entrepeneurship Flashcards
What is entrepreneurship?
Skills in starting new businesses, especially when this involves seeing new opportunities.
List some skills and qualities an entrepreneur may possess.
- Innovation
- Creativity
- Vision
- Dedication
- Risk taking
- Resilience
- Negotiation
- Persuasive
- Confident
- Openness to new ideas
- Independence
- Ability to identify an opportunity
- Knowledgeable
- Determination
- Daring
- Problem solving
- Communication
- Solution focused
- High achievers
- Hard working
- Adventurous
True or False: Successful entrepreneurs can only create new products.
False
How can entrepreneurs add value to existing ideas?
By delivering a product or service in a more affordable, efficient, or effective way.
What is one example of innovation in construction?
3D printed concrete elements can be printed in a factory to pre-fabricate intricate constructions.
How can AI be used in construction?
To plan construction workflows to make them more efficient.
What does immersive reality combine?
Augmented Reality (AR) and Virtual Reality (VR).
What is the benefit of using drones in construction?
They can provide 360 degrees inspections and access high-risk areas.
List some benefits of innovation and entrepreneurship.
- Contribute to the economy through growth
- Improve products or services
- Pioneers’ enhancements and advances in the industry
- Opens up new opportunities in the industry
What is a method of measuring success in entrepreneurship?
Creating measurable goals.
What does KPI stand for?
Key Performance Indicator.
Fill in the blank: KPIs are used to _______.
[monitor costs, track progress, assess client satisfaction, identify strengths or weaknesses, compare performance across projects]
What is benchmarking?
The process of comparing indicators against national averages and setting targets that exceed those averages.
What is the primary role of an entrepreneur?
A person who undertakes the risk of starting a new business venture.
What is entrepreneurship defined as?
The act of creating a firm to realize an idea, aggregating capital and labor to produce goods or services for profit.
True or False: Ensuring funding is a key element for entrepreneurs.
True
What are some financing resources for entrepreneurs?
- Small business administration loans
- Crowdfunding
What must KPIs be identified in?
Tender documentation.
What is an important consideration for monitoring KPIs?
Only genuinely important performance indicators should be monitored.
What are some KPIs related to profitability?
- Turnover by director or partner
- Turnover by fee earner
- Profit by director or partner
- Profit by fee earner
What should KPIs not become?
A time-consuming paper exercise.
How can KPIs be used in benchmarking?
To assess the performance of the industry as a whole relative to the economy.
