Entrep Flashcards
from the Middle French word which means “to undertake.”
Entreprendre
Undertakes the risk of starting a new business venture, aggregates capital and
labor in order to produce goods or services for profit
Pursuing opportunities to understand how to create individuals’ wealth and
add value to society
Not just only creating wealth but a diversion
Entrepreneur
According to the Opinion Research Council, today’s younger people are
more __________ than those of any previous generation
entrepreneurial
Common Elements and Characteristics of Entrepreneurship
Creation and Innovation
Control and Deployment Resource
Economic Organization
Non-profit Organization
Risk and Uncertainty
Economic Growth and Freedom
Characterized as doing something
new as an idea, product, service,
market, or technology in a new or
established organization.
Creation and Innovation
This describes how entrepreneurs themselves build their
businesses from the resources and capabilities they
currently possess or can realistically acquire.
According to the theory, the nature and quality of an
entrepreneur’s resources, competencies, and plans can
contribute to long-term success
Control and Deployment Resource
An organization whose purpose is to allocate scarce resources. It can be a firm, a
business unit within a firm, a network of independent organizations, a social network,
or a non-for-profit organization (NPO)
Economic Organization
refers to the variability of outcomes (or returns)
risk
refers to the confidence entrepreneurs have in their estimates of how the world works—their understanding of the causes
and effects in the environment
Uncertainty
It is vital that the prospective entrepreneur understand the
relationship between the country in which the business will be located
and the climate for business success.
Economic Growth and Freedom
Seven Sources of Opportunity
The unexpected
The incongruous
The process need
Industry and Market Structures
Demographics
Change in Perception
New Knowledge
The current businesses are
surprised by an unanticipated event.
The unexpected
is dissonance, something that
“ought to be” but isn’t, and is sometimes a
source of instability and opportunity
The Incongruous
These are often addressed by
program research projects, which are
systematic research and analysis
efforts designed to solve a single
problem
The Process Need
This change has the potential to
render existing businesses outdated
if they are not prepared for it and are
rigid
Industry and Market Structures
