entre1 Flashcards
GROUP 7 ENTREP (12 cards)
Behavior of an Entrepreneur
- Initiative taking
- The organizing and reorganizing of social and economic mechanisms to bundle
resources in innovative ways, and - The acceptance of risk, uncertainty, and/or the potential for failure.
Aspects of being an Entrepreneur
- Creating something new of value. The creation has to have value to the
entrepreneur and value to the audience for which it is developed. - Requires the devotion of the necessary time and effort.
- Requires significant amount of time and effort it takes to create something new
and make it operational.
FACTORS THAT DEVELOP ENTREPRENEURIAL ACTIVITIES
- The entrepreneur takes the initiative of venturing into business
- Organization of Capital Resources
- The Development of Administrative Machinery
- The Development of Entrepreneurial Autonomy
- The Development of SWOT Analysis
Why Be an entrepreneur?
- Control overtime
- Fulfillment
- Creation/ownership
- Control over compensation
- Control over working conditions
Benefits and Costs of Becoming an entrepreneur
BENEFITS
* Independence
* Satisfaction
* Financial reward
* Self-esteem
* Contribution to society
Costs
* Business failure
* Obstacles
* Loneliness
* Financial insecurity
* Long hours/hard work
* The strain on personal relationships
Entrepreneurial Management plan
- Establish clear goals
- Coordinate actions
- Improve resource management
- Create performance standards
- Balance risk
Entrepreneurial Process (CYCLE)
- Discovery
- Developing a business plan
- Resourcing
- Managing company
- Harvesting
Entrepreneurial Process
(1) Identification and evaluation of the opportunity,
(2) Development of the business plan,
(3) Determination of the required resources
(4) Management of the resulting enterprise
Risk in Entrepreneurship
- Financial Risk
- Strategic Risk
- Technology Risk
- Market Risk
- Competitive Risk
- Reputational Risk
- Environmental Risk
Defining Small business
- Fewer than 500 employees
- Business operations limited to local geographic area or region
- Business is small relative to largest competitors… not dominant in the industry
- Php2 million revenues/year
- Financed by just one person or small group
Categories of small business
High-Growth Business-Gazelles
Small Businesses-Fewer than 100 People
Solo Self-Employed, Microbusinesses, Consulting and Professional Services
three
characteristics that distinguish entrepreneurial ventures from small businesses
- Innovation
- Potential for growth
- Strategic objectives
