Entrepreneurship Flashcards
A process that commenced with providing service in a feudalistic society. It is a creative wag of supplying the needs of consumer with benefit profit give and take
Entrepreneurship
One who organizes, manages, and assumes the risk of business or enterprise
Entrepreneur
The word which entrepreneurship originated that means to “to undertake.”
Entreprende
He defined entrepreneurship as a “go-between” or “between-taker.”
Marco Polo
The entrepreneur differs from the manager or small business owner, not so much on goals or in activities, but in approach in doing his business
Camposano
The growth orientation can be measured in terms of owner’s intention when starting a business, their propensity for fostering the firm’s growth, or their initiation of strategic plans designed to promote growth in the firm
Hisrich and Peters
Pointed out that the entrepreneurship is a dynamic process of innovation and new-venture creation through five major dimensions- individuals, organization, environment, process and institutions
Albert Shapero
8 Socio-Economic Benefits from entrepreneurship
- Promotes self-help and unemployment
- Mobilizes capital
- Provides taxes to the economy
- Empower individuals
- Enhance national identity and pride
- Enhance competitive consciousness
- Improves quality of life
- Enhances equitable distribution of income and wealth
He knows who he is, what he is good at, and what he likes to do
Self-awareness
One of the most important personality traits of successful entrepreneurs. This is the characteristic that gets him going and keeps him moving when he is in business
Self-motivated
The willingness to take risks is a valuable trait when striving for success
Courage
One of the most appealing traits he exhibits to prospective clients, for it lets them know that they will be getting the best their money can buy
Confidence
They think of success and bright sides
Positive thinkers
When one owns his business, there will be times when he feels like the roof is craving in, especially when the suppliers seem to be taking their own sweet time in fulfilling an important order or when a customer’s demands seems to be unrealistic
Patience
Business has been described as a process of making one fast decision after another. One should go with his intuition and trust that he is doing the right thing
Decisiveness
A primary reason some businesses fall within a few years of start-up is lack of business experience
Experience
One had a better chance of succeeding by knowing, as much as possible, about factors, such as business basics, the product or service that he want to sell, the industry he is entering, his competition, and the local, the regional, state and/or national markets
Knowledge
The entrepreneur continuously seeks for relevant information regarding the market, clients, suppliers and competitors, and consults experts’ advice on business and other technical matters
Information-seeking
One must be willing to persevere during the rough times, to hang in there during the slow periods, and to maintain ones’ belief in your product or service, even when it seems no one else in the world knows one exists
Perseverance
One must believe in his goal and be determined to succeed. The successful businessperson does not view obstacles or stumbling blocks as problems, but rather as challenges
Drive
They prefer tasks, which provides them some challenges. However, the risk they take are “calculated”
Risk-taking
Entrepreneurs do things in new and different ways
Innovative
Entrepreneur does not merely spot opportunities to set up a business, but more importantly, act on these opportunities like actually setting up the business
Opportunity-seeking
General dissatisfaction of a group and manifest in violent forms of behavior
Social rest
Gov and non-gov and private sectors
Social services
A process to increase the level of production in economy
Economic development
A product of economic development. It increase in the real output of the country in particular span of time
Economic growth
Explains that the government should not interfere in economic activities. It is also called as “let alone policy”
Laissez-faire theory
Explains that the government should play the key role in economic development. It increase in expenditures and lower taxes to stimulate demand and pull the global economy out of depression
Keynesian theory
This is the theory of David Ricardo focusing on agriculture playing the major role in economic development
Ricardian theory
Conceptualized by sir Harrod of England and Prof. Domar of the US, claims that more products can be produced through the use of machines
Harrod-Domar Theory
This theory explains that the application of modern technology in the production of goods and services has been responsible for the economic success of the highly developed countries
Kaldor Theory
Developed by Joseph Schumpeter, stresses the role of innovators or entrepreneurs in economic development
Innovation theory
3 Contributions of Entrepreneurship
- Development of new markets
- Discovery of new sources of materials
- Mobilization of capital resources
