ENTREP: Lesson 1 - Introduction Flashcards
What is ENTREPRENEURSHIP?
- refers to all the processes and activities involved in establishing, nurturing, and sustaining a business enterprise
Entrepreneurship involves…
- seeking opportunities
- operating a business
- out of the opportunity
- assessing its risks and rewards
“Entrepreneur” comes from the _________ term __________ which means ___________.
- French
- entreprendre
- to undertake
_________ refers to the ideals of your customers, and this ______ system may differ from one person to another
Value
What are the 5 entrepreneurial process
- Discovery
- Development of concept
- Organizing resources
- Implementation
- Returns
Recognition of ideas –>
- expansion of the firm
What are the 3 entrepreneurial decision making?
- CRITICAL THINKING: “WHY?”
- CREATIVE THINKING: “HOW?”
- STRATEGIC THINKING: HOW DO WE SUPPORT OUR DATA?”
The systematic and rational way of providing an answer to a question.
CRITICAL THINKING
Thought process that brings about the discovery of new ideas – dreams, insights, or observations.
CREATIVE THINKING
Thought process that asses a current situation –
Porter’s, Trend Analysis.
Focuses on Forecasting
STRATEGIC THINKING
What are the 5 Competitive advantages needed in entrepreneurship?
- Customer-focused
- Integrity and responsibility
- Niche market
- Innovative
- Quality assurance
Serving customers directly and
effectively
COSTUMER FOCUSED
A solid reputation for honesty and
dependability to good customer service
and excellent product quality
INTEGRITY AND RESPONSIBILITY
Targeting a specific group of customers
who have an identifiable but very narrow
range of product or service interests and
compromise.
NICHE MARKET
Taking inventions or innovations
developed elsewhere and put them into
use, which requires marketing, sales,
and organization
INNOVATIVE
Should not accept anything less than the
highest-quality performance.
QUALITY ASSURANCE
Someone who makes a product out of a
problem.
ENTREPRENEUR
an entrepreneur who puts
technology at the core of his or her business
model.
TECHNOPRENEUR
An entrepreneur in a large company or
corporation within the
boundaries of a company,
INTRAPRENEUR
An entrepreneur who hops from one
company to another to act as innovation
EXTRAPRENEUR
One who takes
advantage of the country’s social problems
and turns them into profitable institutions
SOCIAL
have more freedom, but
they take on more risks.
Entrepreneurs
must follow
strict schedules and work orders, they
get financial security.
Employees
Employees are more likely to secure their
positions and obtain financial safety.
RISK MANAGEMENT
Advantages and disadvantages of “employment”
ADVANTAGES:
* LEAVE BENEFITS
* GUARANTEED
INCOME
* FIXED WORKING
HOURS
* LESS
RESPONSIBILITY
DISADVANTAGES:
* DEPENDENCY
* LIMITED INCOME
* LIMITED
DEVELOPMENT
SCOPE
* JOB SECURITY
Advantages and disadvantages of “entrepreneurship”
ADVANTAGES:
* GROWTH IN
CAREER
* INDEPENDENCE
* FLEXIBLE
WORKING HOURS
* ABILITY TO EARN
* CHANGE AND
EXPLORATION
DISADVANTAGES:
* STRESS
* INVESTMENT
* LONG WORKING
HOURS
* FINANCIAL
INSTABILITY
* RISK
