entrep Flashcards
(33 cards)
- , an entrepreneur is one who brings resources, labor, materials,
and other assets into combinations that make their value greater than before,
and also one who introduces changes, innovations, and a new order.
To an economist
Entrepreneur
such a person is typically driven by certain forces-the need to
obtain or attain something, to experiment, to accomplish, or perhaps to escape
the authority of others.
To a psychologist,
Entrepreneur
an entrepreneur appears as a threat, an aggressive
competitor, whereas to another businessman the same entrepreneur may be an
ally, a source of supply, a customer, or someone who creates wealth for others,
as well as finds better ways to utilize re sources, reduce waste, and produce jobs
others are glad to get.
To one businessman,
Entrepreneur
defined by the personal risk they take on in pursuit of a new business,
innovation, or some other form of enterprise.
Entrepreneur
Management is a ____________. It is the process of directing and facilitating the work of people
who are organized for a common purpose
process.
Management is a ___________. It is the function of getting things done through the efforts of
others. It is the application of authority and the assumption of responsibility
function.
identified by the entrepreneur and thus, he marshals his resources to pursue the opportunities and makes immediate action to exploit his gain. The needs and wants of customers are properly identified and these are the propelling reason for him to take the opportunity
marketing environment
With an amount of knowledge, he knows that he can operate the venture with minimum
risk. Armed with vigor and vitality, he plunges a profitable operation.
The entrepreneur takes the initiative of venturing into business
While talents and ambitions are great resources of the entrepreneur, financial and human resources are important ingredients in the start of the organization. With his savings and other financial resources, he start operation on a small scale together with his trusted family members or friends he knew that could help him develop his dream enterprise.
Organization of Capital Resources
The management is developed with an organizational structure based on the need for
operation. Specific duties and responsibilities are assigned to individuals with talents and
skills that fit their respective position. It is based on the individual capacity to do the job
and not on personal connection with the entrepreneur.
The Development of Administrative Machinery
The entrepreneur develops autonomy in the operation of the enterp rise as he takes the
lead in all the activities of the organization especially in the early stage of operation. His
venture capitalized as he knows best the direction of the enterprise as he is aware of the
calculated risk involved. Focus of cost control must be in his hands
The Development of Entrepreneurial Autonomy
The avoidance of risk can be taken with careful analysis of the Strength, Weaknesses,
opportunities and Threats of the Organization. The entrepreneur must see the
environment of the enterprise based on SWOT analysis so that the risk involve could be
seen before it happens. Forecasting environment events are an antidote to future
business risk.
The Development of SWOT Analysis
An entrepreneurial process begins with idea generation, wherein the entrepreneur
identifies and evaluates the business opportunities
Discovery
Once the opportunity is identified, an entrepreneur needs to create a comprehensive
business plan
Developing a business plan
The third step in the entrepreneurial process is resourcing, wherein the entrepreneur
identifies the sources from where the finance and the human resource can be arranged
Resourcing
Once the funds are raised and the employees are hired, the next step is to initiate the
business operations to achieve the set goals. It is important to design the management
structure or hierarchy that is required to solve operational issues when they arise.
Managing the company
The final step in the entrepreneurial process is harvesting wherein, an entrepreneur
decides on the future prospects of the business, i.e. its growth and development
Harvesting
They need funds and careful auditing skills along the process. If not
being cautious, the business may go bankrupt.
Financial Risk
Strategies may easily be outdated because of the fast-paced culture
and lifestyle we have, what trends today may not be the same tomorrow.
Strategic Risk
the reality that every company needs technology to run, promote,
operate and manage their business in a technological-driven world.
Technology Risk
the changing and unpredicted shift of the market’s demand and supply
may highly affect how an entrepreneur runs their business
Market Risk
The reality of the competitors in the market share, and the
acceptance that some of them are better and some are not, but giving enough focus
on how to do better or extra than them is also a challenge, struggle and risk
Competitive Risk
it is about the challenge and risk of meeting the customer’s
expectations of the product or service an entrepreneur offers. It is solely about the
company’s image, but the value it drives and gives to its consumers
Reputational Risk
this sphere is about what an entrepreneur can not control within
his surroundings that can affect his/her business. Things such as wars, earthquakes,
economic recessions, inflation, and typhoon.
Environmental Risk
