Podcast
Questions and Answers
Which of the following best describes the concept of 'Constructive Destruction' in entrepreneurship?
Which of the following best describes the concept of 'Constructive Destruction' in entrepreneurship?
- The calculated demolition of inefficient company structures to improve productivity.
- The process of dismantling old businesses to make way for new construction projects.
- Introducing new innovations that replace older ones, rendering them obsolete. (correct)
- A strategic approach to devaluing competitors' products through marketing tactics.
Arthur H. Cole, an economic historian, defines entrepreneurship as what?
Arthur H. Cole, an economic historian, defines entrepreneurship as what?
- A commitment to the systematic practice of innovation.
- The ability to mobilize factors of production to maximize profit.
- The creation and management of a business that takes risks.
- Purposeful activity or integrated sequence of decisions by an individual. (correct)
Which of the following is an example of 'fulfilling commitments' as a personal entrepreneurial competency?
Which of the following is an example of 'fulfilling commitments' as a personal entrepreneurial competency?
- Continuously seeking new business opportunities regardless of current obligations.
- Consistently surpassing customer expectations to ensure loyalty.
- Delivering on promises and maintaining reliability in business dealings. (correct)
- Adapting products to meet changing consumer demands.
Entrepreneurs who have a(n) 'Imagining Style' learning preference might face which challenge?
Entrepreneurs who have a(n) 'Imagining Style' learning preference might face which challenge?
Which trait is most indicative of an entrepreneur with an 'Analyzing Style' of learning?
Which trait is most indicative of an entrepreneur with an 'Analyzing Style' of learning?
Which potential challenge is most likely to be faced by an entrepreneur with a 'Deciding Style'?
Which potential challenge is most likely to be faced by an entrepreneur with a 'Deciding Style'?
Which of the following is an example of an internal source of opportunity for entrepreneurs?
Which of the following is an example of an internal source of opportunity for entrepreneurs?
What is the primary purpose of a positioning statement for an entrepreneur?
What is the primary purpose of a positioning statement for an entrepreneur?
In the context of prototyping, what does 'interactivity' refer to?
In the context of prototyping, what does 'interactivity' refer to?
Why is adaptability considered a key element during the start-up phase of the Enterprise Life Cycle?
Why is adaptability considered a key element during the start-up phase of the Enterprise Life Cycle?
Flashcards
Entrepreneur
Entrepreneur
Someone who starts and manages a business, identifies opportunities, takes risks and organizes resources to grow.
Constructive Destruction
Constructive Destruction
Replacing old innovations and businesses with new ideas, technologies, or products.
Entrepreneurship
Entrepreneurship
A unique skill to mobilize factors of production to provide goods/services for profit.
Forms of Innovation
Forms of Innovation
Signup and view all the flashcards
Achieving Behaviors
Achieving Behaviors
Signup and view all the flashcards
Imagining Style
Imagining Style
Signup and view all the flashcards
Analyzing Style
Analyzing Style
Signup and view all the flashcards
Opportunity
Opportunity
Signup and view all the flashcards
Low-Fidelity Prototype
Low-Fidelity Prototype
Signup and view all the flashcards
Entrepreneurial Ecosystem
Entrepreneurial Ecosystem
Signup and view all the flashcards
Study Notes
- Entrepreneur: someone who initiates and manages a business, using their mindset, actions, and abilities to turn ideas into reality, identifying business opportunities, taking risks, and organizing resources.
- "Entreprendre" is a French term meaning "to undertake."
- Jean Baptiste Say coined "Entreprendre."
- Constructive Destruction: The process by which new innovations and businesses replace older ones.
- Entrepreneurship: special ability mobilizes factors of production
- Arthur H. Cole defined Success as purposeful activity
- Peter F. Drucker defined Success as commitment to innovation
- Schumpeter associated entrepreneurship with innovation
- Innovation is essential to entrepreneurship.
Forms of Innovation:
- Launching new product services.
- Evolving production methods.
- Opening a new market.
- Discovering new sources.
- Reorganizing an industry.
Fundamental Principles:
- Having visions.
- Innovating.
- Managing.
- Taking risks.
- Deciding.
Personal Entrepreneur Competencies:
- Opportunity Seeing
- Identifying acting business opportunities
- Persistence: Overcoming obstacles.
- Committed.
- Fulfilling commitments.
- Delivering on promises.
- Reliability.
- Demand for quality and efficiency: Improving.
- Taking well-thought out chances for success.
- Setting clear goals.
- Information Seeing
- Gathering/Analysing data.
- Planning - Organizing resources
- Tracking Progress
- Pursuading Others
- Networking
- Building connections
- Self Confidence
- Taking initiative
Clusters:
- Achieving behavior: Setting goals
- Planning behavior: Creating organized plans.
- Power behavior: Using relationships for success
The Entrepreneurial Mindset:
- Includes different learning styles.
Learning Styles:
- Imaging Style varies concrete,varying, thinking processes
- Potential challenges includes struggle with execution
- Analysis Style Prefer taking in abstract information through reflection
- Thinking logically is important
- Deciding Style application or theory through practical task-oriented problem solving
- Application is key
- initiating is key
- quick action is key
- Balancing is key
- flexible is useful
Sources of Opportunity:
- Internal: Within the company or industry.
Internal Sources:
- Unexpected: Events can open new opportunities.
- Incongruities leads to innovation.
- Process Needs: Improving weak areas can drive innovation
External Sources:
- Industry/Market Change: Look for shifts in order and consumer preferences
- Demographics: Look for trends in population
- Perception: Look for current/evolving consumer trends/opinions
- New Knowledge includes creating breakthrough ideas and finding advancements in science
Spotting opportunities:
- How to listen to the Market
- Feeling the competition
- Following trends.
- Opportunity Screening superior value.
Creating Product Concepts:
- Includes generating good products that are above average.
Key Features of a Prototype:
- Representation
- Precision
- Interactivity
- Evolution
Categories of Prototypes:
- LOW-FIDELITY is easy quick (PAPER BASED)
- HIGH FIDELITY includes quick prototyping
Enterprise Life Cycle:
- Includes many tests for a better cycle process
Start up Process:
- Testing business cycle to see if you can get the expected end user
LESSON 3: Successful Filipino Entrepreneurship:
- Entrepreneurial ecosystem: Funding, resources and assistance is required.
- Serial entrepreneurship: Starting over and again
- Philippines ranked 18th for entrepreneurship.
Filipino Entrepreneurs:
- Henry Sy: Started Shoe Mart and has a worth of 2 Billion
- Tony Tan Caktiong: created jolibee
- Lucio Tan: Richest man in china
- Socorro Ramos puts up shop in manila
- Mariano Que: He is the founder of mercury drug
- Ramon Ang: He heads San miquel
- John Gokongwei: HE is entrepreneurial and has made a name for himself
- VICKY BELO
- JOSH MOJICA
- LOUISE MABULO
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
