3QT Review Flashcards
(62 cards)
Capitalist
a wealthy person who uses money to invest in trade and industry
Businessperson
an individual who has founded, owns, or holds shares in a company. Generate cash flow, sales, and revenue
Entrepreneur
- Entreprendre (french) - to undertake
- a business paradigm which signifies the start of a new business undertaking
Entrepreneurship
the art of observing correct practices in managing and operating a business enterprise by seeking opportunities to provide valuable goods and services
5 elements of entrepreneurship
innovation, opportunity seeking, resource mobilizing, risk and uncertainties, and Economic and Personal Rewards
Innovation
a process of translating an idea or invention into a good or service that creates value for which customers will pay.
Opportunity Seeking
the ongoing process of considering, evaluating, and pursuing market-based activities that are believed to be advantageous
Resource Mobilizing
the process of getting resources from resource provider. It advocates having the right type of resource at the right time, at the right price with making right use of acquired resources
differentiate economic and personal rewards
Intrinsic/ personal - recognition, achievement, satisfaction
Extrinsic/ economic: cash rewards
Who is this?
- The innovation theory
- An economist and one of the 20th century’s greatest intellectuals
The theory of economic development
Joseph Alois Schumpter
Who is This?
- one of the most influential economists of his time
- Principles of Economics (book)
- One of the founder of neoclassical economics
- “Entrepreneurs are the prime movers in the organization
Alfred Marshall
Who is This?
- Spent most of his career at University of Chicago
- one of the major figure in preserving and promoting classical liberal thought in the 20th century
- “Risk, Uncertainty and Profit”. He conceptualized the risk and uncertainty bearing theory of entrepreneurship
Frank Hyneman Knight
Who is This?
- Wrote the books: General Theory of Employment, Interest, and Money, which was published during the Great Depression. It emphasizes the active role of the government in entrepreneurial and economic development
John Maynard Keynes
Who is This?
- entrepreneurship function by bearing risk under uncertainty
Richard Cantillon
Who is This?
- first coined the word entrepreneur
- “The entrepreneur shifts the economic resources out of an area of lower and into an area of higher productivity and greater yield”
- Say’s Law of Market (aka Theory of Markets)
Jean- Baptiste Say
What year/age is this?
An entrepreneur is someone who sells good on behalf of the good’s owner
1200s
What year/age is this?
An entrepreneur is someone who merely manages the projects using the resources provided by the government
Middle Ages
What year/age is this?
An entrepreneur is someone who would enter into a formal agreement with the government to provide products and services
17th Century
What year/age is this?
An entrepreneur is someone who plays a central role in the production and selling of goods
18th century
What year/age is this?
An entrepreneur is an innovator who accepts and exploit them as opportunities
19th and 20th
What year/age is this?
Pioneering on the frontiers of business. Revolutionizing business with the use of Internet
21st century
A landmark legislation that defines the current national policy to promote, support, strengthen, and encourage the growth and development of MSMEs.
Magna Carta for Micro, Small and Medium Enterprises (MSMEs)
This law has spurred the private banking sector to lend to small enterprises
Magna Carta for MSMEs
It provides microloans to entrepreneurial workers for financing small business such as rug and basket making, hair dressing, market vending
Worker’s Microfinance Programs
