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Entrepreneur
French word 'Entreprendre' which means 'to undertake'.
Entrepreneurship
Particular field of practice or process derived from the word entrepreneur.
Knight (1921) Definition of Entrepreneurship
Having profits from bearing uncertainty and risk.
Schumpeter (1934) Definition of Entrepreneurship
Carrying out new combinations of firm organization - new products, new services, new sources of raw material, new methods of production, new markets, new forms of organization.
Shane (2003) Definition of Entrepreneurship
An activity that involves the discovery, evaluation and exploitation of opportunities to introduce new goods and services.
Kuratko (2009) Definition of Entrepreneurship
Dynamic process of vision, change, and creation that requires an application of energy and passion.
Dyck and Neubert (2012) Definition of Entrepreneurship
Conceiving an opportunity to offer new or improved goods or services, showing the initiative to pursue that opportunity.
Small Business
Business or enterprise that correctly adopts and practices the principles of entrepreneurship.
Ordinary Small Business
Business or enterprise managed and operated by an owner who does not practice the concepts and principles of entrepreneurship.
Social Entrepreneur
Advantage of the country's social problems and turn them to profitable institutions.
Technopreneur
Technology at the core of his or her business model.
Extrapreneur
Hops from one company to another to act as innovation champion.
Intrapreneur
Large company employee tasked to think, establish, and run a new big idea or project.
Joseph Schumpeter
An Austrian economist who articulated the importance of entrepreneurship to the economy.
Roles of Entrepreneurs in Economic Development
Creates employment, develops new markets, introduces innovation, generates new sources of materials.
Characteristics of Entrepreneurship
Clever, creative, unsentimental, enthusiastic vision, extreme optimism, motivated by achievement.
Business Consultant
A person who identifies and fixes problems at a client's site.
Business Reporter
Writes articles or covers local business news.
Sales
Someone who works in sales or runs the department needs to know how businesses run.
Talent Recruiter
Relies on understanding business and networking relationships.
Not For Profit Fundraiser
Raises funds while understanding the importance of business.
Research and Development
Requires understanding of business concepts, systems, procedures, and practices.
Teacher
Teaches students how to increase their entrepreneurial intention.
Identifying Potential Customers
Get familiar with demographics, evaluate psychographics, analyze competitors.
Market Analysis
Process of gathering information about the current market.
Industry Overview
Describes the current state of your industry.
Target Market
Actual customers of the business.
Competition
Describes your competitor's positioning, strengths, and weaknesses.
Pricing and Forecast
Determines business positioning in the market and gathers historical information.