Entrepreneurship Practice Flashcards

A set of vocabulary flashcards covering the definition of entrepreneurship, notable Filipino entrepreneurs, economic theories, and the classification of MSMEs in the Philippines.

Entrepreneur

An individual who identifies opportunities and takes initiative to create, develop, organize, and manage a business or startup venture.

entreprendre

The French origin of the word entrepreneur, which means to "undertake" or to "embark on a venture."

Tony Tan Caktiong

The founder of Jollibee Foods Corporation known for turning a small ice cream parlor into the largest fast-food chain in the Philippines.

Socorro “Nanay Coring” Ramos

The founder of National Book Store who built a book empire from a small store that survived World War II.

Henry Sy Sr.

The founder of SM Group (SM Malls, BDO, etc.) who started as a shoe seller and became one of the richest Filipinos.

Edgar “Injap” Sia II

The founder of Mang Inasal known for creating a strong brand at a young age and becoming a billionaire.

Cecilio Pedro

The founder of Lamoiyan Corporation known for competing with multinational brands with Filipino-made toothpaste.

Jean-Baptiste Say

An economist who stated that an entrepreneur "shifts economic resources out of an area of lower and into an area of higher productivity and greater yield."

Joseph Schumpeter

An economist who defined an entrepreneur as an "Innovator" who desires to earn profit through innovation.

Schumpeter's Five Forms of Innovation

Includes (a) new product, (b) new method of production, (c) new market, (d) new source of raw materials, or (e) new form of organization.

Harvard Business School Definition of Entrepreneurship

The process of creating or seizing an opportunity and pursuing it regardless of the resources currently controlled.

MSME

Stands for Micro, Small, and Medium Enterprises.

Micro Enterprise

A business activity in the Philippines with an asset size below $\text{₱}3\text{ million}$ and having $1-9$ employees.

Small Enterprise

A business activity in the Philippines with an asset size between $\text{₱}3 - 15\text{ million}$ and having $10-99$ employees.

Medium Enterprise

A business activity in the Philippines with an asset size between $\text{₱}15 - 100\text{ million}$ and having $100-199$ employees.

Large Enterprise

A business activity in the Philippines with an asset size above $\text{₱}100\text{ million}$ and having $200$ or more employees.

$$99.59\%$$

The percentage of recorded business enterprises in the Philippines that are micro, small, and medium-sized enterprises according to 2022 DTI data.

$$65.10\%$$

The percentage of the Philippines' total employment opportunities provided by MSMEs.

Innovation

A key reason entrepreneurship is important, exemplified by gadgets like smartphones that combine a phone, camera, and computer.

Regional Development

The revitalization of local economies and communities that occurs when entrepreneurs establish businesses in specific regions.

Resilience and Adaptability

The ability of entrepreneurs to pivot and adjust their business, helping economies weather downturns and crises effectively.