The Entrepreneurial Mind Flashcards

A comprehensive set of practice questions and answers covering the definitions, types, functions, and characteristics of entrepreneurs based on the lecture notes.

What is the definition of an entrepreneur according to the transcript?

An entrepreneur is a person who organizes and directs a business enterprise, assuming all the risks for the sake of profit.

From which French word does 'entrepreneur' originate and what does it mean?

It comes from the French word 'entreprendre' which means 'to undertake.'

How do products and services differ in terms of tangibility?

Products are tangible, while services are intangible.

What are the three main activities of an entrepreneur?

1. Organizing, 2. Managing, and 3. Assuming Responsibility.

What is the difference between entrepreneurship and small business management?

Entrepreneurship is the act or process of organizing and directing a business enterprise and is the source of all businesses; a small business is one that is independently owned and operated and is not one of the major companies in its field.

What characterizes an 'Extractive' field of small business?

Extractive businesses grow products or take raw materials from where they are found in nature, such as vegetable farms or coal mining.

What are the four types of Retailing mentioned in the transcript?

1. Over-the-Counter Retailing, 2. Mail-Order Retailing, 3. Direct Retailing, and 4. Vending Machine Retailing.

What is business dissolution and what are its two types?

Business dissolution is when an enterprise goes out of business. It can be voluntary (about $90\%$ of cases, such as retirement) or involuntary ($10\%$ of cases, due to financial failure).

How does the view of 'capital resources' differ between a layman and an economist?

To a layman, capital resources refer to money; in economics, they represent machines, buildings, and other physical productive resources.

Who is the founder of the Philippines National Book Store?

Socorro 'Nanay Coring' Ramos.

Which entrepreneur is the owner of Jollibee Foods Corporation?

Tony Tan Caktiong.

How is a 'Pattern Multiplier' entrepreneur defined?

Entrepreneurs who build several units of an effective business, such as franchisers.

Who are 'Capital Aggregators'?

Entrepreneurs who take the lead in establishing financial institutions that require a large amount of start-up capital, such as banks or insurance companies.

What is the definition of 'Moderate Risk' for an entrepreneur?

Moderate risk means the chances of winning are neither too small nor too great; results depend on a person's abilities and actions rather than pure chance.

What is the difference between 'Technical Knowledge' and 'Business Knowledge'?

Technical knowledge is what you know about a specific product or service (e.g., how a camera operates), while business knowledge is knowing how to operate the enterprise (e.g., setting prices, accounting).

What are the five appealing reasons to choose entrepreneurship as a career?

1. Personal satisfaction, 2. Independence, 3. Profit, 4. Job security, and 5. Status.