MGMT602 - Small and Medium Enterprise

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23 Terms

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Discovery Perspective

Entrepreneurs perceive opportunities from market inefficiencies and competitive imperfections.

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Creation Perspective

Opportunities are created through entrepreneurial actions, reactions, and innovations.

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Risk-Return Analysis

A technique to evaluate the potential returns and associated risks of an entrepreneurial opportunity.

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Economic Perspective of Entrepreneurs

Entrepreneurs as risk bearers, arbitrageurs, innovators, and coordinators of scarce resources.

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Behaviourist Approach

Focuses on the need for achievement, internal locus of control, and risk-taking propensity.

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Financial Risks

Involves investing personal money and potential borrowing.

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Career Risks

Potential impact on future employment opportunities.

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Social Risks

The effect of entrepreneurship on family and social life.

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Health Risks

Physical and mental demands of entrepreneurship.

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Opportunity Cost

The cost of passing up one investment in favor of another.

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Liquidity Premium

Extra return for investments that are not easily converted to cash.

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Risk Premium

Additional return for taking on higher risk.

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Uncertainty Premium

Extra return for dealing with uncertain outcomes.

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Social Networks

Personal and dynamic networks crucial for entrepreneurial success.

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Ethnic Entrepreneurship

Entrepreneurship arising from push or pull factors within ethnic communities.

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Entrepreneurship

The process of identifying and converting new opportunities into marketable products or services.

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Creative Destruction

The process of simultaneous emergence and disappearance of technologies, products, and firms due to innovation.

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Key Elements of Entrepreneurship

Individual, market opportunity, adequate resources, business organization, and favorable environment.

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Entrepreneurial Alertness

The ability to notice and act on potential opportunities.

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Opportunity Cost

The cost of passing up one investment in favor of another.

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Global Entrepreneurship Monitor (GEM)

Measures the level of start-up activity and survival rates in an economy.

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Ethnic Entrepreneurship

Entrepreneurship arising from push or pull factors within ethnic communities.

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Liberalization and Globalization

Trends promoting the adoption of Western ideas and rules-based systems, fostering an entrepreneurial society.