GEE003 - Entrepreneurship

Subdecks (2)

Cards (172)

  • Entrepreneurship
    Any enterprise or effort that adds value to the lives of people
  • Entrepreneurship particularly drives the modern global economy, is the primary source of job creation
  • Everything all around has its roots in entrepreneurship in some way
  • Entrepreneurship is the innermost component in the economic growth, the opening of new markets, and serves as a critical spur for the money-making, introduction of new goods and services, innovations, and inventions
  • Entrepreneurship
    The philosophy in which an individual is an imaginative and innovative agent with an aspiration for ownership and the right to make proprietary decisions, a body of knowledge, and create wealth for the individual and value to the society
  • Innovation
    New or different ways of doing things which include technology, marketing management, HR management among others
  • Innovation can be observed when a creative individual creates a new product or when he sells his product considering a different approach
  • Innovation distinguishes entrepreneurship from other activities
  • Entrepreneurship is capable of generating or creating jobs, goods, services, and even wealth
  • Because of entrepreneurship, there is a better economy for a country and a higher standard of living
  • The real contributions of entrepreneurship can be measured in terms of the welfare of the people
  • Entrepreneurs
    Risk-takers in new-venture creations who are uniquely optimistic, hard-driving committed individuals who derive great satisfaction from being independent
  • Corridor principle
    Once an entrepreneur starts a firm and becomes immersed in an industry, "corridors" leading to new venture opportunities become more apparent to the entrepreneur than to someone looking in from the outside
  • Entrepreneur
    An individual who creates a new business, bearing most of the risks and enjoying most of the rewards
  • Entrepreneurship
    The process of setting up a business, it serves to generate economic wealth, growth, and innovation
  • External locus of control
    Tendency to believe that they are not able to affect a personal outcome and that luck or destiny are responsible for their actions
  • Ethical dilemmas
    A situation in which a difficult choice has to be made between two courses of action, either of which entails transgressing a moral principle
  • Entrepreneurial cognition
    Concerned with the 'knowledge structures' that people use to make assessments, judgments, or decisions involving opportunity evaluation, creation, and growth
  • Internal locus of control
    Individuals generally hold themselves responsible for actions and consequences
  • Intrapreneur
    An employee who is tasked with developing an innovative idea within a company and can draw on its resources to do so
  • Macro view of entrepreneurship
    Presents a broad array of factors that relate to success or failure in contemporary entrepreneurial ventures
  • Micro view of entrepreneurship
    Examines the factors that are specific to entrepreneurship and are part of the internal locus of control
  • Mountain gap analysis
    Entails identifying major market segments as well as interstice (in-between) markets that arise from larger markets
  • Social entrepreneurship
    To create a benefit to society and humankind, focusing on helping communities or the environment through their products and services. They are not driven by profits but rather by helping the world around them
  • Strategic entrepreneurship
    Actions are planned for seeking competitive advantage, which accelerates entering into new products, processes, technological advancements, and markets by new ventures and incumbents
  • Triple bottom line
    Maintains that companies should commit to focusing as much on social and environmental concerns as they do on profits
  • Water well strategies
    The ability to gather or harness special resources (land, labor, capital, raw materials) over the long term
  • Entrepreneurial skills
    • Technical skills
    • Leadership and business management skills
    • Creative thinking
  • Entrepreneurial skills can be applied to many different job roles and industries, developing your entrepreneurial skills can mean developing several types of skill sets
  • Entrepreneurial skills
    • Inner control
    • Planning and goal setting
    • Risk-taking
    • Innovation
    • Reality perception
    • Use of feedback
    • Decision-making
    • Human relations
    • Independence
  • Successful entrepreneurs are individuals who are not afraid to fail
  • Types of risk faced by entrepreneurs

    • Financial risk
    • Career risk
    • Family and social risk
    • Psychic risk
  • Financial risk
    Entrepreneurs must have a solid understanding of financial management and put that knowledge to use in business every day
  • Career risk
    Whether they will be able to find a job or go back to their old job, should their venture fail
  • Family and social risk

    Starting a new venture requires much of the entrepreneur's energy and time, which can, in turn, create a family and social risk
  • Psychic risk

    This may be the greatest risk to the well-being of the entrepreneurs. Some entrepreneurs who have suffered financial catastrophes have been unable to bounce back, at least not immediately
  • Characteristics of successful entrepreneurs

    • Determination and perseverance
    • Drive to achieve
    • Opportunity orientation
    • Persistent problem solving
    • Seeking feedback
    • Internal locus of control
    • Tolerance for ambiguity
    • Calculated risk taking
    • High energy level
    • Creativity and innovativeness
    • Vision
    • Passion
  • Determination and perseverance
    A total dedication to success as an entrepreneur can overcome obstacles and setbacks
  • Drive to achieve

    Entrepreneurs are self-starters who appear to others to be internally driven by a strong desire to compete, to excel against self-imposed standards, and to pursue and attain challenging goals
  • Opportunity orientation

    The constant awareness of opportunities that exist in everyday life