Entrepreneurship Flashcards
What is entrepreneurship?
-create and build a venture to fill a market niche and the needs and wants of customers
What is intrapreneurship?
refers to entrepreneurship that occurs inside an existing organization
-improves companies productivity, become more competitive and increases awareness of the changing marketplace, tech and opportunities
What does the Gross National Product (GNP) measure?
-Gross National Product measure total of all goods and services produced in Canada in one year
downsizing
Downsizing is a reduction in # of employees in an organization to reduce their operating costs
rightsize
and rightsize is a reduction to a specific # of employees in an organization to meet the goals of the organization
What is a need? Provide an example.
-things that are essential for human survival
-food and shelter
What is a want? Provide an example.
-desires humans have for certain things that go beyond basic needs
-makeup and toys
supply
when supply is GREATER than demand, the price goes DOWN
demand
when supply is LESS than demand, the price goes UP
Non for profit:
Goal is to raise money for their cause
For profit:
Goal is to make money
Large scale:
national/international operations
Small scale:
Regional or local operations
Physical
actual brick and mortar store
Goods production:
Tangible offering to customers
Service production:
intangible offering to customers
VIrtual
Uses-E commerce over the internet
Local
venture limited to one community
Provincial
venture limited to one province or territory
National
venture limited to one country
International
venture operate in more than one country
Select ONE of the demographic groups discussed in class. Explain two factors that influence their decisions in the marketplace.
Generation Z. The way the product is promoted online through social media and influencers is a factor that determines their decisions in the marketplace because this generation relies heavily on the internet and social media. Another factor is if the products are ethical as gen Z cares and tends to focus on what products care about their consumers, the environment and using sustainable materials/ingredients.
Job Creation:
Multiplier effect
Those employed by the business have money to buy goods and services locally which leads to growth in different businesses and job creation
New Ideas:
Wider range of goods and services leads to new innovations
Negative
Job Less- new technological opportunities allow companies to downsize and rightsize
Information technology- use of systems for storing, retrieving and sending information. Access to large data banks allow businesses to gain information that can turn into opportunities
Inexpensive software- helps with accounting, marketing research, financing and sales
Define and give an example for the two types of motivators:
- Intrinsic, naturally occurs as a person works on a task
Example: self- esteem, satisfaction and personal growth
Political Benefits:
Entrepreneurs is strong in free, democratic societies
-requires money for start up, education laws and open/free trade
Economic Benefits:
More wealth is distributed in society and everyone enjoys the benefits when business ventures leads to other ventures
Competition lowers prices and improves the standard of living
Positive
E-commerce (transactions conducted electronically on the internet)- streamlined and efficient decision making process
What are the various characteristics that are reflective of entrepreneurs?
-self confident
-motivated
-resourceful
-creative
-goal orientated
-independent
Define and give an example for the two types of motivators:
- Extrinsic, given to someone by another person
Example: money, promotion and holiday premiums/overtime
