Entrepreneurship Flashcards
Definitions and descriptions
What is the a intrapreneur and what is the definition
Becoming an entrepreneur on the job. Intrapreneurship is the practice of entrepreneurship by employees within an organization. A person within an existing organization who takes direct responsibility for turning an idea into profitable finished product through assertive risk taking and innovation
What is a Social Entrepreneur?
Is primarily motivated by a deep desire to improve upon, or fundamentally change, prevailing and detrimental socio-economic, educational, environmental, or health conditions.
Is driven to engage in certain activities not by the promise of possible profit.
What is entrepreneurship?
- All the functions, activities, and actions associated with perceiving opportunities and creating organizations to pursue them.
What does TEA Rate stand for
Total Early-Stage Entrepreneurial Activities
What is the definition of the TEA rate
Percentage of 18-64 population who are either a nascent entrepreneur or owner-manager of a new business.
Name the 8 factors behind entrepreneurial activism
Government R&D transfer Education & training Cultural norms Financial Internal market openness People resources Physical resources Commercial & legal
What is a Small Business?
Headcount < 50
Turnover < €10 m
Balance Sheet Total
What are the characteristics of a Small Business?
- An independent business
- Limited financial and managerial resources
- Low level of specialisation – staff and equipment
- Informal internal information and communication systems
- Unsophisticated and direct external communication systems
- Personal financial investment
Are small businesses important?
dah, yes. Create more jobs than big businesses.
What is the difference between Small Business and Entrepreneurial Venture?
Owners start small businesses to create jobs for themselves
Founders of entrepreneurial ventures have a desire to innovate, grow, and create new value.
What is the Family Business a synthesis of?
- Ownership control (15%+) by two or more members of a family or a partnership of families
- Strategic influence/participation of a family in the management of the firm
- Concern for family relationships/family culture
- The dream of contiuity across generations
What are the differences between a Family Business and non-family business?
- Presence of the family
- Owner’s dream to keep the business in family
- Overlap of family, ownership & management
- Competitive advantage derived from interaction of family, management & ownership
What is an Opportunity driven entrepreneur? (Future orientation)
- Want to exploit a perceived business opportunity
- Strive for independence, self- actualisation, recognition and profit maximization
- On average they rise higher than necessity driven entrepreneurs
What is a Necessity driven entrepreneurs (‘away from’ orientation)
• Are pushed into entrepreneurship
because all other options for work
are either absent or unsatisfactory
• Dissatisfaction with working
conditions, contents and time
• Pursue entrepreneurship to secure
their own existence
What is entrepreneurship about?
The process by which individuals pursue opportunities without regard to the resources they currently control.
What are the differences between Buy-In and buy-out?
Management buy-in/buy-out occurs when a manager or a management team from outside the company raises the necessary finance, buys it, and becomes the company’s new management.
The difference to a management buy-out is in the position of the purchaser: in the case of a buy-out, they are already working for the company. In the case of a buy-in, however, the manager or management team is from another source.
How can you develop existing firms?
- Succession (family business)
- Ownership transfer (buy a firm)
- Management buy-in/buy-out
How can you create a Start Up?
• De novo startup (create from scratch) • Franchise
Name the 8 different typies of entrepreneurs
- The visionary
- The adventurer
- The opportunist
- The asset allocator
- The system-iser
- The specialist
- The small business-person
- The spare room /Free time entrepreneur
Which layers are in the inceberg diagram of entrepreneurial competencies?
- Knowledge
- Skills
- Social role
- Self Image
- Trait
- Motive
What is a trait?
A typical aspect of a persons behaviour
What is a motive?
A persons thoughts which drive behaviours achievement, affiliation, power.
Give example of trait
Passion, persistence, self- confidence, risk-taking, curious
Give example of motive
Money, control, legacy, independence
What is social role?
Pattern of behaviour
Give example of social role and self image
Expert, innovator, leader, visionary, adventurer
Give examples of skills and knowledge
Communication, negotiation, problem-solving, decision-making
What are the four characteristics of a successful entrepreneur?
- Passion for the Business
- Resilience despite failure
- Execution & Intelligence
- Product/customer focus
