Entrepreneur Flashcards
(25 cards)
Is a proactive process of developing a business venture to make a profit
Entrepreneurship
one who takes advantage of the country’s social problems and turn them to profitable institutions with the intention of helping the disadvantaged community rather than making a profit
Social Entrepreneur
an entrepreneur in a large company or corporation who is tasked to think, establish, and run a new big idea or
project.
Intrapreneur
an entrepreneur who puts technology at the core of his or her business model.
Technopreneur
an entrepreneur who hops from one company to another to act as the innovation champion, providing creative and efficient solution.
Extrapreneur
Where did the word “entrepreneur” originated
from?
Entre: “between”
Prendre:“to take”
Entreprendre: “undertaker or
adventurer”
*It has a ____________Origin
French
Who are entrepreneurs?
“An entrepreneur is a unique individual who has the
innate ability and extraordinary dedication to
establish and manage a business, acknowledging all
the risks and reaping its rewards.”
Five Levels of entrepreneurial development
The Self-Employed The manager The Leader The Investor The true Entrepreneur
Four Step Process:
Idealization
Visualization
Verbalization
Materialization
Types of Entrepreneur
Social Entrepreneur
Intrapreneur
Technopreneur
Extrapreneur
Common Traits
Proactive Agents of change Risk takers Have a sharp eye for opportunities Sociable Networkers Decisive Balanced Innovative
Core Traits
Specialists
Problem solvers
Leaders
Communicators
What are the Pros and Cons of ENTREPRENEURSHIP VS. EMPLOYMENT?
Income, Hiring and Firing Organizational Setup, and
Major Key Result Areas, Daily Tasks, Leisure Time and Vacations, Taxation, Comfort Level at Work,
Careers in Entrepreneurship
- Sari-sari store
- Rice retailing
- Food cart business
- Printing business
- Buy-and-sell business
- Street food business
- Flea market business or tiangge
- Online selling business
- Cellphone loading business
- Laundry and dry cleaning business
- Hair styling and makeup business
- Spa gym, and nail care business
- Video and photography business
- Tutorial business
- Baking business
- Web site development and design/ blogging
- Direct selling business
- Car wash and car care business
- Bar, café, and restaurant
- Water station and LPG (liquid petroleum gas)
What are the different societal and economic benefits of
entrepreneurship?
- produces more jobs that equate to an increase in national income.
- amplifies economic activities of different sectors of society.
- introduces new and innovative products and services.
- improves people’s living standards.
- disperses the economic power and creates equality.
- controls the local wealth and balances regional development.
- reduces social conflicts and political unrest.
- elicits economic independence and capital formation.
Entrepreneurs dream enormously and desire to build an ideal environment.
Idealization
Entrepreneurs start to create plans to make the dream a reality.
Visualization
Involves sharing their ideas with other people, knowing that their vision is already occurring
Verbalization
Happens when the vision becomes a reality
Materialization
What are the Pros and Cons of ENTREPRENEURSHIP and EMPLOYMENT? (income)
Entrepreneur
- Income generated passively even the entrepreneur is resting
- Income only earned when the business is successful
- Opportunity income unlimited depending on the success of the business
Employee
- Income generated actively (i.e., on working hours only); no work = no pay
- Income usually fixed per month and increase depending on the employer and the employee’s performance
- Income earned whether the business is successful or unsuccessful
What are the Pros and Cons of ENTREPRENEURSHIP and EMPLOYMENT? (Hiring and Firing Organizational Setup, and Major Key Result Areas)
Entrepreneur
- Provide jobs; is the owner of the business and conducts the talent selection
- Full responsible for serving customers, making the business profitable, sustainable, and providing employee satisfaction
- Has the power to disengage nonperforming employees
- Can venture into expansion of business such as franchising and buying other similar businesses
Employee
- Seeks for a job; is the one applying for a job and is interviewed by the company’s hiring officers
- Has the goal of satisfying only the employer or the direct supervisor
- Fully dependent on the employer’s performance; is at risk if losing his or her job if the company does not perform well
- Can only work for the current employer exclusively
What are the Pros and Cons of ENTREPRENEURSHIP and EMPLOYMENT? (Leisure Time and Vacations)
Entrepreneur
*Has a flexible schedule and can take unlimited number of vacation days (Applicable only if the business has stabilized already)
Employee
*Has a limited number of vacation days imposed by the employer
What are the Pros and Cons of ENTREPRENEURSHIP and EMPLOYMENT? (Taxation)
Entrepreneur
*Taxed on the net income can claim taxable income deductions for allowable expenses incurred by the business
Employee
*Taxed on the gross income cannot use expenses incurred related to the job such as food and transportation expenses to claim for deductions from taxable income
