Entrepreneurship Flashcards
the ability of an individual to determine and come up with a proper combination of resources available in the environment and transform thing into an output of either goods or services, and obtain a fair profit at the price the entrepreneur sets
Entrepreneurship
A conceptualized or imagined by an entrepreneur
Idea
basic inputs that an entrepreneur uses to come up with his products
Raw Materials
the buildings, machinery, equipments and tools used in the course of production
Capital
Capital of 150,000 and below with 5 or less workers
Micro
Capital of 150,000 to 1.5 M with 6-9 workers
Cottage
Capital of 1.5 M to 15 M with 10-99 workers
Small
Capital of 15M to 60M with 100-199 workers
Medium
One who organizes, manages, and assumes the risk of a business or enterprise.
Entrepreneur
includes all agents, repairmen, broker, accountant, and physicians who operate alone or with only few employees and perform work personally
Solo Self-employed Individual
highly knowledgeable business man
Dealers to Dealers
individuals who go on building larger companies using hiring and delegation
Team Builders
persons who hit upon ideas for the better products or services
Independent Innovators
entrepreneurs who spot an effective business pattern quiet possibly originated by someone else
Partner Multipliers
Entrepreneurs who locate their business in lower rent and tax areas
Economy of Scale Exploiters
