Entrepreneurship Flashcards
What is entrepreneurship?
Entrepreneurship is setting up a business, taking financial risk in the hope of a profit.
What is inrapreneurship?
Delivering entrepreneurship within an existing organisation.
Like entrepreneurs but may be constrained by an organisation
How do intra/entrepreneurship drive growht?
They drive growth by building a productive environment for new and growing companies to prosper
Give the activity of an entrepreneurship
Search for changes, respond to them and exploit as opportunities
Which is more successful; Intrapreneur or entrepreneur?
An intrapreneur; 4x of a higher success rate than entrepreneurship
Where do enablers exist and what are their characteristics?
- Enablers exist at the individual and organisational levels, and can be facilitated
- Individual: self-driven, skills and capabilities, level-headed, extroversion
- Organisational: developmental support, resources, managers, culture
- Facilitating: info/comms infrastructure, strong internal relations
What are the challenges with entrepreneurship?
- Managerial (difficult to scale)
- Technological (lack of tools)
What are the roles in entrepreneurship?
- Idea Managing: Generates & tests ideas, Good at problem solving
- Entrepreneuring: Sells new ideas, Gets resources, Takes risks
- Project Leading: Lead & motivate team, Plan project, Admin & coordination
- Gatekeeping: Informed of external developments, Passes info on
- Sponsoring: Develops talent, Encourages, Buffer from admins, Provides help
What is innovation and how does it differentiate with entrepreneurship?
Concerned primarily with idea generation and research, whereas, Entrepreneurship is concered with development and commercialisation
What is the 5S model
- Strategy - Identify innovative opportunities with a proactive attitude
- System- Develop effective evaluation procedures
- Style - Understand professional and ethical responsibility
- Skills - Communicate effectively and have a broad education
- Style - Recognise the value of lifelong learning and contemporary knowledge
What are the five key elements in entrepreneurship?
- Reflect
- Act
- Interact
- Challenge
- Embrace
What are the traits of an entrepreneurship?
- Vision and creativity
- Initiative
- Internal motivation
- Autonomy
- Risk-taking
I6.Internal-control - Commitment & persistence 8. Market knowledge/Customer orientation
- Knowledge of organisational structures
Give the direct and indirect costs in a business
Direct:
1. Labour
2. Materials
3. Supplies
Indirect:
1. Rent
2. Utilities
3. Office expenses
Describe the MARS behaviour
- Motivation
- Ability
- Role perceptions
- Situational factors
Name the belbin roles in order of importance
- Plant
- Resource investigator
- Shaper
