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EC-EM > INTRODUCTION TO ENTREPRENEURSHIP > Flashcards

INTRODUCTION TO ENTREPRENEURSHIP Flashcards

1
Q

FRENCH word meaning “to undertake, set about, or to try”

A

ENTREPRENDRE

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2
Q

processes of entrepreneurship (3) in business operations

A
  1. creating
  2. launching
  3. managing
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3
Q

entrepreneurs create new ____ (4)

A
  1. business/es
  2. idea/s
  3. goods & services
  4. procedures
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4
Q

what does an entrepreneur do (4)

A
  1. develops
  2. assumes risks
  3. setting up products
  4. satisfy customers
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5
Q

entrepreneurs satisfy customers’ ____ (2)

A
  1. needs (essential)
  2. desires (wants)
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6
Q
  • they have the ability to FIND opportunities, ACT ON opportunities, and TRANSLATE the opportunities into products that would satisfy the market
  • they have the capacity to recognize the MARKET POTENTIAL of creativity and organize the resources needed to turn into a beautiful MARKET INNOVATION
  • one who undertakes INNOVATIONS, FINANCE, and BUSINESS ACUMEN in an effort to transform innovations into economic goods
A

entrepreneur

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7
Q

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 acumen

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8
Q

different definitions of entrepreneur according to these people (5)

A
  1. Adam Smith (1776)
  2. Jean Baptiste Say (1803)
  3. John Stuart Mill (1848)
  4. Carl Menger (1871)
  5. Alfred Marshall (1936)
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9
Q

“An entrepreneur is a person who ACTS AS AGENT IN TRANSFORMING DEMAND INTO SUPPLY”

A

ADAM SMITH

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10
Q

“An entrepreneur is a person who SHIFTS RESOURCES from an area of LOW PRODUCTIVITY TO HIGH PRODUCTIVITY”

A

JEAN BAPTISTE SAY

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11
Q

“An entrepreneur is a PRIME MOVE IN THE PRIVATE ENTERPRISE. They are the FOURTH FACTOR of production after land, labor, and capital”

A

JOHN STUART MILL

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12
Q

“the entrepreneur acts as an ECONOMIC AGENT who transforms resources into products and services. The entrepreneur TRANSFORMS and GIVES ADDED VALUE”

A

CARL MENGER

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13
Q

“the process of entrepreneurship or business development is incrimental or EVOLUTIONARY. It EVOLVES FROM SOLE PROPRIETORSHIP TO A PUBLIC COMPANY”

A

ALFRED MARSHALL

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14
Q
  • establishes a new entity to offer a new or existing product or service into a new or existing market, whether it is for a profitable or non-profitable outcome
  • able to perceive an opportunity for a business and create an organization to develop and manage that business successfully
  • organizes, manages, and assumes the risks of a business (Kuratko &Hodgetts, 2001)
A

entrepreneur

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15
Q

theories of entrepreneurship (5)

A
  1. economic theory
  2. sociological theory
  3. entrepreneurship innovation theory
  4. psychological theory
  5. theory of achievement motivation / achievement theory (Kakinada experiment)
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16
Q
  • entrepreneurship and economic growth takes place when ECONOMIC CONDITIONS are favorable
  • ECONOMIC INCENTIVES are the main motivators
A

ECONOMIC THEORY OF ENTREPRENEURSHIP

17
Q

economic incentives as main motivators under the economic theory (6, familiarize lang)

A
  1. taxation policy
  2. industrial policy
  3. sources of finance and raw material
  4. infrastructure availability
  5. investment and marketing opportunities
  6. access to information (market conditions, technology, etc.)
18
Q
  • an Irish French Economist
  • viewed entrepreneurs as AN AGENT WHO BUYS FACTORS OF PRODUCTION at certain prices in order to combine them into a product with a view to selling it at uncertain prices in the future

as an example, he illustrated farmers ( as entrepreneur) who pays out contractual incomes to landlords and laborers (certain) while sells their crops at a (uncertain) price

A

RICHARD CANTILLON (under economic theory)

19
Q

the ROLE of an entrepreneur under the ECONOMIC THEORY

A

RISK TAKER

20
Q
  • entrepreneurship is likely to get a boost in a PARTICULAR SOCIAL CULTURE
  • the entrepreneurial behavior of individuals in a society is influenced by: society’s values, religious beliefs, customs, taboos, etc.
  • the entrepreneur merely performs a role as per the EXPECTATIONS OF THE SOCIETY
A

SOCIOLOGICAL THEORY IN ENTREPRENEURSHIP

21
Q
  • an aristocratic individual
  • “entrepreneur is one who combines the land of one,the labor of another and the capital of yet another to PRODUCE A PRODUCT.
  • “By selling the product in the market he pays interest on the capital ,rent on the land and wages to laborers and what remains is his PROFIT.
A

JEAN BAPTISTE SAY (under sociological theory)

22
Q

This was for the first time a distinction was made between the CAPITALIST as the FINANCER and the ENTREPRENEUR AS THE ORGANIZER.

A

FACTORS OF PRODUCTION IN THE 20TH CENTURY (under sociological theory)

23
Q

FACTORS OF PRODUCTION IN THE 20TH CENTURY

A
  1. land
  2. capital
  3. labor
24
Q

role of an entrepreneur under the SOCIOLOGICAL THEORY

A

ORGANIZER

25
Q

-Theory was propounded by JOSEPH SCHUMPETER.
-As per this theory, ENTREPRENEURSHIP is INNOVATION.
-This theory ignores the earlier two abilities, which were till then considered key for an entrepreneur.
*Organizing Abilities
*Risk Taking Abilities

A

ENTREPRENEURSHIP INNOVATION THEORY

26
Q

role of an entrepreneur under the ENTREPRENEURSHIP INNOVATION THEORY

A

INNOVATOR

27
Q
  • a 20th century Austrian economist
  • “An entrepreneur is a person who is willing and able to CONVERT a new idea or invention into a SUCCESSFUL INNOVATION.
  • “Entrepreneurship resulted in new industries,even though it entailed COMBINING THE EXISTING inputs, in a new way.
A

JOSEPH SCHUMPETER

28
Q

an entrepreneur innovates when he: (5)

A
  1. Introduces a new production
  2. Introduces a new production method
  3. Opens up a new market
  4. Finds out a new source of raw material supply
  5. Introduces a new organization in any industry
29
Q

Entrepreneurship gets a boost when society has sufficient supply of individuals with necessary PSYCHOLOGICAL CHARACTERISTICS

A

PSYCHOLOGICAL THEORY IN ENTREPRENEURSHIP

30
Q

under the PSYCHOLOGICAL THEORY, these are the psychological characteristics and the formation of such (7)

A

CHARACTERISTICS:
1. Need for achievement
2. A vision or foresight
3. Ability to face opposition, etc.
THEY ARE FORMED:
4. during the individual’s upbringing
5. by high standards of excellence
6. self reliance and
7. Low father dominance.

31
Q
  • as the basis for entrepreneurial personality, DAVID MCCLELLAND emphasized the importance of doing things in a NEW AND BETTER WAY and decision making UNDER CERTAINTY. Through this, the entrepreneur fulfills both ECONOMIC and SOCIAL development.
  • DAVID MCCLELLAND also identified a need for: achievement, affiliation, and power.
  • stressed that people with HIGH ACHIEVEMENT ORIENTATION (need to succeed) are likelier to become entrepreneurs, wherein people are not influenced by money or external incentives and profits are only a measure of success and competency.
A

THEORY OF ACHIEVEMENT MOTIVATION IN ENTREPRENEURSHIP

32
Q
  • The Need for Achievement was found highest among Entrepreneurship through an experiment.
  • Conducted by McClelland in America, Mexico and India (Kakinada)
  • Young adults were selected and put through a 3 months training to induce achievement motivation.
A

KAKINADA EXPERIMENT

33
Q

what is the process of the Kakinada Experiment (familiarize)

A
  1. In the course content:
    - Trainees were asked to control their thinking and talk about themselves positively
    - trainees imagined themselves in need of challenges and success for which they were made to set planned achievable goals.
    - They tried to imitate their role models.
  2. The achievement motivation had a positive impact on the performance of the participants.
  3. It was deducted that traditional beliefs do not inhibit an entrepreneur.

EC-EM (5 decks)

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