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Entrepreneurship 12 > Topic 1 > Flashcards

Topic 1 Flashcards

Key Components and Relevance of Entrepreneurship (and Supplement)

1
Q

Key areas of competencies:

A

Achievement, planning, power

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2
Q

Competencies in achievement:

A

Persistence, fulfilling commitment/commitment to work contract, demand for quality and efficiency, opportunity-seeking, risk-taking

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3
Q

Competencies in planning:

A

Goal-setting, information-seeking, systematic planning and monitoring

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4
Q

Competencies in power:

A

Persuasion and networking, independence and self-confidence

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5
Q

Behaviors that an individual demonstrates and are minimum standards of performance (Strebler et al., 1997); an underlying characteristic of a person which results in effective action and/or superior performance in a job (Boyatzis, 1982)

A

Competency

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6
Q

A specific group of competencies relevant to the exercise of successful entrepreneurship

A

Entrepreneurial competencies

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7
Q

Actively finding openings to start a new business, create a new market, or improve business operations

A

Opportunity-seeking

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8
Q

Habitually working diligently for a long period of time

A

Persistence

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9
Q

Accepts full commitment and responsibility as well as solid dedication to an endeavor

A

Commitment to work contract

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10
Q

Demands quality and efficiency not only from himself but also from workers and suppliers

A

Demand for quality and efficiency

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11
Q

Taking the chance to do something which is out of your comfort zone

A

Risk-taking

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12
Q

Strategic thinking and setting of goals

A

Goal Setting

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12
Q

Updates with new information consistently

A

Information Seeking

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13
Q

Sticks to the plan and fights the temptation to do what’s unimportant

A

Systematic planning and monitoring

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14
Q

Effective and efficient communication and relation to people

A

Persuasion and networking

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15
Q

Certainty in one’s ability and own judgement

A

Self-confidence

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16
Q

On the world’s smallest business, how many percent have less than 10 employees?

A

90%

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17
Q

____ say it is important for their ventures to positively impact their local communities at this time

A

72%

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18
Q

Fast adopters, resilient, and working hard to keep supporting their customers and their communities

A

Filipino entrepreneurs

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19
Q

Key aspects in the integrated definition of entrepreneurship

A
  • vision, change, and creation
  • application of energy and passion toward the creation and implementation of innovative ideas and creative solutions
  • calculated risks
  • formulate an effective venture team
  • creative skill to marshal needed resources
  • skill of building a solid business plan
  • vision to recognize opportunity
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20
Q

_______ formulated the integrated definition of entrepreneurship

A

Kuratko (2019)

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21
Q

A specific innovative way to satisfy want, overcome a problem, or meet a challenge

A

Entrepreneurial idea

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22
Q

Defined as a want, problem, or challenge that can be addressed, solved, and/or satisfied by an innovative initiative

A

Entrepreneurial opportunity

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23
Q

They are innovators willing to take risks and generate new ideas to create unique and potentially profitable solutions to modern-day problems. They are those who undertake the risk of new enterprise.

A

Entrepreneur

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24
Q

French verb from which the word ‘entrepreneur’ is derived

A

Entreprendre (“to undertake”)

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25
Q

An organization that engages in commercial activities with the goal to earn profit

A

Enterprise

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26
Q

The return or compensation to the entrepreneur for taking on the risk of developing an idea into an actual business venture.

A

Profit

27
Q

Relevance of entrepreneurship:

A
  • Development of managerial capabilities
  • Creation of organizations
  • Improving standard of living
  • Means of economic development
28
Q

A reality that has already become a buzzword in the lives of most Filipinos; has been hailed as one of the tools to fight poverty.

A

Entrepreneurship

29
Q

The entrepreneurial spirit, the drive that inspires people to start new endeavors or projects, to innovate, and to strive against obstacles in order to achieve success

A

Flame

30
Q

The founders and builders of enterprises and businesses

A

Entrepreneurs

31
Q

Term referred to entrepreneurs for providing jobs and opportunities to many people and hope to move the country towards progress

A

New heroes

32
Q

Someone who identifies and acts on an idea or problem that no one else has identified or acted on

A

Entrepreneur

33
Q

As high as ____ of entrepreneurs did not have the patience for education.

A

15%

34
Q

This mindset can be exhibited inside or outside an organization, in profit or non-profit enterprises and in business or non-business activities for the purpose of bringing forth creative ideas

A

Entrepreneurial mindset

35
Q

It is the mindset that has revolutionized the way business and social ventures are conducted at every level and in every country; an awareness and focus on identifying an opportunity through solving a problem, and a willingness to move forward to advance that idea

A

Entrepreneurial mindset

36
Q

Seven steps of entrepreneurial journey:

A
  1. Inspiration
  2. Preparation
  3. Assessment
  4. Exploring resources
  5. Business plan
  6. Navigation
  7. Launch
37
Q

What is your motivation for becoming an entrepreneur?

A

Inspiration

38
Q

Do you have what it takes to be an entrepreneur?

A

Preparation

39
Q

What is the idea you plan to offer through your venture?

A

Assessment

40
Q

What resources and characteristics do you need to make this venture work?

A

Exploring resources

41
Q

What type of business structure and business model will your venture have?

A

Business plan

42
Q

In what direction will you take your venture? Where will you go for guidance?

A

Navigation

43
Q

When and how will you launch your venture?

A

Launch

44
Q

It perfectly encompasses the life of an entrepreneur.

A

‘High-risk, high-reward’

45
Q

Risks faced by the entrepreneur

A
  • Failure
  • Unclear product or service goals
  • Lack of market fit
  • Wrong team members
  • Financial risk
  • Risk of burnout
46
Q

Rewards faced by the entrepreneur

A
  • Flexible working schedule
  • Autonomy
  • Alignment of career with beliefs
  • Freedom to choose your colleagues
  • New businesses and new markets created
  • Economic development
  • Profits
47
Q

The behavior you impose on yourself - whether right or wrong

A

Ethics

48
Q

The behavior imposed on the business

A

Business ethics

49
Q

Doing the right thing even without the knowledge of others

A

Integrity

50
Q

The business as a part of a complex whole; does not exist only to make profit but also has responsibilities to its employees and to the environment

A

Corporate social responsibility

51
Q

Comply with laws/regulations, required by government

A

Legal

52
Q

Profits, required by shareholders

A

Financial

53
Q

Act fairly/avoid doing harms, expected by stakeholders

A

Ethical

54
Q

Be a good “corporate citizen”, desired by society

A

Social/philanthropic

55
Q

Entrepreneur: BDO, SM, Ace Hardware, Miniso

A

Henry Sy

56
Q

Entrepreneur: Jollibee

A

Tony Tan-Caktiong

57
Q

Entrepreneur: JG Summit Holdings (Robinsons, Cebu Pacific, Universal Robina)

A

John Gokongwei

58
Q

Entrepreneur: National Bookstore

A

Socorro Ramos

59
Q

Entrepreneur: Lamoiyan Corporation (Hapee Toothpaste)

A

Cecilio Kwok Pedro

60
Q

Entrepreneur: Mercury Drug

A

Mariano Que

61
Q

Entrepreneur: Zest-O Coporation

A

Alfredo M. Yao

62
Q

Entrepreneur: CDO Food Products Inc.

A

Corazon D. Ong

63
Q

Entrepreneur: Lacto Bacillus Pafi Techno Resources Corp.

A

Gregorio Sanchez

64
Q

Entrepreneur: PC chip and graphics accelerator chip

A

Diosdado Banatao

Entrepreneurship 12 (3 decks)

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