Introduction to Entrepreneurship Flashcards
What is the definition of Entrepreneurship?
Entrepreneurship is the process of creating something new and beneficial, by investing time and effort, with the assumption of physical and social risk, while finally obtaining the material reward, personal satisfaction, and independence.
Entrepreneurship is a complex, multi-dimensional “framework”, which focuses on (Individual, Environment, Organization, Entrepreneurship process).
What are the phases in the process of Entrepreneurship?
Work process on new venture – weather it was placement of new products on the existing markets, existing products on new markets, or creating new organization.
It consists of four phases:
1. Opportunity identification and evaluation
2. Business plan production
3. Provision of necessary resource
4. Managing new enterprise
What is Corporative Entrepreneurship?
Method to stimulate and capitalize on value of individuals thinking that
something can be done differently and better, within the very corporation / company.
Adversity to flexibility, growth and diversification may partially be overcome by developing entrepreneurial spirit in the existing organization.
Creating something new and valuable by redefining current products or service of the company, developing new markets, or establishing formally autonomous
or partially autonomous units or companies.
What is the definition of product evolution and iterative synthesis?
In the product evolution process, the innovation is being developed and commercialized based on entrepreneur’s activities, thus promoting economic growth.
The key point in product evolution is intersection between the knowledge and observed need, which initiates product development phase. This point is
named iterative synthesis.
What is the definition of technology transfer?
Procedure of transfering technology developed in laboratories to a new commercial products, is named technology transfer, and many research efforts strive towards this in particular.
Traditional VS Entrepreneurial organization
Traditional organization is hierarchical, with predefined procedures, reporting systems, lines of authority and responsibility, and control methods.
Entrepreneurial organization is a total opposite – shallow, network organization structure, teamwork, sponsorship and mentorship.
What is Social entrepreneurship?
Social enterprise is focused on creating revenues, with the objective to achieve positive effects for the society, local community, and environment.
Social entrepreneurs – the persons initiating and leading social enterprise, individuals offering innovative solutions to the most prominent social issues.
What are the double and triple bottom line principles?
Triple-bottom-line principle – measuring social, economic, and environmental influence achieved by social enterprise.
Double bottom line (DBL) is a business strategy that marries financial profit to social responsibility.
