Entrepreneurship: Ideas in Action - Chapter 1 (Slides 1-43)

Vocabulary flashcards covering key terms from Chapter 1: All About Entrepreneurship, Is Entrepreneurship Right for You?, Exploring Ideas and Opportunities, and Problem Solving.

Entrepreneurship

The process of creating, launching, and running a new business venture to exploit opportunities and meet marketplace needs.

Entrepreneur

A person who owns, operates, and takes the risks of a business venture.

Employee

A person who works for someone else and does not own the business or share in its risks.

Unmet needs

Needs in the marketplace that are not currently met by existing products or services.

Idea

A thought or concept that can be developed into a product, service, or opportunity.

Opportunity

A favorable set of circumstances that creates a chance to start a business or introduce a new product or service.

Trade shows

Special meetings where companies in related industries display products to potential buyers.

Manufacturing

A type of business that makes products from raw materials.

Wholesaling

A type of business that sells goods in large quantities to retailers or other businesses.

Retailing

A type of business that sells goods directly to consumers.

Service

A type of business focused on providing services rather than producing tangible goods.

Opportunity recognition

The ability to identify a business opportunity, often from noticing unmet needs or trends.

Small Business Administration (SBA)

A U.S. government agency that provides resources, training, and support for small businesses.

Risk

The possibility of loss or failure in a venture; a major consideration and disadvantage of entrepreneurship.

Perseverance

The continued effort and determination to succeed despite challenges.

Independent

Not dependent on others; able to make decisions and act on one's own.

Self-confident

Having confidence in one’s abilities and judgment.

Determined

Showing firm resolve and persistence toward goals.

Goal-oriented

Focused on achieving specific objectives.

Achievement-oriented

Motivated by reaching high standards and success.

Creative

Able to generate original ideas and think innovatively.

Technologically savvy

Proficient with modern technology and digital tools.

High standards

Tendency to set ambitious, demanding personal or business standards.

Commitment

Dedication to goals, team, or a venture.

Competency

Skill and ability to perform effectively.

Communication

Clear and effective exchange of information among team members and stakeholders.

Cooperation

Working well with others to achieve common goals.

Creativity

Ability to generate novel and useful ideas.

Being your own boss

Having control over your own business decisions and direction.

Choosing a business of interest

Starting a business in a field you personally find interesting.

Financial goal

A monetary objective that can be measured and timed.

Nonfinancial goal

A personal or societal objective not expressed in money, such as satisfaction or independence.

Advantages of entrepreneurship

Being your own boss, choosing a business of interest, being creative, and potential for significant income.

Disadvantages of entrepreneurship

Risks, uncertain and irregular incomes, long hours, and all decisions resting on the entrepreneur.

Opportunity sources

Hobbies, skills, passions; problems in daily life or community; needs for products/services that should exist.

Source: Hobbies, skills, passions

Personal interests that can spark business ideas.

Source: Problems in daily life or community

Market gaps created by everyday challenges that ideas could solve.

Source: Ideas for new products/services

Concepts generated to meet unfilled market needs.

Problem-solving model

A six-step process for solving problems: Define the problem; Gather information; Identify various solutions; Evaluate alternatives and select the best option; Take action; Evaluate the action.

Step 1: Define the Problem

State the problem clearly and quantify it; explain why it is a problem.

Step 2: Gather Information

Collect data and information that can help solve the problem.

Step 3: Identify Various Solutions

Brainstorm and list all possible solutions before selecting one.

Step 4: Evaluate Alternatives and Select the Best Option

Rank or quantify the alternatives to choose the best solution.

Step 5: Take Action

Implement the chosen solution.

Step 6: Evaluate the Action

Assess the results of the action to determine if the problem is solved.

Brainstorming

A creative problem-solving technique that generates a large number of fresh ideas.

Mistakes

Mistakes are learning experiences and provide opportunities for growth.

Think critically

Evaluating future trends, technology trends, and the global economy to inform decisions.