Entrepreneurship: Sources of Ideas & Entrepreneurial Traits (copy)

Vocabulary flashcards covering entrepreneurial idea generation, environmental factors, and the character traits common to successful entrepreneurs.

Entrepreneurial Process

A sequence that begins with creation of an entrepreneurial idea, moves to identifying opportunities, and culminates in opening a new venture.

Creation of Entrepreneurial Idea

The initial creative concept that can lead to business opportunities and ventures.

Identification of Entrepreneurial Opportunity

A favorable set of circumstances arising from an entrepreneurial idea that can be exploited for profit.

opening of Entrepreneurial Venture

The actual business established to pursue an identified opportunity.

Sources of opportunities

Key origins of business concepts: environmental changes, technological discovery, government thrusts, people’s interests, and past experiences.

environmental changes

Shifts in physical, societal, or industry conditions that can spark new business ideas.

Technological Discovery and Advancement

New inventions or improvements that open avenues for entrepreneurial opportunities.

Government's Thrust, Programs, and Policies

Public‐sector priorities and regulations that can generate business prospects.

People’s Interests

Evolving hobbies, preferences, and lifestyles that entrepreneurs can serve.

Past Experiences

Skills and know-how gained from previous work that inspire related business ideas.

Environmental Factors

External conditions that influence entrepreneurship, including social, economic, political, and technological elements that shape the market and opportunities for business.

Physical Environment

Natural factors—climate, resources, wildlife—affecting business activities.

Societal Environment

Economic, sociocultural, political, and technological forces influencing a venture.

Industry Environment

Immediate stakeholders—government, competitors, suppliers, customers, creditors, employees—impacting a firm.

rivalry among existing firms

existing rival firms vying for the same customer base.

Suppliers

Entities providing raw materials or services needed for production.

buyers

End users whose demand drives business revenue.

New Potential Entrants

Bussinesses that can and will compete for the same industry

Subtitute Product

When a product that can be used with the same prupose as the original

Entrepreneurial Mind Frame

The mindset of being optimistic and positive that affects aa entrepreneurs ability to seek opportunity

Entrepreneurial Heart Frame

The emotional drive and passion that motivates an entrepreneur to persevere and pursue their goals.

Gut Games

Decision-making processes based on intuition and instinct rather than analysis.

Enterprende

a french word that means to undertake

Entrepreneurship

It is a process to undertake the risk of enterperise

Initiative

A key entrepreneurial trait that involves taking action and beginning projects or ideas without waiting for direction.

Proactive

A characteristic of entrepreneurs that involves anticipating problems and acting in advance to address them. It reflects a readiness to take initiative and drive progress.

problem solver

An individual who identifies issues and develops effective solutions, often using creativity and critical thinking skills to overcome challenges.

planner

A person who creates detailed strategies and outlines for achieving business goals and objectives, ensuring systematic and organized progress towards success.

risk taker

An individual who is willing to take calculated risks in order to achieve business success, often embracing uncertainty and potential failure as part of the entrepreneurial journey.

Opportunity-Seeker

An entrepreneur skilled at spotting and acting on viable business chances.

Perseverance

Continually overcoming obstacles and refusing to quit despite failures.

Persuasion

Effectively convinces stakeholders and builds ethical, beneficial relationships.

Imitation Entrepreneur

An entrepreneur who learns from and replicates successful business models or ideas created by others, often adapting them for new markets or applications.

Fabian Entrepreneur

characterized by their cautious and risk-averse approach to business. They are slow to adopt new technologies or business models, preferring to observe and adapt only when absolutely necessary, often when competitors have already achieved success with those changes.

Drone entrepreneur

refers to someone who resists change and clings to traditional methods, often hindering their business's growth and potential.

Social Entrepreneur

The are considered as trend setters because they tend toget out of the traditional entrep that focuses on profit. They aim to have a social responsibility as their core

Innovative entrepreneur

A visionary who creates unique solutions and embraces change to meet market needs.