Entrepreneurship: Sources of Ideas & Entrepreneurial Traits

Vocabulary flashcards covering entrepreneurial idea generation, environmental factors, and the character traits common to successful entrepreneurs.

Entrepreneurial Process

A sequence that begins with creation of an entrepreneurial idea, moves to identifying opportunities, and culminates in opening a new venture.

Entrepreneurial Idea

The initial creative concept that can lead to business opportunities and ventures.

Entrepreneurial Opportunity

A favorable set of circumstances arising from an entrepreneurial idea that can be exploited for profit.

Entrepreneurial Venture

The actual business established to pursue an identified opportunity.

Sources of Entrepreneurial Ideas

Key origins of business concepts: environmental changes, technological discovery, government thrusts, people’s interests, and past experiences.

Changes in the Environment

Shifts in physical, societal, or industry conditions that can spark new business ideas.

Technological Discovery and Advancement

New inventions or improvements that open avenues for entrepreneurial opportunities.

Government's Thrust, Programs, and Policies

Public‐sector priorities and regulations that can generate business prospects.

People’s Interests

Evolving hobbies, preferences, and lifestyles that entrepreneurs can serve.

Past Experiences

Skills and know-how gained from previous work that inspire related business ideas.

External Environment

The physical, societal, and industry surroundings in which a business operates.

Physical Environment

Natural factors—climate, resources, wildlife—affecting business activities.

Societal Environment

Economic, sociocultural, political, and technological forces influencing a venture.

Industry Environment

Immediate stakeholders—government, competitors, suppliers, customers, creditors, employees—impacting a firm.

Climate

Weather patterns in the physical environment that can shape product or service needs.

Natural Resources

Raw materials provided by nature that businesses may utilize.

Wildlife

Animal life within an area that can influence eco-tourism and related ventures.

Economic Forces

Market trends such as income levels and inflation affecting consumer spending.

Sociocultural Forces

Cultural values, beliefs, and demographics guiding buying behavior.

Political Forces

Government stability, laws, and regulations impacting business.

Technological Environment

Prevailing tech level that determines production and communication methods.

Government (Industry Stakeholder)

Regulatory body influencing business through policy and compliance.

Competitors

Rival firms vying for the same customer base.

Suppliers

Entities providing raw materials or services needed for production.

Customers

End users whose demand drives business revenue.

Creditors

Financial institutions or individuals that lend capital to a business.

Employees

Workforce executing the firm’s operations.

Achievement Cluster

Set of traits tied to an entrepreneur’s drive to excel: opportunity-seeking, commitment, persistence, risk-taking, efficiency & quality.

Opportunity-Seeker

An entrepreneur skilled at spotting and acting on viable business chances.

Committed

Displaying full responsibility and dedication to meeting customer promises.

Persistent

Continually overcoming obstacles and refusing to quit despite failures.

Risk-Taker

Willing to face uncertainty after weighing pros and cons.

Aggressive Risk-Taker

Entrepreneur who embraces high risk with little hesitation.

Moderate Risk-Taker

Calculative entrepreneur who analyzes situations before leaping.

Conservative Risk-Taker

Cautious entrepreneur preferring minimal risk and stable returns.

Efficient and Quality-Oriented

Focused on doing tasks better and faster at minimal cost while targeting zero defects.

Planning Cluster

Traits supporting systematic foresight: goal-setting, information seeking, structured planning and monitoring.

Goal-Setter

Entrepreneur who defines clear short-term objectives and long-term goals.

Information-Seeker

Actively gathers relevant data from diverse sources to guide decisions.

Systematic in Planning and Monitoring

Uses logical, step-by-step procedures to plan, track, and adjust activities.

SMART Principle

Guideline for objectives: Specific, Measurable, Achievable, Realistic, Time-bound.

Power Cluster

Traits reflecting interpersonal influence: persuasive networking and self-confidence.

Persuasive and Positive Networker

Effectively convinces stakeholders and builds ethical, beneficial relationships.

Self-Confident

Possesses strong belief in personal abilities, projecting a positive entrepreneurial image.

Efficiency (Entrepreneurial Context)

Producing more output with less input, reducing costs without compromising quality.

Quality (Entrepreneurial Context)

Striving for zero defects; measured by customer satisfaction and product reliability.