1. Entrepreneurship Flashcards
what is entrepreneurship?
Identifying business opportunities in the business environment, taking risks and engaging in innovation through creativity
What are the factors of production?
- Land
- Labour
- Capital
- entrepreneurship
name 5 characteristics of entrepreneurship?
- Creativity
- Innovation
- Taking risks
- Independence
- Flexibility
what is creativity?
The ability to develop new ideas and discover new ways to solve problems
write 4 factors that obstruct creativity
- Following rules ignorantly
- Fear of mistakes
- Relying firmly on beliefs and attitudes
- Thinking that there is only one solution
write 4 factors that improve creativity
- Creative training opportunities
- Accepting Failures
- Encouraging curiosity
- Appreciation of creativity
what is innovation?
The ability to produce a new product or service
what are the methods of innovation?
- A new invention
- Extension of core products
- Duplicating
- Combination
what are the following?:
1. unexpected events
2. process requirements
3. changes in the market
4. changes in the demography
5. change of perception
6. concepts based on knowledge
Basic sources of innovation
what is risk?
the probability of success or failure
what is the relationship between profit and risk
high risk - high profit
low risk - low profit
who is an example for the entrepreneurial characteristic of “possessing the confidence that success depends on the entrepreneurs own ability”
Jessica Cock
who is an example for the entrepreneurial characteristic of “tendency towards achieving difficult objectives”
Thomas Alva Edison
what is flexibility?
the ability to adapt to the environment
what are the common characteristics of an entrepreneur (name 4)
- Dedication
- Common sense
- Self motivation
- self confidence
- seeking information
- strong desire
