The Local Hustle Playbook Flashcards

Comprehensive Q&A flashcards covering entrepreneurial concepts, local Filipino case studies, effectuation principles, and key frameworks from the lecture notes.

How do Bygrave & Zacharakis define the reality of entrepreneurship?

The pursuit of opportunity beyond the resources you currently control.

According to Joseph Schumpeter, what is the main role of 'The Innovator'?

Focuses on creating new things and searching for profit by disrupting the old.

How does Frank Knight define 'The Risk Taker' lens of entrepreneurship?

The bearer of uncertainty who is responsible for taking on risk premiums in financial markets.

How does Israel Kirzner define 'The Discoverer' lens of entrepreneurship?

Sees entrepreneurship as a continuous process leading to the discovery of hidden opportunities.

What is the difference between the Predictive (Traditional) Approach and the Creative (Effectual) Approach?

The Predictive Approach involves planning thoroughly, analyzing data, and acting (best for large corporations), whereas the Creative Approach involves acting with available resources, getting feedback, and adjusting immediately (best for startups).

What major law was enacted in 2014 to open Negosyo Centers nationwide for MSME tech and mentoring in the Philippines?

RA 10644 (Go Negosyo Act).

Who developed the Effectuation Toolkit, and what is its core idea?

Prof. Saras Sarasvathi; the core idea is that the future is unpredictable but entirely controllable.

What is Effectuation Principle 1: Bird-in-Hand, and how did Socorro Ramos demonstrate it?

Start using what you have right now (Who am I? What do I know? Who do I know?). In 1942, Socorro Ramos started National Bookstore with only P211 (equivalent to about P15,000 today).

What is Effectuation Principle 2: Affordable Loss, and how did Mariano Que demonstrate it?

Only risk what you can afford to lose. After WWII, Mariano Que invested his modest P100 capital into a single bottle of sulfathiazole and sold single doses from a pushcart, which later became Mercury Drug.

What is Effectuation Principle 3: Crazy Quilt, and what local case studies exemplify it?

Build partnerships to share risk and create synergy. Examples include Globe partnering with Jollibee (#8-7000) and traditional banks like BPI integrating with GCash.

What is Effectuation Principle 4: Lemonade, and how did Dr. Cecilio K. Pedro demonstrate it?

Turn problems into opportunities. When clients stopped buying aluminum toothpaste tubes, Dr. Cecilio K. Pedro used his idle factory to launch Lamoiyan Corporation and the Hapee toothpaste brand.

What is Effectuation Principle 5: Pilot-in-the-Plane, and how did CDO Foods apply it?

Focus entirely on what you can control. CDO Foods focused inwardly on production efficiency, product quality, and local distribution networks rather than relying on unpredictable market forecasts.

What five skills are included in the Founder's Skill Tree?

Empathy, Play, Reflection, Creativity, and Experimentation.

According to Malcolm Gladwell's Outliers referenced in the Deliberate Practice Loop, what does mastering any skill require?

10,000 hours of focused, consistent effort with feedback.

What are the four entrepreneurial personality avatars based on traits?

The Builder, The Opportunist, The Innovator, and The Specialist.

What is Intrapreneurship?

Innovating inside a big company without starting your own independent business (e.g., Google giving employees 20% time to invent new products).

What three roles does an entrepreneur fulfill in the economic engine?

Agent of Change, Community Resource User, and Employer (Job Creation).

What are the four elements comprising the Anatomy of a Filipino Entrepreneur?

Element 1: The Mindset (Effectuation), Element 2: The Action (Deliberate Practice), Element 3: The Vehicle (Your Avatar), and Element 4: The Destination (Value Creation).

Which Bible verse is highlighted to summarize entrepreneurship guided by integrity, purpose, and faith?

Proverbs 16:3 ("Commit to the Lord whatever you do, and he will establish your plans.").