[2] concept of entrepreneurship
Cards (17)
- Entrepreneurship started in this country after a revolution
- started at the beginning of Capitalism and the end of Feudalism
- He argued that the concept of entrepreneurship, though closely tied with the theory of economics and society, is independent of the classical economics and is unable to coexist with it.
- he propagated classical capitalism
- relates the optimization of what already exists and focuses on acquiring the most out of the existing resources. Ultimate Goal: establishing equilibrium or balance.
- dynamic process of creating incremental wealth
- created by individuals who assume the major risks in terms of equity, time and career commitment of providing value for some product or service.
- make a profit that supports their family and a modest lifestyle. a person owns and runs their own business. They typically hire local employees and family members.
- company has a finite amount of life cycles. they create new services and products based on consumer preferences to meet market demand.
- when entrepreneurs believe that their company can change the world. they look for things that are missing in the market and create solutions for them and seek rapid expansion and big profit returns.
- wants to solve social problems with their products and services. Their main goal is to make the world a better place. They don't work to make big profits or wealth. They tend to start non-profits or companies that dedicate themselves to working toward social good.
- people who are constantly coming up with new ideas and inventions. They aim to change the way people live for the better. They look for ways to make their products and services stand out from other things on the market.
- They start small and work toward growing a bigger business with hard work rather than capital. They do not give up easily and are willing to experience challenges to get what they want.
- They use others' business ideas as inspiration but work to improve them and look to make certain products and services better and more profitable. a combination of an innovator and a hustler. They learn from others' mistakes when making their own business.
- They believe that with the right preparation and information, they have a higher chance of being successful. They tend to rely on facts, data and logic rather than their intuition.
- type of entrepreneur who uses their wealth to fuel their business ventures. Their goal is to grow the businesses they acquire and expand their profits.