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Entrip > Unit 2 > Flashcards

Unit 2 Flashcards

1
Q

Influences on beliefs of Entrepreneurs:

A

Beliefs are critical to survival and growth of entrepreneurial ventures

unique blend of factors namely:

🪐culture
🪐family and role models 
🪐education
🪐work experience 
🪐personal orientation
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2
Q

Culture

A

nations -­ entrepreneurial cultures high need for achievement

USA: entrepreneurs = recognised and celebrated no stigma attached to failure
role models are visible not distant celebrities

Russia: former communist country backlog of private enterprises
no development of an entrepreneurial culture

Jews: seen as good business people very committed
Indians: good business people good negotiators

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3
Q

Family and role models

A

individuals: exposed to entrepreneurial activities direct circumstances possibility to be
an entrepreneur

Children growing up in such families ­ entrepreneurs or
entrepreneurial ventures

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4
Q

Education

A

Entrepreneurship: developed & learned by education

employers­ contribute positively to increased levels of entrepreneurship in society

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5
Q

Work experience

A

type of work & skills gained in a workplace ➡️ contribute to individual s entrepreneurial
orientation

gained experience as employees
➡️ apply these skills and experiences in own
entrepreneurial ventures

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6
Q

Personal orientation

A

based on factors:

💡creativity and innovation 
💡independence
💡risk taking
💡pro­activeness
💡pursuing
💡anticipating opportunities 
💡competitive aggressiveness
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7
Q

Beliefs

What are beliefs

A

an acceptance that something exists or is true,

especially without proof

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8
Q

sometimes also called superstition

A
  • don’t walk under a ladder
  • mirror breaking
  • tokoloshe
  • painting falling
  • not open an umbrella inside a house * messages in dreams
  • owl hooting
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9
Q

Examples of myths/ beliefs about business in Namibia:

A

🧸women ­ look after children & household
🧸men ­ finance, leader & run the enterprise
🧸bad luck ­ business on a Sunday
🧸making profit is the most important thing
🧸many customers is the key to success
🧸family & friends in an enterprise do not work

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10
Q

Common beliefs about entrepreneurs in Namibia:

A
  1. Entrepreneurs are born not made
  2. Entrepreneurs are doers and not thinkers
  3. Entrepreneurs are gamblers
  4. Entrepreneurs are inventors
  5. Entrepreneurs are non­academicians and social nonconformists
  6. Entrepreneurs depend on luck
  7. Entrepreneurs are unstructured and chaotic
  8. Starting a venture is risky and often ends in failure
  9. Money is the most important start­up ingredient
  10. Entrepreneurs fit a specific profile
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11
Q

The concept of gender

A

sex = identifies the biological differences between men (male) and female (women)

gender = the socio­economic relationships that exist between male and female in society

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12
Q

Gender equality in business:

A

roles and responsibilities of men and women created in our families
societies and culture

Gender equality = men & women equal opportunities human rights
benefiting from development

Gender equity = being fair to men & women

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13
Q

Gender responsiveness

A

creating an environment that reflects an understanding of the realities boys, girls, men and women live in before addressing them.

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14
Q

Gender in business

A

women and men: equal chances to succeed in business

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15
Q

women are disadvantaged: access to resources

A 
📌income,
📌credit,
📌land, 
📌information, 
📌networks, 
📌technology, 
📌education 
📌technical training
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16
Q

Common barriers encountered by women entrepreneurs

A
  1. limited time: unpaid household family care duties
  2. narrower range of education technical skills
  3. how women grew up: less willing to be managers
  4. stereotypes regarding women in business enforced by spouse or lover
  5. mobility restrictions: family responsibilities safety concerns
    dominant culture norms
  6. unequal access to financial services:
    no collateral and/or land registered in their names
  7. process of formalisation of business discriminatory practices towards women
  8. taken seriously by: business partners, promotion agencies,
    banks,
    suppliers,
    customers, competitors and even family members
  9. women = limited social awareness
  10. not taking into account: specific female needs
17
Q

Current trends regarding women entrepreneurs in Namibia:

A 
improve women participation in business
promote and support female entrepreneurial activities treat with dignity
develop full potential
high quality of life
involved in: 
macro
SME
cross border self­help activities
less represented in formal & registered businesses
18
Q

Female dominated sectors in Namibia:

A
  1. extension of household responsibilities
  2. perceived as less NB to economic growth of country 3. high competition in certain areas
  3. low productivity and low profit
  4. not sufficient access to markets and customers
  5. informal sector, no financial services
19
Q

Business Cultures:

China 🇨🇳

A

Confucianism:
virtue, order and harmony

Daosim:
natural flow of things
path that one should follow

Buddhism:
reflection & self­awareness

20
Q

Myths about Chinese business:

A

don’t respect labour laws
exploit workers & pay low wages
low quality products
use bribery

21
Q

Take into account when doing business in China:

A 
📚Confucianism (partners in business)
📚good reputation (good name)
📚first impressions (greeting & gold colour)
📚patience with negotiations
📚no decisions made at meetings

📚punctuality (time)

22
Q

Japan 🇯🇵

Principles

A

Kaizen or Kaizen Teian

23
Q

Kaizen principles:

A

✏️good processes bring good results
✏️see for yourself to grasp current situation
✏️speak with data, manage with facts
✏️take action: confirm & correct root of problems
✏️work as a team
✏️kaizen is everybody’s business

24
Q

Myths & beliefs:

A
  • need a lot of money to enter the market
  • only plan for long term ­ long decision making
  • perseverance & hard work are very important
  • too expensive to make profits
25
Q

7 guiding principles for HoRenSo (collaboration between management & employees):

A 
📎service to the public
📎fairness & honesty
📎teamwork for the common cause 
📎uniting effort for improvement 
📎courtesy & humility
📎accordance with natural laws 
📎gratitude for blessings
26
Q

United Arab Emirates 🇦🇪

A

Islamic traditions

27
Q

Principles of Islamic business:

A 
🧢relationships & mutual trust
🧢have connections in UAE
🧢do business according to hierarchy
🧢good manner & courtesy very highly ranked 
🧢word is a bond
28
Q

Challenges

A

🌳Religion ­ prayer
🌳First impression ­ shaking hands
🌳Gender ­ women
🌳Business is not well planned ­ informal
🌳My word is my word ­ no written contracts
🌳Appointments & meetings ­ interrupted often

29
Q

Common examples of beliefs towards business:

A

belief = affirmation or acceptance of a fact, opinion, or assertion as being real or true without immediate personal knowledge.

positive belief = Doing Business In Africa ­ Namibia ­ Economy.flv
an affirmation or acceptance of fact that might contribute to or encourage people to do it perfectly
e.g. doing business increases the chances of one’s becoming rich

negative belief = negative beliefs about business are defined as an affirmation or
acceptance of fact that might discourage people from doing business

30
Q

Influence on beliefs:

A

culture
religion
tribe
social status

31
Q

Ways of overcoming negative beliefs about business:

A

• Develop a positive attitude towards work
• Ignore negative beliefs and values about work and business and do any work as long as it is legal
and beneficial to do so.
• Train to get the necessary knowledge and skills in the work that you would like to do.
• Develop self­confidence and apply your knowledge and skills effectively.
• Work hard and work smart (i.e. use your body muscle power guided by your brains all the time,
develop and draw from useful connections/ networks, also take advantage of any available
opportunity or chance in order for you to work and succeed in your life).

32
Q

Namibian beliefs about business:

A

Carpenters and teachers can never get rich.

Operating Bar businesses is for people who are drunkards.

Women’s work is in the kitchen not in business.

Business is a last resort for educated people or those who cannot find better and well­paying jobs

To have good sales on a day, one should not reject the first customer’s money, or should not accept first sales on credit.

The level of success or failure on a particular business day depends on the sex that first buys from you.

The first cash received on a business day should not be spent that day.

Business people never tell the truth Farming is work for uneducated people.

Entrip (5 decks)

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