Topic 1 Supplemental and Topic 2 Flashcards
7 Steps of Entrepreneurial Journey
Inspiration
Preparation
Assessment
Exploring Resources
Business Plan
Navigation
Launch
This mind-set 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 idea
Entrepreneurial Mindset
an awareness and focus on
identifying an opportunity
through solving a problem, and a
willingness to move forward to
advance that idea
Entrepreneurial Mindset
“high-____, high-____”, perfectly encompasses the life of an entrepreneur
high risk, high reward
What are the risks faced by an entrepreneur
- failure
- unclear product or service goals
- lack of market fit
- wrong team members
- financial risk
- risk of burnout
What are the rewards 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
behavior you impose
on yourself - whether right or
wrong
ethics
- doing the right thing
even without the knowledge of
other
integrity
Areas of Responsibility
Legal
Financial
Ethical
Social/philantropic
Desired Outcomes and Compliance
Comply with law – Required by govt
Profits – Required by shareholders
Act fairly and avoid doing harm — expected by shareholders
Be a good corporate citizen – desired by society
represent the direction
(whether upward or downward)
that an industry or line of business
is taking; general change in the way business is developing
trend
- buying, renting, selling,
leasing and operating self-owned, leased
apartment buildings, non-residential and
dwellings: 41,165
real estate
how many business name registrations for
2023?
984,332
At its heart, a business generates
value for its customers. A _____ is a specific method used to create and deliver this value; encapsulate all the ‘assumptions about what a company gets paid for
business model
types of traditional business model
product, service, shared assets, subscription, lease/rental, insurance, reselling, agency/promotion
7 Most Successful Business Models in the Digital Era
- Advertising-Supported
- E-commerce
- Freemium
- Marketplace/Platform
- Subscription
- Aggregator Sites
- Crowdfunding
_________ includes all forms of business transactions, such as the
purchase of goods or services, undertaken through electronic means, such as
telephones, televisions, computers, and the Internet,
Electronic commerce or E-Commerce
act of setting up a business that provides a good or service with hopes to secure a
profit
entrepreneurship
provides a good or service with the same hopes, but profits are usually directed towards what the business owner has identified as a social issue he/she wants to address
* social
* environmental
* cultural
Social Enterprise
this refers to any person or registered entity in the PH which aims to develop an innovative product, process or business model
startup
What are the Steps for Business Registration in the PH
Step 1: DTI - Business Name Registration
Step 2: Local Business Permit Registration
Step 3: BIR Registration
Step 4: SSS, Philhealth, Pag-ibig Fund Registration
