Salient Features of Entrepreneurship

Created by

jemuel

Cards (7)

Entrepreneurship 
Art of Correct Practices
Wealth-creating ventures
Providing Valuable Goods and Services
Opening and Managing Self-owned Business
Risk-Taking Adventure
Ladder of Loyalty
Advocate
Customer
Client
Market
Art of Correct Practices
Continuously grows, develops, improves, and expands; the change does not stop
Development of entrepreneurship through the years is proof that it continuously evolves and responds to changing needs
Closely related to CREATIVITY which results in new ideas, the backbone of entrepreneurship
Entrepreneurs keep searching for something new
They find ways to transform new ideas into entrepreneurial opportunities
This aspect differentiates an entrepreneur from an ordinary small business
Opening and Managing Self-owned Business
A business is considered self-owned when the person managing its daily activities is also its owner
Entrepreneurship is not about the size of the business but rather about its sole ownership
Includes small, medium, and multimillion businesses managed by their respective owners
Risk-taking Venture 
"Risk is inherent in an entrepreneurial venture"
Risk in entrepreneurship is called a business risk and cannot be detached from any entrepreneurial venture
An entrepreneur should face business risks intelligently and find ways to minimize their effects
Wealth-creating Venture
A business has to generate wealth for the owner in a creative way
Wealth is created when benefits derived by the owner in providing goods and services to customers cover the costs incurred
An entrepreneur looks at his own business as a wealth-creating venture, while an ordinary small businessperson regards his business as a source of income
Must improve the life of the owner
Cascade to the development of the local economy eventually of the whole country
Continuously grows, develops, improves, and expands; the change does not stop.
Art of Correct Practices