ENT104 Lesson 1 Flashcards
(38 cards)
5 items
Characteristics of a Businessman:
- Starts a business from an existing idea
- Traditional
- Avoids taking risks
- Profit oriented
- Market player
5 items
Characteristics of an Entrepreneur:
- Starts a business from a unique and innovative idea
- Revolutionary
- Risk taker
- People (customer) oriented
- Market leader
Entrepreneur originates from the French word ____________ which means __ _________
entreprendre
to undertake
It is a person who strongly advocates and correctly practices the concepts and principles of entrepreneurship in operating and managing a self-owned business venture.
Entrepreneur
It comes from the word entrepreneur; it refers to a particular field of practice or process.
Entrepreneurship
It is the art of observing correct practices in managing and operating a self-owned wealth-creating business enterprise by providing goods and services that are valuable to the customers.
Entrepreneurship
It is a business venture.
Enterprise
____ __ _____ operationally defines an ____________ as a person who strongly advocates and correctly practices the concepts and principles of entrepreneurship in operating and managing a self-owned business venture.
Nick L. Adana
entrepreneur
the entrepreneur himself/herself and other people who have direct dealings with the entrepreneur in the community.
Filipino people
where the concept of entrepreneurship is practiced.
Local community
the wealth and resources of any country
Economy
4 items
Entrepreneurship makes the following contributions to the lives of the Filipinos:
- It provides guidelines in their wealth-creating ventures.
- It helps improve their financial and social life.
- It helps broaden their creativity.
- It helps make their life happy, fruitful, and successful.
6 items
Entrepreneurship makes the following contributions to the local community:
- It provides employment in the community.
- It creates new demand in the market.
- It makes a substantial contribution to the raising and collection of taxes.
- It create new business opportunities.
- It promotes a peaceful and loving community.
- It increases constructive competition.
5 items
Entrepreneurship makes the following contributions to the Philippine economy:
- It encourages competitiveness and thereby challenges entrepreneurs to keep improving their products and services.
- It helps find an entrepreneurial niche in the world market.
- It helps hasten the economic recovery process of the Philippines during financial turmoil or crackdown.
- It facilitates the smooth flow of money in the local market.
- It assists the national government in its desire to have favorable economic ratings in the world market.
Why do we have to study Entrepreneurship in SHS?
- Acquiring sufficient knowledge of entrepreneurial principles equip SHS students with the necessary tools in handling and maximizing entrepreneurial opportunities.
- The DeEd’s intention is to create an “ecosystem that encourages entrepreneurship” which-in turn-helps in building a progressive economy and culture.
5 items
Sources of Entrepreneurial Ideas
- Changes in the Environment
- Technological Discovery and Advancement
- Government’s Thrusts, Programs, and Policies
- People’s Interests
- Past Experiences
Entrepreneurial ideas arise from the changes that happen in the external environment with entrepreneurial implications.
Changes in the Environment
A person with an entrepreneurial drive views these changes positively. He/she determines what business opportunities they may provide.
Changes in the Environment
A person with entrepreneurial interest looks at the possibility of business opportunities in any new discovery or advancement in technology.
Technological Discovery and Advancement
For example, a person with sufficient knowledge in the repair and installation of a mechanical engine discovers that the additional engine parts he installed during the repair have considerably reduced fuel consumption. If he had any entrepreneurial drive, he would see his discovery as a business opportunity to manufacture the new engine parts that could reduce fuel consumption.
Technological Discovery and Advancement
The priorities, projects, programs, and policies of the government are also good sources of entrepreneurial ideas.
Government’s Thrusts, Programs, and Policies
For example, the use of firecrackers to celebrate New Year’s Eve is strictly prohibited. People without entrepreneurial drive will view the ordinance as a plain restriction. An entrepreneur, however, will take it as a business opportunity to come up with a new product that will serve as a substitute for firecrackers.
Government’s Thrusts, Programs, and Policies
The interests, hobbies, and preferences of people are a rich source of entrepreneurial ideas.
People’s Interests
However, an entrepreneur must be keen on identifying the cycle of interests and trends of his/her target market since these tend to continuously change. He/she must be ready to address the change properly and immediately to avoid possible negative effects on the operations of the business venture.
People’s Interests
