Entrepreneurship Flashcards
To learn
Who is often considered the father of modern entrepreneurship?
Richard Cantillon.
What concept did Richard Cantillon introduce about the role of entrepreneurs?
He introduced the concept of the entrepreneur as a risk-taker who organizes and manages production in uncertain conditions.
What is the role of the entrepreneur according to Richard Cantillon?
To balance supply and demand within the economy.
Who expanded on Cantillon’s ideas by focusing on the entrepreneur as an innovator?
Joseph Schumpeter.
What concept did Joseph Schumpeter introduce that describes the role of entrepreneurs in economic development?
The concept of “creative destruction.”
How did Schumpeter view the impact of entrepreneurs on existing markets?
Entrepreneurs drive economic development by introducing new products, processes, and technologies that disrupt existing markets and create new ones.
What did Peter Drucker emphasize about the practice of entrepreneurship?
he said that entrepreneurship involves not just starting new businesses but also creating value and opportunities within existing organizations through strategic innovation and management practices.
According to Peter Drucker, what is a key aspect of entrepreneurship within established organizations?
The ability to create value and opportunities through strategic innovation and management.
What is the significance of “creative destruction” in Schumpeter’s theory?
It destroys or disriupts existing markets and create new economic opportunities.
Q: What is a nascent entrepreneur?
A: An individual in the early stages of starting a business, still developing their idea or resources.
Who is a novice entrepreneur?
A person starting their first business without prior entrepreneurial experience.
What defines a serial entrepreneur?
A: Someone who has started multiple businesses over time, often moving on from one to another.
What is a survival or necessity entrepreneur?
An individual who starts a business out of necessity, often due to lack of better job options.
Describe a lifestyle entrepreneur.
A person who creates a business that aligns with their passions and desired work-life balance.
What is an opportunity entrepreneur?
A: A person who starts a business to capitalize on a specific market opportunity
Define a social entrepreneur.
An entrepreneur focused on solving social or environmental issues through their business.
What is a portfolio entrepreneur?
Someone who owns and manages multiple businesses simultaneously.
What characterizes a habitual entrepreneur?
A: An individual who regularly starts new businesses across various industries.
Who is a speculative entrepreneur?
An entrepreneur engaging in high-risk ventures based on speculation about future market trends.
What is an innovative entrepreneur?
A: An entrepreneur driven to solve problems in unique ways
How does creativity relate to entrepreneurship?
A: Creativity helps entrepreneurs generate novel ideas and differentiate their businesses
What does it mean to be a calculated risk-taker in entrepreneurship?
A: It means assessing potential rewards and challenges before making informed decisions
Why is systematic planning important for entrepreneurs?
: It involves developing strategies to achieve goals
