Chapter 2 Flashcards
(41 cards)
Runs a business using traditional methods.
Businessman
Prefers stable and tested business.
Businessman
Follows existing model
Businessman
Profit-driven
Businessman
Innovates and creates new business opportunities.
Entrepreneur
Open to high-risk ventures like startups
Entrepreneur
Uses digital tools to disrupt markets
Entrepreneur
Growth and impact driven
Entrepreneur
involves using digital tools, social media, and e-commerce platforms to launch and grow businesses.
ONLINE ENTREPRENEURSHIP
Online Entrepreneurship is driven by a _________
youth population, growing gig economy, and increasing mobile usage.
tech-savvy
3 APPLIED THEORIES IN
ENTREPRENEURSHIP
- SCHUMPETER’S INNOVATION THEORY
- OPPORTUNITY RECOGNITION THEORY
- LEAN STARTUP METHODOLOGY
an Austrian economist, introduced the “Innovation
Theory of Entrepreneurship”
Joseph Schumpeter
was a Filipino food scientist, chemist, and war hero
who is best known for inventing banana ketchup
During the American colonial period, “tomatoes” were scarce in the Philippines, but “bananas” were abundant.
Maria Orosa
explains how entrepreneurs identify and develop business opportunities. It suggests that opportunities exist independently or are created by entrepreneurs who recognize and act on them.
Opportunity Recognition Theory
is an approach to building businesses and products efficiently and effectively by minimizing risks and maximizing learning.
It focuses on rapid experimentation, customer feedback,
and iterative development rather than spending years perfecting a product before launch.
Lean Startup Methodology - introduced by Eric Ries
refers to any kind of business activity conducted over the internet.
This can include e - commerce, digital marketing, online services, and
other forms of internet - based commercial activities.
Online business
an online shop that sells physical or digital products directly to consumers.
E-Commerce Store
a retail model where sellers list products online but rely on third-party suppliers for inventory and shipping.
Dropshipping Business
a platform where multiple sellers list their products for buyers to purchase.
Lazada & Shopee - popular marketplaces where businesses and individuals sell various products.
Online Marketplace
a business that customizes and prints products like T-shirts, mugs, phone cases only after receiving an order.
Print-on-Demand Business
a business model where customers pay a recurring fee to access products or services.
Subscription-Based Business
earning commissions by promoting other
companies’ products through referral links or content.
Affiliate Marketing
professionals offer personalized advice, training, or coaching through virtual platforms.
Coach Lyqa Maravilla – A well- known Filipino coach providing online educational content and training.
Online Coaching & Consulting
writing blogs, creating videos, or producing digital content that earns through ads, sponsorships, or affiliate marketing.
Blogging & Content Creation
