PPT 1 Flashcards
What is entrepreneurship?
A process to create value by recognizing business opportunities, managing risks, and mobilizing human, financial, and material resources to bring projects to fruition.
Who is an entrepreneur?
An entrepreneur discovers innovative ideas, develops them into products/services, markets them successfully, and persistently nurtures the business.
What are the key components of entrepreneurship?
Capital, Technology, and Human Talent.
What differentiates innovation from invention?
Invention is scientific discovery, while innovation is the commercialization and humanizing of invention through problem-solving.
What is the need for achievement in entrepreneurship?
It’s a high-level human need, critical to entrepreneurial behavior, driving calculated risk-taking and success.
Why is planning important for entrepreneurs?
Planning mitigates risk, handles uncertainties, coordinates resources, and prepares for the unpredictable beyond a certain point.
What does organization building involve?
Mobilizing human, financial, and material resources, establishing a formal structure, and defining roles and responsibilities within the organization.
What distinguishes a business leader from a manager?
A business leader earns profits, creates wealth, leads people, and is a role model, while a manager earns revenue, works with existing resources, and operates within defined boundaries.
