Lession 1: Introduction Flashcards
(31 cards)
Definition of entrepreneurship?
Methods, principles and techniques
to create or radically transform a business unit in order to exploit opportunities.
What are dimensions of enterpreneurship
- opportunity
- risk
- change
What is entrepreneurial rent?
*concepts slide
Entrepreneurial rent is the reward of successfully anticipating the future, inherently uncertain.
risk types (I guess entrepreneurial)
- Demand
- Technological
- Financial
- Execution
What are sources of Innovation
- Goods
- Methods of production
- Markets
- Sources of supply
- Organization of an industry
What are innovation types
- Products
- Process (operations, logistics, marketing and sales, information systems, management…)
What is creative destruction
Entrepreneurshipp is a critical driver for change or a process of ‘creative destruction’: it destroys the status quo by innovating superior alternatives that make the existing offers obsolete.
What are enters. opportunities
- New technologies
- Political and legislative change
- Demographics and social trends
What is important for u unveiling opportunities
- Alertness state
- Information, knowledge and analytical capabilites.
- Experience is key
What is the difference between Traditional/Structured Approach and Entrepreneurial/Start-up Approach
*Innovation, risk and opportunity slide
Traditional/Structured Approach
Characteristics typical of established companies or corporate environments:
- expert leadership
- analysing
- specialised personnel
- financing
Entrepreneurial/Start-up Approach traits:
- Charismatic leadership
- Adaptation
- Flexible pesonnel
- Autofinancing
What is entrep. mindset
A state of mind which orientates human conduct toward entrepreneurial activities and outcomes
What are two classificatoons of types of entrepreneurial ventures? ‼️
- According to the company
- Accordning to context
types of entrepreneurial ventures according to the company ‼️
This classification **focuses on the features of the company itself **— like its goals, age, size, innovation, and growth mindset.
🔸 1. Survival or Lifestyle Ventures
Goal: Make a living, not to grow or scale.
Traits: Small, low risk, stable.
Example: Freelancers, small shop owners, yoga instructors.
🔸 2. Managed or Aggressive Growth Ventures
Goal: Rapid growth, high returns, market disruption.
Traits: Innovation-focused, investor-backed, scalable.
Example: Tech startups, biotech companies, fast-scaling apps.
Characteristics that matter
types of entrepreneurial ventures according to the company
- Age: Is it new or can even older firms be entrepreneurial?
- Size: Mostly small, but large firms can also innovate.
- Innovation: Central to entrepreneurship.
- Orientation: Willingness to take risks and grow matters more than age or size.
What is entrepreneurial Orientation
Strategic posture represented by a firm’s:
* Risk-taking propensity,
* Tendency to act in proactive manners,
and
* Reliance on frequent product innovation”.
types of entrepreneurial ventures according to the context ‼️
This classification is about the environment or purpose where entrepreneurship happens — within firms, for society, or to change institutions
- Corporate entrepreneurship
- Sustainable, social and environemntal entrepreneurship
- Institutional entrepreneurship.
Corporate Entrepreneurship
what is it, key feture
It refers to entrepreneurial behavior within existing organizations, especially larger or established companies — but what defines it is not the size, but the context: acting entrepreneurially within a corporate setting.
➤ Key Features from Lampe et al. (2020):
- Innovation activities : Launching new products/services/business models.
- Strategic renewal: Redefining the company’s mission, operations, or direction.
- Intrapreneurship: Employees behaving like entrepreneurs inside the company (owning projects, taking initiative, working on internal startups).
Sustainable entrepreneurship
Combines economic viability, social benefits and environmental benefits
Hard to manage a triple bottom line approach.
Social entrepreneurship
- Creation of social value or value for people and communities, such as helping marginalized and disadvantaged groups
- Duality of goals (social and economic)
- Social value creation over economic
value (it is not RSC nor cause branding), although metrics are an issue. - Long term income and measurable goals (NGOs and foundations are not)
Environmental entrepreneurship
- Business that create economic value and benefits for the environment (offering eco products and/or clean tech)”.
- duality of goals
- Prioritizes environmental goal (no - green-washing), and must be measured.
- Long term income and measurable goals (NGOs and foundations are not).
Institutional entrepreneurship
Institutional entrepreneurs = change agents who challenge the system and help transform or build new rules/institutions.
- Compatible with corporate entrepreneurship (different levels:
individuals, organzational…) - Schumpeterian (high risk, innovation and rewards)
- Compatible with sustainable entrepreneurship (goal compatible)
3 stages of ENTREPRENEURIAL PROCESS ‼️
- Value Proposition
- Business Model
- Business Plan
What is value proposition ‼️
Description of the benefits customers can expect from a produc
Business Model ‼️
what is it
Description of the building blocks of how a company creates, delivers and captures value
