Entrepreneurship Module 1 – Introduction to Entrepreneurship

A set of flashcards covering definitions, competencies, types, and economic significance of entrepreneurship from Module 1.

What is the literal meaning of the French verb “entreprendre,” from which the word “entrepreneur” is derived?

To undertake

Define entrepreneurship in one sentence.

Entrepreneurship is the process by which an entrepreneur undertakes the risk of creating and operating a venture to produce value and profit.

Give two ways entrepreneurship contributes to society’s economic development.

It creates organizations that generate employment and improves the standard of living through new products and services.

Which managerial benefit does an entrepreneur personally gain while running a venture?

Development of managerial capabilities

List the four main reasons entrepreneurship is relevant to an organization.

(1) Develops managerial capabilities, (2) Creates organizations, (3) Improves standard of living, (4) Serves as a means of economic development.

Name the personality factor that means ‘doing things even before being told.’

Initiative

What personality factor describes an entrepreneur who plans ahead and prepares for future problems?

Proactive

Which personality trait refers to an entrepreneur’s ability to keep trying despite challenges?

Perseverance

Which personality factor is defined as the ability to convince customers to buy a product?

Persuasion

What personality factor embodies an entrepreneur’s willingness to gamble after careful calculation?

Risk taking

State two environmental factors that can influence entrepreneurship.

Political climate and economic conditions (any two of: political, climate, legal system, economic, social conditions, market situations).

Give three common competencies every entrepreneur should have.

Any three of: Decisive, Communicator, Leader, Opportunity seeker, Proactive, Risk taker, Innovative.

What does it mean when we say an entrepreneur is an ‘opportunity seeker’?

They have the ability to be the first to recognize and act on business chances.

List the four core competencies of entrepreneurship.

Economic and dynamic activity, Innovativeness, Profit potential, Risk bearing

Which type of entrepreneur is always creating new ideas and products?

Innovative entrepreneur

Identify the entrepreneur type that follows and adapts ideas introduced by others.

Imitating entrepreneur

Which entrepreneur type is skeptical and only adopts changes after being fully convinced?

Fabian entrepreneur

Name the entrepreneur type that is conservative, resists change, and may suffer losses because of it.

Drone entrepreneur

Who are entrepreneurs that drive social innovation in fields like education and health?

Social entrepreneurs

What is the main compensation or reward for an entrepreneur’s efforts?

Profit potential

State two possible career opportunities for a graduate of entrepreneurship.

Any two of: Business consultant, Teacher, Researcher, Salesperson, Business reporter.

True or False: Entrepreneurship can improve only the life of the entrepreneur.

False – it also benefits the surrounding community and economy.

True or False: A ‘coward’ person is likely to become a successful entrepreneur.

False – entrepreneurs must be willing to take calculated risks.

Which competency requires the entrepreneur to have the charisma and influence over employees?

Leader

Give one function of an entrepreneur that is NOT optional for business success.

Risk taking (others include skills management, conducting research, innovating, etc.).

What personality factor allows an entrepreneur to maintain good relations while solving issues?

Problem-solving ability

Which common competency means being firm and quick in making choices?

Decisive

Which environmental factor refers to taxes, tariffs, and trade laws that affect a venture?

Legal system or regulatory environment

Entrepreneurs that ‘live on the labor of others’ are known as what type?

Drone entrepreneurs

Fill in the blanks: are people who take risks, they are innovators and contributors to the development of the .

Entrepreneurs; economy