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Entrepreneurship comes from the word 'entrependre,' which means 'to __________.'
undertake
Marife Agustin-Acierto describes entrepreneurship as finding __________, creating new ideas, and building successful businesses.
opportunities
An entrepreneurial mindset involves being innovative, proactive, and willing to take calculated __________.
risks
According to Agustin-Acierto, having a clear __________ is vital for entrepreneurs to make informed decisions.
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Successful entrepreneurs must be adaptable to changes in the market and customer __________.
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The course on entrepreneurial management focuses on creating new __________ and harnessing their value.
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Entrepreneurial management is not just about starting a business but about strategically managing it for __________.
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This course introduces various theories of __________ to help understand the entrepreneurial process.
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Economic ______ can create problems for entrepreneurs.
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Ethical behavior is key to building ______ with customers.
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Ethical standards help establish ______ in the market.
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Ethical entrepreneurs lead by ______ for others to follow.
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Following ethical rules helps entrepreneurs avoid ______ issues.
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An entrepreneur is an individual who is alert to profitable opportunities for the exchange of ______ or services.
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Entrepreneurs should pay attention to what’s missing or what can be improved in the ______.
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Entrepreneurs bring new ideas, products, and ______ to the market.
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Creative thinking is crucial for entrepreneurs to come up with unique ideas or ______ that others haven’t thought of yet.
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Entrepreneurship boosts economic ______.
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The first step to entrepreneurial success is to identify a ______.
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Good ______ is essential for entrepreneurs to achieve their goals effectively.
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Joseph Schumpeter saw entrepreneurs as people who bring new ideas or products that change the ______.
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Next, come up with a unique idea to address the identified ______.
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One major challenge is securing enough ______.
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Israel Kirzner viewed entrepreneurs as those who are quick to notice ______ that others miss.
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Frank Knight believed entrepreneurship is all about taking ______.
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Entrepreneurs must find ways to stand out from other ______ offering similar products.
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Many entrepreneurs struggle because they lack the necessary ______.
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Entrepreneurship is important because it creates ______ by starting new businesses that need employees.
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Entrepreneurs often lack the skills needed to effectively manage their ______.
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Study Notes
Introduction to Entrepreneurial Management
- Entrepreneurial management is about strategically managing businesses for growth and sustainability.
- An entrepreneurial mindset requires innovation, proactivity, and calculated risks.
- Vision is crucial for entrepreneurs, creating a clear path for decision-making and growth.
- Adaptability is essential to navigate changing market conditions, customer needs, and technological advancements.
What is Entrepreneurship?
- Entrepreneurship originates from the French word "entrependre" which means "to undertake."
- Entrepreneurship is about identifying opportunities, creating new ideas, and building successful businesses.
- It involves being inventive and finding new ways to solve problems or help others.
Who is an Entrepreneur?
- Entrepreneurs are individuals who recognize profitable opportunities to exchange goods or services.
- They organize, manage, direct, and take risks in business ventures.
- Entrepreneurs possess the ability to recognize and evaluate business opportunities, obtain necessary resources, and take action for success.
- According to Dr. R.K. Singal, they are action-oriented, highly motivated individuals who take risks to achieve goals.
Factors that Develop Entrepreneurial Activities
- Identifying Market Needs: Understanding what people need or want is the foundation. Entrepreneurs focus on gaps or areas for improvement in the market.
- Creative Thinking: Entrepreneurs think outside the box, generating unique ideas and solutions.
- Effective Planning: Careful planning is essential for allocating resources (money, time) to achieve goals.
Theorists of Entrepreneurship
- Joseph Schumpeter: Entrepreneurs bring new ideas or products that transform the market, making older concepts obsolete and driving market forward.
- Israel Kirzner: Entrepreneurs are quick to notice opportunities that others miss, utilizing them to create value.
- Frank Knight: Entrepreneurship is about taking risks. Entrepreneurs embrace uncertainty, relying on their ideas and willing to take chances for success.
Importance of Entrepreneurship in Economic Development
- Job Creation: Entrepreneurs create jobs for workers by starting new businesses.
- Innovation: Entrepreneurs drive innovation by introducing new products, services, and ideas that improve people's lives and efficiency.
- Economic Development: New businesses contribute to economic growth by generating income, paying taxes, and stimulating other industries.
The Starting Point to Entrepreneurial Success
- Identify a Need: Find a gap or unaddressed need in the market.
- Develop a Unique Idea: Create a unique solution or idea to address the identified need, offering a new or improved way of solving the problem.
- Create a Business Plan: Outline the steps to turn your idea into a business, including customer attraction, financial management, and challenge handling.
The Challenges for Entrepreneurship
- Financial Constraints: Securing enough funding is a major hurdle for entrepreneurs.
- Market Competition: Standing out amongst competitors offering similar products or services can be challenging.
- Uncertainty and Risk: Entrepreneurship involves inherent uncertainty and risks related to market conditions, financial stability, and business operations.
Problems of Entrepreneurship
- Access to Capital: Finding the funds to start and grow a business can be a significant obstacle.
- Lack of Experience: Entrepreneurs often face challenges due to limited experience and knowledge, potentially leading to poor decision-making and management issues.
- Skill Deficiencies: Lack of essential management skills can result in operational problems, such as inefficient processes or poor customer service.
- Economic Fluctuations: Changes in the economy, such as downturns or unexpected shifts, can negatively impact business performance.
Role of Ethical Standards for Entrepreneurs
- Gaining Customer Trust: Ethical behavior builds customer trust and loyalty.
- Establishing Credibility: Consistent integrity builds a strong reputation that attracts partners, investors, and customers.
- Leading by Example: Ethical entrepreneurs set a positive example, potentially inspiring other businesses to adopt ethical practices.
- Avoiding Legal Issues: Following ethical guidelines and laws helps entrepreneurs avoid lawsuits and fines, protecting their business.
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Description
This quiz explores the fundamental concepts of entrepreneurial management, including the importance of vision, adaptability, and an entrepreneurial mindset. Understand the origins of entrepreneurship and the characteristics of successful entrepreneurs who drive innovation and business growth.
