Topic 1A:Key Components and Relevance of Entrepreneurship Flashcards
→ Behaviors that an individual demonstrates;
→ Minimum standards of performance
→ An underlying characteristic of a person which results in effective action and/or superior performance in a job
Competency
→ Specific group of competencies relevant to the exercise of a successful entrepreneur.
Entrepreneurial Competencies
10 PECs
- Persistence
- Opportunity Seeking
- Risk-Taking
- Demand for Work Efficiency
- Goal-setting
- Information Seeking
- Systematic Planning and Monitoring
- Persuasion and Networking
- Self- confidence
→ 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 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 judgment.
Self-confidence
Achievement PEC
- Persistence
- Opportunity Seeking
- Risk-Taking
- Demand for Work Efficiency
Planning PEC
- Goal-setting
- Information Seeking
- Systematic Planning and Monitoring
Power PEC
- Persuasion and Networking
- Self- confidence
1 in _ Filipino entrepreneurs started microbusinesses during pandemic
1 in 3 Filipino entrepreneurs started microbusinesses during pandemic
→ dynamic process of vision, change, and creation
→ requires application of energy and passion towards the creation and implementation of innovative ideas and creative solutions
Integrated Definition of Entrepreneurship
→ specific innovative way to satisfy want, overcome a problem, or meet a challenge
Entrepreneurial Idea
→ want, problem, or challenge that can be addressed, solved, and/or satisfied by an innovative initiative
Entrepreneurial Opportunity
Entrepreneurs is derived from the French verb
entreprendre “to undertake”
→ derived from the French verb entreprendre “to undertake”
→ innovators willing to take risks and generate new ideas
→ “undertake” the risk of a new enterprise
Entrepreneur
→ organization that engages in commercial activities – the trade of goods and services with consumers
→ goal is to earn profit: return or compensation to the entrepreneur for taking on the risk of developing an idea into an actual business venture.
Entreprise
Relevance of Entrepreneurship
- Development of managerial capabilities
- Creation of Organization
- Improving standard of living
- Means of economic development
→ entrepreneurship helps in identifying and developing managerial capabilities of entrepreneurs
Development of managerial capabilities
→ entrepreneurship results in the creation of organizations when entrepreneurs assemble and coordinate physical, human, and financial resources
Creation of Organization
→ helps in making a wide variety of goods and services available to the society which results in a higher standard of living for the people.
Improving standard of living
→ involves creation and use of innovative ideas, maximization of output from given resources, and development of managerial skills.
Means of economic development
return or compensation to the entrepreneur for taking on the risk
profit
