lecture 1 : Entrepreneurship Flashcards
what is meant by entrepreneurship ?
Entrepreneurship is the activity of setting up (starting) a business or businesses, taking on financial risks in the hope of profit (venture).
It is the process of designing, launching and running a new business, which is often initially asmall business.
who are entrepreneurs ?
people who 1) create , 2) design , 3) launch and 4) run business or businesses, taking on financial risks in the hope of profit (venture).
they are able to
1- recognize the commercial potential of the invention
and
2 - organize the capital, talent, and other resources that turn the invention into a commercially viable innovation.
they are drivers for economic development.
emphasizing their role is one of the collecting factors of production ; as they allocate (يخصص) resources from less productive fields to fields that are more productive.
7 Steps to Starting Your Own Business Quickly and Effectively ?
1) Make Sure Entrepreneurship Is What You Really Want.
2) Decide What Kind of Business You Want. …
3) Research Your Idea.
4) Write a Business Plan.
5) Choose a Business Structure.
6) Assemble Your Team.
7) Handle the Paperwork
what is an intrapreneur?
Intrapreneur:is anentrepreneurwithin an already established organization.
what is the difference between small business owners and entrepeneurs?
Many small businesses are sole proprietor operations (عمليات مؤسسة فردية )consisting solely of the owner—or they have a small number of employees—and many of these small businesses offer an existing product, process or service and they DO NOT aim at growth.
entrepreneurial ventures offer an innovative product, process or service and aims to scale up the company by
- adding employees,
- seeking international sales
what is social entrepreneurship?
the use of the by start up companies and other entrepreneursto
1- develop, 2- fund 3-and implement solutions to
1- social, 2- cultural, 3- or environmental issues.
This concept may be applied to a variety of organizations with different 1-sizes, 2-aims, and 3-beliefs.
who is a nascent entrepreneur?
nascententrepreneur is someone in the PROCESS of establishing a business venture / PROFIT POSSIBILITY by
1- introducing new services or products,
2- serving new markets, or
3- developing more efficient production methods .
who are project entrepreneurs?
Project entrepreneurs are individuals who are engaged in the repeated assembly or creation of TEMPORARY organizations.
These are organizations that have LIMITED LIFESPAN which are devoted to producing a SINGULAR OBJECTIVE or goal and get disbanded rapidly when the project ends.
who are millenial entrepreneurs?
Millennial entrepreneur refers to a business owner who is affiliated (التابعة) with the generation that was brought up using digital technology and mass media such as Mark Zuckerberg
what are some Strategies that entrepreneurs use ?
1-Innovation of new products, services or processes
2-Continuous process improvement (CPI) Exploration of new business models
3-Use of technology
4-Use of business intelligence(information)
Strategist
5-Development of future products and services
6-Optimized talent management
……… , …………. and………… the most important traits that distinguished entrepreneurs from non-entrepreneurs.
variety in education, diverse social network and work experience
