1 Flashcards
What exactly is entrepreneurship?
Entrepreneurship is the process by which individuals identify, evaluate, and exploit opportunities to create new products or services, often involving innovation and risk-taking.
Are there differences between entrepreneurs and business people?
Yes, entrepreneurs focus on identifying and exploiting new business opportunities, while business owners primarily focus on managing and growing an existing business.
Are there different entrepreneurial theories?
Yes, there are various theories, including the entrepreneur as a risk-taker, arbitrageur, organizer of production, bearer of uncertainty, innovator, leader, and coordinator of resources.
What economic significance is attributed to entrepreneurship?
Entrepreneurship drives innovation, creates jobs, and fosters competition, contributing to economic growth and development.
What is the suitable understanding of the term “entrepreneurship” for practical purposes?
The suitable understanding for practical purposes is that it’s a process by individuals to identify, evaluate, and exploit entrepreneurial opportunities.
How can we distinguish the terms “entrepreneur” and “business owner” according to Fueglistaller et al. (2016)?
Entrepreneurs identify and exploit opportunities, while business owners focus on efficiency and increasing the value of an existing business
If entrepreneurship is explicitly associated with the assumption of risks, how can an entrepreneur be understood?
An entrepreneur is someone who organizes and manages a business, taking on risk for the sake of profit
In the following text, how is the term “enterprise” understood?
An enterprise is everything an entrepreneur does to pursue their goals, while a company is the organizational unit that implements those goals
According to German civil law, who is a founder of a business?
A founder is a natural person who starts a commercial or self-employed professional activity
Does a business start-up always have to be a new start-up?
No, it can also involve taking over an existing business or joining a franchise
What has the Global Entrepreneurship Monitor (GEM) been doing for 20 years?
The GEM has been collecting data on the number of founders worldwide annually
Who are early-stage entrepreneurs in the GEM?
Early-stage entrepreneurs are those starting or running a business for no more than 42 months
In the GEM, what is considered to be business start-ups?
All types of self-employment are considered business start-ups in the GEM
In many industrialized countries, why are start-up rates traditionally low?
Start-up rates are low due to attractive labor market alternatives
What does the early-stage Total Entrepreneurial Activity Index (TEA) indicate?
The TEA indicates the proportion of early-stage founders in the population
