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ESU > Unit I with AI > Flashcards

Unit I with AI Flashcards

(51 cards)

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1
Q
A
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2
Q

What is Entrepreneurship?

A

The process of identifying market needs, creating innovative solutions, and taking calculated risks to start and grow a business.

It involves turning ideas into viable products or services that create value for customers.

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3
Q

What are the key components of Entrepreneurship?

A
  • Innovation
  • Risk-Taking
  • Opportunity Recognition
  • Value Creation
  • Resource Management
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4
Q

Define Innovation in the context of entrepreneurship.

A

Developing new ideas, products, or processes and improving existing solutions to meet emerging market demands.

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5
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What does Risk-Taking entail in entrepreneurship?

A

Accepting uncertainty in pursuit of potential rewards and making informed decisions despite the possibility of failure.

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6
Q

What is Opportunity Recognition?

A

Identifying gaps or unmet needs in the market and seizing emerging trends and technological advancements.

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7
Q

What is Value Creation?

A

Delivering products or services that enhance customer satisfaction and generating economic and social value.

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8
Q

What does Resource Management involve?

A

Efficiently using financial, human, and technological resources while balancing cost and growth to sustain operations.

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9
Q

What are the stages of the Entrepreneurial Process?

A
  • Idea Generation
  • Research & Feasibility Analysis
  • Business Planning
  • Execution & Launch
  • Growth & Scaling
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10
Q

What characterizes successful entrepreneurs?

A
  • Creativity & Innovation
  • Resilience & Perseverance
  • Strong Leadership & Vision
  • Adaptability & Flexibility
  • Effective Communication & Networking
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11
Q

What are common challenges in entrepreneurship?

A
  • Financial Constraints
  • Market Competition
  • Regulatory and Legal Hurdles
  • Uncertainty & Risk Management
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12
Q

How does entrepreneurship impact economic growth?

A

Drives job creation, innovation, and increases market dynamism.

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13
Q

What social impacts can entrepreneurship have?

A

Provides solutions that can improve quality of life and solve community issues.

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14
Q

What is a common myth about entrepreneurs regarding their innate abilities?

A

Myth 1: Entrepreneurs Are Born, Not Made.

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15
Q

True or False: Successful entrepreneurs are reckless risk-takers.

A

False.

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16
Q

Fill in the blank: Many entrepreneurs are driven by a passion for solving problems, a desire to innovate, or a commitment to making a positive _______.

A

social impact.

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17
Q

What types of entrepreneurs are based on motivation and goals?

A
  • Opportunity Entrepreneurs
  • Necessity Entrepreneurs
  • Social Entrepreneurs
  • Lifestyle Entrepreneurs
  • Serial Entrepreneurs
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18
Q

What is a Small Business Entrepreneur?

A

Focuses on local markets and often involves sole proprietorships or small teams.

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19
Q

Who is an Innovative Entrepreneur?

A

A visionary who seeks new opportunities to create and develop groundbreaking ideas, products, or services.

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20
Q

What is a Fabian Entrepreneur?

A

An entrepreneur who adopts a cautious and incremental approach, prioritizing stability and long-term sustainability.

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21
Q

What defines a Drone Entrepreneur?

Study These Flashcards
A

Individuals who resist embracing new opportunities and fail to capitalize on them.

22
Q

What are characteristics of Tech Entrepreneurs?

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A

Focus on technology-driven solutions, like software or AI.

23
Q

What role does entrepreneurship play in wealth creation?

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A

Identifying profitable market opportunities and reinvesting earnings into their businesses.

24
Q

What is Social Entrepreneurship?

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A

Focuses on solving social or environmental problems while blending profit with purpose.

25
What is a key feature of 21st-century entrepreneurship?
Characterized by rapid innovation, inclusivity, and global reach.
26
What are Startup Ecosystems?
Cities that develop vibrant startup hubs with incubators, accelerators, and crowdfunding platforms.
27
What earns certain entrepreneurs the label of 'laggards'?
Their resistance to change ## Footnote Laggards are individuals or businesses that are slow to adopt new ideas or technologies.
28
Name a type of entrepreneur who focuses on technology-driven solutions.
Tech Entrepreneurs ## Footnote Example: Mark Zuckerberg with Meta.
29
What do Green Entrepreneurs build their businesses around?
Eco-friendly products or services ## Footnote Example: Renewable energy startups.
30
What is a primary focus of Creative Entrepreneurs?
Monetizing creativity ## Footnote Examples include independent filmmakers and graphic designers.
31
What is an example of Agritech Entrepreneurs' innovation?
Vertical farming startups ## Footnote They utilize technology to enhance agricultural practices.
32
Who are Solo Entrepreneurs?
Individuals working independently, managing all aspects of the business ## Footnote Examples: Freelancers and consultants.
33
What do Partnership Entrepreneurs do?
Collaborate with co-founders or partners to share responsibilities and risks ## Footnote Example: Founders of Ben & Jerry’s.
34
What is the role of Corporate Entrepreneurs (Intrapreneurs)?
Innovate within large organizations without owning the business ## Footnote Example: Employees developing new products at Google.
35
Define entrepreneurship development.
A structured effort to nurture entrepreneurial capabilities and create an enabling environment for individuals to start and sustain businesses ## Footnote It focuses on transforming ideas into viable enterprises.
36
What are the key components of entrepreneurship development?
* Education and Training * Access to Capital * Mentorship and Networking * Infrastructure and Support Systems * Research and Innovation ## Footnote These components help equip entrepreneurs with the necessary tools and opportunities.
37
What does Education and Training in entrepreneurship development include?
Programs like workshops, courses, and degrees on business planning, financial management, marketing, and innovation ## Footnote Examples include entrepreneurship courses at universities and online platforms like Coursera.
38
How does Access to Capital support entrepreneurs?
Facilitating funding through various sources like venture capital, angel investors, loans, grants, or crowdfunding platforms ## Footnote Example: Kickstarter, and government schemes like the U.S. Small Business Administration.
39
What is the purpose of Mentorship and Networking in entrepreneurship?
Connecting entrepreneurs with experienced mentors, industry experts, and peer networks ## Footnote Incubators like Y Combinator offer guidance and industry connections.
40
What do Infrastructure and Support Systems provide to entrepreneurs?
Physical spaces like co-working hubs, innovation labs, or technology parks ## Footnote Policy support such as tax incentives also fosters a conducive environment.
41
What is the role of Research and Innovation in entrepreneurship development?
Encouraging R&D to develop new products, services, or processes ## Footnote Collaboration with universities or tech hubs drives innovation.
42
What is the first step in the Process of Entrepreneurship Development?
Identification ## Footnote Recognizing potential entrepreneurs through assessments or community outreach.
43
What is the focus of the Training step in Entrepreneurship Development?
Providing education on business fundamentals, market analysis, and technology adoption ## Footnote This prepares entrepreneurs for the business landscape.
44
What does Resource Support entail in entrepreneurship development?
Offering funding, infrastructure, and mentorship to transform ideas into businesses ## Footnote It is crucial for startup success.
45
What is the purpose of Incubation and Acceleration in entrepreneurship?
Supporting startups through incubators or accelerators to scale operations ## Footnote This includes providing mentorship and resources.
46
What does Evaluation and Scaling involve in the entrepreneurship process?
Monitoring progress, refining strategies, and expanding successful ventures ## Footnote This ensures sustainability and growth.
47
Name a global example of entrepreneurship development.
Y Combinator in the U.S. ## Footnote It has nurtured startups like Airbnb and Dropbox.
48
What does India's Startup India initiative provide?
Tax benefits, funding, and incubation to promote entrepreneurship ## Footnote This initiative supports local startups.
49
What is a challenge faced by early-stage ventures?
Access to funding remains limited ## Footnote This can hinder startup growth.
50
True or False: Regulatory complexities can hinder startups in some regions.
True ## Footnote These complexities can create barriers to entry for new businesses.
51
What can limit success for entrepreneurs, particularly in developing economies?
Skill gaps and lack of mentorship ## Footnote These factors can impede business growth and sustainability.

ESU (5 decks)

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