Entrepreneurship: Concepts, Mindset, and Design Thinking (Lecture Notes)

A comprehensive set of flashcards covering key concepts, individuals, and frameworks from the lecture notes on entrepreneurship, mindset, and design thinking.

What is entrepreneurship and why is it considered a vital component of economic growth?

Entrepreneurship is a key driver of economic growth and development, involving the creation and operation of an enterprise and the risk undertaken to make it successful.

From which verb and language is 'entrepreneur' derived, and what does it mean?

Derived from the French verb 'entreprendre,' meaning 'to undertake.' An entrepreneur undertakes the enterprise and bears the associated risks.

How did Peter F. Drucker describe an entrepreneur?

An entrepreneur is someone who searches for changes, responds to them, and exploits them as opportunities.

What role does innovation play for entrepreneurs?

Innovation is a tool by which entrepreneurs exploit change as an opportunity to create unique and profitable solutions.

Name a competency related to decision-making in entrepreneurship.

Decisiveness or the ability to make firm decisions.

Name a competency related to communication in entrepreneurship.

Effective communication and persuasive ability.

What leadership competency should an entrepreneur possess?

The ability to lead and inspire obedience or buy-in from employees.

What does 'opportunity seeker' mean in entrepreneurship?

The ability to be the first to see and act on business chances.

What does being proactive entail for entrepreneurs?

Controlling a situation by making things happen or preparing for future problems.

What does 'risk taker' imply for an entrepreneur?

Having the courage to pursue business ideas despite uncertainties and risk.

What is meant by 'innovative' in the context of entrepreneurship?

Having big ideas and continuously improving and thinking of new, worthwhile ideas for the business.

What is the core economic viewpoint of entrepreneurship?

Entrepreneurship is an economic activity involving creation and operation of an enterprise to generate value or wealth through efficient use of limited resources.

What is a key mindset trait related to ideas for entrepreneurs?

Innovative — consistently seeking new ideas.

What does 'profit potential' mean for entrepreneurs?

Entrepreneurs can be rewarded with profits generated from the operation of their business.

What does 'risk bearing' mean in entrepreneurship?

The need to gamble on uncertain outcomes while seeking ways to offset major risks.

List the five types of entrepreneurs given in the notes.

Innovative Entrepreneurs; Imitating Entrepreneurs; Fabian Entrepreneurs; Drone Entrepreneurs; Social Entrepreneurs.

Who is Manny Villar and what position is attributed to him in the notes?

Manny Villar is described as a Filipino billionaire businessman and is listed as chairman of STAKHALLS and Vista Land and Landscapes.

Who is Ramon Ang according to the notes?

President and vice chairman of San Miguel Corporation, with a noted net worth of about 2.3 billion dollars.

Which conglomerate is Andrew Tan associated with, and what are some of his major ventures?

Andrew Tan is associated with Alliance Global Group; he also oversees Megaworld Corporation, Emperador Distillers, and Golden Arches Development Corporation (McDonald’s franchise).

Who founded Jollibee and what is his net worth as stated?

Tony Tan Caktiong; net worth listed as about 3.4 billion dollars.

Who is George Ty and what is he known for according to the notes?

A Filipino banker with a net worth around 3.4 billion; founder of the Metropolitan Bank and Trust Company; owner of hotels under Hyatt and Marco Polo brands.

Who is David Conjungi in the notes?

Founder of DMCI Holdings, Inc.; listed with a net worth around 3.68 billion dollars.

Who is Jaime Augusto Zobel de Ayala according to the notes?

Chairman and Chief Executive Officer of Ayala Corporation; net worth listed around 3.7 billion dollars.

Who is Enrique Razon Jr. and what is he known as?

A Filipino billionaire known as the 'Ports King,' with a net worth around 1.3 billion dollars.

Who is John Gokongwei and what are his notable companies?

A prominent Filipino billionaire with a net worth around 5.5 billion dollars; involved with Cebu Pacific and Robinsons (chain).

What is Henry Sy known for according to the notes?

Founder of the SM group; opened the first shoe mart store and built a large, diversified business empire.

Who is Jaime Aristotle B. Alip and what is his role?

A social entrepreneur; founder and managing director of CARD (Mutually Reinforcing Institutions).

What is a mindset in the context of entrepreneurship, and who coined it?

Mindset is the belief that intelligence and talents can be fixed or changed; coined by Carol Dweck in Mindset.

What are fixed mindset characteristics?

Belief that talents are fixed, 'I'm either good at this or I’m not'; frustration leads to giving up; dislike of challenges; approval-seeking when failing.

What are growth mindset characteristics?

Belief that abilities can be developed; perseverance when facing setbacks; willingness to challenge oneself; learning from failure.

Name two core entrepreneurial mindset traits mentioned.

Curiosity and Commitment (along with Optimism, Flexibility, Ownership, Leadership, Connection, Self-Respect).

What are the essential elements of the entrepreneurial mindset related to passion and action?

Passion-first focus on what matters; belief that everything is possible; 100% accountability; being connected; living to give (CSR); gratitude; acting now.

What is the concept of 'habit' in entrepreneurship?

Habit is an unconscious behavior repeated often; Habit Loop describes the brain deciding to store or repeat behavior; rewards reinforce behavior.

What are the three habits that must be nurtured for an entrepreneurial mindset?

Self-leadership habit, Creativity habit, Improvisation habit.

What is self-leadership in entrepreneurship?

Purposely influencing and controlling one's behavior, actions, thinking, and feelings to become a more effective leader.

Name one strategy of self-leadership.

Behavior-focused strategies (e.g., self-awareness to manage behavior); also includes self-observation, self-goal setting, self-punishment, and self-counseling reminders.

What is creativity in the context of entrepreneurship?

The capacity to turn fresh ideas and insights into real, useful, valuable products or services.

What are common problems in practicing creativity?

Fear; lack of craving for disorder; distaste for nurturing ideas; perceived shortage of challenge; difficulty distinguishing reality from fantasy.

What is improvisation in entrepreneurship?

An unstructured, spontaneous approach to creating something when there is no plan, requiring quick sensing and direction changes.

What is entrepreneurial self-efficacy?

The belief that entrepreneurs have the ability to start a new business; a key indicator of readiness to act.

What are the four steps in the design thinking process as outlined?

Empathize, Define, Ideate, Prototype, Test (five steps with testing included).

What are the four components of the empathy map?

Say (what users say), Think (what they think), Do (what they do), Feel (their emotional state).

What are the five design thinking principles highlighted?

Human-Centricity, Collaboration, Ideation, Experimentation/Iteration, Bias toward Action.

What is design thinking's goal in problem solving?

To match people’s needs with what is technologically feasible and what a viable business can turn into customer value.