Introduction - Entrepreneurship Flashcards
- What is the activity of an entrepreneur according to Jean Baptiste (1803) say?
The entrepreneur shifts economics resources out of an area o lower and into an area of higher productivity
- How does Joseph Schumpeter (1911) define “entrepreneurship”?
Entrepreneurship is about new factor combinations leading to new products, production methods or new markets. It is about creative destruction.
- What are the career reasons of nascent entrepreneurs? Name and explain them.
- Independence (freedom & control in use of one’s time)
- Self-realization (pursue self-directed goals)
- Financial success (earn money, achieve financial security)
- Recognition (have status & approval by others)
- Role (follow family traditions or follow example of others)
- Innovation (accomplish something new)
- What are the motives for starting a business, according to GEM 2019?
▪ To make a difference in the world;
▪ To build great wealth or very high income;
▪ To continue a family tradition;
▪ To earn a living because jobs are scarce.
- Name the four main forms of capital and give two examples of each.
- Natural Capital; Raw Materials, wind
- Financial Capital; Money, bonds and securities
- Intellectual Capital; Human capital, knowledge
- Organisational Capital; Hardware and machines, software and databases.
- Explain “Creative Destruction” in terms of entrepreneurship.
In the context of entrepreneurship, creative destruction occurs when new ideas, technologies, and business models disrupt existing industries, markets, and established businesses. Entrepreneurs who engage in creative destruction identify opportunities for innovation, develop new products or services, and introduce them to the market. As a result, they fundamentally change the way industries operate and displace outdated or less efficient methods.
- What are the key activities of entrepreneurs according to Byers et al. (2011)?
Entrepreneurs;
- Identify opportunities
- Mobilise resources
- Execute on their vision
- Manage risks
- What is a Business Opportunity according to Dorf & Byers (2008)?
An opportunity is a timely and favorable juncture of circumstances providing a good chance for a successful venture.
- Name the nine categories of an opportunity according to Byers et al. (2011).
- Increasing the value of a product or service
- Increasing reach
- Increasing the scale of the firm
- Creating mass markets
- Customization for individuals
- Convergence of industries
- New applications of existing means or technologies
- Managing the supply chain
- Process innovation
- What are the characteristics of an attractive opportunity? Name and explain them shortly.
- Timely – a current need
- Solvable –can be solved in the near future with accessible resources
- Important – on the priority list of the customer
- Profitable –adequate willingness to pay
- Context – favorable regulatory and
industry situation
- What is an entrepreneurial competence according to Tittel & Terzidis (2020)? What does
competence consist of? Explain the different parts.
An entrepreneurial competence is the specific set of domain,
relational, and personal competences needed to generate entrepreneurial action.
- Name and explain the six verbs that describe personal competence according to Tittel & Terzidis
(2020).
- Lead, enable & inspire a collective team.
- Communicate with stakeholders with enthusiasm, respect & clarity.
- Network & socialize with potential partners.
- Organize &coordinate the workforce.
- Persuade partners to achieve commitment & common action.
- Conduct fair & purposeful negotiations
- What are the stages of Action Learning?
Stages :
1. Listen: Impulse
2. Do: Activity & experience
3. Reflect: what, how, why, how else
4. Internalize: Theorize & practice
