Nature and Definition of Entrepreneurship

A set of vocabulary flashcards defining entrepreneurship, the traits of an entrepreneur, and the importance of the entrepreneurial process in society.

Entrepreneurship

The process of identifying problems, creating solutions, and turning ideas into useful or profitable opportunities.

Process

A step-by-step action toward a goal.

Opportunity

A chance to improve or earn.

Value Creation

Solving real problems for people.

Entrepreneur

A person who notices problems in the community, creates solutions and new ideas, takes risks to start something new, and organizes resources to build a business.

Creative

A characteristic of an entrepreneur who imagines new products or services and finds fresh solutions to everyday problems.

Risk-Taker

An entrepreneur who tries new things even if the outcome is uncertain and accepts that failure is part of the journey.

Hardworking

A persistent entrepreneur who stays focused even on slow or difficult days and does not quit when faced with challenges.

Opportunity Seeker

An entrepreneur who observes their surroundings carefully and spots unmet needs before others do.

Problem Solver

A person who identifies problems clearly, thinks of creative solutions, acts quickly and decisively, and adjusts their approach as needed.

Job Creation

An importance of entrepreneurship that opens new employment opportunities for communities.

Innovation

A key benefit of entrepreneurship that drives new ideas and better solutions.