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TLE 8 > Unit 1 > Flashcards

Unit 1 Flashcards

1
Q

Are aware of the high degree risk involved in starting a business.

A

Risk Taker

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2
Q

Welcome problems as opportunities or challenges. They come out with new product or business ideas usually derived from the problems.

A

Perceptive

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3
Q

Entrepreneurs probe and discover how things work.

A

Curious

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4
Q

Entrepreneurs are creative. They visualize solutions to problems and create new products. They have visions.

A

Imaginative

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5
Q

Stick with their ideas until they are sure they tried everything to make the venture work.

A

Persistent

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6
Q

Once goals are achieved, they develops new set of goals that often result in new business undertakings.

A

Goal-oriented

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7
Q

Entrepreneurs see the challenges they are confronted with but never see it as a hindrance to their success.

A

Hardworking

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8
Q

Successful entrepreneurs believe in their abilities and qualities. They also trust their judgement on different situations and circumstances.

A

Self-confidence

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9
Q

Entrepreneurs are positive thinkers.

A

Optimistic

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10
Q

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.

A

Commited

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11
Q

Entrepreneurs have high spirit and enthusiasm at work.

A

High energy level

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12
Q

Entrepreneurs are able to adapt with the changing trends.

A

Flexible

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13
Q

Has high regard for good values and has sturdy moral beliefs.

A

Reliable and has integrity

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14
Q

Name all 13 character traits of an Entrepreneur

A

Risktaker, perceptive, curious, imaginative, persistent, goal-oriented, hardworking, self-confident, optimistic, committed, high energy level, flexible, reliable and has integrity.

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15
Q

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 .

A

The need for autonomy

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16
Q

Most entrepreneurs create their own destiny by their own choices and actions.

A

A sense of personal destiny

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17
Q

Entrepreneurs are initiative and resourceful. They enjoy doing personal business dealings and negotiating on something with any body.

A

Enterprising

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18
Q

Seeks to improve themselves and aspire to become better in whatever things they do

A

A desire for personal growth

19
Q

Rely on their gut feeling to make decisions than they do on conscious analysis of a situation.

A

A highly developed intuition

20
Q

A true entrepreneur has the ability to recognize new business aspects

A

Opportunity seeking

21
Q

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.

A

Perseverance and determination

22
Q

Entrepreneurs view problems as a opportunity to discover and create better solutions.

A

Problem Solving

23
Q

Name the 8 characteristics of an entrepreneur

A

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

24
Q

PEC/ What entrepreneurs must have to handle the difficulties and challenges in business.

A

Personal Entrepreneurial Competencies

25
Q

Is always on the look out for chances to improve his business.

A

Opportunity-Seeking

26
Q

Even if they fail in a certain aspect of business due to wrong decisions an entrepreneur does not give up easily.

A

Persistence

27
Q

The moment an entrepreneur engages in business, they are already accepting the responsibilities that go with it.

A

Commitment

28
Q

Achievement Cluster

A

Opportunity seeking, persistence, commitment, risk-taking, demand for quality and efficiency

29
Q

Calculates the risk that goes into every business activity.

A

Risk-taking

30
Q

Acts to do things that meet or even exceed existing standards of excellence.

A

Demand for quality and efficiency

31
Q

Planning cluster

A

Goal setting, information seeking, systemic planning and monitoring

32
Q

Must establish specific, measurable, attainable, reliable, and time bound short-term objectives, as well as long term goals.

A

Goal-setting

33
Q

Personally seeks important data on clients including future competitors.

A

Information seeking

34
Q

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.

A

Systematic planning and monitoring

35
Q

Power cluster

A

Persuasion and networking, self-confidence

36
Q

Applies various strategies and techniques to sell his ideas to the business.

A

Persuasion and networking

37
Q

The entrepreneur has strong belief in themselves, in his own abilities and skills.

A

Self-confidence

38
Q

The selling of good or merchandise from a particular place such as a small shop or store, directly to the costumer.

A

Retail

39
Q

Refers to a location where buyers and sellers meet together.

A

Market

40
Q

A permanent location used for retail trade is called a

A

Shop or store trading

41
Q

Ordered online

A

Online Retail

42
Q

Refers to businesses that sell service instead of product. A person or business supplies a particular service.

A

Service business

43
Q

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.

A

Trade

44
Q

Involves the use of tools, equipment and labor to carry out different processing activities to produce goods.

A

Manufacturing

TLE 8 (2 decks)

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