Entrepreneurship Overview and Concepts

Vocabulary flashcards covering the definitions, key figures, and competencies related to the introduction to entrepreneurship.

Entrepreneurship

The science of converting processed idea into a remarkable business venture.

Entrepreneur

A person who creates a unique ideas that will be useful for starting a business.

Henry Sy Sr. (SM Group)

Started as a humble shoe vendor in Manila and transformed his small store into the massive SM Supermalls conglomerate, which also grew to include BDO Unibank.

Tony Tan Caktiong (Jollibee Foods Corp)

Grew a struggling Magnolia ice cream parlor into the global Jollibee fast-food empire, famously outcompeting international competitors in the domestic market.

John Gokongwei Jr. (JG Summit Holdings)

Built a massive empire from importing goods with a conglomerate that now spans Universal Robina Corporation (URC), Cebu Pacific, and Robinsons retail.

Socorro C. Ramos (National Book Store)

Overcame extreme financial hardship and rebuilt her business after the Japanese occupation to establish the Philippines' largest bookstore chain.

Edgar "Injap" Sia II (Mang Inasal / DoubleDragon)

Scaled a single Iloilo-based barbecue stall into the nationwide Mang Inasal fast-food chain, later co-founding the highly successful DoubleDragon real estate company.

Specific Goal Setting

Setting a time frame for objectives.

Self-Efficacy

Believing in one's own unique product enough to secure initial funding despite rejection.

Need for Achievement

Being persistent because of the drive to create.

Willingness to learn

The drive to expand learnings.

Adaptability and Flexibility

Being adaptable to new trends and flexible to expand.

Willingness to take risk

A calculated risk taker who pursues new opportunities and innovates.

Interpersonal Skills

The ability to act as a negotiator.

Collaboration

Transforms isolated challenges into shared opportunities, accelerating growth, sparking innovation, and creating a sustainable competitive advantage.

Commercial Aptitude

The ability to stay continuously updated on local market trends and the practical, commercial intuition that guides entrepreneurs in pricing products and identifying customer needs.

Optimism

A strategic mindset that enables founders to expect positive outcomes, embrace uncertainty, and take action despite high risks.

People Centered

Placing the needs, growth, and well-being of individuals—including employees, customers, and partners—at the heart of business decisions.

Integrity

Knowing what is good and right, doing what is best for everyone, and not acting without thinking.

Conceptual Thinking

The ability to connect abstract, disparate ideas to identify problems and spot market trends, while reviewing outcomes to understand where problems occurred.

Strategic Thinking

Finding ways to do things faster or at less costs.

Decisiveness

The ability to make clear, confident, and timely choices without unnecessary doubt; includes switching to alternative strategies to reach a goal.

Customer Relations Service

Knowing what his or her customer needs in order to satisfy them.

Businessman vs. Entrepreneur

A businessman starts a business with an existing idea or concept, while an entrepreneur starts the business from his own idea or concept.