Entrepreneurship Fundamentals

A set of vocabulary flashcards covering the key concepts, traits, and processes of entrepreneurship based on the class lecture.

Entrepreneurship

Process of creating, developing, and managing a business venture to generate value.

Entrepreneurial Mindset

Way of thinking that embraces opportunities, innovation, calculated risk-taking, and problem solving.

Creativity

Ability to generate new, original, and useful ideas.

Innovation

Process of transforming creative ideas into products, services, or processes that create value.

Tony Tan Caktiong

Founder of Jollibee featured in the case study.

Persistence

Ability to recover from failures and challenges.

Leadership

Entrepreneurial trait that inspires and guides teams.

Creativity and Innovation

Entrepreneurial trait involving generating new ideas.

Idea Generation

First step in the entrepreneurial process.

Adaptability

Ability to adjust to changing market conditions.

Brainstorming

Method of generating many ideas in a group.

Mind Mapping

Technique that visually organizes ideas.

Process Innovation

Innovation that improves existing business processes.

Product Innovation

Innovation involving new or improved products.

Fear of Failure

Common barrier caused by worrying about making mistakes.

Customer Feedback

One source of creative ideas based on customers' opinions.

Business Opportunity Analysis

Analysis that evaluates market demand, competition, resources, and profitability.

Entrepreneurial Ecosystem

People or organizations that support entrepreneurs collectively.

Entrepreneurial Mindset (Activity Focus)

Approach focused on opportunities rather than assigned tasks.

Class Tagline

Another day, another lesson day.