Entrepreneurship and Financial Literacy Overview

These flashcards cover key concepts related to entrepreneurship and financial literacy as discussed in the lecture notes, including definitions and explanations of essential terms.

Entrepreneurship

The process of starting and managing a business, creating and innovating products and services.

Microenterprise

A small business, often managed by a single individual, that provides a limited range of products or services.

Personal Entrepreneurial Competencies (PECs)

The qualities and skills that an entrepreneur must possess to run a successful business.

Economic Independence

The ability of an individual to support themselves financially through their own business ventures.

Cottage Industry

A small-scale industry where products are produced by hand, typically from home-based workshops.

Occupational Health and Safety

Guidelines and practices designed to ensure the safety and health of workers in various occupational settings.

TESDA Training Regulations (TR)

A set of standards established by the Technical Education and Skills Development Authority to guide the training and assessment of skills.

Financial Literacy

The ability to understand and effectively use various financial skills, including budgeting and investing.

Innovation

The process of turning new ideas or inventions into a product or service that helps solve problems and add value.

Risk-taker

An entrepreneur willing to take business risks for potential high rewards.

Legacy

The impact and influence an entrepreneur wants to leave behind for future generations.

Flexibility in Work

The ability to set one's own hours and work from various locations, typical for entrepreneurs.

Networking

The act of interacting with people in business and professional contexts to establish relationships that may lead to opportunities.

Market Adaptation

The ability to adjust business strategies based on changes and trends in the market.

You can be who you are

About being yourself, from the process of creating your ideas to making an identity for your business.

You cannot lose your job

Full control of your own destiny, meaning you have the power to adjust to attract more customers and make you business grow and evolve.

You can work anywhere, anytime

You can do work by staying at home, at a coffee house, or somewhere you feel comfortable working and getting things done anytime of the day.

You have the freedom to work with anyone

No need to work for someone or to have a boss; you are your own boss. You can always choose who you want to work or collaborate with. You can talk to different clients and customers.

You can try something new anytime

Shape your business in any way you see fit. Times when you think that you business needs to be in a direction, and feel like you need to improve it more often in a good and positive way.

You are in control of your own schedule

Do not have to deal with the pressure of waking up early to go to work, or have a mandatory schedule.

They are passionate about learning new things

Love and seek to learn more and explore as mush as they can to create, innovate, adapt, and improve your society.

They believe being an entrepreneur is their only choice

Some people think that being an entrepreneur is their only way to go about their careers.

They admire and look up to other entrepreneurs

They get inspiration and motivation from relationships, and workshops, and other teams of networks to build strong relationships and work together to improve competition, but build a healthy competition among entrepreneurs.

They want to change the world

They want to make a mark for themselves and be a guide and inspiration for future entrepreneurs.

Entrepreneurs want something, a legacy that

they can pass on through generations of

entrepreneurs to come

They want to challenge themselves

Successful entrepreneurs always confront

with challenges along the way to overcome

them. They are always ready and eager to

solve any problem at hand.

They seek accomplishment

Any given tasks makes an entrepreneur happy. Feels happy and proud of their own success. Every single accomplishment along the way makes entrepreneurs more successful.

They control their own destiny

Desire to be responsible for their own destinies. Want to be able to have control over the progress of a situation, whether it is good or challenging, and provide answers to their problems by themselves.

They are simply born to be entrepreneurs

Analyzing their personality and character in the early stages of their lives, they knew right away that being an entrepreneur is their only way only path for them, and so, nothing is going to change that and that is just the way it is to some people.