L1 INTRO TO ENTREP.

entrepreneur

someone who organizes, manages, and assumes the risks of business/enterprise

• french verb “enterprende” = undertake

entrepreneurship

it provides profitable solutions to the needs of the market and society

personality, environmental

factors affecting entrepreneurship

initiative

personality factors that are doing things even before being told

proactive

personality factors where one can classify opportunities and seize it

problem solver

personality factors where one can retain good relations with other people

perseverance

personality factor that is pursuing things to get done regardless of challenges

persuasion

personality factor that is enticing people to buy even if they don’t need it

planner

personality factor where one makes plans before doing things and does not fail to monitor it

risk-taker

personality factor that is the willingness to gamble but calculated

political factors

environmental factor wherein the government impacts on entrepreneurship

climatic factors

environmental factor where the weather affects industries (e.g. agriculture)

legal system

environmental factor that is the framework for business operations and protection

economic conditions

environmental factor wich includes inflation, interest rates, and economic health

social conditions

environmental factor that are demographics, culture, and attitudes

market situations

environmental factor that is competition, demand, and technological traditions, impacting business feasibility

achievement, planning, power

clusters inthe qualities of a good entrepreneur

achievement cluster

cluster that focuses on the traits needed to accomplish entrepreneurial traits

opportunity seeking, persistence, commitment to work contract, risk taking, demand for efficiency and quality

achievement cluster

opportunity seeking

having a good eye for spotting and acting on business opportunities

persistence

not giving up easily in the face of obstacles

commitment to work contract

wherein entrepreneurs will do everything to satisfy their customers and deliver what’s promised

risk taking

taking calculated and challenging risks

demand for efficiency and quality

wherein the business meets existing standards of excellence and exerts to move pasr performance to do better

planning cluster

cluster that emphasizes the qualities required for strategic business planning

goal setting, information seeking, systematic planning and monitoring

planning cluster

goal setting

entrepreneurs know how to set SMART goals

information seeking

entrepreneurs update themselves with new info. about their customers, market supplies, and competitors

systematic planning and monitoring

entrepreneurs develop and use logical and step-by-step plans to reach their goals

power cluster

cluster which highlights characteristics that give individuals influence and control in the entrepreneurial context

persuasion and networking, self-confidence

power cluster

persuasion and networking

entrepreneurs know how to use the right influence and persuade other people

self-confidence

entrepreneurs have strong belief in themselves and their abilities

economic and dynamic activity, profit potential, risk bearing, innovative

core competencies of entrepreneurship

economic and dynamic activity

core competency that involves the creation and operation of an enterprise to create value/wealth by ensuring optimum utilization and limited resources

profit potential

core competency that can be compensated by their profit coming from the operation

risk bearing

core competency where entrepreneurs need to wisely gamble

innovative

core competency where entrep. constantly look for new ideas and need to be creative

innovative, imitating, fabian, drone, social

types of entrepreneurs

innovative entrepreneurs

type of entrepreneurs who always make new things

imitating entrepreneurs

type of entrepreneurs that don’t create new things but only follow others

fabian entrepreneurs

type of entrepreneurs that are skeptical about changes to be made in the organization

drone entrepreneurs

type of entrepreneurs that live on the labor of others

social entrepreneurs

type of entrepreneurs that initiate changes and drive social innovation and transformation in various fields