Finals: ELEC

• derived from a word 'motive'
• defined as a state of our inner mind that moves or activates

motivation

3 essential elements of the process

motive

behavior

goal

a theory which is classified into sequential priority from lower to higher order

Maslow's Need Hierarchy Theory

it is a physical requirements for human survival (e.g. air, water, food)

physiological needs

if physical requirements were satisfied, the demands of safety and security become also salient (needed) (e.g. house)

safety needs

if physical & security needs are satisfied, the level of human need is social and involves feelings of belongness (e.g family, friends and relationship)

love and belongingness

it is the 4th level of hierarchy needs, prestige and thw feeling of accomplishment

esteem needs

it is the highest level of hierarchy needs, this level desires to accomplish everything that one can, to become the most that one can be

self-actualization needs

motivation that drives people to engage in entrepreneurship

money

flexibility

control

teamwork

legacy

motivation:
• financial independence
• reinvest for growth

money

motivation: offers freedom/able to control things at the same time

flexibility

motivation: a powerful motivation
• take calculated risk
• innovate and adapt

control

motivation: working with other people
• finish task immediately
• brings creativity

teamwork

motivation: taps into a deep desire to creat long lasting beyond their own lifetime

legacy

is a driver of the employee to work well in the company

internal environment

internal environment

optimism

positive attitude

self-motivation

enthusiasm

commitment

education

background

finance

external environment

influence

resources availability

product's demand

government policies

availability of information

technological advancement

changing taste and preference

having a positive mindset to get motivated

optimism

an essential factor that can lead to develop; constructive thinking, encourage you them to become influential entrepreneurship

positive attitude

most successful and influential entrepreneurs are self-motivated

self-motivation

motivates in finding better solutions

enthusiasm

motivation: commitment or strong responsibility

commitment

most crucial factor it motivates to innovate & create new products (diploma)

education

family, and occupational background (diskarte)

background

a scarce resources

finance

the influence of family members, friends and society

influence

availability of resources; land, labor, money, machinery, and materials

availability of resources

a high demand of tangible goods motivates entrepreneurs to produce innovation and brings value-added

product's demand

subsidies and benefits motivate entrepreneurs to produce or encourage everyone to become entrepreneurs

government policies

market knowledge; if you have much info, it creates interest

availability of information

transforms ideas into products

technological advancement

changing tastes of customers creates a chance to produce more or generate substitute to still satisfy customers

changing tastes and preferences

is a complex method of generating incremental wealth and innovating

entrepreneurship

9 importance of entrepreneurship

growth

creation of job

innovation

impact of community

consequences of failure

political and economic integration

spawns entrepreneurship

enhances standard living

promotes research and development

it is about helping the society by putting out an idea into work

stages

recognizes and analyze business possiblities

entrepreneur

asking several questions (was it worth the risk?)

evaluation

most important step; builds business plan; assessment of criteria and are set of goals

developing plans

the sources of financing and human where cn be managed; tries to find investors to support product launching

resources

operation to accomplish goals

managing

the last step of process; where entrepreneurs development of the business

harvesting

EDP

entrepreneurship development program

defined as a programme designed to help individual improving his/her entrepreneurial motive

EDP

strategies

process which enhances the knowledge, motivation & skills

process in which instills behavior in our minds

process of potential entrepreneurs can develop and set up their own empires

entrepreneurship help economic by:

create job opportunities

helps achieving beand regional development

prevent insdustrial slums

use of local resources

easing local tension

economic development

improve standard living

helps in overall development of the nation

SME's

small and meduim enterprises

MSME'a

micro, small and medium enterprises

"by 2025, ASEAN shall create globally competitive, resilient and innovative SME's seamlessly integrated to ASEAN communityand inclusive development in the region"

mission

"globally competitive and innovative MSME's"

vision

entrepreneurial structure

employee—entrepreneur—employee

decisions are often made by entrepreneurs

advantage of entrepreneurial structure

workload issue

disadvantage of entrepreneurial structure

it describes various division and department, of the managers’ position, the hierarchy and subordinates

structure

is an idea or plan that is intended to be carried out; a mission that is designed to achive

project

is the first step of any project cycle

project identification

is a concept that can be used for financial gain that is usually centered on a product

business ideas

sources of business ideas

interest/hobbies

customer surveys

brainstorming ideas

frannchise

mass media

personal experience

trade fair and exhibits

steps in idea generation

idea selection

scrunity of all aspects

feedback

feedback reaction

basic version of product

hitting and knowing the market

go for a test drive

corrections and improvement

growth planning

time to expand