Entrepreneurship in Perspective

Vocabulary flashcards covering entrepreneurship concepts, the entrepreneurial economy, diversification in entrepreneurship, sustainability frameworks (TBL), and the shift from Industrial Age to Modern Age perspectives.

Entrepreneurship

The process of seeking opportunities, taking risks beyond security, and turning ideas into reality; an integrated mindset that can generate ideas inside or outside an organization and across for‑profit or non‑profit ventures.

Entrepreneurial Economy

Entrepreneurship as the symbol of business tenacity and achievement; entrepreneurs are pioneers whose opportunity sense, drive to innovate, and ability to accomplish set the standard for free enterprise.

Entrepreneurs create new businesses

They generate goods/services and stimulate related industries, producing a cascading effect on economic development (e.g., initial BPO call centers in the Philippines spurred further growth).

Entrepreneurs contribute to national development

They generate new wealth, enable new markets, create employment, increase tax revenue, and allow government investment in other sectors and human capital.

Entrepreneurs create social change

By offering new goods/services, they reduce dependence on obsolete systems, improve quality of life and economic freedom (e.g., innovative water pumps improving productivity in water-scarce regions).

Starting a business from scratch

Entrepreneurship spectrum where the vision leads to productization; a sole proprietor with high autonomy and minimal need for team consensus.

Starting a family business

Long‑term orientation, transgenerational growth, and strong family involvement; the firm is an asset to be safeguarded and developed for future generations.

Entering a partnership

Leveraging shared resources, spreading investment risk, diversifying expertise, expanding customer base, and enhancing creativity through collaboration.

Buying an existing business

Less risky than starting fresh; established cash flow, customer base, and employees; easier financing and potential legal rights like patents or copyrights.

Franchising

A business model with support from the franchisor, an established system, and typically easier access to financing and growth.

Sustainability in entrepreneurship

Understanding how sustainability becomes a corporate priority at the CEO and board levels, and shifting perspective from an Industrial Age view to a Modern Age system.

Industrial Age system vs Modern Age system

Industrial Age: economy is the central circle with society and environment as smaller domains; Modern Age: environment and society are largest, with economy as a subset within them.

Triple Bottom Line (TBL)

A framework assessing economic, social, and environmental performance; the three Ps are Profit, People, and Planet.

Profit (TBL)

Real economic value created, including income, expenditures, taxes, employment, and overall economic impact.

People (TBL)

The business’s impact on employees and the community, including fair wages, safe work, local hiring, sourcing, and contributions to living standards.

Planet (TBL)

Environmental stewardship and strategies to minimize ecological impact (e.g., energy and water management, waste reduction).

Ray Anderson quote

“The economy is the wholly owned subsidiary of nature, not the other way around.”