Introduction to Entrepreneurship – Lesson 1

30 fill-in-the-blank flashcards covering definitions, entrepreneurial mindset, process stages, competencies, advantages, disadvantages, and Filipino entrepreneurship insights.

is the process of creating, developing, and managing a new business venture with the goal of making a profit.

Entrepreneurship

An is someone who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth.

Entrepreneur

A __ introduces innovations in production or distribution but with limited capital, technology, and risk.

Micro-entrepreneur

A __ absorbs huge risks, uses enormous capital, and generates substantial value and profit over a short period.

Mega-entrepreneur

The entrepreneurial mindset helps leaders create value by recognizing and acting on ___.

opportunities

Solutions-oriented, adaptable, and __ are three descriptors of an entrepreneurial mindset.

anti-fragile

The first stage of the entrepreneurial process, focused on recognizing a business idea, is called __.

Discovery

Detailing how a business will operate is done in the __ stage of the entrepreneurial process.

Developing a business plan

Identifying, sourcing, and financing human and non-human inputs occurs in the __ stage.

Resourcing

Carrying out the business plan and managing resources takes place in the __ stage.

Managing the Company

Strategies for expanding or exiting the venture belong to the __ stage.

Harvesting

An entrepreneur’s willingness to pursue uncertain opportunities reflects the personal competency of __.

Risk Appetite

Persistency in attaining long-term goals despite adversity is known as __.

Grit

Being proactive in taking prompt action to reach objectives shows the competency of __.

Initiative

Using personal branding to gain buy-in from others demonstrates the __ competency.

Influence

Scanning the environment to interpret events and act on future outcomes is the __ business competency.

Sense-making

Choosing, initiating, and sustaining relationships with buyers reflects the __ competency.

Customer-focused

One __ of entrepreneurship is the opportunity to create your own destiny.

advantage

Uncertainty of income and long hours are common __ of entrepreneurship.

disadvantages

Filipino entrepreneurs tend to be __ in age compared with their global counterparts.

younger

Many early-stage Filipino entrepreneurs are at least __ graduates.

High School

Filipinos often cite fear of __ failure as a barrier to starting a business.

business

Edgar “Injap” Sia II’s story highlights the trait of __ along with opportunity-seeking.

persistence

Sharee Mae “Chingkee” Uy Te demonstrated __ by borrowing money to start a venture that later grew.

risk-taking

Tony Tan Caktiong showed __ by switching from ice cream to hot meals when customer preferences changed.

innovation

Entrepreneurs create value by assembling necessary __ to capitalize on opportunities.

resources

According to Zimmerer & Scarborough (2008), entrepreneurs face __ and uncertainty.

risk

Houston Christian University (2025) notes that the goal of entrepreneurship is to earn a __.

profit

describes adjusting to external change while initiating internal change to meet objectives.

Adaptability