Chapter Two: Entrepreneurs and Their Entrepreneurial Intentions

Vocabulary term and definition flashcards covering entrepreneurial definitions, types (DNA and innovation-based), prominent global figures, and the psychological and demographic factors of entrepreneurial intention.

Entrepreneur (Etymology)

Derives from the $18^{th}$-century French entreprendre — "to undertake."

Ronald Kimmons' Definition

Entrepreneurship is the act of setting out on your own and starting a business instead of working for someone else in his business.

Richard Cantillon ($1755$)

The first to use the term; defined the entrepreneur as a risk-taker bearing uncertainty for profitable return.

Jean-Baptiste Say ($1803$)

Described the entrepreneur as one who shifts resources from areas of low productivity to areas of greater productivity.

Joseph Schumpeter ($1934$)

The innovator who "destroys the existing economic order" through new combinations and acts as the main agent of economic change.

McClelland ($1961$)

Defined the entrepreneur as having a high need for achievement and the ability to decide under uncertainty.

Drucker ($1985$)

Defined an entrepreneur as one who uses change as an opportunity and sees potential over problems.

Kuratko ($2017$)

Defines an entrepreneur as one who identifies opportunities where others see confusion.

Builder (Entrepreneurial DNA)

Charismatic recruiters who scale businesses through infrastructure but often struggle with personal relationships.

Opportunist (Entrepreneurial DNA)

Positive master promoters who seize money-making opportunities; Example: Richard Branson.

Specialist (Entrepreneurial DNA)

Analytical and risk-averse entrepreneurs who grow through referrals; Example: Bill Gates.

Innovator (Entrepreneurial DNA)

Entrepreneurs motivated by impact over profit who thrive in a personal "lab"; Example: Mark Zuckerberg.

Innovative (Clarence Danhof)

Trailblazers who conceive new, cost-effective ideas; Example: Ratan Tata's Nano.

Imitating (Clarence Danhof)

Entrepreneurs who copy and improve existing products to enter markets quickly; common in developing countries.

Fabian (Clarence Danhof)

Skeptical entrepreneurs who act only when methods are proven; Example: Jonathan Abrams (Friendster).

Drone (Clarence Danhof)

Entrepreneurs who resist change and maintain traditional methods even at the cost of profits; Example: Russ Solomon (Tower Records).

Tokuji Hayakawa

Founder of Sharp in the Electronics industry in Japan in $1912$.

Coco Chanel

Founder of House of Chanel in the Fashion industry in France in $1909$.

Sam Walton

Founder of Walmart in the Retail industry in the USA in $1950$.

Lee Byung-chul

Founder of Samsung in the Trading industry in South Korea in $1938$.

Amancio Ortega

Founder of Zara in the Retail industry in Spain in $1972$.

Chaleo Yoovidhya

Founder of Red Bull in the Energy Drinks industry in Thailand in $1962$.

Entrepreneurial Intention

The intention to start a new business; it is the single best predictor of entrepreneurial behavior.

Entrepreneurial Self-Efficacy

The psychological conviction that one is suited to opening and operating a business; drives persistence through failure.

Perceived Behavioral Control

How easy or difficult a person perceives starting a business to be, varying by situation and context.

Theory of Planned Behavior

A theory by Ajzen & Fishbein stating that demographic variables significantly shape entrepreneurial intention.

Corazon D. Ong

A licensed dietitian who borrowed $\text{‑}60,000$ in $1975$ to launch CDO Food Products (later Foodsphere Inc.).

Foodsphere Inc.

The family corporation registered in $1981$ by Corazon D. Ong which became the $\#1$ carne norte producer in the Philippines in $2001$.