Intro To Entrepreneurship (Lec 01) Flashcards
What is entrepreneurship?
Entrepreneurship is the art of turning an idea into a business.
Cooperate Entrepreneurship is:
The conceptualization of entrepreneurship at the firm level.
The position of a firm on the continuum that ranges from conservative to entrepreneurial is referred to as it’s:
Entrepreneurial Intensity
List three primary reasons individuals pursue starting their own firms.
- They desire to be their own boss
- They desire to pursue their ideas
- Financial incentive
The qualities of a successful entrepreneur:
- Passion for the Business
- Product/Customer Focus
- Execution Intelligence
- Tenacity Despite Failure
PPET
Myths About Entrepreneurs:
Hint: Think about a privileged yakuza boss’, son.
Entrepreneurs:
- are young
- are gamblers
- are eccentric
- are born
- are motivated primarily by money
What age ranges have the most and least business owners?
a. 45 - 54
b. 35 - 44
OR
a. 50 - 88
b. Under 35
What are the three types of start-up firms?
- Salary-Substitute
Firms that provide enough
income to substitute a
conventional job.
E.g.
Dry Cleaners - Lifestyle
Firms that provide their
owner the opportunity to
pursue a particular lifestyle.
E.g.
Ski Instructors, Yoga Teachers - Entrepreneurial
Firms that bring new
products and services or
seize an opportunity.
E.g
Google, Facebook, Uber
Ways Entrepreneurship Impacts the Economy
- Innovation
The process of creating
something new. - Job Creation
- Impact on Society
Quality of life improvement. - Impact on Larger Firms
Servicing larger businesses.
The Four Steps of the Entrepreneurial Process
(Think of the steps in the SDLC)
1) Deciding to be an entrepreneur.
2) Developing a successful idea.
3) Moving from an idea to an entrepreneurial firm.
4) Managing and growing the firm.
Shortened:
Decision
Development
Implementation
Maintenance
