Entrepreneurship Flashcards
(25 cards)
_________ is the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit. The most prominent example of entrepreneurship is the starting of new business.
Entrepreneurship
The ___________ is defined by discovery and risk-taking and is an indispensable part of nation’s capacity to succeed in an ever-changing and more competitive global marketplace.
Entrepreneurial vision
It is a philosophy or process through which an entrepreneur seeks innovation and employment.
Entrepreneurship
Is defined as someone who has the ability and desire to establish, administer and succeed in a startup venture along with the risk entitled to it, to make profits.
Entrepreneur
Stems from French verb “________” means in between-taker or go between.
Entreprendre
Is the act of channeling imagination into something concrete. It is the very first stage of design, where ideas start to actually take form, and a plan can be developed.
Creativity
__________ is the physical creation of a new concept and idea. Also, from Nesta’s innovation policy took it, it is defined as The creation of an idea to do or make something without verification that it works, or is commercially valuable. It cannot occur without creativity, but just creativity is not enough to properly develop an idea.
Invention
It ties everything together in business. According to British Standards, innovation is the successful exploitation of new ideas. It involves turning an invention into a commercial success and encouraging its widespread use.
Innovation
This is the stage where bold ideas, once properly developed, are brought to the public eye. This is what Uber has achieved, now that its product is in use all over the world and benefits people everywhere.
Innovation
Characteristics of Entrepreneur:
Starting any new venture involves a considerable amount of failure risk. Therefore, an entrepreneur needs to be courageous and able to evaluate and take risks, which is an essential part of being an entrepreneur.
Ability to take a risk
Characteristics of Entrepreneur:
It should be highly innovative to generate new ideas, start a company and earn profits out of it. Change can be the launching of a product that is new to the market or a process that does the same thing but in a more efficient and economical way.
Innovation
Characteristics of Entrepreneur:
To be successful, the entrepreneur should have a clear vision of his new venture. However to turn the idea into reality, a lot of resources and employees are required. Here, leadership quality is a paramount because leaders impart and guide their employees towards the right path of success.
Visionary and leadership quality
Characteristics of Entrepreneur:
In a business, every circumstance can be an opportunity and used for the benefit of a company. For example, Paytm recognized the gravity of demonetization and acknowledge the need for online transactions would be more, so it utilized the situation and expanded massively during this time.
Open-Minded
Characteristics of Entrepreneur:
An entrepreneur should be flexible and open to change according to the situation. To be on top, a business person should be equipped to embrace change in a product and service, as and when needed.
Flexible
Characteristics of Entrepreneur:
A company owner should know the product offerings and also be aware of the latest trend in the market. It is essential to know if the available product or service meets the demands of the current market, whether it is time to tweak it a little. Being able to be accountable and then alter as needed is a vital part of entrepreneurship.
Know your product
6 Characteristics of Entrepreneur:
Ability to take risk
Innovation
Visionary and leadership quality
Open-minded
Flexible
Know your product
Four Types of Entrepreneurship:
This businesses are hairdresser, grocery store, travel agent, consultant, carpenter, plumber, electrician, etc. These people run or own their own business and hire family members or local employee. For them, the profit would be able to feed their family and not making 100 million business or taking over an industry. They fund their business by taking small business loans or loans from friends and family.
Small Business Entrepreneurship
Four Types of Entrepreneurship:
This start-up entrepreneur starts a business knowing that their vision can change the world. They attract investors who think and encourage people who think out of the box. The research focuses on scalable business and experimental models, so, they hire the best and the brightest employees. They require more venture capital to fuel and back their project or business.
Scalable Startup Entrepreneurship
Four Types of Entrepreneurship:
This huge companies have defined life-cycle. Most of these companies grow and sustain by offering new and innovative products that revolve around their main products. The change in technology, costumer preferences, new competition, etc., build pressure for the large companies to create an innovative product and sell it to the new set of costumers to the new market. To cope with the rapid technological changes, the existing organizations either buy innovation enterprises or attempt to construct the product internally.
Large Company Entrepreneurship
Four Types of Entrepreneurship:
This type of entrepreneurship focuses on producing product and services that resolve social needs and problems. Their only motto and goal is to work for society and not make any profits.
Social Entrepreneurship
Importance of Entrepreneurship:
Entrepreneurship generates employment. It provides an entry-level job, required for gaining experience and training for unskilled workers.
Creation of employment
It is the hub of innovation that provides new product ventures, market, technology and quality of goods, etc., and increase the standard of living of people.
Innovation
A society becomes greater if the employment base is large and diversified. It brings about changes in the society and promotes facilities like higher expenditure on education, better sanitation, fewer slums, a higher level of homeownership. Therefore, entrepreneurship assists the organization towards a more stable and high quality of community life.
Impact on Society and Community Development
Entrepreneurship helps to improve the standard of living of a person by increasing the income. The standard of living means, increase in the consumption of various goods and services by a household for a particular period.
Increase standard of living
