Entrepreneurship

• What is the etymology of the word entrepreneur?

  It comes from the French word "Entreprendre"
• What is entrepreneurship?

  It is the process of creating and managing a business
• What do entrepreneurs do?

  They create new businesses and innovate
• What are examples of game-changing businesses?

  KCO (Kangkong Chips) and Rent-a-person service
• What is the risk associated with entrepreneurship?

  The risk factor in creating products is high
• What term is used for new businesses?

  Startups
• What is an employee?

  A person who works for a company
• What defines a businessman?

  A person that operates a business
• What is an unoriginal business?

  Businesses that are already established
• What is the focus of unoriginal businesses?

  They are profit-oriented with low risk
• What are the two types of entrepreneurs?

  Mega Entrepreneurs and Micro Entrepreneurs
• What characterizes Mega Entrepreneurs?

  They create substantial income from innovations
• What are the limitations of Micro Entrepreneurs?

  Profits, contributors, funds, and skills are limited
• How do Mega and Micro Entrepreneurs start their businesses?

  Both start from opportunities they face
• What is the entrepreneurial process?

  • Starting a new business venture
  • Involves identifying opportunities
  • Developing a business plan
  • Managing the enterprise
• What is the first step in starting a business?

  Discovery
• How do Mega Entrepreneurs draw ideas?

  From current inventions and technological developments
• Where do Micro Entrepreneurs get their business ideas?

  From limitations of existing products
• What does the Development of Concept involve?

  Giving more details and suggesting preparation
• What is Organizing Resources?

  Identifying, sourcing, and financing needed resources
• What characterizes Mega Entrepreneurs' resources?

  They source highly educated and creative employees
• How do Micro Entrepreneurs source their funds?

  From family savings and loans
• What does Implementation involve?

  Carrying out the business plan
• What resources are included in Management?

  Human, physical, technological, and financial resources
• What is the purpose of Reaping the Returns?

  Strategies related to business expansion
• What are the five business pillars?

  Operations, Marketing, Sales, Finance, People
• What does Operations involve?

  Managing the inner workings of a business
• What is the role of Marketing?

  Promoting the business and brand message
• What is the goal of Sales?

  Converting potential clients into actual sales
• What does Finance involve?

  Managing money, planning, and budgeting
• What is the role of People in a business?

  They hold all other pillars together
• What are products/services?

  Offers to meet needs and wants
• What is a product?

  A tangible object for consumption
• What is barter?

  Exchange of goods without cash
• What is the act of exchange?

  Trading products commonly with money
• What are the conditions for exchange according to Kotler and Keller?

  At least 2 parties must exist
• What must each party in an exchange possess?

  Something involved in the exchange
• What is necessary for parties to communicate in an exchange?

  Each party should communicate their offers
• What must each party be able to do in an exchange?

  Decide whether to accept or reject offers
• What is essential for trust in an exchange?

  Each party must trust their agreement