Podcast
Questions and Answers
Which of the following is the most accurate description of the 'Bird in Hand' principle in the context of effectual entrepreneurship?
Which of the following is the most accurate description of the 'Bird in Hand' principle in the context of effectual entrepreneurship?
- Prioritizing competitive analysis to identify market opportunities.
- Starting with available resources and means rather than predetermined goals. (correct)
- Creating detailed business plans before taking any action.
- Focusing on securing external funding before starting any venture.
Entrepreneurs primarily focus on exhaustive planning rather than immediate action and adaptation.
Entrepreneurs primarily focus on exhaustive planning rather than immediate action and adaptation.
False (B)
Name three of the six ways to reflect mentioned in the text.
Name three of the six ways to reflect mentioned in the text.
Narrative, Emotional, Analytical
The 'Go Negosyo Communities' were created by the Philippine Center for ______.
The 'Go Negosyo Communities' were created by the Philippine Center for ______.
Match the following types of entrepreneurship with their descriptions:
Match the following types of entrepreneurship with their descriptions:
Which of the following actions best exemplifies 'Beginning with Means at Hand' in the entrepreneurial method?
Which of the following actions best exemplifies 'Beginning with Means at Hand' in the entrepreneurial method?
In entrepreneurial thinking, safeguarding inventions and insights is prioritized over sharing learnings and exchanging ideas.
In entrepreneurial thinking, safeguarding inventions and insights is prioritized over sharing learnings and exchanging ideas.
What is the primary focus of the initial step in the entrepreneurship method, 'Identify Desired Impact'?
What is the primary focus of the initial step in the entrepreneurship method, 'Identify Desired Impact'?
Entrepreneurial thinking encourages individuals to __________ risk, while managerial thinking aims to __________ risk.
Entrepreneurial thinking encourages individuals to __________ risk, while managerial thinking aims to __________ risk.
Match each component of the entrepreneurship method with its description:
Match each component of the entrepreneurship method with its description:
Which of the following statements best describes the 'Creation Approach' to entrepreneurship?
Which of the following statements best describes the 'Creation Approach' to entrepreneurship?
The Predictive Approach to entrepreneurship is most effective in dynamic, uncertain, and emerging industries.
The Predictive Approach to entrepreneurship is most effective in dynamic, uncertain, and emerging industries.
According to the provided content, what are the three key aspects of entrepreneurship?
According to the provided content, what are the three key aspects of entrepreneurship?
The recent view considers entrepreneurship as a ______ and a ______ that needs practice and used only when the future is unpredictable and not certain.
The recent view considers entrepreneurship as a ______ and a ______ that needs practice and used only when the future is unpredictable and not certain.
Match the following aspects to their corresponding entrepreneurial approach:
Match the following aspects to their corresponding entrepreneurial approach:
Based on the comparison, how does the 'Creation Approach' view risk management differently from the 'Predictive Approach'?
Based on the comparison, how does the 'Creation Approach' view risk management differently from the 'Predictive Approach'?
According to the content, what role does the Philippine Constitution of 1987 play in promoting entrepreneurship?
According to the content, what role does the Philippine Constitution of 1987 play in promoting entrepreneurship?
The Philippine government views entrepreneurship solely as a means of wealth creation.
The Philippine government views entrepreneurship solely as a means of wealth creation.
Flashcards
Entrepreneurship
Entrepreneurship
Launching new businesses, a life skill, and a collection of mindsets and skillsets.
Predictive Approach
Predictive Approach
Entrepreneurship as a linear process with predictable steps and outcomes.
Creation Approach
Creation Approach
Entrepreneurship as a mindset and method practiced when the future is uncertain.
Predictive View
Predictive View
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Creation View
Creation View
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Predictive Risk Management
Predictive Risk Management
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Creation Risk Management
Creation Risk Management
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Philippine Constitution on Entrepreneurship
Philippine Constitution on Entrepreneurship
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Philippine Chamber of Commerce & Industry (PCCI)
Philippine Chamber of Commerce & Industry (PCCI)
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Skill of Play
Skill of Play
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Skill of Experimentation
Skill of Experimentation
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Skill of Empathy
Skill of Empathy
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Skill of Creativity
Skill of Creativity
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Identify Desired Impact
Identify Desired Impact
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Begins with Means at Hand
Begins with Means at Hand
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Describe the Idea Today
Describe the Idea Today
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Estimate Affordable Loss
Estimate Affordable Loss
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Entrepreneurship Method
Entrepreneurship Method
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Study Notes
- Entrepreneurial Mindset, dated 3 February 2021
Chapter 1 Overview: The Practice of Entrepreneurship
- Discusses launching new businesses, developing a life skill, and understanding collective mindsets and skill sets.
- Combines the two views of entrepreneurship for new ventures
- Relates to the start of entrepreneurship in the Philippines
- Develops skills important in entrepreneurship
- Expresses the truths about entrepreneurship
- Distinguishes each type of entrepreneurship
- Adapts entrepreneurship as a method
- Contrasts between managerial & entrepreneurial thinking
- Justifies deliberate practice of entrepreneurship
Entrepreneurship Views: Predictive Approach
- The traditional perspective views entrepreneurship as a linear process with defined steps.
- The results can be said to be predictably based steps.
Entrepreneurship Views: Creation Approach
- The recent perspective identifies entrepreneurship as a mindset requiring practice
- It is used when a future is unpredictable.
- Opportunities can be discovered in the predictive approach.
- Opportunities are shaped into realities through action in the creation approach.
- Risk management in a predictive manner works by planning and forecasting.
- Accepting uncertainty and affordable loss, is the approach to risk management when creating.
- The predictive approach works in a data-driven, linear and structured method.
- Being iterative, flexible and experience-based learning, is the method for a creation approach.
- The role of market research is essential before starting to predict.
- Secondary market shaped by action is an entrepreneurial market.
- The common industries for predictability are traditional and stable markets only.
- Having dynamic, uncertain, and emerging qualities influences creative markets.
- Approaching entrepreneurship with a planner, strategist, and analyst mindset is the approach for a predictive person.
- Approaching entrepreneurship with an experimenter, risk-taker and innovator mindset is the approach for a creative person.
Entrepreneurship in the Philippines
- The Philippine government views entrepreneurship as a way to reduce poverty through job creation, wealth creation, and social empowerment.
- The 1987 Philippine Constitution recognizes entrepreneurship as vital for economic progress under Article XII, Section 1.
- The Philippine Chamber of Commerce & Industry (PCCI) established The Philippine Center for Entrepreneurship (PCE), which created programs and communities named "Go Negosyo".
Important Skills in Entrepreneurship
- Play
- Experimentation
- Empathy
- Creativity
- Reflection
Ways to Reflect
- Narative
- Emotional
- Perceptive
- Analytical
- Evaluative
- Critical
Truths about Entrepreneurship
- Entrepreneurship extends beyond startups.
- Entrepreneurs do not have "exceptional personality qualities."
- Entrepreneurship can be taught through practice.
- Most entrepreneurs are not big risk-takers.
- They more often partner or work with another, rather than compete.
- There is a greater emphasis on acting than careful planning.
- Ultimately, entrepreneurship represents a valuable life skill.
Life Skills
- Resilience
- Agility
- Negotiating
- Problem Solving
- Relationship Building
- Mindfulness
Types of Entrepreneurship
- Intrapreneurship
- Buying a Small Business
- Entrepreneurs Inside
- Social Entrepreneurship
- Buying a Franchise
- Family Business
- Serial Entrepreneurs
Entrepreneurship as a Method: Effectual Principles
- Bird in Hand
- Affordable Loss
- Crazy Quilt
- Lemonade
- Pilot in The Plane
Components of the Entrepreneurship Method
- Identify Desired Impact
- Reflect and Be Honest
- Begins with Means at Hand
- Take Small Action
- Describe the Idea Today
- Network & Enjoin Others in the Journey
- Estimate Affordable Loss
- Build & Learn from What has Been Learned
Managerial Thinking
- Manages and mitigates risk
- Safeguards Inventions and Insights
- Avoids failing
- Works within the confines of the current environment
- Increases the bottom line
Entrepreneurial Thinking
- Evaluates & Embraces Risk
- Exchanges ideas and share learnings
- Fails fast and tries again
- Thinks in terms of possibilities
- Creates value and make a difference
- Entrepreneurship is both a mindset and a practice.
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Description
An overview of Chapter 1 discussing launching new businesses, developing life skills, and understanding collective mindsets. It relates to the start of entrepreneurship and contrasts managerial versus entrepreneurial thinking. It also presents Predictive and Creation approaches to entrepreneurship.
