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Entrep > Introduction to Entrepreneurship > Flashcards

Introduction to Entrepreneurship Flashcards

1
Q

“Entrepreneur” comes from the French word _____, which means to undertake/ to try

A

Entreprendre

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2
Q

It is the process of creating, launching, and managing a business operation.

New businesses, ideas, goods and services, procedures

A

Entrepreneurship

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3
Q
  • One who undertakes innovations, finance and business acument in an effort to transform innovcations into economic goods
  • Individual that perceives business opportunities and successfully creates and develops them
  • Has the capacity to recognize market potential and organize resources to create market innovation
A

Entrepreneur

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4
Q

Other definitions of entrepreneur:

A
  • A person who acts as agent in transforming demand into suppy. (Adam Smith)
  • Person who shifts resources from areas of low to high productivity. (Jean Baptiste)
  • A prime mover in private enterprise. The fourth factor of production. (John Stuart Mill)
  • Economic agent that transforms resources into products and services. (Carl Menger)
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5
Q

According to Alfred Marshall, the process of entrepreneurship / business development is _____.

A

Evolutionary; it evolves from sole proprietorship to a public company.

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6
Q

It is a keenness and quickness in understanding and dealing with a business situation in a manner that is likely to lead to a good outcome

A

Business acument

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7
Q

Theory of Entrepreneurship

  • Entrepreneurship and economic growth take place when economic conditions are favorable.
  • Economic incentives are main motivators
A

Economic Theory of Entrepreneurship

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8
Q

Economic incentives include:

A
  • Taxation policy
  • Industrial policy
  • Sources of Finance
  • Raw Material
  • Infrastructure availability
  • Investment & marketing opportunities
  • Access to information
  • Market conditions
  • Technology
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9
Q
  • Irish-French economist that viewed entrepreneurs as agents who buy factors of production at certain prices to combine them into a product with a view to selling it an uncertain prices in the future
  • Illustrated farmers as entrepreneurs
  • Entrepreneurs as a risk taker
A

Richard Cantillon

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10
Q

Theory of Entrepreneurship

  • Entrepreneurship is likely to get a boost in a particular social culture
  • Entrepreneurial behavior is influenced by society’s values, religious beliefs, customs, taboos
  • Entrepreneur merely performs a role as per society’s expectations
A

Sociological Theory

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11
Q

According to him:

  • Entrepreneur combines land, labor, and capital to produce a product
  • By selling the profit, he is paid back and profits
  • Combines entrepreneur’s finances and organizer roles
  • Entrepreneur as an organizer
A

Jean Baptiste

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12
Q

3 Factors of Production in the 20th century:

A
  • Land
  • Capital
  • Labor
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13
Q

Theory of Entrepreneurship

  • Entrepreneurship is innovation
  • Proponent is Joseph Schumpeter
  • Entrepreneurship resulted in new industries through combining existing inputs in a new way
  • Ignores risk-taking and organizer abilities
A

Entrepreneurship Innovation Theory

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14
Q

An entrepreneur innovates when he:

A
  • Introduces a new production
  • Introduces a new production method
  • Opens up a new market
  • Finds out a new source of raw material supply
  • Introduces a new organization in any industry
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15
Q

Theory of Entrepreneurship

  • Entrepreneurship gets a boost when society has sufficient supply of individuals with necessary psychological characteristics
  • Entrepreneurs are formed during the individual’s upbringing
A

Psychological Theory

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16
Q

Psychological characteristics included:

A
  • Need for achievement
  • Vision or foresight
  • Ability to face opposition
17
Q

Theory of Entrepreneurship

Entrepreneurship can be developed and the traditional beliefs do not inhibit entrepreneurs

A

Achievement Motivation theory

18
Q

According to David McClelland, achievement motivation fulfills:

A

Economic and Social development

19
Q

McClelland identified 3 needs:

A
  • Need for Achievement
  • Need for Affiliation
  • Need for Power
20
Q
  • Young adults were selected and put through a 3-month training to induce achievement motivation
  • Conducted in America, Mexico, India
  • It was deducted that traditional beliefs do not inhibit an entrepreneur
A

Kakinada Experiment

21
Q

Experiment course content:

A
  • Control thinking, positive self-thoughts
  • Imagining challenges and success to plan achievable goals
  • Imitating role models
22
Q

What does an entrepreneur do?

A
  • Develop new ideas
  • Assumes risks
  • Sets up products
  • Satisfy customer needs and desires
23
Q

McClelland identified 2 characteristics of entrepreneurship:

A
  • Doing things in a new and better way
  • Decision making under uncertainty
24
Q

According to McClelland, people with _____ are more likely to become entrepreneurs

  • Not influenced by money or external incentives
  • Profits are only a measure of success and competency
A

High achievement orientation (need to succeed)

Entrep (9 decks)

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