identification Flashcards
(28 cards)
is the act of actively looking for opportunities in entrepreneurship
opportunity seeking
Why does a business exist?
Because it makes profit and helping its owner to get rich
Recognize opportunities where other see chaos or confusion
Entrepreneurship
developer who recognizes and seizes opportunities; converts them into workable or marketable ideas
Innovator
manage their own businesses by expecting stable sales, profits and growth
Small Business Owner
produces results through employees by developing and implementing effective systems and, by interacting with employees enhances their self-esteem and ability to produce good results
Manager
performs specific tasks according to systems and standards the management developed.
Technician
Two Perspectives on Entrepreneurs
statistical and academic
numbers that emphasises the importance of entrepreneurs to the economy
statistical
trends in entrepreneurial research and education
academic
those who were born as an entrepreneur and simply can’t help themselves. They have the innate skills to create their own fate and can generate opportunities for themselves that others can see or realise too late.
natural Entrepreneurs
are those entrepreneurs who became successful through their own efforts and proactively starts their own ventures despite having no money, education or high status
Self-Made Entrepreneurs
are those who have founded a business out of necessity to put food on the table for themselves and their families in a society where there are no other option
Survival Entrepreneurs
(sometimes referred to as wantrepreneurs) - those who are enamoured of the concept of entrepreneurship spend lots of time reading, meeting, thinking and talking about entrepreneurship but never actually get around to found a business venture.
Aspirational Entrepreneurs
To be an entrepreneur, one must sacrifice having vacations, family time, friends time, hobbies, mental health and many other things that the average person enjoys.
Sacrifice
If you are planning on making a creative social app idea, you will only have to choices, either sell it to Facebook or see it dying
Competition
You have to hit investor’s target this month or you will lose some of investors in your start-up
investors
Products of Entrepreneurial Research
(3)
Self-driving cars
Social Media
Fibre Optic Technology
Bringing business stress at home has a bad influence on relationships and overall quality of life and vice versa
Stress and Entrepreneur
It’s not all about pay (high financial/reward expectations for their effort but earns less that they would)
Causes of stress in Entrepreneurs
Stay focused, positive and know that by being smart and proactive, your odds of success stays high
optimism
This is the quality of mind that let you face difficulty without fear
courage
genuinely connecting with people puts them at ease and allows you to understand their needs, concerns and desires.
people person
no business failed from having too much cash on hand. Manage cash, avoid debt and be frugal
cash
