Topic 1 Flashcards
Key Components and Relevance of Entrepreneurship (and Supplement)
Key areas of competencies:
Achievement, planning, power
Competencies in achievement:
Persistence, fulfilling commitment/commitment to work contract, demand for quality and efficiency, opportunity-seeking, risk-taking
Competencies in planning:
Goal-setting, information-seeking, systematic planning and monitoring
Competencies in power:
Persuasion and networking, independence and self-confidence
Behaviors that an individual demonstrates and are minimum standards of performance (Strebler et al., 1997); an underlying characteristic of a person which results in effective action and/or superior performance in a job (Boyatzis, 1982)
Competency
A specific group of competencies relevant to the exercise of successful entrepreneurship
Entrepreneurial competencies
Actively finding openings to start a new business, create a new market, or improve business operations
Opportunity-seeking
Habitually working diligently for a long period of time
Persistence
Accepts full commitment and responsibility as well as solid dedication to an endeavor
Commitment to work contract
Demands quality and efficiency not only from himself but also from workers and suppliers
Demand for quality and efficiency
Taking the chance to do something which is out of your comfort zone
Risk-taking
Strategic thinking and setting of goals
Goal Setting
Updates with new information consistently
Information Seeking
Sticks to the plan and fights the temptation to do what’s unimportant
Systematic planning and monitoring
Effective and efficient communication and relation to people
Persuasion and networking
Certainty in one’s ability and own judgement
Self-confidence
On the world’s smallest business, how many percent have less than 10 employees?
90%
____ say it is important for their ventures to positively impact their local communities at this time
72%
Fast adopters, resilient, and working hard to keep supporting their customers and their communities
Filipino entrepreneurs
Key aspects in the integrated definition of entrepreneurship
- vision, change, and creation
- application of energy and passion toward the creation and implementation of innovative ideas and creative solutions
- calculated risks
- formulate an effective venture team
- creative skill to marshal needed resources
- skill of building a solid business plan
- vision to recognize opportunity
_______ formulated the integrated definition of entrepreneurship
Kuratko (2019)
A specific innovative way to satisfy want, overcome a problem, or meet a challenge
Entrepreneurial idea
Defined as a want, problem, or challenge that can be addressed, solved, and/or satisfied by an innovative initiative
Entrepreneurial opportunity
They are innovators willing to take risks and generate new ideas to create unique and potentially profitable solutions to modern-day problems. They are those who undertake the risk of new enterprise.
Entrepreneur
French verb from which the word ‘entrepreneur’ is derived
Entreprendre (“to undertake”)
An organization that engages in commercial activities with the goal to earn profit
Enterprise
The return or compensation to the entrepreneur for taking on the risk of developing an idea into an actual business venture.
Profit
Relevance of entrepreneurship:
- Development of managerial capabilities
- Creation of organizations
- Improving standard of living
- Means of economic development
A reality that has already become a buzzword in the lives of most Filipinos; has been hailed as one of the tools to fight poverty.
Entrepreneurship
The entrepreneurial spirit, the drive that inspires people to start new endeavors or projects, to innovate, and to strive against obstacles in order to achieve success
Flame
The founders and builders of enterprises and businesses
Entrepreneurs
Term referred to entrepreneurs for providing jobs and opportunities to many people and hope to move the country towards progress
New heroes
Someone who identifies and acts on an idea or problem that no one else has identified or acted on
Entrepreneur
As high as ____ of entrepreneurs did not have the patience for education.
15%
This mindset can be exhibited inside or outside an organization, in profit or non-profit enterprises and in business or non-business activities for the purpose of bringing forth creative ideas
Entrepreneurial mindset
It is the mindset that has revolutionized the way business and social ventures are conducted at every level and in every country; an awareness and focus on identifying an opportunity through solving a problem, and a willingness to move forward to advance that idea
Entrepreneurial mindset
Seven steps of entrepreneurial journey:
- Inspiration
- Preparation
- Assessment
- Exploring resources
- Business plan
- Navigation
- Launch
What is your motivation for becoming an entrepreneur?
Inspiration
Do you have what it takes to be an entrepreneur?
Preparation
What is the idea you plan to offer through your venture?
Assessment
What resources and characteristics do you need to make this venture work?
Exploring resources
What type of business structure and business model will your venture have?
Business plan
In what direction will you take your venture? Where will you go for guidance?
Navigation
When and how will you launch your venture?
Launch
It perfectly encompasses the life of an entrepreneur.
‘High-risk, high-reward’
Risks faced by the entrepreneur
- Failure
- Unclear product or service goals
- Lack of market fit
- Wrong team members
- Financial risk
- Risk of burnout
Rewards faced by the entrepreneur
- Flexible working schedule
- Autonomy
- Alignment of career with beliefs
- Freedom to choose your colleagues
- New businesses and new markets created
- Economic development
- Profits
The behavior you impose on yourself - whether right or wrong
Ethics
The behavior imposed on the business
Business ethics
Doing the right thing even without the knowledge of others
Integrity
The business as a part of a complex whole; does not exist only to make profit but also has responsibilities to its employees and to the environment
Corporate social responsibility
Comply with laws/regulations, required by government
Legal
Profits, required by shareholders
Financial
Act fairly/avoid doing harms, expected by stakeholders
Ethical
Be a good “corporate citizen”, desired by society
Social/philanthropic
Entrepreneur: BDO, SM, Ace Hardware, Miniso
Henry Sy
Entrepreneur: Jollibee
Tony Tan-Caktiong
Entrepreneur: JG Summit Holdings (Robinsons, Cebu Pacific, Universal Robina)
John Gokongwei
Entrepreneur: National Bookstore
Socorro Ramos
Entrepreneur: Lamoiyan Corporation (Hapee Toothpaste)
Cecilio Kwok Pedro
Entrepreneur: Mercury Drug
Mariano Que
Entrepreneur: Zest-O Coporation
Alfredo M. Yao
Entrepreneur: CDO Food Products Inc.
Corazon D. Ong
Entrepreneur: Lacto Bacillus Pafi Techno Resources Corp.
Gregorio Sanchez
Entrepreneur: PC chip and graphics accelerator chip
Diosdado Banatao
