Introduction to Entrepreneurship – Key Vocabulary

Fifteen vocabulary flashcards covering definitions, traits, myths, motivations, and classifications introduced in Chapter 1 of Barringer & Ireland’s “Introduction to Entrepreneurship.”

Entrepreneurship

The process by which individuals pursue opportunities without regard to resources they currently control, turning ideas into viable businesses.

Corporate Entrepreneurship

The conceptualization of entrepreneurship at the firm level, describing how established companies behave entrepreneurially.

Entrepreneurial Intensity

A firm’s position on the continuum from highly conservative to highly entrepreneurial, reflecting its level of proactiveness, innovation, and risk-taking.

Desire to Be Their Own Boss

One of the three primary motivations for starting a business—seeking autonomy and control over one’s work life.

2013 GEM Study

Global Entrepreneurship Monitor research showing 12.7 % of Americans were starting or managing young businesses (less than three years old).

Passion for the Business

The number-one shared trait of successful entrepreneurs; a deep belief that the venture will positively impact others.

Product/Customer Focus

A defining characteristic of entrepreneurs that stems from being craftspeople—keeping offerings and buyer needs at the center of all decisions.

Tenacity Despite Failure

The perseverance to push through high failure rates and setbacks inherent in new ventures.

Execution Intelligence

The ability to turn a solid business idea into a workable, sustainable company through effective implementation.

Myth 1: Entrepreneurs Are Born, Not Made

False belief that entrepreneurial ability is innate; research shows environment, experiences, and choices shape entrepreneurial success.

Myth 2: Entrepreneurs Are Gamblers

Misconception that entrepreneurs love high risk; most actually take moderate, calculated risks aligned with clear goals.

Myth 3: Entrepreneurs Are Motivated Primarily by Money

Erroneous idea that financial gain is the main driver; in reality, purpose and opportunity typically outweigh pure profit motives.

Myth 4: Entrepreneurs Should Be Young and Energetic

Untrue stereotype; investors often favor experience, maturity, and track records, leading many older founders to succeed.

Myth 5: Entrepreneurs Love the Spotlight

Misbelief that entrepreneurs seek fame; most work quietly, with only a few high-profile exceptions widely recognized by the public.

Types of Start-Up Firms

Three categories: Salary-Substitute Firms (income similar to a job), Lifestyle Firms (support a desired way of life), and Entrepreneurial Firms (bring new products/services to market regardless of resources).