Chapter 1 Flashcards
Skill Important in Entrepreneurship
- Skill of play
- Skill of experimentation
- Skill of empathy
- Skill of creativity
- Skill of reflection
The Truths about entrepreneurship
- Entrepreneurship is not solely for startups
- Entrepreneurs do not have exceptional personality qualities
- Entrepreneurship can be taught yet entails practice
- Entrepreneurs are not so much risk-takers
- Entrepreneurs work in partnership more than they compete
- Entrepreneurs are more on doing than planning
- Entrepreneurship is truly a life skill
Types of entrepreneurship
- Intrapreneurship
- Entrepreneurs inside
- Buying a franchise
- Buying small business
- Social entrepreneurship
- Family business
- Serial entrepreneurs
Entrepreneurship as method
- Bird in hand
- Affordable loss
- Crazy quilt
- Lemonade
- Pilot in the plane
Refers to encouraging people to discover high risk, high reward concepts with the support of a big corporate organization.
Intrapreneurship
Almost similar with intrapreneurship. The only difference between the two is that entrepreneurs function inside any type of organization such as government agencies, non profit organization, religious entities etc…
Entrepreneurs Inside
Is a type of license bought by an entrepreneur as the franchisee from an existing branded business so that they may do business under the name of said brand.
Franchise
The entrepreneur buys out the existing owner and takes management and operation of the small business.
Buying a Small Business
Means pursuing innovative applications that have the likehood of solving community-based problems l.
Social Entrepreneurs
Is owned and managed by members of the family that is handed down from generation to generation.
Family Business
Is an entrepreneur who constantly crops up with the fresh ideas and starts new businesses.
Serial Entrepreneurs
This principle of effectuation means creating solutions using the resources available at the disposal of entrepreneurs instead of having goals in mind
Bird in Hand
In order to limit the disadvantage risk, an entrepreneur should define his affordable loss. This means only investing much that an entrepreneur is willing and can afford to lose.
Affordable Loss
This is about entering into new partnerships that can bring in new opportunities and reduces uncertainty.
Crazy Quilt
When looking for new opportunities, it is possible that entrepreneurs shall encounter mistakes and meet surprises. Apparently bad surprises and unexpected turns are not always negative, entrepreneurs see them as new opportunities.
Lemonade
