Introduction to Entrepreneurship – Vocabulary Review

30 vocabulary flashcards summarizing key terms and definitions from the lecture on entrepreneurship.

Entrepreneur

An individual who undertakes the risk of establishing and managing a business, leading, innovating, and assuming responsibility for its success.

Entrepreneurship

A proactive process of identifying market opportunities, creating and operating a venture, and balancing its risks and rewards to earn profit.

Self-employed

The first level of entrepreneurial development in which a person works for themself rather than for an employer.

Manager (Entrepreneurial Level)

The second level of entrepreneurial growth marked by supervising people and operations within the venture.

Leader (Entrepreneurial Level)

The third level where the entrepreneur inspires, motivates, and guides others toward the business vision.

Investor

The fourth level of entrepreneurial development focused on providing capital and seeking profitable investment opportunities.

True Entrepreneur

The fifth and highest level, characterized by visionary thinking, continuous value creation, and multiple successful ventures.

Idealization

Step 1 of the 4-step thinking process: forming an ideal concept or vision for a new product or venture.

Visualization

Step 2 of the 4-step thinking process: developing a clear mental picture of how the idea will look and work.

Verbalization

Step 3 of the 4-step thinking process: expressing the idea in words to communicate and refine it.

Materialization

Step 4 of the 4-step thinking process: converting the idea into a tangible product, service, or action.

Proactive

A competency describing someone who prepares for future problems and shapes events rather than merely reacting to them.

Agent of Change

An entrepreneur who drives innovation and transformation within industries or society.

Risk Taker

A person willing to pursue business ideas despite uncertainty, while carefully calculating potential losses.

Innovative

Constantly seeking, creating, and improving ideas, products, or processes for competitive advantage.

Decisive

Able to make firm, timely decisions crucial to business success.

Communicator

Someone with strong persuasive and expressive skills essential for pitching ideas and leading teams.

Opportunity Seeker

An entrepreneur skilled at spotting and capturing new business chances before competitors.

Problem Solver

An individual who tackles challenges effectively while maintaining good relationships with stakeholders.

Personality Factors

Internal traits—such as initiative, perseverance, and persuasion—that influence an individual’s entrepreneurial behavior.

Environmental Factors

External conditions (political, legal, economic, climate, market) that affect entrepreneurial success.

Economic and Dynamic Activity

A defining nature of entrepreneurship involving the creation and operation of ventures that stimulate economic growth.

Profit Potential

The ability of a business venture to generate financial returns for the entrepreneur.

Risk Bearing

The entrepreneurial function of assuming calculated uncertainties inherent in starting and running a business.

Innovative Entrepreneur

One who consistently develops original, cost-effective, and improved products or methods.

Imitating Entrepreneur

A businessperson who adopts and adapts existing ideas or technologies rather than inventing new ones.

Fabian Entrepreneur

A cautious, change-averse entrepreneur who adopts innovations only when convinced of their necessity.

Drone Entrepreneur

A die-hard conservative who resists change and may incur losses by clinging to outdated methods.

Social Entrepreneur

An individual who launches ventures aimed at resolving social issues in fields like education, health, and the environment.

Technopreneur

An entrepreneur whose ventures revolve around high-technology products or services.

Intrapreneur

Creatig new and innovative products

Extrapreneur

Creating new activities solving joint issues

Career Opportunities for Entrepreneurship

Business Consultant

Teacher

Researcher

Sales

Business Reporter