Test 1 Flashcards
What is an entrepreneur?
A person who organizes & operates a buisness or businesses, the goal is to earn profit and create value for community’s, many entrepreneurs seek freedom in their work
What is a intrapreneur
People who are tasked with creating new products within an already established company, they use entrepreneurial thought
What is a venture
A new business or business activity that entrepreneurs or institutions Lauch that involves the potential for risk & return
What is a need and a want
Needs - essential for human survival (food,shelter,clothing
Wants - human desires that go beyond basic needs and are not essential for survival
Supply & demand
Supply - what you have to sell
Demand - people want to buy
Law of supply
As price increases, supply increases
As price decreases, supply decreases
Law of demand
As price increases, demand decreases
As price decreases, demand increases
5 characteristics of entrepreneurial ventures
For profit/non-profit
Physical/virtual
Large scale/small scale
Service production/goods production
Local/provincial/ national/global
Impact on community’s
- job creation
- new ideas
- economic benefits
- political benifits
Characteristics of entrepreneurs
-creative, self confident, goal oriented, optimistic, flexible, visionary, gets along with others, resourceful, motivated
Entrepreneurial skills
- generate ideas, plan, organize, solve problems, keep records, communicate, lead others, network, make decisions
Autocratic
Pros - fast decision making
- productivity
- improves crisis management
Cons - high pressure work environment
- discourages feedback
- lacks creativity
Good for use when it’s a new employee
Bureaucratic
Pros - job security
- efficiency
- accountability
Cons - limits innovation
- competition discouraged
- slow adaption to change
Good to use when handling dangerous objects
Democratic
Pros - encourages creativity
- builds team trust
- promotes employee engagement
Cons - can be time consuming
- leaders can too be consultive, not decisive enough
Good to use when there’s lots of input needed
Laissez-faire
Pros - higher investment
- more innovation
- competition
Cons - lack of direction
- income inequality
- risk of chaos
Good to use when you trust your employees, have staff specialists or consultants
Bobby knight and coach K
Bobby was autocratic, motivated his players with aggression & intimidation
Coach k was Democratic, he coached his players through communication & support
Smart goals
S- specific (clear, well defined)
M- measurable (specific criteria to measure your progress)
A- attainable (not impossible to achive)
R- realistic (relevant in your life)
T- timely (clear, defined timeline)
Enterprising person
They do not take financial ricks, they work for a company because of its stability and little financial risk, seek jobs that offer trade offs
Trade offs
- meaningful work
- leisure time
- opportunity to learn skills
- money
- security
Steps to create a slogan
- decide what you want to communicate about your project
- Keep it simple
- Establish your company’s voice
- Brainstorm ideas
Steps to create a logo
- Your company’s story
- Brainstorm words, symbols about your brand
- Sketch simple ideas, small amounts of colour
Mission statements
- short statement of why your organization exists
- realistic, practical
- motivational
- short, concise, easy to read
