Module 6: Entrepreneur Flashcards
What is an Entrepreneur?
someone who uses their vision, passion, motivation and innovation to take calculated risks in order to start a new venture and create value.
What are the characteristics of an Entrepreneur?
Passion and Motivation Risk Taker Persistence and Determination Persuasiveness and resourcefulness Ambition Creativity Optimism Willingness to learn
What in addition to Entrepreneurial characteristics are required?
Entrepreneurial skills. An entrepreneur will only get so far with characteristics
What are unique about entrepreneurial skills
They can be learned unlike characteristics which are often difficult to change
Name some skills of the successful entrepreneur?
communication marketing planning interpersonal management personal effectiveness team building leadership
What are the benefits of being an entrepreneur?
Flexibility Wealth creation Being your own boss Remote working Changing the world
What are the barriers to entrepreneurship
Capital Knowledge Time Ideas Income Risk
What is an intrapreneur?
n employee within a company who is tasked with exploring and developing an idea from within a company. Both the risks and rewards are reduced for an intrapreneur compared to that of an entrepreneur because the intrapreneur has access to the resources and capabilities of an established company that they work for.
Whats the difference between and entrepreneur and an intrapreneur
Whereas entrepreneurs create their own business based on an innovative idea, intrapreneurs explore the policies, applications and technology of their employer and strive to improve the performance of an existing company.
Name an example of an intrapreneur
Jony Ive joined Apple in 1992 and after 20 years of innovation – including the Apple Watch – is now the Chief Design Officer
What is convergent thinking?
Focussing on the ‘correct’ answer to questions that do not require much creativity
What is divergent thinking?
Exploring the many possible solutions to a problem; involving thinking in an unusual and non-stereotypical way
What method of thinking do most problems require?
Most often a mixture of convergent and divergent thinking
What is the benefit of group creativity?
By surrounding themselves with individuals exhibiting a variety of personalities, experience and approaches, an entrepreneur is able to analyse a problem from a variety of different perspectives.
What factors can help improve creativity for an entrepreneur and intrapreneur
Working environment Ability to play Creative culture Recognition scheme Creativity process creativity training Leadership
