Entrepreneurial Perspective Flashcards
(18 cards)
What is the pursuit of lucrative opportunities by enterprising individuals called?
Entrepreneurship
What takes commitment and determination, leadership, opportunity obsession, tolerance of risks, creativity, self-reliance, and ability to adapt, and motivation to excel?
being an entrepreneur
Where does a new restaurant fall on the entrepreneurial strategy matrix?
low innovation, high risk
Where would pioneering a product under a large company fall on the entrepreneurial strategy matrix?
High innovation, low risk
Where would new driverless car tech fall on the entrepreneurial strategy matrix?
High innovation, high risk
Where would a car detailing service run out of a home garage (if little to no competition) fall on the entrepreneurial strategy matrix?
low innovation, low risk
You might not enjoy it, survival is difficult, growth creates new challenges, its hard to delegate, misuse of funds, poor controls, and mortality and succession are all common challenges of what?
Entrepreneurial management
What are the top four common ways of financing a start-up?
Self finance, loan from friends and/or family, loan from a bank or financial organization, and venture capital
What is it called when one creates new ventures inside of larger companies?
Intrapreneurship
What is a project team designed to produce new innovative product called?
Skunkworks
What is informal work on projects, other than those officially assigned, of employees’ own choosing and initiative called?
Bootlegging
What is an organization’s tendency to engage in activities designed to identify and capitalize successfully on opportunities to launch new ventures by entering new or established markets with new/existing goods/services called?
Entrepreneurial Orientation
Allowing independent action, innovativeness, risk taking, pro-activeness, and competitive aggressiveness are all important to what?
Entrepreneurial Orientation
What focuses on and describes all the elements involved in starting the entire venture?
Business Plan
What is a franchise?
an entrepreneurial alliance between a franchisor and a franchisee
What is an innovator who has created at least one successful store and wants to grow called?
a franchisor
What is a partner who manages a new store of the same type in a new location called?
a franchisee
What kind of entrepreneurship leverages resources to address social problems?
Social entrepreneurship
