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Entrepreneurship > Chap 1 > Flashcards

Chap 1 Flashcards

1
Q

Define entrepreneurship

A

Entrepreneurship is the art of identifying viable business opportunities and
mobilizing resources to convert those opportunities into a successful
enterprise through creativity, innovation, risk taking and progressive
imagination.

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2
Q

whats the role of entrepreneurs in economic development ?

A
  1. wealth generation
  2. generation of employment opportunities
  3. inspire others towards entrepreneurship
  4. balanced regional development
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3
Q

what are the characteristics needed to be an entrepreneur?

A
  1. young educated people
    . 2. someone who has developed an innovation
  2. the excluded
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4
Q

what are the qualities that a successful entrepreneur should have ?

A
  1. opportunity seeking
  2. preserving making efforts towards the completion of a goal
  3. risk taking
    4.demanding for efficiency and quality
  4. information-seeking
  5. setting a goal
  6. planning
  7. persuasion and networking
  8. building self confidence
  9. listening to others
  10. demonstrating leadership
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5
Q

whats the importance of risk taking

A
  • building self confidence
    -creating a feeling of leadership
  • creates strong motivating to complete a job well
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6
Q

what is general management skills

A

These are skills required to organize
the physical and financial resources needed to run the venture.

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7
Q

what is strategy skills

A

An ability to consider the business as a whole, to
understand how it fits within its market place, how it can organize
itself to deliver value to its customers, and the ways in which it does
this better than its competitors.

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8
Q

what are planning skills

A

An ability to consider what the future might offer,
how it will impact on the business and what needs to be done to
prepare for it now

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9
Q

what are marketing skills

A

ablity to see how they satisfy the customer’s needs and
why the customer finds them attractive

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10
Q

what are financial skills

A

An ability to manage money; to be able to keep track of expenditure and to monitor cash-flow,

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11
Q

what are project management skills

A

ability to organize projects, to set
specific objectives, to set schedules and to ensure that the necessary
resources are in the right plat of the right time.

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12
Q

what are time management skills

A

An ability to use time productively, to be able to priorities important jobs and to get things done to schedule

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13
Q

what are people management skills

A

An entrepreneurial
venture also needs the support of people from outside the organization
such as customers, suppliers and investors

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14
Q

what are communication skills

A

ability to use spoken and written language to express ideas and inform others

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15
Q

what are leadership skills

A

An ability to inspire people to work in a specific way

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16
Q

what are motivation skills

A

ability to enthuse people and get them to give their
full commitment to the tasks in hand. Being able to motivate demands an
understanding of what drives people

17
Q

what are delegation skills

A

ability to allocate tasks to different people. ability to allocate tasks to different people

18
Q

what are negotiation skills

A

ability to understand what is wanted from a
situations, recognize the
possibilities of maximizing the outcomes for all parties.

19
Q

what are entrepreneurial tasks

A
  1. owning organizations
  2. founding new organizations
  3. bringing innovations to market
  4. identification of market opportunity
  5. application of expertise
  6. provision of leadership
  7. being a manager
20
Q

define creativity

A

its the tendency to generate or recognize
ideas, alternatives, or possibilities that may be useful in solving problems,
communicating with others, and entertaining ourselves and others.

21
Q

what are the different key elements of creativity

A
  1. process
  2. ideas
  3. recombining
22
Q

what are the steps in creative process

A
  1. opportunity/ problem recognition
  2. immersion
  3. incubation
  4. insight
  5. verification and application
23
Q

what are the barriers to creativity

A
  1. searching for the one ‘right’ answer
    * 2. focusing on being logical
  2. blindly following the rules
    * 4. constantly being practical
    * 5. viewing play as frivolous
    * 6. becoming overly specialized
    * 7. avoiding ambiguity
  3. fearing looking foolish
    * 9. fearing mistakes and failure
    * 10. believing that ‘I’m not creative
24
Q

define innovation

A

its a means to the exploitation of opportunity. It is the implementation of new idea at the individual, group or organizational level.

25
Q

what are types of innovation

A
  1. invention
  2. extension
  3. synthesis
26
Q

what is the innovation process ?

A
  1. analytical planning
  2. resources organization
  3. implementation
  4. commercial application
27
Q

Define entrepreneurship

A

Entrepreneurship is the art of identifying viable business opportunities and
mobilizing resources to convert those opportunities into a successful
enterprise through creativity, innovation, risk taking and progressive
imagination.

27
Q

what are the 5 critical elements in the process of entrepeneurship

A
  • The ability to perceive an opportunity.
  • The ability to commercialize the perceived opportunity i.e. innovation
  • The ability to pursue it on a sustainable basis.
  • The ability to pursue it through systematic means.
  • The acceptance of risk or failure.
28
Q

define entrepreneur

A

An entrepreneur is an individual who: has the ability to identify and pursue
a business opportunity; undertakes a business venture; raises the capital to
finance it; gathers the necessary physical, financial and human resources
needed to operate the business venture; sets goals for him/herself and
others; initiates appropriate action to ensure success; and assumes all or a
major portion of the risk!

29
Q

what are the different types of entrepreneur?

A
  • Novice: are entrepreneurs without prior entrepreneurial experiences
  • Habitual: are entrepreneurs with prior entrepreneurial experience
  • Nascent: individuals who are in the process of creating a new
    organization. They can be either Novice or Habitual
  • Serial: an entrepreneur who constantly establishes and sells organizations
  • Portfolio: an entrepreneur who owns several organizations at a time
  • Intrapreneur: a person who acts entrepreneurially in the context of an
    existing organizations
30
Q

what are the areas of innovation?

A
  1. new product
  2. new services
  3. new production techniques
  4. new way of delivering the product
  5. new operating practices
  6. new means of informing the customer about the product
  7. new means of managing relationship within the organization
  8. new ways of managing relationship between organizations

Entrepreneurship (5 decks)

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