Prelim (Mod 1-3) Flashcards
_____________ claims, that whilst there is no universally
accepted definition of entrepreneurship, it is fair to say that it is___________. It involves
analyzing people and their actions together with the ways in which they interact with their
environments, be these social, economic, or political, and the institutional, policy, and legal
frameworks that help define and legitimize human activities
Blackburn (2011)
multi-dimensional
Cantillon associated entrepreneurs with _______ activity in economy
risk-bearing
According to him, an entrepreneur is the agent who buys means of production at certain
prices in order to combine them into a product that he going to sell at prices that are uncertain at
the moment at which he commits himself to his costs.
Richard Cantillon
nationality of richard cantillon
Irish-French
He emphasized the entrepreneur’s function of
taking risks and bearing the uncertainties.
Richard Cantillon
According to him, The entrepreneur is the economic agent who unites all
means of production, the labor force of the one and the capital or the land of the others and who
finds in the value of products his results from their employment reconstitution of the entire capital
that he utilizes and the value of the wages, the interest and the rent which he pays as well as profits
belonging to himself.”
Jean-Baptiste
He further contends that an entrepreneur is someone who shifts economic
resources out of an area of lower productivity into an area of higher productivity and greater yield
Jean-Baptiste
He defined entrepreneur as an individual who carries out
new combines of means of production by which there occurs disequilibrium
Joseph Schumpeter
” He further puts forth that
entrepreneurs, an especially talented and motivated class of people, are key individuals in development.
Joseph Schumpeter
____________is one who introduces new
combinations
innovator
According to him, entrepreneur is basically an innovator and innovator is one who introduces new
combinations.
Joseph Schumpeter
According to ___________, “entrepreneurship is the pursuit of opportunity beyond
resources controlled.”
Professor Howard Stevenson
Where do Howard Stevenson teach?
Harvard Business School
According to them, an entrepreneur can be described as “one who creates a new business in the face of risk and
uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalize on them
Zimmerer & Scarborough
According to them, entrepreneurship can be defined as a field of business that “seeks to understand how opportunities to create
something new (e.g., new products or services, new markets, new production processes or raw materials, new
ways of organizing existing technologies) arise and are discovered or created by specific persons, who then use
various means to exploit or develop them, thus producing a wide range of effects
Baron, Shane, & Reuber
Who says that entrepreneurship “is that it is the process of pursuing opportunities without limitation by resources currently in hand”
Brooks
Who says that entrepreneurship is the process of doing something new and something different for the purpose of creating wealth for the
individual and adding value to society
Kao
Who provided this integrated definition of entrepreneurship, “Entrepreneurship is a dynamic process of vision, change and creation. It requires an application of energy and
passion towards the creation and implementation of new value-adding ideas and creative solutions. Essential
ingredients include the willingness to take calculated risks in terms of time, equity or career; the ability to
formulate an effective venture team; the creative skill to marshal needed resources; and, finally, the vision to
recognise opportunity where others see chaos, contradiction and confusion.”
Frederick, Kuratko, and O’Connor
___________ is the process of
creating something new of value while assuming the risks
Entrepreneurship
A ___________denotes that a procedure has several steps or stages to be taken. In the same manner,
the practice of entrepreneurship involves several steps of stages to be taken.
process
Simply put, this is innovation. The practice of entrepreneurship always involves
innovation.
creating something new
it refers to the worth attributed to something.
value
We often associate the word risk with negative things. But simply put, a risk is an
uncertainty. Those who practice entrepreneurship must be willing to bear the risks involved with every
venture. They must have a certain degree of tolerance for uncertainty
assuming the risk
6 nature of entrepreneurship
1.Entrepreneurship creates opportunity
- Entrepreneurship ensures social justice.
- Entrepreneurship instills in us confidence.
- Entrepreneurship stimulates the economy
- Entrepreneurship teaches us to fail and to persevere
- Entrepreneurship teaches us to become creative, innovative, and inventive
_________________ is the adding of new businesses (or portions
of new businesses via equity investments) to the company
Corporate venturing
_______________ focuses on large Scale, highly consequential innovations that are adopted in the company’s pursuit of competitive advantage.
Strategic entrepreneurship
An _____________develops their own business
with a new concept or idea that they have cultivated
entrepreneur
An ____________ is an
employee of a company who uses their
entrepreneurial skills within the business to
innovate in company processes, services,
and products.
intrapreneur
They procure the finished products from the
manufacturers and sell these to the customers directly or through a
retailer. These serve as the middlemen as wholesalers, dealers, and
retailers between the manufacturers and customers
trading entrepreneur
They
identify the needs of the customers and then explore the resources
and technology to be used to manufacture the products to satisfy the
customers’ needs. In other words, the manufacturing entrepreneurs
convert raw materials into finished products.
Manufacturing Entrepreneur
They cover a wide spectrum of
agricultural activities like cultivation, marketing of agricultural
produce, irrigation, mechanization, and technology
agricultural entrepreneur
types of engineers based on the type of the business
trading entrepreneur
manufacturing entrepreneur
agricultural entrepreneur