Week 2 Flashcards
Allows the entrepreneur to see things in a very positive and optimistic way in the midst of difficult situation.
Entrepreneurial Mind Frame
Entrepreneurial heart Flame
Entrepreneur’s driven passion, they are attracted to discover satisfaction in the act and process of discovery.
Is the great desire of an entrepreneur to achieve his/her goal
Passion
Ability of the entrepreneur of being intuitive. also means confidence in one’s self and the firm believes that everything you aspire can be reached
Entrepreneurial gut game
Changes in the environment
Entrepreneurial ideas arise when changes happen in the external environment. A person with an entrepreneurial Drive views these changes positively.
refers to the physical environment, societal environment, and industry environment where the business operates
External Environment
The weather conditions
Climate
Such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain
Natural recources
Includes all mammals, bird, reptiles, fish,, etc., that live in the wild
wildlife
includes all the laws, rules, and regulations that govern business practices as well as the permit, approvals , and licenses necessary to operate the business
Political forces
Such as income level and employment rate
economic forces
customs, lifestyles and values that characterized a society
sociocultural forces
new inventions and technology innovations
Technological environment
a person with entrepreneurial interest sees possibility of business opportunities in any new discovery or because of the use of latest tech
Technological discovery and advancment
The priorities, projects, programs, and policies of the government are also good sources of ideas.
Government’s thrust, programs, and policies
The interest, hobbies, and preferences of people are rich sources of entrepreneurial ideas
People’s interest
Expertise and skills develop by a person who has worked in a particular field may lead to the opening of related business
Past experiences
an industry environment is a competitive environment. regardless of what product or services you have, competition is always present
Forces of competition model
it is the act or process of tryng to get or win something.
competition
the one that pays cash in exchange to your goods and services
Buyers
State or situation in which people or groups are competing with each other
Rivalry among existing firms
Means anything that takes the place or function of another
Substitute products
Are the one that provide something that is needed or wanted
Suppliers
