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Entrepreneurship 12 > Topic 1 - Key Components and Relevance of Entrepreneurship > Flashcards

Topic 1 - Key Components and Relevance of Entrepreneurship Flashcards

1
Q

What are the key areas of Competencies?

A

Achievement, Planning, Power

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2
Q

Behaviors that an individual demonstrates and competencies as minimum standards of performance (Strebler et.al, 1997)

A

Competency

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3
Q

An underlying characteristic of a person which results in effective action and/or superior performance in job (Boyatzis, 1982)

A

Competency

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4
Q

A specific group of competencies relevant to the exercise of successful entrepreneurship.

A

Entrepreneurial competencies

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5
Q

Habitually working diligently for a long period of time.

A

Persistence

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6
Q

Certainty in one’s ability and own judgement

A

Self-confidence

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7
Q

Sticks to the plan and fights the temptation to do what’s unimportant.

A

Systematic Planning and Monitoring

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8
Q

Accepts full commitment and responsibility as well as solid dedication to an endeavour

A

Commitment to Work Contract

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9
Q

Strategic thinking and setting of goals

A

Goal Setting

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10
Q

Effective and efficient communication and relation to people

A

Persuasion and Networking

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11
Q

Actively finding openings to start a new business, create a new market, or improve business operations

A

Opportunity Seeking

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12
Q

Demands quality and efficiency not only from himself but also from workers and suppliers.

A

Demand for Quality and Efficiency

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13
Q

Taking the chance to do something which is out of your comfort zone.

A

Risk Taking

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14
Q

Updates with new information consistently

A

Information Seeking

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15
Q

What competencies are under the area of achievement?

A

Opportunity Seeking, Persistence, Commitment to Work, Risk-taking, Demand for Efficiency and Quality

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16
Q

What competencies are under the area of planning?

A

Goal-setting, Information seeking, Systematic planning and monitoring

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17
Q

What competencies are under the area of power?

A

Persuasion and Networking, Self- confidence

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18
Q

True or False: on the world’s smallest businesses - 90% of
whom have < 5 employees.

A

False: on the world’s smallest businesses - 90% of
whom have < 10 employees.

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19
Q

True or False: motivation goes beyond revenue with 50% saying it is important for their ventures to positively impact their local communities at this time

A

False: motivation goes beyond revenue with 72% saying it is important for their ventures to positively impact their local communities at this time

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20
Q

True or False: Pinoy entrepreneurs turned to digital technology for sustaining operations

A

True

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21
Q

True or False: Filipino entrepreneurs are fast adopters, resilient, and working hard to keep supporting their customers and their communities

A

True

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22
Q

Pioneered a social enterprise namely the Maginhawa Community Pantry and The Gulay Bouquet in Valentines 2023

A

Ana Patricia Non

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23
Q

A dynamic process of vision, change, and creation. It requires an application of energy and passion toward the creation and implementation of innovative ideas and creative solutions. Essential ingredients include the willingness to take calculated risks – in terms of time, equity, or career; the ability to formulate an effective venture team; the creative skill to marshal needed resources; the fundamental skill of building a solid business plan; and finally, the vision to recognize opportunity where others see chaos, contradiction, and confusion.

  • Kuratko (2019)
A

Entrepreneurship

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24
Q

specific innovative way to satisfy want, overcome a problem, or meet a challenge.

A

Entrepreneurial idea

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25
Q

a want, problem, or challenge that can be addressed, solved, and/or satisfied by an innovative initiative.

A

Entrepreneurial opportunity

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26
Q

From what foreign word does “entrepreneur” came from which means “to undertake”

A

entreprendre

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27
Q

They are innovators, willing to take risks and generate new ideas to create unique and potentially profitable solutions to modern-day problems.

A

Entrepreneur

28
Q

They are those who “undertake” the risk of new enterprise.

A

Entrepreneur

29
Q

organization that engages in commercial activities – the trade of goods or services, or both, with consumers.

A

Enterprise

30
Q

Goal of an enterprise

A

to earn profit

31
Q

the return or compensation to the entrepreneur for taking on the risk of developing an idea into an actual business venture.

A

Profit

32
Q

The process of creating enterprise

A

entrepreneurship

33
Q

What are the relevance of entrepreneurship?

A

Development of managerial capabilities
Creation of organizations
Improving standard of living
Means of economic development

34
Q

who are the founders and builders of enterprises and businesses, are often called the new heroes, who with their vision and hard work, and with their efforts to provide jobs and opportunities to many people, hope to move the country towards progress.

A

Entrepreneurs

35
Q

called the flame or drive that inspires people to start new endeavors and projects, to innovate, and to strive against obstacles in order to achieve success.

A

Entrepreneurial spirit

36
Q

One of the tools to fight poverty

A

entrepreneurship

37
Q

Entrepreneurship helps in identifying and developing managerial capabilities of entrepreneurs.

Studying a problem, identifying its alternatives, comparing alternative in terms of cost and benefit implication and choosing the best alternative help in sharpening the decision making skills of an entrepreneur.

Besides, these managerial capabilities are used by entrepreneurs in creating new technologies and products in place of older technologies and products resulting in higher performance.

A

Development of managerial capabilities

38
Q

Entrepreneurship results in the creation of organizations when entrepreneurs assemble and coordinate physical, human and financial resources and direct them towards achievement of objectives through managerial skills.

A

Creation of organizations

39
Q

Entrepreneurship helps in making a wide variety of goods and services available to the society which results into higher standard of living for the people. Possessions of luxury cars, computers, mobile phones, rapid growth of shopping malls, etc. Point tp the rising living standrd of people. All these are due to the efforts of entrepreneurs.

A

Improving standard of living

40
Q

Entrepreneurship involves creation and use of innovative ideas, maximization of output from given resources, and development of managerial skills. All these factors are essential to the development of a country

A

Means of economic development

41
Q

He opened the first ShoeMart store in 1958 and has been at the forefront of SM Group’s diversification.

He owns shopping malls, retail, financial services, real estate development, and tourism oriented entities.

A

Henry Sy

42
Q

Founder and chairman of Jollibee Foods Cooperation, co chairman of the DoubleDragon Properties

A

Tony Tan Caktiong

43
Q

Owner of Cebu Pacific, Robinsons Mall, Universal Robina, and JG Summit Holdings

A

John Gokongwei

44
Q

Co-founder of National Bookstore

A

Soccoro Ramos

45
Q

Owns Lamoiyan Corporation and provides collapsible aluminum toothpaste tubes to multinational toothpaste manufacturers that paved way for the first local Filipino toothpaste, Hapee.

A

Dr. Cecilio Kwok Pedro

46
Q

Founded Mercury Drug chain of pharmacies

A

Mariano Que

47
Q

Founded Zest-O corporation, Macay holdings, and Philippine Business Bank

A

Alfredo M. Yao

48
Q

Owner and founder of CDO Food Products

A

Corazon Dayro-Ong

49
Q

Established Lacto Bacillus Pafi Techno Resources Corp.

A

Gregorio Sanchez

50
Q

Founded a High-tech company and is managing partner of Tallwood Venture Capital

A

Disdado Banatao

51
Q

PayMongo Founders

A

Francis Plaza, Luis Sia, and Jaime Hing III

52
Q

Owner of Solar Philippines

A

Leandro Leviste

53
Q

someone who identifies and acts on an idea or problem that no one else has identified or acted on.

A

Entrepreneur

54
Q

Founder of McDonald’s

A

Ray Kroc

55
Q

streamlined menu offering with efficient production serves food in 30 seconds

A

fast food

56
Q

It is this mind-set that has revolutionized the way business and social ventures are conducted at every level and in every country

A

entrepreneurial mindset

57
Q

an awareness and focus on identifying an opportunity through solving a problem, and a willingness to move forward to advance that idea.

A

entrepreneurial mindset

58
Q

Seven steps of entrepreneurial journey

A

Inspiration
Preparation
Assessment
Exploring Resources
Business Plan
Navigation
Launch

59
Q

Risks faced by entrepreneurs

A
  • failure
  • unclear product or service goals - lack of market fit
  • wrong team members
  • financial risk
  • risk of burnout
60
Q

Rewards faced by the entrepreneur

A
  • flexible working schedule
  • autonomy
  • alignment of career with beliefs
  • freedom to choose your colleagues
  • new businesses and new markets created
  • economic development
  • profits
61
Q

the behavior you impose on yourself - whether right or wrong

A

ethics

62
Q

the behavior imposed on the business

A

Business ethics

63
Q

doing the right thing even without the knowledge of others

A

Integrity

64
Q

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.

A

Corporate Social Responsibility

65
Q

Essential ingredients of entrepreneurship

A

Willingness to take calculated risks
Formulate an effective venture team
Creative skill to marshal needed resources
Fundamental skill of building a solid business plan
Vision to recognize opportunity

Entrepreneurship 12 (4 decks)

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