Entrepreneurship Flashcards

Flashcards based on lecture notes about Entrepreneurship

Entrepreneurship

A life skill that readies a person to manage the vague and undefined future, particularly in the business environment.

Predictive and Creation Approach

Two ways of thinking about entrepreneurship

Predictive Approach

A method that relies on careful planning, research, and forecasting to reduce uncertainty and increase the chances of success.

Key characteristics of Predictive Approach

Goal-oriented, market-research based, financial forecasting, risk management.

Key characteristics of Creation Approach

Action-oriented, experimentation & adaptability, opportunity discovery, flexible decision-making.

Creation Approach

Define their goals based on the resources available at hand.

1987 Philippine Constitution

Identifies entrepreneurship as an instrument of economic growth and emphasizes the role of private enterprises.

Philippine Chamber of Commerce and Industry

An agency under the Office of the President that is an advocate of entrepreneurship.

5 Skills important in Entrepreneurship (CREPE)

The skill of creativity, reflection, empathy, play, and experimentation.

The Skill of Play

An entrepreneur allows his imagination to explore, expose his mind to a treasure of opportunities and potentials and is very innovative.

Skill of Experimentation

Calls for entrepreneurs to act so as to learn– means attempting to do something, learning from such attempts, and structuring said learning when the next thing similar happens

The skill of empathy

About engaging directly with people and shaping a business based on their needs.

The Skill of Creativity

Means being open-minded and letting loose one’s ability to create, discover opportunities and resolve problems.

The Skill of Reflection

Organizes all the four skills namely, skill of play, skill of experimentation, skill of empathy, and skill of creativity.

Narrative reflection

Describing what happened in terms of what took place, what was said and the people involved.

Emotional reflection

This centers on the feelings and the management of these feelings during a certain situation.

Perceptive Reflection

Focuses on one's insights and feedbacks as well as the others in addition to how various views, needs or inclinations affected the experience.

Analytical Reflection

Rationalizing about skills and understanding obtained from an experience and relating what has been learned to anything heard about before.

Evaluative Reflection

Concerns on what went well as well as what went bad or whether the experience was useful or not.

Critical Reflection

Considering the role played in a situation, the approach applied, what could still might be done, the lessons from the experience, queries in mind and the anticipation of possible results.

Life skills about entrepreneurship

Resilience, Agility, Negotiating, Problem solving, Relationship building, Mindfulness

Managerial thinking

Best to apply during times of uncertainty.

Entrepreneurial thinking

Refer to the ability to identify opportunities in the marketplace and discover the most fitting ways and time to take advantage of them. It is basically referred to as the ability to discover and pursue the problem- solution fits.

Mindset

A belief that qualities like intelligence and talent are fixed or changeable traits.

Fixed and Growth Mindset

Two common mindsets.

Fixed Mindset

People with a ___ mindset believe that these qualities are inborn, fixed and unchangeable.

Growth Mindset

People with a ___ mindset trust that traits can be changed, developed and strengthened by working on them.

8 Characteristic of an entrepreneurial mind

Curiosity, Resilience, Optimism, Flexibility, Ownership, Leadership, Connection, Self-respect

7 Essentials of the Entrepreneurial Mindset

Passion First, Everything is possible, 100% accountable, We are connected, Live life to give, Attitude of gratefulness, The time is now.

Habit

An unconscious behavior done often and regularly.

Three habits to be nurtured

The Self-Leadership Habit, Creativity Habit, and Improvisation Habit

The Self-Leadership Habit

Practice of purposely influencing and controlling one's behavior, actions, thinking, and feeling.

Behavior-focused

Concerns enhancing self-awareness to manage behaviors especially when dealing with essential but not-so-good tasks.

Natural Reward

About making every tasks enjoyable by emphasizing the positive aspects of each task and its importance.

Constructive thought

Creating positive and productive means of thinking that are advantageous to the performance of entrepreneurs.

Creativity

The capacity of turning fresh ideas, insights, inventions, products or artistic objects that are considered to be unique, useful, and of value to others into reality.

Improvisation

The unstructured way of creating something in the absence of planning.

Opportunity

A means to generate profits by creating unique, innovative and desirable products or services which are not being found in the market yet.

Opportunity recognition

A process by which individuals and businesses makes use of their entrepreneurial mindset to establish new business and ideas.

How to start with ideas

Analytical, Search, Imagination-based, Habit-breaking, Relationship-seeking, Development, Interpersonal

Analytical

Breaking a problem into details or looking at a problem in a common way to produce ideas on improving or innovating products or services.

Search

Illustrates the ability to be resourceful in looking for connections between objects that appears to have no obvious relationship at first.

Imagination-based

Interrupting doubts and dropping restrictions to produce fantasies or make believe situations.

Relationship-based

Establishing a link between concepts that are not usually connected.

Development

Employs the modification of existing concepts to make improved choices and new potentials.

4 Pathways to Opportunity Identification

Find, Search, Effectuate, Design

Alertness

Refers to the ability to easily pinpoint opportunities in the environment.

Prior knowledge

The information gathered from the combined life and work experiences.

Pattern recognition

Identifying relationships between seemingly isolated things or occasions.

IDEATE Method

An ideation process empirically proven to help budding entrepreneurs recognize problems, cultivate innovative solutions, and choose the best creative entrepreneurial idea.

Design Thinking

A constant process of trying to find innovative solutions to problems through deep understanding, and empathy of the target user.

Principles of Design Thinking

Human centricity and empathy, Collaboration, Ideation, Experimentation and Iteration, A Bias Towards Action

Collaboration

Diverse composition of teams who would cooperate with each other to form a pond of perspectives and ideas.

Human-centricity and Empathy

Providing solutions to problems that focus on human needs and user response.

Ideation

To come up with as many ideas and potential solutions as possible.

Experimentation and Iteration

Ideas are turned into prototypes, then tested and feedback from users are taken.

A Bias Towards Action

Practical solution-based method that is more focused on action rather than on discussion a face-to-face engagement.

Design thinking process

Empathize, Define, Ideate, Scamper

Brainstorm

A more relaxed and informal way of solving a problem using imaginative thinking.

Worst possible idea

A technique where members of the team look for worst solutions in ideation periods.

SCAMPER

A technique is more engrossed on the process of discovering unfamiliar and innovative solutions to problems.

Brainwrite

A serial process of asking participants to write down their ideas about a specific question or problem on sheets of paper.