Module 1 Review: Entrepreneurship and Technopreneurship

Practice vocabulary flashcards based on lecture notes covering entrepreneurship foundations, Filipino entrepreneurial values, types of innovation, technopreneurship, and Philippine SME laws.

Entrepreneurship

The art of turning ideas into reality, focused on solving problems, creating value, and making an impact through a mission-driven approach.

Creating Jobs

Improving Quality of Life

Contributes to More Equitable Distribution of Income Taxes

Brings Social Benefits Through the Government

Social and Economic Contributions of Entrepreneurship

Risk-taking

A core element of entrepreneurship involving the willingness to face uncertainty and challenges.

Innovation

The process of creating something new or improving upon what already exists.

Value-creation

The entrepreneurial act of providing solutions that benefit people and society.

Creativity

A thinking skill defined as the ability to generate new ideas, concepts, or possibilities and think outside the box.

Entrepreneurs

Visionaries who imagine possibilities, invest resources despite uncertainty, and create business models from scratch.

Managers

Organizers and efficiency-keepers who handle people and processes to ensure existing systems run smoothly and profitably.

Pakikipagkapwa-Tao

A Filipino value meaning human relations; treating others with fairness, respect, and honesty in business.

Bahala Na

A Filipino expression reflecting courage and determination to push through with projects despite guaranteed success.

Pakikipagsapalaran

The willingness to face risks and challenges without surrendering; a form of perseverance.

Gaya-Gaya

The practice of imitating successful trends but adding a unique twist or innovation to stand out.

Utang na Loob

A debt of gratitude where entrepreneurs show loyalty and value to customers, employees, and mentors who supported them.

Hiya

A sense of shame that ensures ethics in business by avoiding actions that would damage one's reputation.

Awa

Showing kindness and fairness to employees and

customers.

Bayanihan

A cooperative spirit characterized by working together with the community for a common success.

Kasipagan

Industriousness or hard work; the opposite of the "Juan Tamad" mindset and a key to business success.

Pagtitipid

Thrift or frugality; the practice of being wise in spending and reusing resources to grow sustainably.

Pagtitiis

Endurance; the ability to bear hardships like slow sales or long hours without giving up.

Pagtitimpi

Self-control; the ability to manage emotions, practice discipline, and remain calm under pressure.

Katapatan

Sincerity, honesty, and integrity in dealing with customers and employees.

Invention

A type of innovation that creates a brand-new product or category that solves a problem in a fundamentally new way.

Extension

A type of innovation that adds features, improves performance, or removes problems from an existing product.

Duplication

Reproducing a successful business model but adapting it to a new location, price point, or offering a minor variation.

Synthesis

A type of innovation that combines technologies or services from different areas into a new, integrated offering.

Personal Entrepreneurial Competencies (PECs)

A set of skills, traits, and attitudes grouped into three clusters: Achievement, Planning, and Power.

Achievement Cluster

The drive to accomplish things

Planning Cluster

The ability to prepare and organize

Power Cluster

The ability to influence and connect

Technopreneurship

Entrepreneurship in the field of technology where technology serves as the heart and backbone of the business model.

Product-Based Tech Business

A business model where customers buy and own physical or digital technology products, such as hardware or software.

Service-Based Tech Business

A business model where customers pay to access services powered by technology, usually via apps or online platforms.

SMEs

Small and Medium Enterprises, which account for $99.6\%$ of registered businesses and provide over $62\%$ of total jobs in the Philippines.

Magna Carta for SMEs (RA 6977)

A law providing SMEs with access to financing from banks, DTI training programs, and a share of government contracts.

BMBE Law (RA 9178)

A law for micro-businesses with assets below $\text{₱}3\text{ million}$ that offers income tax exemption and low-interest credit.

Ease of Doing Business Act (RA 11032)

A law that speeds up business registration through the $3-7-20$ Day Rule and online one-stop shops.

High Technology Industries

Economic sectors that depend on advanced science, research, and technology to create products, such as AI, Blockchain, and Fintech.

Cyberpreneurship

Businesses that operate entirely in the digital space. Digital content, platforms or digital only product. They earn mainly from digital content monetization. Yotubers, influencers

Netpreneurship

Businesses that buy and sell via the internet. It’s about ecommerce and online trading. They sell physical or digital products through online platforms. Shopee, lazada

Technopreneurship

Uses technology + innovation to create new solutions to disrupt industries. They use technology as the core driver of innovation. Grab, gcash

Artificial Intelligence (AI)

Technology that allows machines to think and decide, used in services like Netflix suggestions or medical diagnosis.

Blockchain

A secure digital ledger used to record transactions and prevent record tampering, often associated with digital currencies.

FinTech

The use of technology to improve financial services, exemplified by digital wallets like GCash and Maya.

E-Commerce

Meaning: Buying and selling products online through websites or apps.

Business Process Outsourcing (BPO) & IT Services

Meaning: Outsourcing work like customer service, IT, and accounting to

companies that use advanced technologies.

Biotechnology

Vaccines, lab-grown food, agriculture tech.

Renewable Energy Tech

Solar, wind, smart grids.

Cybersecurity

Protecting businesses from hackers and data theft