Session 08: Entrepreneurship Flashcards

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1
Q

What is Entrepreneurship?

A

Process of producing innovations by managing risks and identifying business opportunities to satisfy human needs and wants.

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2
Q

Importance of entrepreneurship?

A
  1. Contributes to economic and social development of a country.
  2. Find innovations and react to changes in the world that change rapidly.
  3. Give leadership to the changing world.
  4. Generative innovations to survive in the competitive business world.
  5. Uplift the living standards through satysfying human needs and wants at highlevel.
  6. Create employments through starting new busnesses.
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3
Q

Characteristics of Entrepreneurship?

A
  1. Willing to take risks
  2. Creativity
  3. Commitment
  4. Self confidence
  5. Self reliant
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4
Q

Skills of Entrepreneurship?

A
  1. Leadership
  2. Communication
  3. Interpersonal skills
  4. Basic management
    5.
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5
Q

Process(Stages) of Entrepreneurship?

A
  1. Discovery stage
  2. Concept
  3. Resourcing
  4. Actualization
  5. Harvesting
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6
Q

What is a Business Idea?

A

The spark of creativity that gives a vision for a business or product.

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7
Q

What is opportunity?

A

The set of circumstances in which an idea can be turned into a successful business.

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8
Q

Differences between Business idea and Business opportunity

A

Business Idea:
1. An unproven concept
2. Comes from our minds
3. Spark of creativity that gives a vision for a business or a product.
4. Provides the direction and the vision for the business.

Business opportunity:
1. A proven concept
2. Comes from observation and analysis
3. Set of circumstances in which an idea can be turned into a successful business.
4. Provides the context in which the idea is being implemented.

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9
Q

4 approaches of opportunity identification?

A
  1. Observing trends
  2. Solving a problem
  3. Finding gaps in the market
  4. Entrepreneur’s personal characteristics
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10
Q

Source of Business ideas

A
  1. Emerging trends
  2. Hobbies
  3. Existing and potential customer needs and wants
  4. Market surveys
  5. Analyzing environment
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11
Q

Elements of Business environment

A
  1. Political Environment
  2. Legal..
  3. Economic..
  4. Social..
  5. Technical..
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12
Q

Role of Entrepreneurship

A
  1. Job creation
  2. Wealth creation
  3. Innovation and technology advancement
  4. Regional development
  5. Entrepreneurial eco system and Supportive policies
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