Unit 1 Flashcards
Are aware of the high degree risk involved in starting a business.
Risk Taker
Welcome problems as opportunities or challenges. They come out with new product or business ideas usually derived from the problems.
Perceptive
Entrepreneurs probe and discover how things work.
Curious
Entrepreneurs are creative. They visualize solutions to problems and create new products. They have visions.
Imaginative
Stick with their ideas until they are sure they tried everything to make the venture work.
Persistent
Once goals are achieved, they develops new set of goals that often result in new business undertakings.
Goal-oriented
Entrepreneurs see the challenges they are confronted with but never see it as a hindrance to their success.
Hardworking
Successful entrepreneurs believe in their abilities and qualities. They also trust their judgement on different situations and circumstances.
Self-confidence
Entrepreneurs are positive thinkers.
Optimistic
Entrepreneurs are dedicated people.They have high regard for self discipline which is an important ingredient in concluding any task and in achieving one’s goals.
Commited
Entrepreneurs have high spirit and enthusiasm at work.
High energy level
Entrepreneurs are able to adapt with the changing trends.
Flexible
Has high regard for good values and has sturdy moral beliefs.
Reliable and has integrity
Name all 13 character traits of an Entrepreneur
Risktaker, perceptive, curious, imaginative, persistent, goal-oriented, hardworking, self-confident, optimistic, committed, high energy level, flexible, reliable and has integrity.
They see job employment a form of economic slavery that’s why they create and start their own business to be able attain person autonomy and to influence other people .
The need for autonomy
Most entrepreneurs create their own destiny by their own choices and actions.
A sense of personal destiny
Entrepreneurs are initiative and resourceful. They enjoy doing personal business dealings and negotiating on something with any body.
Enterprising
Seeks to improve themselves and aspire to become better in whatever things they do
A desire for personal growth
Rely on their gut feeling to make decisions than they do on conscious analysis of a situation.
A highly developed intuition
A true entrepreneur has the ability to recognize new business aspects
Opportunity seeking
Do not surrender when circumstances go against their way. They do not see these as deterrent to attain their goals. They are not swayed by delays and obstructions.
Perseverance and determination
Entrepreneurs view problems as a opportunity to discover and create better solutions.
Problem Solving
Name the 8 characteristics of an entrepreneur
The need for autonomy, a sense of personal destiny, a desire for personal growth, A highly developed intuition, opportunity seeking, perseverance and determination, problem solving, enterprising
PEC/ What entrepreneurs must have to handle the difficulties and challenges in business.
Personal Entrepreneurial Competencies
Is always on the look out for chances to improve his business.
Opportunity-Seeking
Even if they fail in a certain aspect of business due to wrong decisions an entrepreneur does not give up easily.
Persistence
The moment an entrepreneur engages in business, they are already accepting the responsibilities that go with it.
Commitment
Achievement Cluster
Opportunity seeking, persistence, commitment, risk-taking, demand for quality and efficiency
Calculates the risk that goes into every business activity.
Risk-taking
Acts to do things that meet or even exceed existing standards of excellence.
Demand for quality and efficiency
Planning cluster
Goal setting, information seeking, systemic planning and monitoring
Must establish specific, measurable, attainable, reliable, and time bound short-term objectives, as well as long term goals.
Goal-setting
Personally seeks important data on clients including future competitors.
Information seeking
Develops and applies a logical step-by-step plan to realize goals, assesses alternatives, monitors progress and shifts to other strategies which are necessary to achieve goals.
Systematic planning and monitoring
Power cluster
Persuasion and networking, self-confidence
Applies various strategies and techniques to sell his ideas to the business.
Persuasion and networking
The entrepreneur has strong belief in themselves, in his own abilities and skills.
Self-confidence
The selling of good or merchandise from a particular place such as a small shop or store, directly to the costumer.
Retail
Refers to a location where buyers and sellers meet together.
Market
A permanent location used for retail trade is called a
Shop or store trading
Ordered online
Online Retail
Refers to businesses that sell service instead of product. A person or business supplies a particular service.
Service business
The exchanging of goods, service or both to benefit both parties involves in the trade. In the past the barter system was used now people use money.
Trade
Involves the use of tools, equipment and labor to carry out different processing activities to produce goods.
Manufacturing
