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entrepreneurship > 1. Entrepreneurship > Flashcards

1. Entrepreneurship Flashcards

1
Q

what is entrepreneurship

A

having the mindset of identifying business opportunities in the environment, taking risks and engaging in innovation

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2
Q

what does entrepreneurship mean in a business point of view

A

the ability to identify a suitable business idea and turn in into a profitable business

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3
Q

what are the 4 main factors of production

A
  1. Land
  2. Labour
  3. Capital
  4. Entrepreneurship
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4
Q

what is the definition of land

A

all natural resources including raw materials required for productionw

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5
Q

what is the definition of Labour

A

The physical and psychological energy used for production is known as labour

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6
Q

what is the definition of captial

A

all man made resources required for production

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7
Q

give 3 examples for Land

A

raw material, forests, soil

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8
Q

give 3 examples for Labour

A

labour of an engineer , labour of a carpenter, labour of a builder

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9
Q

give 3 examples for Capital

A

buildings, machines, equipment

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10
Q

give 6 characteristics of an entrepreneur

A
  1. creativity
  2. innovation
  3. being optimistic
  4. taking risks
  5. independence
  6. flexibility
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11
Q

what is the definition of “creativity”

A

the ability to develop new ideas and discover new ways to solve problems using the available resources

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12
Q

name 4 factors that obstruct creativity

A
  1. anticipating instant results
  2. fear of mistakes
  3. relying firmly on beliefs
  4. thinking that there is only one solution for a particular issue
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13
Q

not acting on a logical basis, following rules and traditions ignorantly and thinking that there are barriers to be practical are all barriers which obstruct which characteristic of an entrepreneur?

A

creativity

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14
Q

name 4 methods of improving creativity of people

A
  1. accepting failures
  2. encouraging curiosity
  3. appreciation of creativity
  4. Absorbing diversity
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15
Q

what is the definition of innovation

A

the ability to produce a new product or service

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16
Q

what are the 4 types of innovation

A
  1. a new invention
  2. extension of a core product
  3. duplicating
  4. combination

  1. creating a new product or service whihc didnt exist before ( aeroplane, telephone, camera)
  2. add a new usage to an existing product ( electric train, non fat milk, smart phones)
  3. creating a new product similar to an existing concept (delivery of bakery items such as the mobile distribution of ice cream)
  4. using a combination of existing factors to produce a new item (vesak lantern using LED bulbs)
17
Q

what are 4 examples for basic sources of innovation

A
  1. unexpected events
  2. process requirements
  3. changes in the market
  4. concepts based on knowledge
18
Q

changes in demography and lifestyle, change of perception or understanding are examples for….

A

basic sources of innovation

19
Q

what is the main reason for risk

A

uncertainty

20
Q

what is the relationship between risk and profit

A

high risk - high profit
low risk - low profit

21
Q

briefly explain “future vision”

A

the dream that is expected to be realized in the future

22
Q

future vision,
sensitivity towards the environment,
possessing the confidence that success depends on their own ability,
tendency towards reaching difficult objectives

the above statements are examples of…

A

characteristics of entrepreneurship

23
Q

define “ sensitivity towards the environment”

A

being aware of the changes in the environment

24
Q

define “being optimistic”

A

thinking positively and and accepting failures in a postive way

25
Q

Air pilot jessica cock shows which characteristic of an entrepreneur

A

possessing the confidence that success depends on their own ability.

jessica cock was handless but she focused on what she could do and became successful in achieving her goal of becoming a pilot

26
Q

“I have not failed, i have just found 999 ways that a light bulb won’t work” was a quote by whom? what characteristic of an entrepreneur does this statement show

A

Thomas Alva Edison. Tendency towards achieving difficult objectives

27
Q

define “flexibility”

A

the ability to adapt to environmental changes

28
Q

what are the 6 common characteristics of entrepreneurs (not basic characteristics)

A

dedication
common sense
self motivation
self confidence
seeking information
strong desire

dedication - working to achieve objectives by putting personal needs aside

common sense - ability to understand the effects of environmental changes

self motivated - entrepreneurs dont need other people to persuade the, to complete their tasks

self confidence - an entrepreneur is confident in his abilities and capabilities

seeking information - an entrepreneur is vigilant regarding new trends and changes in his business.

strong desire - every entrepreneur has a strong desire to achieve his objectives

entrepreneurship (1 decks)

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