Overview of Entrepreneurship – Grade 11 Diligence

Vocabulary flashcards covering key terms, roles, benefits, competencies, and developmental levels discussed in the Grade 11 Entrepreneurship lecture.

Entrepreneurship

A proactive process of creating and developing a business venture with the primary goal of earning profit.

Entrepreneur

An individual who starts a new business, assumes most of the risks, and enjoys most of the rewards.

Social and Economic Benefits of Entrepreneurship

Job creation, higher national income, stimulation of other sectors, innovation, improved living standards, equalized economic power, balanced regional development, reduced social conflict, and greater economic independence.

Social Entrepreneur

Builds enterprises that solve social problems, prioritizing community benefit over maximum profit.

Intrapreneur

An employee inside a large company who initiates, designs, and runs new ideas or projects as if they were independent ventures.

Technopreneur

An entrepreneur whose business model is centered on technology development or application.

MARS (Mobile/Agile Entrepreneur)

An entrepreneur who frequently moves from one company to another, applying entrepreneurial skills in varied settings.

Proactive

Actively initiating change rather than merely reacting to events—key mindset for entrepreneurs.

Risk Taker

Someone willing to commit resources despite uncertainty to pursue potential rewards.

Innovative

Skilled at generating and applying new ideas, products, or processes to gain competitive advantage.

Balanced

Able to weigh multiple interests—financial, social, operational—to keep the venture on course.

Decisive

Capable of making timely, firm choices critical to business momentum.

Networking

Building and nurturing professional relationships that provide resources, information, and opportunities.

Sociable

Comfortable interacting with diverse people, aiding negotiation, sales, and team motivation.

Sharp Eye for Opportunity

The ability to quickly recognize unmet market needs or emerging trends and turn them into ventures.

Leadership (Core Trait)

Guiding and inspiring others toward a shared entrepreneurial vision.

Communicator (Core Trait)

Clearly conveying ideas, goals, and feedback to stakeholders inside and outside the business.

Specialist (Core Trait)

Possessing deep expertise in a particular field critical to the venture’s success.

Problem Solver (Core Trait)

Analyzing issues systematically and implementing effective solutions under pressure.

5 Levels of Entrepreneurial Development

A progression from Self-Employed, Manager, Leader, Investor, to True Entrepreneur.

Level 1: The Self-Employed

Prefers autonomy, dislikes rigid supervision, and often handles all tasks personally.

Level 2: The Manager

Employs and supervises staff, focusing on training and overseeing daily operations.

Level 3: The Leader

Empowers teams to excel with minimal supervision and celebrates their growth.

Level 4: The Investor

Expands or diversifies ventures, allocating capital into new businesses or markets.

Level 5: The True Entrepreneur

Seeks excellence through a four-step thinking process: idealization, visualization, verbalization, and materialization.

Idealization

Stage where the entrepreneur conceives goals and imagines desired outcomes.

Visualization

Translating goals into actionable plans to turn vision into reality.

Verbalization

Sharing goals and plans openly to gain support and refine ideas.

Materialization

Actual implementation where envisioned ideas become tangible results.