Evolution, Revolution, Education & Research Flashcards
1
Q
(1725), French economist
“Entrepreneurs assume and organize the risk of a business in return for profits.”
A
Richard Cantillon
2
Q
(1803), French economist
The Law of Markets: “Supply creates its own demand”
A
Jean Baptiste Say
3
Q
(1932), Austrian political economist
Dynamic economic growth known as “creative destruction”
A
Joseph Schumpeter
4
Q
Discussion and analysis of entrepreneurship was introduced by the ______
A
18th century economists
5
Q
In the 20th century, entrepreneurship is synonymous or closely linked to ____ and ____
A
free enterprise and capitalism.
6
Q
In the 21st century, entrepreneurs are considered _______. Many of them have used innovation and creativity to build multimillion-dollar enterprises from fledgling businesses in less than a decade.
A
heroes of free enterprise
7
Q
- independently own and operate a small business
- not dominant in their fields
- do not engage in many new or innovative practices
A
Small business owners
8
Q
- they simply expect stable sales and profits
- include those who purchase already established business as well as franchises
A
small business owners
9
Q
- recognise opportunities where others see chaos, contradiction, and confusion
- aggressive catalysts for change within a marketplace
- break new barriers, challenge the unknown, create breakthroughs
- create jobs in a breathtaking pace
A
entrepreneurs
10
Q
- are all about innovation, profitability and growth, thus,
- their businesses are characterized by innovative practices and sustainable growth
- their mind-set revolutionizes the way business is conducted at every level in every country
A
entrepreneurs
11
Q
It is a dynamic process of vision, change, and creation.
A
Entrepreneurship
12
Q
It requires an application of energy and passion toward the creation and implementation of innovative ideas and creative solutions.
A
entrepreneurship
13
Q
What are the 5 essential ingredients to entrepreneurship?
A
- the willingness to take calculated risks in terms of time, equity or career;
- the ability to formulate an effective venture team;
- the creative skill to marshal resources;
- the fundamental skill of building a solid business plan; and, finally,
- the vision to recognise opportunity where others see chaos, contradiction, and confusion.
14
Q
Myth or true: entrepreneurs are doers, not thinkers
A
myth
15
Q
Myth or true: entrepreneurs are born, not made
A
myth
16
Q
Myth or true: entrepreneurs are not always inventors
A
true
17
Q
Myth or true: entrepreneurs are academic and social misfits
A
myth
18
Q
Myth or true: entrepreneurs must fit the profile
A
myth
19
Q
Myth or true: all entrepreneurs need is money
A
myth
20
Q
Myth or true: all entrepreneurs need is luck
A
myth
21
Q
Myth or true: entrepreneurship is unstructured and chaotic
A
myth
22
Q
Myth or true: most entrepreneurial initiatives fail
A
myth
23
Q
Myth or true: entrepreneurs are extreme risk takers
A
myth
24
Q
Impact of entrepreneurial ventures: Entrepreneurship provides _____ for those who see opportunities and those who need a source of income
A
job options
25
Impact of entrepreneurial ventures: ______ are provided an avenue to contribute to the mainstream market
Minority groups
26
Impact of entrepreneurial ventures: In the U.S. many _____ use entrepreneurship for second career
baby boomers
27
Impact of entrepreneurial venture: Entrepreneurs continue to be the answer to any ________
economic downturn
28
Impact of entrepreneurial ventures: Entrepreneurs _______, thereby increasing competition and economic efficiency
enter and expand existing markets
29
Impact of entrepreneurial ventures: Entrepreneurs create ____ by ___ — new ventures having no direct competition
entirely new markets by offering innovative products
30
Impact of entrepreneurial ventures:______, who have downsized, restructured, and reinvented themselves after becoming more entrepreneurial in the early 2000s are now thriving
Large existing firms in mature markets
31
Impacts of entrepreneurial ventures: The ____ is the leader in
entrepreneurship education at both the undergraduate and graduate levels.
U.S.
32
Research Themes and Aspects: _____ and other innovative financing techniques
venture financing
33
Research Themes and Aspects: entrepreneurial activity within large organizations
corporate entrepreneurship
34
Research Themes and Aspects: seeking innovative solutions to world problems
social entrepreneurship
35
Research Themes and Aspects: examining the ways that entrepreneurs think and act
entrepreneurial cognition
36
Research Themes and Aspects: learning from the unique obstacles they face and have to overcome
Women & Minority Entrepreneurs
37
Research Themes and Aspects: WEF research shows significant entrepreneurial success (2000 - 2009) in the following countries: US, Canada, UK, Germany, France, Sweden, Norway, Israel, China, India, Japan, Australia, and New Zealand
Global Entrepreneurial Movement
38
Research Themes and Aspects: significant impact on job creation, innovation, and economic renewal
family businesses
39
Research Themes and Aspects: expanding engineering schools and other major disciplines
entrepreneurship education
40
Theory development focuses more on the concept of entrepreneurship.
schools of thought approach
41
Theory development focuses more on the flow of the entrepreneurial process.
process approach
42
two divisions of schools of thought approach?
Macro view, Micro view
43
Factors under Macro view of Schools of Thought Approach
* environmental
* financial/capital
* displacement
44
factors under micro view of schools of thought approach?
* entrepreneurial trait
* venture opportunity
* strategic formulation
45
* Entrepreneurs are developed by the socio political environment: colleagues, friends, relatives, etc.
* Focus is on institutions, values, norms
Environmental (Macro view)
46
The word entrepreneur is derived from the French word "_______" which means "to undertake"
entreprendre
47
The word entrepreneur is derived from the French word "entreprendre" which means "______"
to undertake
48
A verifiable and logically coherent formulation of relationships, or underlying principles, that either explain entrepreneurship, predict entrepreneurial activity, or to provide normative guidance
theory of entrepreneurship
49
Divides entrepreneurship into specific activities, either macro or micro in view-point but both address the conceptual nature of entrepreneurship
Schools-of-Thought Approaches
50
* Present a broad array of factors that relate to success or failure in contemporary entrepreneurial venture
* includes external processes that are sometimes beyond the control of the individual entrepreneur, for they exhibit a strong external locus of control point of view
Macro view of entrepreneurship
51
3 schools of entrepreneurial thought represent a breakdown of the macro view, which are?
* the environmental school of though
* financial/capital school of thought
* displacement school of thought
52
* Deals with the external factors that affect a potential entrepreneur's lifestyle
* can either be positive or negative forces in the molding of entrepreneurial desires
* focus on institutions, values, and more that – grouped together – form a sociopolitical environmental framework that strongly influences the development of entrepreneurs
Environmental school of thought
53
* based on the capital-seeking process – the search for seed and growth capital is the entire focus of this entrepreneurial emphasis
* views the entire entrepreneurial venture from a financial management standpoint
Financial/capital school of thought
54
* focuses on the negative side of group phenomena, in which someone feels out of place – or is literally "displaced" – from the group
* holds that the group hinders a person from advancing or eliminates certain critical factors needed for that person to advance
Displacement School of Thought
55
3 major types of Displacement School of Thought
* Political displacement
* cultural displacement
* economic displacement
56
# Type of Displacement School of Thought:
caused by factors ranging from an entire political regime that rejects free enterprise to governmental regulations and policies that limit r redirect certain industries
Political Displacement
57
# Type of Displacement School of Thought:
* deals with social groups precluded from professional fields
* Ex: ethnic background, religion, race, sex
Cultural displacement
58
# Type of Displacement School of Thought:
* concerned with the economic variation of recession and depression
* Ex: job loss, capital shrinkage, or simply "bad times"
Economic Displacement
59
* Examines the factors that are specific to entrepreneurship and are part of the internal locus of control
* concentrates on specifics from the inside looking out
Micro view
60
The micro view of school of thought approach presents three (3) theories, which are?
* entrepreneurial trait
* venture opportunity
* strategic formulation
61
* grounded in the study if successful people who tend to exhibit similar characteristics that, if copied, would increase success opportunities for he emulators
* Ex: Achievement, creativity, determination, and technical knowledge are 4 factors usually exhibited by successful entrepreneurs
Entrepreneurial Trait School of Thought
62
* focuses on the opportunity aspect of venture development
* important areas of this school: idea sources, the development of concepts, and the implementation of venture opportunities
venture opportunity school of thought
63
* emphasizes the planning process in successful venture development
Strategic Formulation School of thought
64
4 characteristic elements of Strategic Formulation School of Thoughts
* Unique markets - mountain gap strategies
* unique people - great chef strategies
* unique products - better widget strategies
* unique resources - water well strategies
65
Refer to identifying major market segments as well as interstice (in-between) markets that arise from larger markets
Mountain gap strategies
66
refer to skills or special talents of one or more individuals around whom the venture is built
Great chef strategies
67
Refer to innovations that encompass new or existing markets
better widget strategies
68
refer to the ability to gather or harness special resources (land, labor, capital, and raw materials) over the long term
Unique resources (Water well strategies)
69
# Process approaches:
* incorporates theoretical and practical concepts as they affect entrepreneurship activity
* this model is built around the concepts of input to the entrepreneurial process and outcomes from the entrepreneurial process
* provides a fairly comprehensive picture regarding the nature of entrepreneurship but also can be applied at different levels
Integrative Approach
70
# Process approaches:
* based on complex systems perspectives
* depicts ventures being dependent on their environment for survival
* a network of relationships and systems that concert opportunity tension into value for venture's costumers, generating new resources that maintain the dynamic state
Dynamic States Approach
71
# Process approaches:
* allows a profession to move forward, identifying the static and dynamic elements of new theories, typologies, or frameworks that could be an important and distinguishing approach to grow the knowledge based on the field
Framework of framework approach
