The Entrepreneurial Mind Practice Flashcards

Vocabulary and key concepts from 'The Entrepreneurial Mind' lecture notes, covering entrepreneurial mindsets, characteristics, and the distinctions between creativity and innovation.

Entrepreneurship

The process of creating, developing, and managing a business venture to generate value.

Entrepreneurial Mindset

A way of thinking that embraces opportunities, innovation, calculated risk-taking, and problem solving.

Entrepreneurial Process

The sequence consisting of Idea Generation → Opportunity Recognition → Planning → Launch → Growth.

Entrepreneurial Ecosystem

A network comprising government, investors, mentors, educational institutions, and customers.

Business Opportunity Analysis

The assessment of market demand, competition, resources, and profitability.

Tony Tan Caktiong

The founder of Jollibee who transformed a small business into a leading fast-food chain.

Entrepreneur

A person who identifies opportunities, takes calculated risks, and creates value through innovation.

Vision

A characteristic where successful entrepreneurs have a clear view of their goals and future direction.

Persistence

The trait of continuing despite failures, obstacles, and challenges.

Adaptability

The ability to adjust quickly to changing market conditions and customer needs.

Creativity

The ability to generate new, original, and useful ideas.

Innovation

The process of transforming creative ideas into products, services, or processes that create value.

Creativity vs Innovation

Creativity generates ideas, while innovation implements those ideas into practical applications.

Creative Thinking Techniques

Methods such as Brainstorming, Mind Mapping, SCAMPER, and Design Thinking.

Types of Innovation

Product Innovation, Process Innovation, Marketing Innovation, and Business Model Innovation.

Barriers to Creativity

Factors including fear of failure, lack of confidence, resistance to change, and limited knowledge.