Introduction to Entrepreneurship - Week 1

These vocabulary flashcards cover the fundamental definitions, characteristics, types, and economic impacts of entrepreneurship based on the introductory lecture notes.

Entrepreneurship

A process through which individuals or groups identify, create, or pursue opportunities to create value through new ventures, products, services, processes, or ways of doing business.

Opportunity

Something that can potentially satisfy a need or solve a problem.

Wantrepreneur

An individual who has a business idea but fails to take action to pursue it, unlike an entrepreneur who moves from idea to business.

Entrepreneur

The individual or group that acts on an opportunity by taking initiative, mobilising resources, and creating value, often under conditions of uncertainty.

Proactivity

An entrepreneurial characteristic defined as the ability to anticipate and respond to change.

SME

Small and Medium-sized Enterprises, classified by size as having fewer than $250$ employees.

Micro Enterprise

A size category of business defined by having fewer than $10$ employees.

Small Enterprise

A size category of business defined by having between $10$ and $49$ employees.

Medium Enterprise

A size category of business defined by having between $50$ and $249$ employees.

Manager

A person responsible for planning, organising, and coordinating organisational activities to achieve specific objectives through effective resource use.

Exploration

A focus of entrepreneurial orientation that emphasizes searching for new possibilities and opportunities under uncertainty.

Execution

A focus of managerial orientation that emphasizes planning, control, and improving current operations to achieve objectives.

Traditional/Commercial Entrepreneurship

The conventional form of entrepreneurship focused on identifying market opportunities to create economic value and capture economic returns.

Technopreneurship

The combination of technology, innovation, and entrepreneurship to create new products, services, or business models and transform existing industries.

Intrapreneurship

Entrepreneurial activity that occurs within an existing organisation, where employees identify new opportunities and develop new products or services.

Social Entrepreneurship

The application of entrepreneurial thinking to social problems, prioritizing the creation of social value while maintaining economic viability.

Green/Ecopreneurship

Entrepreneurship focused specifically on creating opportunities that generate environmental benefits, such as renewable energy or waste reduction.

Sustainable Entrepreneurship

A broad approach to entrepreneurship that considers economic, social, and environmental value simultaneously for sustainable development.

Cooperative Entrepreneurship

Entrepreneurial activity involving collective ownership and participation where members contribute resources, share benefits, and make decisions together.

Productivity

A measure of how effectively resources are used to produce goods and services, which can be improved through new technologies and process efficiency.

Inclusive Development

The provision of economic opportunities for groups that may face barriers in traditional employment, such as young people, women, and migrants.

Structural Change

The process of moving economic activity toward new or higher-value sectors, such as manufacturing or knowledge-based services, to diversify an economy.

Entrepreneurial Ecosystem

A set of interconnected elements including policy, finance, culture, supports, human capital, and markets that determine the impact of entrepreneurial activity.