(P) Lesson 1: History, Development, Current Trends and Evolution (book and transes based) Flashcards
Book-Based
catalysts of CHANGE within the marketplace
Entrepreneurs
T or F. Entrepreneurship are individuals who recognize opportunities where others see chaos, contradiction, and confusion.
F (entrepreneurs; ba’t b da’t perfect duh)
This has been revitalized because
of the efforts of the entrepreneurs
Global economy
it’s the most significant force for
economic development
free enterprises
Meaning of the french word “Entreprendre”
Malamang entrepreneur pero “to undertake” talaga sagot
One who undertakes to organize, manage, and assume the risks of a business
Entrepreneur
represents the cognition and commitment to view the world with an innovative perspective.
entrepreneurial mindset
Who said this? ““Entrepreneurs assume and organize the risk of a business in return for profits.”
French Economist, Richard Cantillon
It was evolving in England during the same period, with the entrepreneur playing a visible role in risk taking and the transformation of resources
Industrial revolution
Who stated this “Supply creates its own demand.”
Jean Baptiste Say (1803)
For Joseph Schumpeter, the dynamic economic growth is known as?
“creative destruction”
consist in doing things that are not generally done in the ordinary course of business routine
Entrepreneurship
its an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state
capitalism
it is called as a largely free of state control
Free enterprise
Who said this “Entrepreneurship is a dynamic process of creating incremental wealth.”
Robert C. Ronstadt
It is created by individuals who assume the major risks in terms of equity, time, and/or career commitment providing value for some product or service
Wealth
is a dynamic process of vision, change, and
creation
Entrepreneurship
T or F. Entrepreneurship only needs one application of energy or passion toward the creation.
F (passion and energy goes hand in hand)
T or F. Entrepreneurs independently own and operate a small business.
F (small business owners)
T or F. Small business owners do not engage in many new or innovative practices.
T
T or F. Small business owners prefers more stable and more aggressive approach to running businesses.
F (less aggressive)
Their businesses are characterized by
innovative practices and sustainable growth
Entrepreneurs bading
T or F. Entrepreneurs and their financial backers usually seek rapid growth and immediate profits.
T
Debunk the 1st myth: Entrepreneurs are doers, not thinkers.
They plan their moves carefully which indicates that thinking entrepreneurs are as important as “doing” entrepreneurs