01 | INTRODUCTION TO ENTREPRENEURSHIP Flashcards
What is the origin of the word ‘entrepreneur’?
The word ‘entrepreneur’ comes from the French word ‘entreprendre,’ which means ‘to undertake.’
What is the definition of entrepreneurship?
Creating, organizing, and operating a new business venture to generate profit while taking on financial risk.
Who are entrepreneurs?
People who take on the risks and challenges of starting new businesses and introduce new goods, services, or concepts to the market.
What are some advantages of owning a business according to Jonathan Scott?
- Ability to work flexible hours
- Make independent decisions
- Freedom from obligation to others
- Complete autonomy and power
What are the five essential roles of entrepreneurship in society?
- Employment Creation
- Economic Development
- Technological Advancement
- Market Dynamics
- Socio-Cultural Changes
What is Agripreneurship?
Deals with the production and selling of various agricultural goods and inputs.
What is Buyer Entrepreneurship?
Involves business individuals who use substantial capital to acquire established companies or merge with smaller businesses.
What is Ecopreneurship?
Involves creating a ‘green’ business with opportunities to save the Earth while making a profit.
What is Imitator Entrepreneurship?
Creating a business by copying or adapting an existing business concept or successful product or service.
What is Intrapreneurship?
The act of being an entrepreneur within a company or organization, taking risks and developing new ideas.
What is Large Business Entrepreneurship?
Involves taking calculated risks to develop new market offerings to remain competitive.
What is Scalable Startup Entrepreneurship?
Launching a small-scale enterprise intending to quickly expand and transform into a highly lucrative company.
What is Small Business Entrepreneurship?
Starting a business on a smaller scale, often managed by minimal employees or a one-person team.
What is Social Entrepreneurship?
Innovating and creating novel solutions to address pressing social issues.
What is Technopreneurship?
Combines entrepreneurial skills and technology to solve complex business problems.
What are Small, Medium, and Micro-sized Enterprises (SMME)?
Any business engaged in industry, agribusiness, and services, with specific capital requirements.
What are the Capital Requirements of SMME?
Micro - Less than 50,000.
Cottage - 50,001 to 500,000
Small - 500,001 to 5,000,000
Medium - 5,000,001 to 20,000,000
What are the advantages of Sole Proprietorship?
- Unlimited liability
- Termination can happen
- Difficult in reconciling personal or business interests
What are the disadvantages of Partnership?
- Unlimited liability
- Termination can happen
- Difficult in reconciling personal or business interests
What are the advantages of Corporation ownership?
- Limited liability for stockholders
- Legal entity protected by law
- Ownership is transferrable
- Obtaining capital is easier
- Employee benefits
- Right to vote for a significant decision
What are the disadvantages of Cooperative ownership?
- Limited interest in shares
- Inequality of profit distribution
- Pro-poor bias might deviate from the profit orientation
What are the core competencies of entrepreneurs?
- Leadership
- Articulate communication
- Sociable
- Adaptable
- Collaborative
- Multifaceted
- Resilient
- Proactive
- Innovative
- Risk-taker
- Creative
- Passion
What is extrinsic motivation?
Motivating individuals to complete a task by offering rewards such as money, gifts, or treats. However, this type of motivation fades away when the reward is absent or not at par with their interest.
How does extrinsic motivation fades away?
When the reward is absent or not at par with their interest.
