Topic 1 (Key Components and Relevance of Entrepreneurship) Flashcards
words associated to entrepreneur
business, risk-taker, plan, innovation, finance, new, strategy, startup, professional, idea, launch, creative, teamwork
behaviors that individual demonstrates; minimum standards of performance (Strebler et al., 1997)
competency
underlying characteristic of a person resulting in effective action and superior performance in job (Boyatzis, 1982)
competency
identified as a specific group of competencies relevant to the exercise of successful entrepreneurship that is associated w/ the development of small and new business
entrepreneurial competencies
What are the 10 Personal Entrepreneurial Competencies (PECs)
Opportunity-seeking
Persistence
Commitment to Work Contract
Demand for Quality and Efficiency
Risk Taking
Goal Setting
Information Seeking
Systematic Planning and Monitoring
Persuasion and Networking
Self-confidence
Habitually working diligently for a long period of time
Persistence
Certainty in one’s ability and own judgement
Self-confidence
Sticks to the plan and fights the temptation to do what’s unimportant
Systematic Planning and Monitoring
Accepts full commitment and responsibility as well as a solid dedication to an endeavour
Commitment to Work Contract
Strategic thinking and setting of goals
Goal setting
Effective and efficient communication and relation to people
Persuasion and Networking
Actively finding openings to start a new business, create a new market, or improve business operations
Opportunity seeking
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
Updates with new information consistently
Information Seeking
What are the PECs under Achievement?
OPCRD
Opportunity Seeking
Persistence
Commitment to Work Contract
Risk taking
Demand for Quality and Efficiency
What are the PECs under Planning
GIS
Goal setting
Information Seeking
Systematic Planning and Monitoring
What are the PECs under Power
PS
Persuasion and Networking
Self-confidence
Enumerate the well known Filipino Entrepreneurs
- Henry Sy - SM City
- Tony Tan-Caktiong - Jollibee
- John Gokongwei - JG Summits
- Socorro Ramos - NBS
- Cecilio Kwok Pedro
- Mariano Que
- Alfredo Yao
- Corazon Ong
- Gregorio Sanchez
- Diosdado Banatao
Notable Current and Young Entrepreneurs
- Roma and Maan - handmade accessories store (Common Room PH)
- Francis Plaza, Luis Sia, Jaime Hing III - Pay Mongo
- Leandro Leviste - Solar Philippines
- Cubo - sustainable housing from bamboo
Young Pinoy entrepreneurs solve challenges using ______ solutions.
sustainable
1 in 3 Filo Entrepreneurs started microbusinesses during _____?
pandemic
Accdng to GoDaddy Global Entrepreneurship Survey, on the world’s smallest business - 90% of whom have?
less than 10 employees
Social Enterprises
- Ana Patricia Non - pioneered community pantry ‘Maginhawa Community Pantry’
- Gulay Bouquet Valentines 2023
_____ is a dynamic process of vision, change, and creation. (Kuratko 2019)
entrepreneurship
It requires an application of energy and passion toward the creation and implementation of innovative ideas and creative solutions. (Kuratko 2019)
entrepreneurship
Essential ingredients of entrepreneurship
TFCSV
1. take calculated risks
2. ability to formulate an effective venture team
3. creative skill to marshal needed resources
4. fundamental skill of building a solid business plan
5. vision to recognize opportunity where others see chaos, contradiction, and confusion
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 satisfied by an innovative initiative
entrepreneurial opportunity
innovators willing to take risks and generate ideas to create unique and potentially profitable solutions to modern-day problems; those who ‘undertake’ the risk of new enterprise
entrepreneur
entrepreneur comes from the French verb entreprendre that means
“to undertake”
an organization that engages in commercial activities — the trade of goods and services with consumers
enterprise
the goal of an enterprise is to?
earn profit
it is the return or compensation to the entrepreneur for taking on the risk developing an idea into an actual business venture. it is created by an entrepreneur and the process of its creation is called entrepreneurship
profit
Relevance of Entrepreneurship
DCIM
1. Development of managerial capabilities
2. Creation of Organizations
3. Improving standard of living
4. Means of economic development
