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Entrepreneurship > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Describe the evolution of the terms entrepreneur and entrepreneurship.

A

Derived from French entreprendre (to undertake)

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2
Q

Name and explain the ten major myths of entrepreneurs.

A

1: Entrepreneurs are doers, not thinkers.
2: Entrepreneurs are born, not made.
3: Entrepreneurs are always inventors.
4: Entrepreneurs are academic and social misfits.
5: Entrepreneurs must fit the profile.
6: All entrepreneurs need is money.
7: All entrepreneurs need is luck.
8: Entrepreneurship is unstructured and chaotic.
9: Most entrepreneurial initiatives fail.
10: Entrepreneurs are extreme risk takers.

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3
Q

Gazelle

A

A business establishment with at least 20% sales growth in each year for five years, starting with a base of at least $100,000 in annual sales; produce twice as many innovations per employee

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4
Q

Trends in entrepreneurship research

A

Venture financing, corporate entrepreneurship, social entrepreneurship, entrepreneurial cognition, women and minority entrepreneurs, the global entrepreneurial movement, family businesses, and entrepreneurial education

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5
Q

Characteristics of the entrepreneurial mindset (5)

A

Determination and perseverance, drive to achieve, opportunity orientation, initiative and responsibility, persistent problem solving, seeking feedback, passion, vision

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6
Q

Describe four specific areas of risk faced by entrepreneurs.

A

Financial risk, career risk, family and social risk, and psychic risk

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7
Q

Code of conduct

A

A statement of ethical practices or guidelines to which an enterprise adheres

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8
Q

Corporate entrepreneurship

A

A process whereby an individual or a group of individuals, in association with an existing organization, creates a new organization or instigates renewal or innovation within the organization

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9
Q

Describe the specific elements of a corporate entrepreneurship strategy.

A

An entrepreneurial strategic vision, a pro-entrepreneurship organizational structure, entrepreneurial processes and behavior as exhibited throughout the organization

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10
Q

Types of innovation

A

Radical innovation and incremental innovation

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11
Q

Radical innovation

A

The launching of inaugural breakthroughs

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12
Q

Incremental innovation

A

The systematic evolution of a product or service into newer or larger markets

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13
Q

Social entrepreneurship

A

Entrepreneurship applied to social problem solving in addition to the traditional focus of innovation, risk-taking, and large scale transformation

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14
Q

Ecovision

A

A leadership style that encourages open and flexible structures that encompass the employees, the organization, and the environment, with attention to evolving social demands

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15
Q

What are the major sources of innovative ideas?

A

Unexpected occurrences, incongruities, process needs, industry and market changes, demographic changes, perceptual changes, and knowledge-based concepts

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16
Q

Example of an unexpected occurrence

A

Apple Computer

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17
Q

Example of an incongruity

A

Overnight package delivery

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18
Q

Example of process needs

A

Sugar-free products, caffeine-free coffee

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19
Q

Example of industry and market changes

A

Health care industry

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20
Q

Example of demographic changes

A

Rest communities for older people

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21
Q

Example of perceptual changes

A

Exercise and growing concern for fitness

22
Q

Example of knowledge-based concepts

A

Mobile technology

23
Q

Creativity

A

The generation of ideas that result in the improved efficiency or effectiveness of a system

24
Q

Two aspects of creativity

A

Process (goal-oriented) and people (the resources)

25
Q

List and briefly explain the components of the creative process.

A

Background or knowledge accumulation, the incubation process, the idea experience, and evaluation and implementation

26
Q

How can creativity be developed?

A

Recognize relationships; develop a functional perspective; use your brains

27
Q

Innovation

A

The process by which entrepreneurs convert opportunities into marketable solutions

28
Q

Invention

A

Totally new product, service, or process

29
Q

Example of invention

A

Airplane

30
Q

Extension

A

New use or different application of an already existing product, service, or process

31
Q

Example of extension

A

McDonald’s

32
Q

Duplication

A

Creative replication of an existing concept

33
Q

Example of duplication

A

Walmart from department stores

34
Q

Synthesis

A

Combination of existing concepts and factors into a new formulation or use

35
Q

Example of synthesis

A

Starbucks

36
Q

What are the advantages of buying an on-going business?

A

Less fear about successful future operation, reduced time and effort, purchasing at a good price

37
Q

Franchise

A

Any arrangement in which the owner of a trademark, trade name, or copyright has licensed others to use it in selling goods or services

38
Q

What are the advantages of buying a franchise?

A

Training and guidance, brand-name appeal, a proven track record, financial assistance

39
Q

What are the process approaches to entrepreneurship that examine the activities involved in entrepreneurship?

A

The integrative approach and the dynamic states approach

40
Q

Integrative approach

A

Built around inputs and outcomes of entrepreneurial process; focuses on five key elements to the process

41
Q

Dynamic states approach

A

Stresses the dependency of the venture on the environment and interaction of various elements

42
Q

How dominant have new and small ventures been in the economy?

A

Small firms supply 49.6% of private sector jobs, make up 99.7% of employing firms; 600,000 to 800,000 new businesses created annually; integral part of process that defines market economies

43
Q

What are some of the recent trends that are changing the nature of entrepreneurs?

A

Venture financing, corporate entrepreneurship, social entrepreneurship, entrepreneurial cognition, women and minority entrepreneurs, the global entrepreneurial movement, family businesses, and entrepreneurial education

44
Q

Three major sources of information that supply data related to the entrepreneurial mindset

A

Research and popular publications; direct observation; speeches, seminars, and presentations

45
Q

Four distinct roles that managers may take in rationalizing morally questionable acts “against the firm” or “on behalf of the firm”

A

Nonrole, role failure, role distortion, role assertion

46
Q

Nonrole

A

Against the firm; ex. embezzlement

47
Q

Role failure

A

Against the firm; ex. not confronting expense account cheating

48
Q

Role distortion

A

For the firm; ex. bribery

49
Q

Role assertion

A

For the firm; ex. investing in unethically governed countries

50
Q

Ethics

A

Provides the basic rules or parameters for conducting any activity in an “acceptable” manner; represents a set of principles prescribing a behavioral code of what is good and right or bad and wrong

51
Q

Conflicts over the ethical nature of decisions

A

Pressure from inside and outside interests; changes in societal norms

52
Q

What steps can entrepreneurs take to establish a position of ethical leadership in business?

A

Code of ethics that encompass ethical consciousness, ethical process and structure, and institutionalization

Entrepreneurship (3 decks)

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