Chapter 1- Nursing Entrep Flashcards
__become increasingly important for business of all sizes around the world.
Entrepreneurship
Despite its popularity, studies suggest that the
scope of entrepreneurship remains ___, and
therefore the prospects of entrepreneurial activities
remains not fully realized.
unknown
It opens new ___ and ___ for the business to create values for themselves and for the society at large.
opportunities and possibilities
This module highlights some aspects concerning the
concept of ___, ___, ___ and finally the entrepreneurship opportunities and challenges.
entrepreneur, entrepreneurship,
entrepreneurial process
Entrepreneurs have always been present, however
their behavioral patterns were ___ in different
periods of time.
different
The word entrepreneur was derived from the French
word “___”, which means “___”
(Kuratko, 2016)
entreprende, to undertake
(Kuratko, 2016)
The usage of the term entrepreneur can be traced
from ___, wherein an entrepreneur was described
to “___”
(Cantillon, 1931, p.51; Hamilton & Harper, 1994)
1755, “buy the country produce from those who bring it
or to order it to be brought on their account. They
pay a certain price to resell wholesale or retail at an
uncertain price”
(Cantillon, 1931, p.51; Hamilton & Harper, 1994)
Entrepreneur from the very beginning, was
principally an ___, of the commodity
(Hamilton & Harper, 1994)
independent speculator
(Hamilton & Harper, 1994)
An economic development can emerge due to
several reasons, which includes:
a. launch of new source of procurement for
raw materials or materials
b. introduction of a new production
mechanism
c. introduction of a new quality of product, or
a novel product
d. opening of new market
e. re-organization of a business
The management of all these aspects are carried by
an ___, and the people whose functions are to
carry out these activities are called ___.
(Bull & Willard, 1993)
enterprise, entrepreneurs
(Bull & Willard, 1993)
Entrepreneur is someone who manages all the
necessary resources to produce and market a
product which responds to the ___.
(Leibenstein, 1968; Bull & Willard, 1993)
market scarcity
(Leibenstein, 1968; Bull & Willard, 1993)
“Entrepreneurs are individuals who recognize
opportunities where others see ___, and ___. They are aggressive catalysts for
change within the marketplace”
Kuratko (2016, p.3)
chaos contradiction, and confusion
Kuratko (2016, p.3)
“Entrepreneur is the person who carries out new
combinations, causing discontinuity. The role is
completed when the function is completed. The
person may be an employee with an existing
organization or may start a new venture. An investor
per se only risks capital for a return.
Bull & Willard
(1993, p. 186)
Characteristics of an Entrepreneur due to sociological and psychological factors:
- vision-oriented people
- high need in
achievement - do not rely on fate or luck
- undertake moderate risks
- abilities to deal with
several ambiguous situations in their ventures - tendency to be
productive and efficient with in a given period
of time
Traits of an Entrepreneur
- Risk-takers
- Flexible
- Knowledgeable
- Independent
- Energetic
- Creative
- Dynamic leader
- Responsive to suggestions or criticisms
- Resourceful
- Initiators
- Persistent
Entrepreneurship is an “act of establishing a new
venture”
Christensen et al, (2000, p.4)
Entrepreneurship can also be considered as the
function through which growth and development can
be achieved without commencing a new business
venture. It offers a process by which people either
inside the companies or on their own, look for
prospects without regard to the resources they
presently control.
(Stevenson et al, 1989; Stevenson
& Jarillo, 1990)
“an entrepreneurial organization is that
which pursues opportunity, regardless of resources
currently controlled”
Stevenson & Jarillo (1990,
p.23).
“Entrepreneurship is the creation of organizations.
What differentiates entrepreneurs from non-entrepreneurs is that ___. In
behavioral approaches to the study of
entrepreneurship, an entrepreneur is seen as a set
of activities involved in organization creation, while
in trait approaches an entrepreneur is a set of
personality traits and characteristics”
Gartner (1988,
p.11)
entrepreneurs create
organizations, while non-entrepreneurs do not
Gartner (1988,
p.11)
Types of Entrepreneurship
- Achievement entrepreneur
- Salesman entrepreneur
- Technology entrepreneur
- Manager
These types of individuals are good in several
business related aspects and they try to
accomplish their objectives, whilst heading their
missions.
Achievement entrepreneur (Carsrud & Brannback, 2007)
They develop a proper vision for marketing and
sales practices to reach wider consumer groups.
Salesman entrepreneur
(Carsrud & Brannback, 2007)
Although these individuals possess good
analytical intelligence to make way through
several situations, however, at times their
missions can become a bit idealistic.
Technology entrepreneur
(Carsrud &
Brannback, 2007)
They have rich experiences, strong management
skills and possess strength in managing existing
businesses.
Manager
(Carsrud & Brannback, 2007)
