Entrepreneurship and Entrepreneur Notes (Video)

Vocabulary flashcards covering key terms and concepts from the entrepreneurship lecture notes.

Entrepreneurship

The process of designing, launching, and managing a new business venture to make a profit; involves identifying opportunities, taking on financial risks, and innovating to meet market needs.

Entrepreneur

A person who organizes, operates, and assumes the risk of a business venture.

Enterprise

A self-owned business venture operated by an entrepreneur.

Jean-Baptiste Say

19th-century French economist associated with the concept of entrepreneurship and the idea of undertaking business activities.

To undertake

The French notion tied to entrepreneurship—taking on and organizing a business venture.

Creativity

The ability to generate novel ideas; considered the backbone of entrepreneurship.

Innovation

The introduction of new ideas, products, or methods to improve business performance.

Value (subjective)

Value is defined by buyers’ perceptions, not merely by the entrepreneur.

Intrapreneurship

Entrepreneurship practiced within an existing organization to drive innovation.

Interpreneurship

Entrepreneurship that spans across organizations or networks.

Innovative

Describes someone who introduces new ideas to run the business.

Traditional

Describes someone who follows existing ideas rather than creating new ones.

Customer-oriented

Focus on meeting customer needs and expectations.

Profit-oriented

Focus on earning profit as the primary objective.

Vision

A clear sense of purpose and direction; transforming vision into reality.

Managing effectively

Using resources and people efficiently to achieve goals.

Taking risks & opportunities

Entrepreneurs take calculated risks and capitalize on favorable opportunities.

Informed decision-making

Decisions based on logic, evidence, and thorough information gathering.

Knight: risk vs uncertainty

Risk: known probabilities of outcomes; Uncertainty: probabilities are unknown.

Creative Destruction

Entrepreneurs create new products/processes, destroying old ones, driving economic change.

Economic growth

Entrepreneurship drives growth by creating new products, services, and jobs.

Keynesian economics (government intervention)

During downturns, government spending and monetary policy can stimulate demand.

Primary role of entrepreneurship

To fill existing gaps in production and economic activity.

Spontaneous learning and alertness

Two major attributes: quick identification of opportunities and awareness of consumer needs.

Technology in production

Modern technology is a key factor that enhances production efficiency.

Misconceptions about Entrepreneurship

Common myths: entrepreneurship applies only to manufacturing, only to small businesses, only for educated people, only in a strong economy, or simply opening a small business.