ABA, Melea Rina L.

GEE 003-BAFM22S1
Assignment 1.1
Entrepreneurship Evolutionary Development-Revolutionary Impact
1.) Briefly describe the evolution of the term entrepreneurship.
The term entrepreneurship originally came from the thirteenth-century
French verb entreprendre which means “to undertake”. As years passed,
particularly during the eighteenth-century France up to the 1950s, the evolution
of the term entrepreneurship continued to be recognized as economists continue
to contribute to its definition. Famous examples related to this are the definition of
entrepreneurship used by Jean-Baptiste Say and John Stuart Mill in the
eighteenth-century. French economist Say highlighted the role of entrepreneur by
moving resources out of less productive areas and into more productive ones
while English economist Stuart Mill used the term “entrepreneur” in his popular
1848 book, Principles of Political Economy, to refer to a person who assumes
both the risk and the management of a business. In the twentieth century, the
definition of the word entrepreneurship became closely available linking itself with
free enterprise and capitalism.

2.) What is the macro view of entrepreneurship?

To put it simply, macro view of entrepreneurship refers to a view that
refers to external processes that are beyond the control of individual
entrepreneur. It can be put down into three subcategories:
a.) The Environmental School of Thought
b.) The Financial/ Capital School of Thought
c.) The Displacement School of Thought
3.) What is the micro view of entrepreneurship?
This refers to the part of the internal locus of control. The potential
entrepreneur has the ability, or control, to direct or adjust the outcome of each
major influence in this view. It can be put down into three subcategories:
a.) The Entrepreneurial Trait School of Thought
b.) The Venture Opportunity School of Thought
c.) The Strategic Formulation School of Thought
4.) What is “entrepreneurial cognition” and how does it impact the mind-set of
entrepreneurs? How does “metacognition” come into play here?
Entrepreneurial cognition refers to the thinking and knowledge patterns
that entrepreneurs possess to create decisions. This gives entrepreneurs the
ability to have effective metacognition mindset such as linking willingness and
resilience with actions to succeed with their goal.
 5.) Is it true that most successful entrepreneurs have failed at some point in
their business careers? Explain.
Yes. In the Philippines, Henry Sy of SM, Tony Tan Caktiong of Jollibee,
Socorro Ramos of National Bookstore, and so much more started their journey in
business on poverty which made them deal against a lot of business challenges.
However, these amazing businessmen used and developed their characteristics
as entrepreneurs to become successful such as passion, opportunity orientation,
determination and perseverance, and so much more.
6.) How should failure be dealt with by entrepreneurs? How does “grief” play a
role in this process?
Though not easy, entrepreneurs should see failure as a chance for a
learning experience. A restoration orientation, alternatively, enables
entrepreneurs to distract themselves from thinking about the failure. However,
avoiding negative emotions is unlikely to be successful in the long-run.
7.) Entrepreneurship has a “dark side.” What is meant by this statement? Be
complete in your answer.
This means that each entrepreneur is most likely to possess certain
factors that can become dominant disadvantage/s to their entrepreneurial
behavior.
8.) What are the four causes of stress among entrepreneurs? How can an
entrepreneur deal with each of them?
According to Boyd and Gumpert, the four causes of stress among
entrepreneurs are the following:
a.) Loneliness
b.) Immersion in Business
c.) People Problems
d.) Need to Achieve
An entrepreneur can deal each of these by creating boundaries
between their personal time and entrepreneurship career. Recognizing constructive
bounds can effectively assist an entrepreneur analyze where his/her time be committed.
9.) Ethics must be based more on a process than on a static code. What does
this statement mean? Do you agree? Why or why not?
I agree that ethics is considered more on a process than a static
code. This is because a process can provide more choices and explanations
than just a static coding that seems to be obstinate for further choices and
analysis.
10.) Why do complex decisions often raise ethical considerations for the
entrepreneur?
Complex decisions often raise ethical considerations for the
entrepreneurs because accomplishing decisions possess complex and diverse
consequences in multiple alternatives.