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
