MIDTERMS - LESSON 1 Flashcards
(23 cards)
what are the 2 FACTORS affecting Entrepreneurship
The environment
The personality of the entrepreneur
_________ refers to the pattern of
characteristics that distinguishes one
person from another.
It includes the person’s traits, values,
motives, genetic blue prints, attitudes,
emotional reactivity, abilities, self-image,
intelligence, and visible behavior patterns.
Personality
➢This individual prefers activities
involving aggressive behaviour and
physical exertion.
➢Requiring skill, strength and
coordination.
➢Farming and mining
REALISTIC
➢The individual prefers to be
analytical, curious, methodical
and precise.
➢Crime investigator and Arson
investigator.
INVESTIGATIVE
➢This person is expressive,
non-conforming, original and
introspective.
➢Songwriter & novelist
ARTISTIC
➢This persons enjoys working
with and helping others and
purposely avoids systematic
activities involving tools and
machinery.
➢Social worker
SOCIAL
➢This person enjoys verbal
activities to influence others and
to attain power and status.
➢Manager & entrepreneur
ENTERPRISING
➢This persons enjoys the
systematic manipulation of
data, filing of records or
reproducing materials.
➢Accounting, finance.
CONVENTIONAL
➢Success in entrepreneur
becomes possible when the
entrepreneur is self- motivated enough to pursue
his chosen course without
relenting even in the face of
adversity.
Drive
➢The entrepreneur’s job involves
solving problems and making
decisions.
➢When he finds the correct solutions
to problem that confront him and
then makes decisions that are
implemented, he comes closer to
realizing his goals.
Thinking Ability
➢There are three types of
persons that will determine
the survival and growth of
business firms:
➢The customer, the
employee, the third party
with interest in the firm.
Human Relations Ability
- Makes the decision whether to patronize the firm
or not. - His decision will depend on what he thinks of the
firm.
THE
CUSTOMER
- Can be productive and loyal to the
firm. - He can help avoid production delays
and shortages, wasteful consumption
of the company resources, dissatisfied
customers, and the like.
THE
EMPLOYEE
Can also be made to be
more cooperative and
accommodating.
THIRD
PARTIES
➢Communication skills is a very important
characteristic an entrepreneur must have
if success is expected.
➢The ability to understand and be
understood makes it easier for the
entrepreneur to transact business.
Ability to Communicate
➢Operating an
entrepreneurship
requires the
performance of
major and minor task.
Technical Knowledge
➢When a person starts a
new venture, he has
already begun to assume
risk of business failure.
Reasonable Risk Taker
➢A person cannot achieve much
unless he has sufficient confidence
in himself. In any undertaking,
including entrepreneurship, a
person’s belief in his ability leads
him to actual performance and
eventual success.
Self-Confident
➢Goals are very useful
motivational tools, especially
those related to
accomplishing the
objectives of entrepreneurs.
Goal setter
It directs one’s
attention to a
specific target.
It encourages
persistence.
GOAL
It encourages
one to exert effort
toward achieving
something
specific.
It fosters the
creation of
strategies and
action plans.
FUNCTION
➢Compliance can be expected
if the entrepreneur is
accountable enough to make
responsibility for whatever
happens to the firm.
Accountable
➢A free enterprise economy like
ours allow business enterprises to
flourish. This will depend on how
well the public is convinced to
patronize them.
➢Buyers will have to be persuaded
to buy from entrepreneur’s firm
rather than from competitors.
Innovative
