Entrepreneurship PRELIMS PART 1

Hong Kong

With a knowledge based economy, __________ utilizes its human resources to make its economoy best through entrepreneurship. Also known as the "Shopping Haven".

Marco Polo

a merchant from Venice who traveled to many places in Asia to trade. He would enter into a formal agreement with a Capitalist to sell his goods. Bore allxrisks of possible damage or loss of the goods.

Cleric

a person in charge of great architectural work

Small medium enterprises

concrete manifestations of entrepreneurship

United States

one of the friendliest countries for entrepreneurs in the world, home to thousands of successful entrepreneurs

Management

"Someone who identifies opportunities, plans, mobilizes resources, manages, and assumes the risks of a business to have a positive impact on society"

Jean Baptiste Say

A French economist from 18th Century. He described entrepreneur as a person who plays a central coordinating role both in producing and selling goods.

18th Century

A period where entrepreneur was distinguished from the capitalist who simply provides money for the creation of products to be sold.

Singapore

A small country that controls a significant portion of the economy in Asia. Many of their entrepreneurs innovate on existing services for local and international use.

Richard Cantillon

An economist of 17th Century. He viewed the entrepreneur as a risk-taker and a bearer of uncertainty.

Changes in the Environment

An entrepreneur find opportunities from the external changes in the environment. This environment can refer to physical, societal and industry environment.

Businessman

Business owner but not advocating the concepts and principles of entrepreneurship.

Peter Drucker

Came up with a behavioral concept of the Entrepreneur - one who actually searches for change, responds to it, and exploits change as an opportunity.

Government thrust, programs, and policies

Changes in the government's policies and programs can provide new entrepreneurial opportunities.

India

Delhi Huts provided by its government helps entrepreneurs to promote local handicrafts.

Taiwan

Entrepreneur encouraged here through the small and medium enterprise incubation centers for the purpose of nurturing young firms, new products, and technologies.

Psychologist

Entrepreneur is a person who is "typically driven by certain forces such as the need to obtain or attain something, to experiment, to accomplish, or perhaps to escape the authority of others"

The Middle Ages

Entrepreneur is used describe both an actor and a person who managed large production projects. The typical entrepreneur was a cleric.

Canada

Entrepreneurs here are exploring opportunities over the internet. For example, people from Sanikiluag are known for wood-carving and are selling online.

17th Century

Entrepreneurship has become associated with risk. This is the period where an entrepreneur was someone who would enter into formal agreement with the government to provide services.

Economist

From their viewpoint an entrepreneur is someone who brings resources, labor, materials, and other assets into combinations that make their value greater than before; also one who "introduces changes, innovations, and a new order."

Joseph Schumpeter

He said that the idea of Entrepreneurship as a manager of the firm, as an innovator who seeks opportunities and leads "existing means of production into new channels."

China

Home to budding entrepreneurs who manufacture different products that range from toys, gadgets, electronics, and cars. Home-grown.

Entrepreneurs

Individuals who always search for changes, exploit innovations and opportunity. The one who undertakes to organize, manage, and assume the risk of a business.

South Korea

It emerged from the Asian financial crisis better than any other country in the region.

Micro-enterprise

Its asset does not exceed P50,000

Large Enterprise

Its asset is worth P20,000,000 or more.

Small enterprise

Its asset is worth P500,000 to P2,000,000

Cottage enterprise

Its asset ranges from P250,000 to P500,000

Medium Enterprise

Its asset ranges from P5,000,000 to less than P20,000,000.

Malaysia

Its becoming friendlier to entrepreneurs and apparent in the number of businesses, both international and local, which decided to locate in ________. Its current emphasis on tourism as business venture for entrepreneurs is gaining popularity.

Technological Discovery and Advancement

Most people welcome technological discoveries and advancements but cannot identify or determine entrepreneurial opportunities stemming from them. But if you have interest in entrepreneurship, you can see this opportunity.

Changes in the Environment, Technological Discovery and Advancement, Government's thrust, programs, and policies, People's interests, Past experiences

Sources of Entrepreneurial Ideas (5)

Innovation, Opportunity Seeking, Economy Gains, Risk Taking, Use of Resources

The Elements of Entrepreneurship (5)

19th and 20th Centuries

The entrepreneur is neither a risk-bearer or a manager or a capitalist.

Thailand

The government support is evident. Tourism and agricultural exports are major sources of income.

People's interests

The interest, hobbies and preferences of people are great sources of entrepreneurial ideas.

21st Century

The period where "many people regard Entrepreneurship as 'pioneers' on the frontiers of business"

Earliest Period

The period where Marco Polo existed. Merchants bore all the risks.

Past Experiences

The skills/expertise developed by a person in a certain field may be a source of entrepreneurial idea.