The Practice of Entrepreneurship Flashcards by Ronald Verceles

It is an individual making their own business creatively and the reason for economic growth in the country.

Entrepreneur

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The one who organizes and operates a business or businesses.

Entrepreneur

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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

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Importance of Entrepreneurs

Product Innovation
Process Innovation
Market Innovation
Organization Innovation

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What do innovative ideas do?

satisfy customers and their wants

create economic growth and jobs

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The first man to introduce entrepreneurship and acknowledge its importance to the economic system.

Richard Cantillon

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Three types of agents in Richard Cantillon’s economic system

Landowners
Entrepreneurs
Hirelings

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According to Richard Cantillon, they are responsible for the exchange and circulation in the economy.

Entrepreneur

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Cantillon’s perception of the market

self-regulating network of reciprocal exchange arrangements

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what does a class of entrepreneurs bring?

equilibrium of supply and demand by engaging in pure investment

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the potential profit generated from the activity of buying at a Certain price and selling at an uncertain price.

The motivating factor

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feature of the entrepreneurial task

risk-bearing nature

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It is the process of starting a new business that is innovated and designed and planned.

Entrepreneurial

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a system wherein goods and services are the means of exchanges

Barter System

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a system where people use different forms of money to pay for the goods that they bought

Money Economy

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Introducers of centralized currency

Spain

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an Miguel Brewery, Bank of the Philippines, and Meralco we’re given royal grants

Spain

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business were secure amidst the harsh conditions and guidelines in terms of service

Japan

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gain of freedom and rights, including free enterprise

America

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Entrepreneurship of the PLDT, Globe Telecom, Coca cola and Philippine Airline

America

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recognizes entrepreneurship as an engine of economic growth

1987 Philippine Constitution

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an embodiment of entrepreneurs of the Philippines and contribute a huge factor in the increased rate of employment

SMEs (Small and Medium Enterprises)

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The skills important in entrepreneurship

Team Work and Leadership
Critical Thinking
Work Ethic
Business Management
Time Management
Planning Options
Communication Skills

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A skill who leads and also the one who is a part of the team, and make decisions

Team Work and Leadership

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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

1. ECO-INNOVATION 2. ECO- OPPURTUNITY 3. 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.