chapter 1 Flashcards
What is a career entrepreneur?
Someone who takes on the daily management as the owner of the venture, accepting, and perhaps enjoying, the daily risks and rewards of managing and building the venture.
What is disruptive technology?
Technology that once introduced, displaces established patterns, processes, and systems previously accepted as normal or accepted methods.
What is divergent thinking?
Process of generating as many ideas as possible, even when those ideas do not seem logical; the list of ideas can be conflicting, diverse, and disparate.
What is due diligence?
Conducting the necessary research and investigation to make informed decisions that minimize risk.
What is an entrepreneur?
Someone who identifies an idea that no one else has acted on or identified; small business ownership and franchising are also entrepreneurial options.
What is an entrepreneurial mindset?
Awareness and focus on identifying an opportunity through solving a problem, and a willingness to move forward to advance that idea.
What is an entrepreneurial venture?
Any business, organization, project, or operation of interest that includes a level of risk in acting on an opportunity that has not previously been established.
What is an entrepreneurial vision?
Idea of what an entrepreneur wants a venture to become, what it will look like, what the driving forces are, and what values and culture should surround it.
What does ‘harvest’ mean in entrepreneurship?
Point at which the venture is sold, at which time the investors receive a return on their investment.
What is a lifestyle venture?
Business whose founders’ primary focus is the lifestyle they will attain through becoming entrepreneurs, rather than a primary interest in financial rewards.
What is a mission statement?
Statement of an organization’s reason for being that defines its primary long-term goal, explains what the venture will do, what value it will provide to the end customer, and how it will accomplish that action.
What is an opportunity-identifying perspective?
Method for identifying a problem and determining how it could be translated into an opportunity to create a new venture.
What is a quantifiable manner?
Method to determine if a goal has been met or not.
What is a serial entrepreneur?
Entrepreneur who becomes involved in starting multiple entrepreneurial ventures.
What are SMART goals?
Well-structured and defined goals that are specific, measurable, achievable, relevant, and timely.
