General Learnings i guess Flashcards
involves not only the process that leads to the setting up of a business entity but also the expansion and development of an ongoing concern.
Entrepreneurship
Adam’s Smith’s definition of an entrepreneur
An entrepreneur is a person who acts as agent in transforming demand into supply.
Jean Babtiste Say’s definition of an entrepreneur
An entrepreneur is a person who shifts resources from an area of low productivity to high productivity.
John Stuart Mill’s
definition of an entrepreneur
An entrepreneur is a prime mover in the private enterprise. The entrepreneur is the fourth factor of production after land ,labor and capital.
Carl Menger’s definition of an entrepreneur
The entrepreneur acts as an economic agent who transforms resources into products and services. The entrepreneur transforms and gives added value
Joseph Aloysius Schumpeter’s definition of an entrepreneur
An entrepreneur is an innovator. The economy moves through leaps and bounds and the prime mover is the entrepreneur through the process of creative destruction
Alfred Marshall’s definition of entrepreneurship
The process of entrepreneurship or business development is incremental or evolutionary . It evolves from sole proprietorship to a public company.
Ibnu Khaldun’s definition of an entrepreneur
The entrepreneur is seen as a knowledgeable individual and is instrumental in the development of a city-state where enterprise will emerge.
David McClelland’s definition of an entrepreneur
The entrepreneur is a person with a high need for achievement. This need for achievement is directly related to the process of entrepreneurship.
general definition of entrepreneurship
is a process of innovation and new venture creation through four major dimensions – individual, organizational, environmental and process
what is the functional definition of entrepreneurs?
Entrepreneurs are individuals who actively form or lead their own business and nurture them for growth and prosperity.
characteristics of an entrepreneur
Calculated Risk-taker
Innovator
Organiser
Creative
Achievement Motivated
Technically Competent
Self-confident
Socially Responsible
Optimistic
Equipped with capability to drive
characteristics of an entrepreneur part 2
Blessed with Mental Ability
Human Relations Ability
Communication Ability
Decision-Making
Business Planning
A venture Capitalist
Visionary
Entrepreneur make significant differences
Ability to Spot and Exploit Opportunities
Courage to Face Adversities
Leadership—An essential trait of the entrepreneur
what is a business entrepreneur?
Business entrepreneurs are those entrepreneurs who conceive the idea of a new product or service and then translate their ideas into reality
what are trading entrepreneurs?
As the very name indicates trading entrepreneur is concerned with trading activities and not manufacturing
what are industrial entrepreneurs?
As the very name indicates, an industrial entrepreneur is one who sets up an industrial unit
what is a corporate entrepreneur?
Corporate entrepreneur is the one who plans, develops and manages a corporate body
what is an agricultural entrepreneur?
agricultural entrepreneur is the one who is engaged in the agricultural activities.
what is a pure entrepreneur?
Pure entrepreneur is one who may or may not possess an aptitude for entrepreneurship but is tempted by the monetary rewards or profits to be earned from the business venture.
what is an induced entrepreneur?
Induced entrepreneur is attracted by the various incentives, subsidies and facilities offered by the government.
what is a technical entrepreneur?
The strength of a technical entrepreneur is in his skill in production techniques. He concentrates more on production than on marketing
what is a non-technical entrepreneur?
Unlike technical entrepreneur, non-technical entrepreneur is not concerned with the technical aspect of the product rather he spends more time in developing alternative strategies of the marketing and distribution to promote his business.
what is a professional entrepreneur
Professional entrepreneur means an entrepreneur who is interested in floating a business but does not want to manage or operate it
what is a first-generation entrepreneur?
First generation entrepreneur are those entrepreneur who do not possess any entrepreneurial background
what is a second-generation entrepreneur:?
Second generation entrepreneurs are those entrepreneurs who inherit the family business firms and pass it from one generation to another
what is a classical entrepreneur?
A classical entrepreneur is a stereotype entrepreneur whose aim is to maximize his economic returns at a level consistent with the survival of the unit but with or without an element of growth.
what is an innovative entrepreneur?
Innovative entrepreneurs are generally aggressive and possess the art of cleverly putting the attractive possibilities into practice.
what are imitative entrepreneurs?
Imitative entrepreneurs are characterized by a readiness to adopt successful innovations inaugurated by successful innovating entrepreneurs.
what are Fabian entrepreneurs?
Fabian entrepreneurs are cautions and skeptical in experimenting change in their enterprises. Such entrepreneurs are shy, lazy and lethargic.
what are drone entrepreneurs?
Drone entrepreneurs are characterised by a refusal to adopt opportunities to make changes in production formulae even at the cost of severly reduced returns
