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Entrepreneurial Management > Entrepreneurial Management (SG1) > Flashcards

Entrepreneurial Management (SG1) Flashcards

1
Q

The practice of taking entrepreneurial knowledge and utilizing it for increasing the effectiveness of new business venturing as well as small- and medium-sized businesses.

A

Entrepreneurial Management

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2
Q

An individual who creates a new business, bearing most of the risks and enjoying most of the rewards.

A

Entrepreneur

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3
Q

According to the Asian Development Bank, they are the backbone of Asian economies, making up 98% of all enterprises and 66% of the national labor force from 2007-2012.

A

Small and medium enterprises (SMEs)

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4
Q

They are defined as any enterprise with 10 to 199 employees and/or assets valued from P3 million to P100 million.

A

Small and medium enterprise

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5
Q

Anyone who owns a business. Anyone who is a small business owner. It also means that self-employed, anyone who work for himself or herself instead of for others.

A

Entrepreneur

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6
Q

People who create or start new business.

A

Founders

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7
Q

A prepacked business bought, rented, or leased from a company called a franchisor.

A

Franchise

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8
Q

People who purchase an existing business.

A

Buyers

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9
Q

A person who become an owner through inheriting or being given a stake in a family business.

A

Heir

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10
Q

This belief in yourself is called?

A

Self-efficacy

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11
Q

This belief in yourself is called self-efficacy. Those who believe in themselves and in the passion of their beliefs are more likely to keep at it until they succeed.

A

Believe that you can do

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12
Q

A plan without action is futile. Actions without plans are usually wasted. Success comes from having the right sort of plan to get you.

A

Planning + Action = Success

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13
Q

Successful entrepreneurs learn from other entrepreneurs, from experts in their chosen field, from potential customers, or even from their professors. Remember, those help succeed bigger and more often.

A

Help Helps

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14
Q

In the long run, you will depend on partners, investors, customers, and neighbors. If you always remember, you try to do well in your business, you’ll feel better about your business and life, and those around you will too.

A

Do well. Do Good

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15
Q

A small business primarily intended to provide partial or subsistence financial support for the existing lifestyle of the owner, most often through operations that fit the owner’s schedule and way of working.

A

Lifestyle or part-time firms.

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16
Q

A firm intended to provide a living to the owner and operating in a manner and on a schedule consistent with other firms in the industry and market.

A

Traditional Small Business.

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17
Q

A firm intended to provide the owner with high income through sales or profits superior to those of the traditional small business.

A

High-performing Small Business

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18
Q

A firm started with the intent of eventually going public, following the pattern of growth and operations of a big business.

A

High-growth Venture

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19
Q

What people get from facing and beating challenges?

A

Growth Rewards

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20
Q

The money made by owning one’s own business.

A

Income Rewards

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21
Q

The ability of business owners to structure life in the way that suits their needs best.

A

Flexibility Rewards

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22
Q

Universally Mentioned Rewards

A

Flexibility, Income, and Growth

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23
Q

Occasionally Mentioned Rewards

A

Wealth and Product

24
Q

Rarely Mentioned Rewards

A

Recognition, Admiration, Power, and Family

25
Q

To have greater flexibility for my personal and family life.

A

Flexibility

26
Q

To give myself, my spouse, and children financial security.

A

Income

27
Q

To continue to grow and learn as a person.

A

Growth

28
Q

To have a chance to build great wealth or a very high income.

A

Wealth

29
Q

To develop an idea for a product.

A

Product

30
Q

To achieve something and get recognition.

A

Recognition

31
Q

To be respected by my friends.

A

Admiration

32
Q

To lead and motivate others.

A

Power

33
Q

To continue a family tradition.

A

Family

34
Q

MYTHS ABOUT SMALL BUSINESS

A
  1. There’s not enough financing.
  2. You can’t start businesses during a recession.
  3. To make profits, you need to make something.
  4. If you fail, you can never try again.
  5. Students (or moms or some other group) don’t have the skills to start a business.
35
Q

Something that sets it up as a firm and sets it off from the buying or selling or bartering we all do occasionally.

A

Boundary

36
Q

Include the product or service to be offered, informational resources on markets and running a business, financial resources, and human resources.

A

Resources

37
Q

The desire to start a business and is the most frequently occurring element of the BRIE Model.

A

Intention

38
Q

This refers to moving resources, goods, or services to others in exchange for money or their resources.

A

Exchange

39
Q

BRIE model

A

Boundary, Resources, Intention, and Exchange model

40
Q

In the 2019 study conducted by the Department of Trade and Industry, MSMEs generated a total of 5,510,760 jobs or 62.4% of the country’s total employment. Small business is the engine of job generation, but it is important for existing jobs, too. Small business employ millions of Filipino, providing wages and salaries. One reason why small business is a key employer is because they are more willing than most large business to offer jobs to people with atypical work histories or needs, like people new to the workforce, people with uneven employment histories, and people looking for part-time work.

A

New Jobs

41
Q

Small business is a key element of every nation’s economy because it offers a very special environment in which the new can come into being. Small business owners are freer of the judgment and social constraints of workers elsewhere. Austrian economist Joseph Schumpeter labeled this process creative destruction. It refers to the way that newly created goods, services, or firms can hurt existing goods, services, or firms. Why do so many innovations come from small business? Remember that most people going into small business mention flexibility as a key reward, such as the flexibility to do the work they think is important. Small business owners are freer of the judgments and social constraints of workers elsewhere.

A

Innovations

42
Q

People who own their business are presented with tremendous opportunities - not only to improve their life and wealth, but also to help them move into and upward in the economy and society of the Philippines.

A

New Opportunities

43
Q

A nation where the major forces for jobs, revenues, and taxes come from farming or extractive industries like forestry, mining, or oil production.

A

Factor-driven Economy

44
Q

A nation where industrialization is becoming the major force providing jobs, revenues, and taxes, and where minimizing cost while maximizing productivity (i.e., efficiency) is a major goal.

A

Efficiency-driven Economy

45
Q

. An economy where the major forces for jobs, revenues, and taxes come from high-value-added production based on new ideas and technologies and from professional services based on higher education.

A

Innovation-driven Economy

46
Q

Creating a firm to improve one’s income or a product or service.

A

Opportunity-driven Entrepreneurship

47
Q

Creating a firm as an alternative to unemployment.

A

Necessity-driven Entrepreneurship

48
Q

General term for conducting business on the internet.

A

E-commerce

49
Q

A process that uses internet to quickly create business with a worldwide reach.

A

Virtual Instant Global Entrepreneurship (VIGE)

50
Q

This is called the strategy of perseverance or the behavior of continued effort to achieve a goal.

A

If you don’t succeed the first time, try, try, again.

51
Q

Maybe you have an idea but can’t get the resources to get it started. Try scaling it back to the level of resources you currently available.

A

Scale back

52
Q

Instead of planning a firm and then looking for resources, start with the resources you already have and think about what the best use is you can make of them.

A

Bird in the hand

53
Q

Go ahead and start the business in a way you can and look for better opportunities as you go along.

A

Pivot

54
Q

Sometimes the place you live isn’t the best market for your products or services.

A

Take it on the road

55
Q

Today everyone can harness the wisdom of crowds, whether it is asking your personal and group connections on Facebook for ideas, advice, opinions, or donations. Crowdsourcing is the techniques often based on internet to get opinions or ideas through the collective involvement of others.

A

Ask for help

56
Q

Think through your capabilities, prospects, and passions to find the best idea for you, and then plan for action to make it happen.

A

Plan to earn

Entrepreneurial Management (4 decks)

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