Intro to Entrep Flashcards
What is the definition of entrepreneurship?
The pursuit of opportunity beyond currently controlled resources.
Defined by Stevenson as a dynamic process of creating incremental wealth by taking risks and innovating.
What distinguishes an entrepreneur from an inventor?
An entrepreneur commercializes the invention, while an inventor creates something new.
Examples: Thomas Edison (inventor), Henry Ford (entrepreneur).
List three rewards of entrepreneurship.
- Independence & control
- Financial success potential
- Personal fulfillment
List three drawbacks of entrepreneurship.
- Income uncertainty
- Long hours & high stress
- Risk of total capital loss
What are Personal Entrepreneurial Characteristics (PECs)?
High achievement motivation
Risk tolerance
Innovativeness
Persistence,
Leadership.
Includes
Can Personal Entrepreneurial Characteristics (PECs) be learned?
There is a debate between ‘Born vs. Made’.
Some argue traits are innate, while others believe skills can be developed through experience & training.
What are Supporting & Enabling Factors (SEFs) in entrepreneurship?
Access to capital
Market conditions
Government policies
Mentorship, and networks.
What is intrapreneurship?
Acting like an entrepreneur within an established company.
Why is intrapreneurship important?
It drives innovation, helps companies stay competitive, and retains top talent.
Differentiate between divergent thinking and convergent thinking.
Divergent thinking involves brainstorming many ideas; convergent thinking involves selecting the best solution.
What are the stages of the creative process?
- Preparation
- Incubation
- Illumination
- Verification
- Implementation
What are common barriers to creativity in business?
- Fear of failure
- Over-reliance on logic
- Rigid corporate structures
