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GES 123 > Fundamentals Of Entrepreneurship > Flashcards

Fundamentals Of Entrepreneurship Flashcards

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1
Q

The two major tools of Entrepreneurship

A
  1. Creativity
  2. Innovation
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2
Q

Entrepreneurship is..?

A

The propensity of mind with confidence to establish a business even when risks are involved and you’re fully aware of them too

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3
Q

Creativity entails..?

A

The coming up with brilliant new ideas(i.e the ability to think critically and come up with new brilliant ideas)

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4
Q

Innovation

A

The transformation of those brilliant ideas into reality effectively.

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5
Q

An entrepreneur must possess the following qualities..:

A
  1. Being Visionary
  2. Being Proactive
  3. Being futuristic
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6
Q

Components of Entrepreneurship

A
  1. Profit
  2. Creativity
  3. Innovation
  4. An action process
  5. Decision making
  6. Risk taking
  7. Value creation
  8. Growth
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7
Q

Benefits of Entrepreneurship

A
  1. Deals with job creation & employment
  2. Entails the development of the people
  3. Necessary because it helps the GDP of a nation
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8
Q

G.D.P..?

A

Gross Development Product

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9
Q

Characteristics of Entrepreneurship

A
  1. Economic Activity
  2. Value Creation
  3. Growth
  4. Enterprise Creation
  5. Managerial Skills
  6. Risk taking Skills
  7. Innovation Skills
  8. Decision Making Skills
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10
Q

Factors That Affect Entrepreneurship

A
  1. Economic
  2. Personal
  3. Political
  4. Government Incentives
  5. Ethical Values
  6. Career Transition
  7. Entrepreneurial Education
  8. Economic Development
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11
Q

Successful Entrepreneurs are..?

A
  1. Risk takers
  2. Involved in innovation
  3. Oganisationally skilled people
  4. Goal oriented
  5. Keen about responsibility
  6. Futuristic
  7. Effective communicators
  8. Problem solvers
  9. Highly energetic people
  10. Decision makers
  11. Emotionally stable
  12. Result driven
  13. Comprehensively aware of the business environment
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12
Q

Entrepreneurship Classifications

A
  1. Intrapreneurship
  2. Infopreneurship
  3. Agropreneurship
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13
Q

Creativity leads to …. while Innovation leads to….

A

…the production of a new product…
..an enhanced product..

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14
Q

The 2 broad categories of Entrepreneurship (A & B)

A

A. 1. Replicative
2. Innovative

B. 1. For profit
2. Not-for-profit

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15
Q

Entrepreneurship Types

A
  1. Commercial
  2. Technological
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16
Q

Commercial Entrepreneurship

A

Involves commerce(buying and selling) of non-technical products or services..

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17
Q

Technological Entrepreneurship

A

Deals with technical services or products..
Can be the creation of a new company or expansion of an existing one based on the commercialisation of a new product for scientific research and technological development..

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18
Q

An entrepreneur should be..

A
  1. Purpose-driven
  2. Of a positive mindset
  3. Able to detect problems
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19
Q

…. is not placed above the necessities of entrepreneurship even though it is essential in itself..

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A

Profit making

20
Q

Innovation can be of .. types, namely;

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A

4 types

  1. Product Innovation
  2. Process Innovation
  3. Market Innovation
  4. Organisational Innovation
21
Q

What serves as an engine of industrialization and economic development; while they create job opportunities and employment too..

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A

Small and Medium Enterprise

22
Q

SMEs are challenged on the basis of

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A
  1. Capital
  2. Technical know-how
  3. Limited access to specific knowledge
  4. Difficult to gain access to tangible and intangible resources
  5. Poor management skills
  6. Lack of human capital
  7. Lack of access to product and process innovation which are the core of recent competitiveness
23
Q

The activity that addresses social issues by collaborating with stakeholders to adopt new solutions

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A

Social Entrepreneurship

24
Q

Essence Of Social Entrepreneurship

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A
  1. Social Value Creation
  2. Financial Value Creation
25
Societal Ethics & Professional Ethics are...?
Code Of Ethics
26
Models Of Ethics include;
1. Moral Right Model 2. Utilitarian Model 3. Justice Model
27
Who works for an organization and comes up with ideas that will solve problems of the business or organization Or.. Who brings forth new ideas into the organization
An Intrapreneur
28
An Intrapreneur...?
1. Takes risks 2. Finds more effective ways to accomplish tasks 3. Are Drivers Of Innovation within companies 4. Takes tasks within the company to increase the company's capacity..
29
Ethics are..?
Accepted principles of right or wrong governing the conduct of business people
30
The bearer of uncertainty and risk..?
Entrepreneur
31
Someone who shifts economic resources out of an area of lower productivity to an area of high productivity and greater yield
Entrepreneur
32
The goal of any business is to..?
Maximize profit & Minimize cost of production without compromising quality
33
When is wealth created..?
Wealth is created when technical or technological skills result to new demand
34
Input factors usable by a technical entrepreneur:
1. Opening of new market 2. Discovering of new source of supply of raw materials 3. Introduction of new product or quality 4. Creation of new organisation 5. Introduction of new method of production
35
Small and Medium Enterprise (Functions)
1. They create income and employment 2. They serve as an engine of industrialization 3. They utilize local resources 4. They produce inputs for large firms 5. They serve as tools for economic development
36
Business
A set of interrelated activities or any lawful activity engaged
37
Utilitarian Model of Ethics
Deals with maximization of good and minimization of harm
38
Moral Right Model of Ethics
Proposes that human beings have rights & privileges
39
Justice Model Of Ethics
Concerned with the economic distribution of goods and services
40
Replicative Innovation
Involves the recreation of an already existing idea into an environment that is devoid of the afforementioned idea
41
Innovative Entrepreneurship
This involves the creative thought process as well as the transmission of the ideas so produced into reality in a bid to solve a major problem or meet a need.
42
Social Entrepreneurship
The activity that addresses social issues by collaborating with stakeholders to adopt new solutions.
43
The resources of a state determines...
The value of the state.
44
The value of a state is determined by,..?
Its resources
45
Who is an Intrapreneur..?
Someone who works for an organisation and is able to come up with ideas that will solve problems of the business or organization or will bring forth new ideas into the organization
46
The concept of entrepreneurship was first established in..?
The 1700s
47
Angel (in business terms)
Private investor with no relationship ties with you but are willing to invest in your enterprise)

GES 123 (1 decks)

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