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The Entrepreneurial Mind > Module 1 Session 1 > Flashcards

Module 1 Session 1 Flashcards

1
Q

In the ______, the word entrepredre means to undertake

A

13th Century

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2
Q

____ means to undertake

A

entrepredre

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3
Q

During _____, entrepreneur are the actors or person in charge of activity (large production)

A

Middle Ages

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4
Q

During 16th Century, _____ associated the word entrepreneur into academic use.

A

Richard Cantillon

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5
Q

During 16th Century, _____ described entrepreneur as adventurer/projector

A

Daniel Defoe

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6
Q

In the 16th Century, ____ is a distinguishing feature of entrepreneur

A

risk

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7
Q

In the 19th Century, ______ portrayed the entrepreneur as a capitalist

A

Jean Baptiste Say

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8
Q

In the 19th Century, ______ portrayed the entrepreneur as a manager

A

John Stuart Mill

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9
Q

In the 19th Century, ______ portrayed the entrepreneur as a coordinator

A

Alfred Marshall

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10
Q

20th Century

According to ____, there are two types of risk which are: _____, ______

A

Frank Knight, measurable and non-measurable

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11
Q

20th Century

According to _____, ______ is a vital component of who an entrepreneur is

A

Joseph Schumpeter, innovation

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12
Q

What does entrepredre means in French?

A

between taker, go between

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13
Q

During the _____, the entrepreneur is characterized by breaking no risks but simply carrying the task forward until resources were exhausted

A

middle ages

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14
Q

In ______, entrepreneur was first related to business and took to mean as a person engaged in business

A

16th Century

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15
Q

16th Century

He is responsible for the first academic usage of the word entrepreneur

A

Richard Cantillion

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16
Q

16th Century

He identified entrepreneur as an adventurer

A

Richard Cantillion

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17
Q

16th Century

He called entrepreneurs as projector and adventure

A

Daniel Defoe

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18
Q

During this term, the term entrepedre was highly related to risk taking

A

17th Century- 18th Century

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19
Q

During this term, the entrepreneur entered into a contractual relationship with the government for the performance of a service or the supply of goods

A

17th Century- 18th Century

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20
Q

19th Century

He described the entrepreneur as an arbitrageur

A

Jean Baptiste Say

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21
Q

19th Century

He portrays that the entrepreneur with his knowledge and judgment as someone who sought opportunities to earn profits by reallocating resources from areas of low productivity to areas of high productivity by describing an entrepreneur in terms of behavior

A

Jean Baptiste Say

22
Q

19th Century

He describes the entrepreneur as someone who was more than the venture capitalist but also one who managed the venture

A

John Stuart Mill

23
Q

19th Century

He linked Say’s and Mill’s ideas claiming that the entrepreneur was one who coordinated the four factors (land, labor, capital and organization) together

A

Alfred Marshall

24
Q

Kind of risk that is characterized by objective probability that an event will happen

A

measurable

25
Q

Kind of risk that is characterized by no objective measure of probability of gain or loss

A

unmeasurable

26
Q

Two insights of Joseph Schumpeter

A
  • innovation is the driving force not only of capitalism but also of economic progress in general
  • entrepreneurs are the agents of innovation
27
Q

5 Types of Innovation According to Joseph Schumpeter

A

Product
Process
Business Model
Source of Supply
Mergers and Divestments

28
Q

A type of innovation that is characterized by introduction of a new product or quality

A

Product

29
Q

A type of innovation that is characterized by combination of two existing products to create an entirely new product

A

Product

30
Q

A type of innovation that is characterized by introduction of a new method of production

A

Process

31
Q

A type of innovation that is characterized by Opening of a new market

A

Business Model

32
Q

A type of innovation that is characterized by the conquest of a new source of supply of new materials or parts

A

Source of Supply

33
Q

A type of innovation that is characterized by organization of any industry

A

Mergers and Divestments

34
Q

example of product

A

combination of the horseless carriage and the steam engine, which led the way to the invention of automotive such as trains, steam boats and eventually cars

35
Q

example of process

A

Henry Ford introduced the assembly line, which significantly decreased the amount of time from twelve hours to two and a half hours it took to create the Ford T1 Model cars back in 1913. Today his innovation is still used in various industries around the world.

36
Q

example of business model

A

Angkas is a a ride-sharing company, the opening of new markets as it has recognized that among commuters there exist a substantial number who were willing, needed and could afford to avail of the services of a ride sharing company like theirs.

37
Q

example of source of supply

A

vegan leather made from cactus- innovative solution has been discovered by two entrepreneurs who have developed a way to create authentic looking leather from cactus

38
Q

example of merger and divestment

A

carrying out of the new organization of any industry, like the creation of a monopoly position (for example through trustification) or the breaking up of a monopoly position

39
Q

He argued that while innovation was an important factor of entrepreneurship it is not entirely what makes him one

A

Ludwig Von Mises

40
Q

He indicated in his theory of consumer sovereignty that while entrepreneurs were responsible for production, it is not him nor innovation that determines what is to be produced

A

Ludwig Von Mises

41
Q

He downplayed Schumpeter’s noble claim of innovation as an integral mover of the economy by saying: “Innovation is the whim of an elite before it becomes a need of the public.”

A

Ludwig Von Mises

42
Q

According to him, although innovation is one of the activities performed by the entrepreneur, it is not the only one, and perhaps not even the most important one

A

F.W.Taussig (1859-1940)

43
Q

He notes that entrepreneurship can be defined as changing the yield of resources (seen in supply or production terms) or as changing the value and satisfaction obtained from resources by the consumer (defined in demand terms) and innovation to be the specific instrument of entrepreneurship

A

Peter Drucker (1909-2005)

44
Q

Like Taussig and Mises, he asserts that innovation does not have to be technical and are often social as well

A

Peter Drucker (1909-2005)

45
Q

refers to the key characteristics that entrepreneurs ideally possess in order to perform entrepreneurial functions effectively

A

Entrepreneurial Competencies

46
Q

are defined as the combination of knowledge, abilities, and attitudes needed to accomplish a role efficiently

A

Competencies

47
Q

Three Components of the PECs

A

The Planning Cluster
The Achievement Cluster
The Power Cluster

48
Q

The Planning Cluster covers three characteristics:

A

goal setting
information seeking
systematic planning and monitoring

49
Q

The Achievement Cluster is composed of:

A

opportunity seeking
persistence
commitment to work
risk taking
demand for efficiency and quality

50
Q

is perhaps the most important trait of the successful entrepreneur

A

Passion

51
Q

The Power Cluster is composed of:

A

persuasion and negotiation
self-confidence

The Entrepreneurial Mind (4 decks)

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