Topic 1 Flashcards
Key Components and Relevance of Entrepreneurship (and Supplement) (65 cards)
Key areas of competencies:
Achievement, planning, power
Competencies in achievement:
Persistence, fulfilling commitment/commitment to work contract, demand for quality and efficiency, opportunity-seeking, risk-taking
Competencies in planning:
Goal-setting, information-seeking, systematic planning and monitoring
Competencies in power:
Persuasion and networking, independence and self-confidence
Behaviors that an individual demonstrates and are minimum standards of performance (Strebler et al., 1997); an underlying characteristic of a person which results in effective action and/or superior performance in a job (Boyatzis, 1982)
Competency
A specific group of competencies relevant to the exercise of successful entrepreneurship
Entrepreneurial competencies
Actively finding openings to start a new business, create a new market, or improve business operations
Opportunity-seeking
Habitually working diligently for a long period of time
Persistence
Accepts full commitment and responsibility as well as solid dedication to an endeavor
Commitment to work contract
Demands quality and efficiency not only from himself but also from workers and suppliers
Demand for quality and efficiency
Taking the chance to do something which is out of your comfort zone
Risk-taking
Strategic thinking and setting of goals
Goal Setting
Updates with new information consistently
Information Seeking
Sticks to the plan and fights the temptation to do what’s unimportant
Systematic planning and monitoring
Effective and efficient communication and relation to people
Persuasion and networking
Certainty in one’s ability and own judgement
Self-confidence
On the world’s smallest business, how many percent have less than 10 employees?
90%
____ say it is important for their ventures to positively impact their local communities at this time
72%
Fast adopters, resilient, and working hard to keep supporting their customers and their communities
Filipino entrepreneurs
Key aspects in the integrated definition of entrepreneurship
- vision, change, and creation
- application of energy and passion toward the creation and implementation of innovative ideas and creative solutions
- calculated risks
- formulate an effective venture team
- creative skill to marshal needed resources
- skill of building a solid business plan
- vision to recognize opportunity
_______ formulated the integrated definition of entrepreneurship
Kuratko (2019)
A specific innovative way to satisfy want, overcome a problem, or meet a challenge
Entrepreneurial idea
Defined as a want, problem, or challenge that can be addressed, solved, and/or satisfied by an innovative initiative
Entrepreneurial opportunity
They are innovators willing to take risks and generate new ideas to create unique and potentially profitable solutions to modern-day problems. They are those who undertake the risk of new enterprise.
Entrepreneur
