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MGT 4670-Entrepreneurship > Test 1 > Flashcards

Flashcards in Test 1 Deck (113)
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1

a person who undertake a business or an enterprise with the chance of profit or loss, success or failure; a person or group that engages in the initiation and growth of a purposeful enterprise for the production of goods and services

entrepreneur

2

a call to respond to a difficult task and the commitment to undertake the required enterprise

challenge

3

a timely and favorable junction of circumstances providing a good chance for a successful venture or progress; an auspicious chance of an action occurring at a favorable time

opportunity

4

the identification and exploitation of previously unexploited opportunities by enterprising individuals; the nexus of enterprising individuals and promising opportunities

entrepreneurship

5

4 steps to starting a business

1. the founding team or individual has the necessary skills or acquires them 2. the team members identify the opportunity that attracts them and matches their skills; they create a solution to match the opportunity 3. acquire or possess the financial and physical resources necessary to launch the business 4. complete an arrangement or contract with their partners, investors, and within the founder team to launch the business and share the ownership and wealth created

6

the study of production, consumption, and distribution of goods and services; also the study of how society manages its scarce resources

economics

7

a system that produces and distributes goods and services

economic system

8

the quantity of goods and services produced from the sum of all inputs, such as hours worked and fuels used

productivity

9

those features of nature, such as minerals, fuels, energy, biological yield, or pollution absorption capacity, that are directly or indirectly utilized or potentially utilizable in human social and economic systems

natural capital

10

financial assets such as money, bonds, securities, land, patents, and trademarks

financial capital

11

the sum of knowledge assets of an organization; sources are human, organizational, and social capital

intellectual capital

12

the combined knowledge, skill, and ability of the people in the enterprise

human capital

13

an enterprise's management processes, work procedures, information technologies, and communication methods

organizational capital

14

the quality of relationships with a firm's suppliers, allies, partners, and customers; refers to the resources available in and through personal and organizational networks

social capital

15

a combination of entrepreneurial competence and commitment

entrepreneurial capital

16

the ability to (1) recognize and envision taking advantage of opportunity and (2) to access and manage the necessary resources to take advantage of the opportunity

entrepreneurial competence

17

a dedication of the time and energy necessary to bring the enterprise to initiation and fruition

entrepreneurial commitment

18

the process of wealth creation characterized by the dynamics of new, creative firms forming and growing and old, larger firms declining and failing

dynamic capitalism

19

the creation of new industrial structures and companies and the destruction of older structures

creative destruction

20

the constant change of factors in an economy

dynamic disequilibrium

21

rising output per worker comes from two sources

new technology
smarter ways of doing work

22

devices, artifacts, processes, tools, methods, and materials applied to industrial and commercial purposes

technology

23

four categories of an entrepreneurial venture

radical innovation, incremental changes, imitation, or rent-seeking behavior (use of regulation, standards, or laws to appropriate some of the value of a monopoly)

24

the ability to create change or transform organizations; a real measure of this is the ability to acquire needed new skills as the situation changes

leadership

25

potential entrepreneurs must be careful to do an honest assessment of their

motivation and skills

26

is the engine of economic growth

entrepreneurship

27

a good entrepreneur can look at a challenge and pick out the

opportunity

28

identify problems by

focusing on situations where a potential customer experiences significant "pain"

29

process of identifying opportunity

pain storming

30

five steps of pain storming

1. identify a particular customer
2. describe what the customer does/wants to accomplish
3. identify pain points/emotions that accompany problem
4. select the biggest pain point and root cause of customer's problem
5. identifies the assumptions behind this root cause