Entrepreneurship and Business Planning Foundations

Vocabulary-style flashcards covering the introductory concepts, pathways, types of entrepreneurs, competencies, and operational elements of Entrepreneurship based on the lecture notes.

Henry Sy

A Chinese-Filipino business magnate known as the founder of SM Investments Corporation and the "Father of Modern Philippine Retail".

Tony Tan Caktiong

A Chinese-Filipino businessman and investor who is the founder and chairman of Jollibee Foods Corporation.

Entreprendre

The French origin of the word "entrepreneur" which means "to undertake".

Entrepreneur

Innovative opportunity seekers with endless curiosity who discover and test new or different ideas in the marketplace.

Entrepreneurship

The art of observing correct practices in managing and operating a self-owned wealth-creating business enterprise by providing valuable goods and services to customers.

Enterprise

An organization engaged in commercial activities, such as the trade of goods or services, with the primary goal of earning profit.

Profit

The return or compensation to the entrepreneur for taking on the risk of developing an idea into an actual business venture.

Steve Jobs

Described as a genius maverick and keen innovator who built a new business around radically new products that captured people's imaginations.

Find Pathway

An opportunity identification pathway that assumes opportunities exist independently and are found when an entrepreneur develops a solution for a clear problem.

Search Pathway

A pathway used when entrepreneurs are not definite about the business type and engage in an active search to discover new opportunities.

Effectuate Pathway

A pathway that uses the entrepreneur's existing skills, knowledge, and network to create an opportunity, focusing on "what you know" and "whom you know".

Design Pathway

The most complex pathway that involves focusing on latent needs to create a new market through creative thinking.

Latent needs

Needs that customers have but do not realize they have.

Top-Level Management

Individuals responsible for controlling and overseeing the entire organization, such as the Board of Directors, President, or CEO.

Mid-level Management

Managers responsible for executing organizational plans that comply with company policies, such as Branch or Department Managers.

Low-level Management

Supervisors or Section Leads who focus on controlling and directing employees while serving as role models.

Innovative Entrepreneurs

Those who think of new, better, and more economical ideas to create new things.

Imitating Entrepreneurs

Entrepreneurs who replicate or adapt existing business models instead of creating new ones.

Fabian Entrepreneurs

Skeptical, risk-averse entrepreneurs who only follow changes once they are satisfied with the long-term sustainability and proven methods.

Drone Entrepreneurs

Individuals who resist change and cling to traditional, "old school" methods, even at the risk of losing business relevance.

Social Entrepreneurs

Individuals who drive social innovation and transformation to solve community-based problems in fields like health, education, and human rights.

Intrapreneur

A corporate entrepreneur or manager within an existing organization who promotes innovative product development and marketing.

Solo Self Employed

An entrepreneur who operates alone or with very few employees and performs work personally, such as brokers or repairmen.

Pattern Multipliers

Entrepreneurs who identify an effective business pattern and multiply it to generate profit.

Economy of Scale Exploiters

Entrepreneurs who locate in lower rent/tax areas and increase production to lower cost per unit.

Copreneurs

Couples in family businesses who share both personal and work relationships.

Fixed Mindset

The belief that talents and abilities are set and that intelligence alone leads to success, leading to an avoidance of challenges.

Growth Mindset

The belief that traits and abilities can be developed through hard work, commitment, and determination.

Achievement Cluster

A cluster of Personal Entrepreneurial Competencies relating to the desire to be an achiever, including being a persistent risk-taker and opportunity seeker.

Planning Cluster

A cluster of competencies involving goal-setting, information seeking, and systematic monitoring.

Power Cluster

Character traits reflecting interpersonal relations, including being a persuasive networker and possessing self-confidence.

SMART Goals

A framework for setting objectives that are Specific, Measurable, Achievable, Realistic, and Time-bound.

Manpower

The human labor force involved in manufacturing products or delivering services.

Method

The day-to-day operations of a business including manufacturing, distribution, and logistics.

Machines

The manufacturing equipment, tools, new technologies, and physical plant used in production or service delivery.

Materials

The raw and processed components, fuels, and accessories consumed directly or indirectly in business operations.

Unique Selling Proposition (USP)

A marketing method that differentiates a product or service from competitors to position it as the more logical choice.

Value Proposition

A statement of the combination of goods and services offered to a customer in exchange for payment, describing how it solves their specific problems.

Entrepreneurial mind frame

The foundation that allows an entrepreneur to see things positively and optimistically even in difficult situations.

Entrepreneurial gut game

The ability of an entrepreneur to be intuitive and have confidence that their aspirations can be reached.

Forces of Competition Model

Also known as the "five forces of competition," it includes buyers, potential new entrants, rivalry, substitute products, and suppliers.