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GR12 Alessandra's 1st Quarter > ENTREP|LESSON 1 > Flashcards

ENTREP|LESSON 1 Flashcards

1
Q
  • is about innovation;
    about seeing problems
    as opportunities, and
    about changing the
    world.
  • The process of
    setting up a business.
A

ENTREPRENEURSHIP

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2
Q

The word ___________was derived from the French verb __________, which means _____________ This is pinpointing to those who __________ the risk of enterprise. The enterprise is created by an entrepreneur and the process is called ______________

A

entrepreneur
enterprendre
to undertake
undertake
entrepreneurship

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3
Q

RELEVANCE OF ENTREPRENEURSHIP TO
AN ORGANIZATION(4)(DCIM)

A

Development of Managerial capabilities
Creation of Organizations
Improving standard of living
Means of economic development

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4
Q
  • this means that one of the benefits an entrepreneur gets is to develop his managerial skills.
A

Development of Managerial capabilities

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5
Q

which means that because of entrepreneurships many organizations will exist

A

Creation of Organizations

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6
Q

this means that
entrepreneurship can lift up the economic status of an individual

A

Improving standard of living

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7
Q

this means that not only
the life of the entrepreneur is improved but also the society
where the business is located.

A

Means of economic development

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8
Q

TYPES OF ENTREPRENEUR (5)

A

Innovative entrepreneur
Imitating entrepreneurs
Fabian entrepreneurs
Drone entrepreneur
Social entrepreneurs

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9
Q

They are those who always make new things
by thinking of new ideas. They have the ability to
think newer, better and more economical ideas.

A

INNOVATIVE ENTREPRENEUR

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10
Q

They are those who don’t create new things but only follow the ideas of other
entrepreneurs.

A

IMITATING ENTREPRENEURS

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11
Q

These entrepreneurs are reluctant to change
since they are very conservative and do not want to make any changes in the organization. They
are happy with their present mode of business
and do not want to change even if they are
suffering the losses.

A

DRONE ENTREPRENEURS

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12
Q

These types of entrepreneurs are skeptical about
the changes to be made in the organization. They
do not initiate any inventions but follow only after they are satisfied with its success rate. They wait for some time before the innovation becomes well tested by others and do not result in a huge loss due to its failure

A

FABIAN ENTREPRENEURS

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13
Q

They are those who initiate changes and drive
social innovation and transformation in the
various fields such as education, health, human
rights, environment and enterprise development.

A

SOCIAL ENTREPRENEURS

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14
Q

Common Competencies in
Entrepreneurship (7) (DCLOPRI)

A

Decisive
Communicator
Leader
Opportunity Seeker
Proactive
Risk taker
Innovative

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15
Q
  • an entrepreneur must be
    firm in making decisions.
A

Decisive

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16
Q
  • an entrepreneur must
    have a convincing power
A

Communicator

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17
Q
  • an entrepreneur must have the charisma to be obeyed by his employees.
A

Leader

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18
Q
  • an entrepreneur must have the ability to be the first to see business chances.
A

Opportunity
Seeker

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19
Q
  • controlling a situation by making things to happen or by preparing for possible future problems
A

Proactive

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20
Q
  • they have the courage to pursue their business ideas.
A

Risk taker

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21
Q
  • the entrepreneurs have big business ideas and they do not stop improving and thinking of new worthwhile ideas for their business.
A

Innovative

22
Q

Core Competencies in Entrepreneurship(4)

A
  1. Economic and dynamic activity
  2. Innovative
  3. Profit Potential
  4. Risk bearing
23
Q

Entrepreneurship is an economic activity because it involves the creation and
operation of an enterprise with a view to creating
value or wealth by ensuring optimum utilization of limited resources.

A
  1. Economic and dynamic
    activity
24
Q

Entrepreneurs constantly
look for new ideas, thus he
needs to be creative.

A

Innovative

25
The entrepreneur can be compensated by his profit coming from the operation
Profit Potential
26
The entrepreneur needs to gamble but wise enough to offset the risk.
Risk bearing
27
CAREER OPPORTUNITIES OF ENTREPRENEURSHIP (5)
Business Consultant Teacher Researcher Salesman Business Reporter
28
with the expertise of in the field of entrepreneurship, he can be a very good source of advices to other entrepreneurs and would be businessman.
Business Consultant
29
a graduate of an entrepreneurship can use his/her knowledge in teaching
Teacher
30
the entrepreneur can be employed as researcher by an enterprise.
Researcher
31
the entrepreneurship graduate can apply as salesman.
salesman
32
the entrepreneur being expert in the field, he can be employed as business reporter.
Business Reporter
33
types of entrepreneurs(7):
Entrepreneur Intrapreneur Edupreneur A private entrepreneur The lifestyle entrepreneur The serial entrepreneur The startup
34
The first type is, of course, the _________. There are many business owners in the world, but not all of them are enterprising too. Anyone can be a small business owner. You only have to register at a company's house and apply for a VAT number, and you’re ready to take off.
Entrepreneur
35
- means employees must foresee what will come, even though they do not know what direction it will be going to. - are employees of a company who are assigned to work on a special idea or project. - An entrepreneur starts a company as a means of providing a good or service. An _______ seeks to improve an existing company.
Intrapreneur
36
- An __________ is an entrepreneur who works within in the education sector. - - - are usually mission driven and live for bringing to light positive impact. - They lead with a 21st-century education mindset and are known globally inside and outside of the classroom.
Edupreneur
37
a selfemployed person or a solopreneur. You can easily engage in small-scale business activities, mainly based on your own work input. In many countries, this is the largest group of entrepreneurs. For example, cultural entrepreneurs are more less forced to become self-employed.
A private entrepreneur
38
This entrepreneur sees entrepreneurship is a way of life. As long as it is fun to do, they keep going. a person who creates a business with the purpose of altering their personal lifestyle.
The lifestyle entrepreneur
39
is someone who starts and leads one business after another. Although, it is also used for the small business entrepreneur who runs multiple businesses at the same time. By definition the _____ has an entrepreneurial personality
The serial entrepreneur
40
when more than one founder decides to build a company around a new idea. The entrepreneurial venture is small and may have a couple of employees from the start, although these early birds are quickly invited to become co-founders.
The startup
41
FACTORS AFFECTING ENTREPRENEURSHIP
Personality Factors Environmental Factors
42
include political, climate, legal system, economic and social conditions and market situations.
Environmental Factors
43
Personality Factors(7)(IPPPPAR)
Initiative Proactive Problem Solver Perseverance Persuasion A Planner Risk-taker
44
which means doing things even before being told.
Initiative
45
which means he can classify opportunities and seize it.
Proactive
46
which means he can retain good relations with other people.
Problem Solver
47
meaning he will pursue things to get done regardless of challenges
Perseverance -
48
- means that he can entice people to buy even if they don’t.
Persuasion
49
meaning he makes plan before doing things and do not fail to monitor it.
A Planner
50
which means that he is willing to gamble but he will calculate it first.
Risk-taker

GR12 Alessandra's 1st Quarter (22 decks)

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