L1

• Joseph Schumpeter


  pioneer of entrepreneurship
• Creative destruction


  process of creating something by destroying the existing norm
• Entrepreneurship


  ability to identify people's needs and provide them
• Entrepreneurship according to Dr. Ralph Sorensen 


  it is an art of creating, launching, and growing new venture businesses
• Business is an art because it requires creativity. It's difference with art is that it requires critical thinking
• Profit


  End goal of entrepreneurship
• Entrepreneur


  initiated the establishment of a business enterprise
• Businessman


  owns a business
• Professional manager


  manages a business; same as an entrepreneur
• Franchisee


  owns a franchise
• Franchise


  selling the brand by creating a new branch
• A businessman is not always an entrepreneur, but a professional manager is
• Passion for business


  eagerness to be involved in commercial activities
• Confidence 


  self in belief
• Self-determination


  belief that destiny relies on oneself, independence from others' opinions
• Management of risk


  taking calculated risks
• Pros and cons must be balanced in order to take calculated risks
• Initiative and need for achievement

  great need to achieve things
• Creativity 


  unsatisfaction with copying
• Seeing the big picture


  assesing the effect of particular decisions to other aspects of the business
• Innovative entrepreneurs

  make new things with new ideas
• Imitating entrepreneurs


  follow others' ideas
• Fabian entrepreneurs


  skeptical and only follow only after they are satisfied as there is no competition
• Drone entrepreneurs


  most conservative who lives on the labors of others and are ready to suffer loss of business
• Social entrepreneur 


  initiate changes in various fields
• Common competencies

  normal
• Decisive


  (common) firmly makes decisions
• Communicator

  (Common) has convincing power
• Leader


  (Common) obeyed by employees
• Opportunity seeker


  (Common) first to see business chances
• Proactive


  (Common) preparing for future problems
• Risk taker


  (Common) pursue business ideas
• Innovative


  (Common) having big business ideas
• Core competencies

  needed
• Economic and dynamic activity 


  (Core) creation and operation of an enterprise
• Innovative


  (Core) looking for new ideas
• Profit potential


  (Core) compensated by profit
• Risk bearing


  (Core) wise gambling to offset the risk
• Business risk


  exposure to factors which may threaten financial goals that may lead to lower profits or failure
• Demand risk


  the product will not be accepted by the market, or that the market is much smaller