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22 Terms

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Entrepreneur
Individuals who have initiated the establishment of a business enterprise.
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Megaentrepreneurs
Entrepreneurs who generate substantial value and profits from innovations in a very short period of time, often using enormous amounts of capital and absorbing huge risks.
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Microentrepreneurs
Entrepreneurs in developing countries who initiate business enterprises with limited 'value-added' and profits, often due to limited funds and skills.
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Entrepreneurial Process
The systematic approach entrepreneurs follow to achieve their goals, involving several stages from the awareness of an opportunity to the realization of a business idea.
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Discovery
The recognition of a business idea or the detection of opportunities that could make money for the entrepreneur.
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Development of Concept
Transforming the business idea into a detailed business concept, including the preparation of a business plan.
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Organizing Resources
Identifying, sourcing, and financing human, nonhuman, and other resources needed for the conduct of business.
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Implementation
Carrying out the business plan, including managing resources and responding to external challenges.
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Reaping the Returns
Strategies related to the expansion of the business firm and addressing conditions in the business environment.
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Critical Thinking
The systematic and rational way of providing an answer to a question, useful in explaining how a firm can survive and remain stable.
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SWOT Analysis
A tool used in business analysis to show how businesses can use their strengths to take advantage of opportunities, improve on their weaknesses, and guard themselves against threats.
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Porter’s Five Forces of Competition
A framework used to determine the impacts of various forms of competition, including the bargaining power of buyers, suppliers, existing competitors, potential rivals, and new products.
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Environmental Scanning
A systematic analysis of the effects of various environments on the viability of a firm.
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Cognitive Adaptability
The ability of individuals to produce several ways of decision-making based on the identification and management of changes in their environment.
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SCAMPER
A specific checklist method developed by Alex Osborn, used to generate ideas by altering existing products or services.
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Opportunity
A situation or occasion that makes it possible to do something that you want to do, involving a commitment of resources and exposure to risk.
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Precondition
The preparatory stage where the individual assesses their knowledge of the market.
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Realization
The production of a prototype or tangible form of the idea.
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Market Awareness
Personal exposure to the market and its components, acquired from formal training and experience.
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Entrepreneurial Commitment
The individual's motivation, skills, experience, resources, and time commitment.
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Rational Approach
A systematic procedure in proceeding with the implementation of a business opportunity.
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Intuitive Approach
An approach that relies on the intuition of the individual, informed by prior knowledge and experiences.