to realize market success with environmental innovations
Ecopreneurship
Adopt highly environmentally responsible business practices and values
Emphasizes social perspective while considering innovative solutions through their commitment.
Ecopreneurship
Substitute for conventional production methods, market, structures, and consumption patterns with superior environmental products and services.
Characterized by a high degree of creativity, collaboration, and social orientation.
Ecopreneurship
recognizing social problems using entrepreneurial principles and using ideas, capacity, resources, and social arrangements required for long-term sustainable social transformation.
Social Entrepreneurship
Also focuses on environmental and cultural issues;
Plays the role of an agent for change in society by adopting a mission to create and sustain social values;
Process of continuous innovation, adaptation, and learning
Social Entrepreneurship
Involves in manufacture and distribution of farms supplies
Relating to production and distribution of products and services relating to agriculture, floriculture, horticulture, animal husbandry, and biotechnology.
Agripreneurship
Employs entrepreneurial skills, models, and innovative ideas to economically solve problems in the agriculture sector, solves challenges related to farm management, capital availability, farm mechanization, and agriculture supply chain, such as crop productivity, input cost for agriculture, crop wastage due to lack f storage facilities and improper management of supply chain, and helps achieve progress regarding food security, accessibility, and affordability.
Agripreneurship
profit gain for lifestyle and family support. People who run their own business and hire their friends and family or local employee.
SMALL BUSINESS ENTREPRENUERSHIP
start a business knowing their vision can change the world, attract investors, encourage people to think out of the box
SCAPABLE STARTUP ENTREPRENUERSHIP or Scalable
have defined life cycle
Offering a new and innovative product that revolves around their main product.
Change in technology, customers preference, new competition.
Build pressure to create a innovative product.
Either buy innovation enterprises or attempt to construct the product internally to cope with the rapid technological changes.
LARGE COMPANY ENTREPRENUERSHIP
old age pension scheme of the government officials
ADMINISTRATIVE ENTREPRENUERSHIP
manages productive way and ensures materials gain for the business firm
INNOVATIVE ENTREPRENUERSHIP
What is entrepreneurship according to Sarasvathy, 2018
Entrepreneurship is similar to the scientific method, Entrepreneurship is more than a specific set of skills and becomes a generalized method and form of reasoning or logic to produce a specific result
What is entrepreneurship according to Weber and Heinze, 2008
Entrepreneurship is not merely a career option, but a widespread driver for social change.
works for salary, and does not have to bear any risk
Managerial Thinking
Focus on daily smooth functioning of business
Managerial Thinking
motivation comes from the power that comes with their position
Managerial Thinking
Remuneration is the salary he draws from the company
Managerial Thinking
approach to every problem is very formal
Managerial Thinking
A visionary and bears all financial risks
Entrepreneurial Thinking
focuses on starting and expanding ideas
Entrepreneurial Thinking
Key motivation is achievements
Entrepreneurial Thinking
Reward for all the efforts is profit he earns from the enterprise
Entrepreneurial Thinking
can be informal and casual
Entrepreneurial Thinking
Based on K. Anders Ericsson - three types of practice
Naïve, Deliberate, Purposeful
What practice does entrepreneurship needs?
Deliberate Practice
It is the practice that we do most of the time and it doesn’t lead to improvement.
Naïve Practice
focused, goal-driven, and designed to address specific weaknesses and make targeted improvements.
Deliberate Practice
emphasizes quality over quantity
Deliberate Practice
involves constantly pushing oneself beyond one’s comfort zone, following training activities designed by an expert to develop specific abilities, and using feedback to identify weaknesses and work on them
Deliberate Practice
A well-defined and specific goal
Focus
Feedback
Pushing beyond our comfort zones
Purposeful Practice
Difference of purposeful and deliberate practice
Purposeful is merely pushing oneself to his or her limit, whereas deliberate requires understanding on the full extent of the idea and being guided in how to manifest the best execution of ideas.
