Entrepreneurship, Ethics, and Guiding Principles

These flashcards define core entrepreneurship concepts, types of entrepreneurial ventures, ethical considerations, and the components of an organization's guiding principles such as vision, mission, and objectives.

Entrepreneurship (ciit.edu.ph definition)

A proactive process of developing a business venture to make a profit; the process of coming up with, starting, and maintaining a business enterprise while also taking on financial risks.

Innovation

A nature of entrepreneurship that offers a new product, applies a new technique or technology, opens a new market, or develops a new form of organization for the purpose of producing or enhancing a product.

Running a business

A nature of entrepreneurship that combines resources to produce goods or services to set up a business to make a profit.

Risk taking

A nature of entrepreneurship where the outcome of the venture cannot be known, requiring work under a certain degree of uncertainty regarding the outcomes of many decisions.

Intrapreneurship

Operating as an entrepreneur within a firm, performing the duties of an employee while also offering the business creative ideas and solutions.

Social Entrepreneurship

Using one’s firm to promote social good with goods and services designed to address social or environmental issues.

Technopreneurship

The combination of technology and entrepreneurship, where an individual founds and manages their own technological enterprise by combining business expertise with technological power.

Scalable Startups Entrepreneurship

A hybrid of small company and large business entrepreneurship that focuses on building new businesses that can efficiently increase revenue without proportionally increasing costs.

Large Business Entrepreneurship

An entrepreneurial type where corporate entrepreneurs buy established businesses and add additional teams or products to those existing businesses.

Small Business Entrepreneurship

A company type frequently demonstrated by someone starting and running their own company where success depends largely on the profit.

Civic responsibility (EBSCO, 2020)

The duties and obligations of citizens towards their country and community, particularly within democratic systems.

Vision Statement

A statement of an organization’s overarching aspirations of what it hopes to achieve or to become, describing where the organization wants to be in the future.

Mission Statement

A description of what the organization needs to do now to achieve the vision, explaining 'why you exist'.

Objectives

The end results of a planned activity that are stated in quantifiable terms and vary across different levels of management.

Starbucks Mission Statement

To inspire and nurture the human spirit – one person, one cup, and one neighborhood at a time.

Puregold Vision Statement

To be the Most Customer-Oriented Hypermart offering a One-Stop Shopping convenience and Best Value to our Customers. Sa Puregold, Always Panalo!

Goldilocks Mission Statement

To make everyday a celebration.

Nike Inc. Mission Statement

To bring inspiration and innovation to every athlete in the world.

Tesla Mission Statement

To accelerate the world’s transition to sustainable energy.

Financial Objectives Example

To achieve $10\%$ growth in earning per share.

Market Coverage Objectives Example

To have $900$ million subscriber base in the country by $2020$.