Entrepreneurship Flashcards

Flashcards covering key concepts in entrepreneurship.

What is the definition of an entrepreneur?

Someone entering the world of business to utilise an opportunity to make money.

What is an entrepreneur able to do?

Spot an opportunity or gap in the market and then collect the necessary resources in order to take advantage of the opportunity identified to establish a business.

What is the primary aim of any entrepreneur?

To generate profit for herself as compensation for risk taken.

What are the components of an Entrepreneur?

Reward/Profit, Opportunity, Risk, Growth, Resources.

What are some push factors to entrepreneurship?

Unemployment, Job security, No formal training (can't find a job), Disagreement with current employer.

What are some pull factors to entrepreneurship?

Independence, Recognition, Self-actualisation, Personal employment and wealth.

What are some Entrepreneurial Characteristics?

Flexibility, Creativity / Innovation, High risk tolerance.

What are Entrepreneurs seeking?

New opportunities that will enable them to make profit by finding better ways to satisfy the customers needs/wants.

How can an entrepreneur identify a better, more effective way of delivering a product or service to satisfy the wants or needs of the customer?

Introducing a product or service in the market to make consumers aware of a new need that they may not even know about yet.

What is Risk tolerance?

The business environment is filled with challenges and uncertainty and the entrepreneur must be willing to take risks.

What does it take to start an entrepreneurial venture?

Determination, perseverance and total commitment.

What is Self-reliance?

The entrepreneur does not wait for anybody to tell him/her what to do, because an entrepreneur is a self-starter that is resourceful, prepared to make a decision and does not depend on others to get things done.

How does an entrepreneur show flexibility?

Adapt current practices to overcome these challenges and uncertainties while working towards clearly defined goals.

What are the basic management tasks?

Planning, leading, organising and control.

What is an EV (Entrepreneurial Venture) looking for?

Continuously looking for new and better ways to satisfy customers’ needs and wants.

What is an entrepreneurial ventures Growth Potential?

Always looking for ways to grow by innovating and offering its products/services to a broader target market.