Entrepreneurship and Business Concepts

Vocabulary terms and definitions based on the lecture notes regarding the definition, types, and characteristics of entrepreneurship and business.

Entrepreneurship

The process of thinking up a reformed idea and turning it into a new company endeavor by taking measured and well-researched risks, ending with producing economic value.

Entrepreneur

An individual who develops a bold and innovative idea, implements it to launch a business, raises the market's worth, and thrives in unpredictable circumstances.

Business Entrepreneurs

Entrepreneurs who maintain and manage businesses in various sectors, such as the retail sector.

Social Entrepreneurs

Individuals who focus on solving social or environmental problems while simultaneously maintaining financial sustainability.

Serial Entrepreneurs

Entrepreneurs who start a lot of new ventures, often across different fields.

Corporate Entrepreneurs (Intrapreneurs)

Individuals who work within existing establishments to implement new ideas or products, bringing innovation and change from within a larger organization.

Small Business Entrepreneurship

A form of entrepreneurship where individuals start and operate businesses with a limited scope, such as local markets or small-scale operations.

Scalable Startup Entrepreneurship

A business designed to create high expansion and scale up on a large platform.

Social Entrepreneurship

Starting businesses to support social messages, often involving the welfare of society and environmental causes.

Technological Entrepreneurship

A business created with the help of technology, focusing on new tech-based products and services.

Innovation

A key characteristic of entrepreneurship that involves thinking about an idea and bringing it into the main picture.

Business (Organization Type)

An organization selling products or services to make a profit, characterized by daily basic operations and steady, long-term growth with lower, predictable risks.

Entrepreneurship (Process)

A process starting and growing a new venture that prioritizes innovation, creation of something new, and problem-solving with higher risks.

IIC Lakshya

A professional commerce coaching entity that connects raw corporate theory with tactical market realities.

Startup

A business that aims for rapid growth and innovation, frequently using technology to disrupt existing industries or create new markets.

Small Business

A business that typically operates in a local market, focusing on steady, sustainable growth while following traditional business models.