Entrep Lec - Lesson 1 Flashcards
entrepreneurship is derived from the French word?
entreprendre (to undertake)
it is a dynamic process of vision, change, and creation that requires an application of energy and passion toward the creation and implementation of new ideas and creative solutions
entrepreneurship
what does TBL mean
triple bottom line framework
what is included in the TBL
- economic
- environmental
- social
Analogy
macro : ____ ; micro : small-scale
wide-scale
A school of thought is a body of belief, literature or theory that is accepted as authoritative by a group of scholars or writers
Schools of Entrepreneurial thought
includes external processes that are sometimes beyond the control of the individual entrepreneur
macro view
True or False
The environmental school of thought, financial/capital school of thought, and the displacement school of thought are under micro view
False
presents a broad array of factors that relate to the success or failure in contemporary entrepreneurial ventures
macro view
Positive or negative external factors that affect the lifestyle of a potential entrepreneur
Environmental school of thought
The complete focus of this school of thought is the search for start-up and growth capital because securing venture capital is vital to an entrepreneur’s development
Financial/Capital school of thought
types of displacement
- Political displacement
- Cultural displacement
- Economic displacement
This thought process concentrates on the
negative side of the existence of a group. It argues that a group can slow a person’s development, either bringing it to a halt or removing specific factors vital to the individual for them to advance
Displacement school of thought
True or False
Micro View examines factors specific toward entrepreneurship being part of internal locus of control
True
The potential entrepreneur has the ability to adjust and control outcomes of each major influence in this view
micro view
schools of thought under micro view
- Entrepreneurial trait
- Venture opportunity
- Strategic formulation
True or False
achievement, creatvity, determination and technical knowledge are all under entrepreneurial trait
True
unique markets, unique people, unique products, and unique resources are all under?
strategic formulation
- An individual who creates a new business, bearing most of the risks and enjoying most of the rewards.
- An innovator, a source of new ideas, goods, services, and business/or procedures
entrepreneur
True or False
According to Joseph Alois
Schumpeter an entrepreneur is someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker, decides what, how, and how much of a good or service will be produced
True
True or False
Entrepreneurs are not necessarily motivated by profit but regard it as a standard for measuring achievement or success
True
four primary characteristics of an entrepreneur
- passion for the business
- product/customer focus
- tenacity despite failure
- execution of intelligence
The number one characteristic shared by successful entrepreneurs is
passion for the business
An entrepreneur’s keen focus on products and customers typically stems from the fact that most entrepreneurs are, at heart, craftspeople
product/customer focus
The ability to fashion a solid business idea into a viable business is a key characteristic of successful entrepreneurs
Execution Intelligence
A defining characteristic for successful entrepreneurs’ is their ability to persevere through setbacks and failures
Tenacity Despite Failure
Common Myths About Entrepreneurs
- Entrepreneurs Are Born Not Made
- Entrepreneurs Are Gamblers
- Entrepreneurs Are Motivated Primarily by Money
- Entrepreneurs Should Be Young and Energetic
True or False
The idea for Harry Potter came to JK Rowling on a bus in 1990.
False
Correct answer: train
JK Rowling’s Harry Potterand the Philosopher’s Stone, was published in?
1997
This myth is based on the mistaken belief that some people are genetically predisposed to be entrepreneurs
Entrepreneurs Are Born Not Made
known as the “Banker of the Poor” and established the GRameen Bank in Bangladesh in 1983
Muhammad Yunus
True or False
The most active age for business ownership is 25 to 45 years old
False
Correct answer: 35 - 45 years old
