ESI 102 Introduction to Entrepreneurship Vocabulary

Vocabulary terms and definitions from the ESI 102 study pack covering the concepts, types, and orientation of entrepreneurship.

Entrepreneurship

The process of designing, launching, and running a new business, often initially a small business, or the willingness and ability to develop, organize, and manage a business venture along with any of its risk to make a profit.

Entrepreneur

An individual who organises, manages, and takes the risks of an enterprise, derived from the French verb "enterprendre" which means to undertake.

Creative Destruction

A force described by Joseph Schumpeter (1883-1950) where the entrepreneur's drive for innovation and improvement creates upheaval, rendering old industries obsolete by creating new and better ways to do business.

Peter Ducker

A business expert (1909-2005) who described the entrepreneur as someone who searches for change, responds to it, and exploits change as an opportunity.

Retreats

An entrepreneur who continues to work in society but remains indifferent to his to his work.

Ritualistic

One who work as per norms in the society but with no hope of improvement in the working condition.

Reformist

One who is a rebellion and tries to bring in a new way of working and contemporary society.

Innovator

An entrepreneur who is creative and try to achieve the goals set by himself.

Leadership

Generally defined as the art or process of influencing people to strive willingly toward the achievement of objectives, involving the willingness to work with zeal and confidence.

Team Player

A characteristic of an entrepreneur who knows how to succeed by employing the physics of Interpersonal synergy and dynamic relationships.

Optimistic

A positive outlook where an entrepreneur sees setbacks as bargain-priced tuition for valuable business lessons gained through first hand experience.

The Means

The capital or access to resources, such as angle funding, self funding, or access to political prosperity, used to create something else.

The Ability

Having the physical and mental capacity to understand a vision in ways required to succeed in planned goals, often referring to using resources in novel ways.

The Desire

The attribute that stimulates an Entrepreneur's inclination to continue investing in newer, big projects and be creative in generating ideas.

Entrepreneurial Orientation

A concept addressing a firm's mindset in pursuing new ventures, characterized by three main dimensions: innovativeness, risk-taking, and pro-activity.

Innovativeness

A tendency to support new ideas, to experiment, and use creative processes.

Pro-activity

A posture that anticipates the markets' desire and future needs, capitalizing on emerging business opportunities.

Organizational Entrepreneurship

A practice that has a positive relationship with a firm's financial performance, especially in dynamic, complex, and competitive environments.

Prior Knowledge

A condition sine qua non for identifying and exploiting new entrepreneurial opportunities.

Thinking Outside the Box

The practice of turning to external sources, strategic alliances, or long-term relationships with clients and providers to sustain innovation processes.