Podcast
Questions and Answers
Innovation is the driving force of not only capitalism but also of ______ progress in general.
Innovation is the driving force of not only capitalism but also of ______ progress in general.
economic
Brann describes Robinson Crusoe as a man of ______, a 'projector' and 'adventurer.'
Brann describes Robinson Crusoe as a man of ______, a 'projector' and 'adventurer.'
projects
Entrepreneurs are considered the agents of ______.
Entrepreneurs are considered the agents of ______.
innovation
He establishes ______ and schedules to manage his time effectively.
He establishes ______ and schedules to manage his time effectively.
Schumpeter referred to new combinations or 'creative destruction' as ______.
Schumpeter referred to new combinations or 'creative destruction' as ______.
Crusoe represents a paradoxical archetype known as the unique ______.
Crusoe represents a paradoxical archetype known as the unique ______.
The entrepreneur had to act in an enterprising manner upon the ______.
The entrepreneur had to act in an enterprising manner upon the ______.
By the Seventeenth Century, the term 'entreprendre' was related to ______ taking.
By the Seventeenth Century, the term 'entreprendre' was related to ______ taking.
According to Schumpeter, the innovation need not be ______, but rather how it can be commercially brought into the market.
According to Schumpeter, the innovation need not be ______, but rather how it can be commercially brought into the market.
The entrepreneur bore the risks of ______ and loss from the barging.
The entrepreneur bore the risks of ______ and loss from the barging.
Schumpeter identified the introduction of a new product as one of the five types of ______.
Schumpeter identified the introduction of a new product as one of the five types of ______.
Jean Baptiste Say describes the entrepreneur as someone who reallocates resources from low to high ______.
Jean Baptiste Say describes the entrepreneur as someone who reallocates resources from low to high ______.
The combination of the horseless carriage and the steam engine led to the invention of ______.
The combination of the horseless carriage and the steam engine led to the invention of ______.
John Stuart Mill viewed the entrepreneur as someone who managed the ______.
John Stuart Mill viewed the entrepreneur as someone who managed the ______.
The introduction of a new method of production is referred to as process ______.
The introduction of a new method of production is referred to as process ______.
Alfred Ma.Crestia Banares highlights the importance of the entrepreneur's role in ______ relationships.
Alfred Ma.Crestia Banares highlights the importance of the entrepreneur's role in ______ relationships.
Henry Ford introduced the ______, which significantly decreased the time to create the Ford T1 Model cars.
Henry Ford introduced the ______, which significantly decreased the time to create the Ford T1 Model cars.
The time it took to create the Ford T1 Model cars decreased from twelve hours to ______ hours.
The time it took to create the Ford T1 Model cars decreased from twelve hours to ______ hours.
Angkas is an example of Schumpeter’s third kind of innovation: the opening of ______ markets.
Angkas is an example of Schumpeter’s third kind of innovation: the opening of ______ markets.
Millions of commuters in Manila represent the market for two-wheel taxis like ______.
Millions of commuters in Manila represent the market for two-wheel taxis like ______.
People today are looking for sustainable and ______ products.
People today are looking for sustainable and ______ products.
Vegan leather made from ______ is an example of an eco-friendly product.
Vegan leather made from ______ is an example of an eco-friendly product.
The advent of vegan leather represents a conquest of a new source of ______ of new materials.
The advent of vegan leather represents a conquest of a new source of ______ of new materials.
An innovative solution has been developed by entrepreneurs to create authentic-looking leather from ______.
An innovative solution has been developed by entrepreneurs to create authentic-looking leather from ______.
Entrepreneurs have a burgeoning need to overcome a _____ or difficulty.
Entrepreneurs have a burgeoning need to overcome a _____ or difficulty.
The achievement cluster of Personal Entrepreneurial Competencies includes opportunity seeking, persistence, commitment to work, risk taking, and demand for _____ and quality.
The achievement cluster of Personal Entrepreneurial Competencies includes opportunity seeking, persistence, commitment to work, risk taking, and demand for _____ and quality.
A successful entrepreneur's passion goes beyond just _____; they find genuine pleasure in their work.
A successful entrepreneur's passion goes beyond just _____; they find genuine pleasure in their work.
Strong communication skills enable entrepreneurs to effectively sell their _____ or service.
Strong communication skills enable entrepreneurs to effectively sell their _____ or service.
The power cluster of Personal Entrepreneurial Competencies is composed of persuasion, negotiation, and self-_____
The power cluster of Personal Entrepreneurial Competencies is composed of persuasion, negotiation, and self-_____
According to Schumpeter, creating a monopoly position is an example of ______.
According to Schumpeter, creating a monopoly position is an example of ______.
Ludwig Von Mises argued that consumers, not ______, determine what is to be produced.
Ludwig Von Mises argued that consumers, not ______, determine what is to be produced.
Peter Drucker defined entrepreneurship as changing the yield of ______.
Peter Drucker defined entrepreneurship as changing the yield of ______.
According to Mises, innovation is often the whim of an elite before it becomes a ______ of the public.
According to Mises, innovation is often the whim of an elite before it becomes a ______ of the public.
F.W. Taussig noted that innovation is one of the activities performed by the ______.
F.W. Taussig noted that innovation is one of the activities performed by the ______.
Drucker asserts that innovation does not have to be ______ and can often be social.
Drucker asserts that innovation does not have to be ______ and can often be social.
Management, as described by Drucker, is an innovation of the ______ century.
Management, as described by Drucker, is an innovation of the ______ century.
Drucker believes that modern society has become a society of ______.
Drucker believes that modern society has become a society of ______.
The entrepreneur must be willing to take on ______ in order to succeed.
The entrepreneur must be willing to take on ______ in order to succeed.
According to Jean Baptiste Say, the entrepreneur reallocate resources from ______ to high-value opportunities.
According to Jean Baptiste Say, the entrepreneur reallocate resources from ______ to high-value opportunities.
In entrepreneurial ventures, the process of selling new products is crucial for ______.
In entrepreneurial ventures, the process of selling new products is crucial for ______.
The term 'entreprendre' was associated with ______ taking by the Seventeenth Century.
The term 'entreprendre' was associated with ______ taking by the Seventeenth Century.
The successful introduction of a new ______ can lead to significant changes in the marketplace.
The successful introduction of a new ______ can lead to significant changes in the marketplace.
Flashcards
Entrepreneur in the 17th-18th centuries
Entrepreneur in the 17th-18th centuries
A risk-taker who contracted with the government to provide goods or services, bearing the profit/loss risk.
Entrepreneur in the 19th century (Say)
Entrepreneur in the 19th century (Say)
Someone who identifies opportunities, reallocates resources for higher productivity, and manages production, demand, materials, and workers for profit.
Entrepreneur in the 19th century (Mill)
Entrepreneur in the 19th century (Mill)
A manager of ventures, not simply a financier.
Robinson Crusoe as an entrepreneur
Robinson Crusoe as an entrepreneur
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Entrepreneurial Activity
Entrepreneurial Activity
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Robinson Crusoe's island
Robinson Crusoe's island
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Entrepreneurial Judgement
Entrepreneurial Judgement
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Entrepreneurial challenges (Say)
Entrepreneurial challenges (Say)
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Schumpeter's Innovation
Schumpeter's Innovation
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Entrepreneur's Role
Entrepreneur's Role
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Innovation Applicability
Innovation Applicability
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Product Innovation
Product Innovation
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Process Innovation
Process Innovation
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"Creative Destruction"
"Creative Destruction"
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Entrepreneur
Entrepreneur
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Driving force of capitalism
Driving force of capitalism
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Assembly Line
Assembly Line
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Ride-sharing Company
Ride-sharing Company
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New Market Opening
New Market Opening
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Sustainable Product
Sustainable Product
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Innovation in Business
Innovation in Business
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New Source of Supply
New Source of Supply
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Time Efficiency
Time Efficiency
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Product Differentiation
Product Differentiation
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Entrepreneur's Role (Mises)
Entrepreneur's Role (Mises)
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Innovation (Mises)
Innovation (Mises)
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Entrepreneur's Scope (Taussig)
Entrepreneur's Scope (Taussig)
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Entrepreneurship (Drucker)
Entrepreneurship (Drucker)
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Innovation (Drucker)
Innovation (Drucker)
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Management (Innovation, Drucker)
Management (Innovation, Drucker)
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Consumer Sovereignty
Consumer Sovereignty
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Achievement Cluster
Achievement Cluster
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Power Cluster
Power Cluster
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Passion in Entrepreneurship
Passion in Entrepreneurship
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PEC: Achievement vs. Power
PEC: Achievement vs. Power
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Entrepreneurial Traits: Interconnected?
Entrepreneurial Traits: Interconnected?
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Study Notes
Module on The Entrepreneur and His Roots
- This module introduces the concept of entrepreneurship, dissecting how entrepreneurs think, decide, and act.
- It explores entrepreneurship's importance for the economy and society, highlighting its applications beyond engineering students.
- The module will delve into the history and origins of entrepreneurship, understanding thought processes.
- Four modules are planned: Entrepreneur and his Roots, Social Impact, Journey, and Personal Initiative.
- Students will gain essential knowledge and skills.
What Will You Learn?
- Understand different entrepreneur characteristics.
- Learn about various innovation types.
- Learn how to identify, evaluate, and screen opportunities.
- Differentiate between pro-active and reactive entrepreneur behaviors.
What is This Module About?
- The module looks back to understand where the concept of entrepreneurship originated.
- It examines different interpretations, definitions, and types of entrepreneurship.
- Understanding innovation is key to all entrepreneurship definitions.
- The module aims to define the entrepreneur and differentiate them from typical individuals.
What Will You Learn?
- The history of entrepreneurship as a school of thought.
- The contributions of significant figures in entrepreneurship history.
- Characteristics of successful entrepreneurs.
Let's Study
- The word "entrepreneur" has roots in 13th-century French, meaning "to undertake."
- Early usage by economists like Cantillon, Turgot, and Quesnay.
- Entrepreneur roles were associated with risk-taking and large-scale projects (like cathedrals) but weren't tied to business until the 16th century or later.
Let's Study
- The 19th century saw key contributions with Say recognizing the entrepreneur's crucial role in reallocating resources and Mill defining the entrepreneur as a manager of ventures.
- Marshall tied together these ideas, including the entrepreneur's coordination of factors like land, labor, capital, and organization.
Let's Study
- Frank Knight emphasized two types of risk: calculable and uncalculable.
- He differentiated between management functions and pure entrepreneurship, which is tied to uncertainty.
Let's Study
- Joseph Schumpeter focused on innovation as the driving force of entrepreneurship and economic progress.
- He described five types of innovation:
- New product
- New production method
- Opening of a new market
- New source of supply
- New organization industry.
Let's Think About This
- Examine whether one entrepreneurial cluster depends on others.
- Analyze if someone could be considered an entrepreneur with only one cluster?
Let's Study
- Learn more about a Philippine entrepreneur and their innovations.
- Apply Schumpeter's five types of innovation to their activities.
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Description
Explore the fundamentals of entrepreneurship in this comprehensive module. Learn about the characteristics of successful entrepreneurs, the importance of innovation, and how to identify promising opportunities. This module also analyzes the historical roots and evolution of entrepreneurial thought processes, setting the stage for future learning.
