Entrep PREMID Examination

entraprende

french word for entrepreneur which means undertake

entrepreneurship 1

has values or purpose

small business

adapting entrepreneurship guidelines “values”

ordinary small business

no intentions as values

entrepreneur

person who strongly advocates and correctly practices the concepts and principles of entrepreneurship in operating and managing the self-owned entrepreneurial venture

entrepreneurship 2

the art is observing correct practcie of managing and operating a self-owned, wealth-creating business enterprise by providing goods and services that are valuable to the customer

art of correct practices

continuosly evolving

wealth-creating venture

the reseult of your income

providing values to customers

already proving to customers

operning and managing self-owned business

can gain ideas and knowledge

risk taking venture

is willing to face challenges that will be faced by the business in the future

innovation theory

primary factor affecting development of the economy

joseph schumpeter

he developed innovation theory

keynesian theory

economic growth, especially during depression to the government

john maynard keynes

he developed keynesian theory

alfred marshall theory

organization plays the most significant role among the different factors of production

alfred marshall

he developed alfred marshall theory

risk and uncertainty bearing theory

an entrepreneur faces the risk of uncertainty in the process of connecting the supplier and buyer

frank hyeman knight

he developed risk uncertainty bearing theory

sources of business funds - entrepreneur

wealth-creating venture, he/she explores ways to generate the much needed funds from both internal and external resouces

sources of business funds - ordinary small business

limit the funding and loans from external resources can be a risky undertaking for him/her

motive in opening a business - entrepreneur

based on entrepreneurial concepts and looks out for new and fresh ideas, marked by creativity and innovation.

motive in opening business - ordinary small business

primary goal pf making it his/her source of livelihood, focuses on gaining profit.

perception of risk in the business - entrepreneur

faces the buriness risk squarely, prepares the business for it

perception of risk in the business - ordinary small business

risk is a deterrent to the operation of the business and must be avoided

reactions to changes in the environment - entrepreneur

reacts positively to the changes in the environment and bring new ideas

reactions to changes in the environment - ordinary small business

wait for the changes to happen and remains passive and static to changes in the environment

view on competition - entrepreneur

competition is a sign of a healthy economic environment and sees it as healthy and a factor that will make them creative

view on competition - ordinary small business

unhealthy element and uncomfortable working in a competitive environment and discourages competition

vision for development and growth - entrepreneur

outlines venture of short term, medium term, long term plans of action and aligns the daily business activities

vision for development - ordinary small business

relies upon chance or luck and not so much concerned about its development and growth as long as he/she is satisfied with its earnings

horizon of business operation - entrepreneur

thinks globally but acts locally and concerned with the major economic events

horizon of buisness operation - ordinary small business

centered only on the local environment and does not intedn to participate in the global environment

changes in the environment

entrepreneurial ideas arise from the changes that happen in the external environment with entrepreneurial implications.

external environment of a business venture

you must keenly observe and be vigilant to the reactions of the people to the changes in the external environment.

technological discovery and advancement

most people welcoe technological discoveries and advancements but cannot identify or determine entrepreneurial opportunities stemming from them.

government thrust, programs and policies

the prioities, projects, programs, and policies of the government are also good sources of entrepreneurial ideas.

peoples interests

the interets, hobbies, and preferences of people are a rich source of entrepreneurial ideas

past experience

the expertise and skills developed by a person who has worked in a paricular field may lead to the opening of a related business enterprise

achievement cluster

the entrepreneur desires to be an achiever in the field of entrepreneurship, opportunity seeker, commited, persistent, a risk taker, and efficient and quality oriented

planning cluster

supports the character traits in the achievement cluster, goal setter, information seeker, systematic in planning and monitoring

power cluster

reflects the degree of the interpersonal relationships maintained by successful entrepreneur in the community, persuasive and self confident