Entrepreneurship - Video Notes (Lesson 1)

Vocabulary flashcards covering key concepts, definitions, and figures from the Entrepreneurship lecture notes.

Entrepreneur

A goal-oriented and highly motivated individual who starts and runs a business, willing to take risks to achieve objectives; term derived from French entreprendre ('to undertake'); plays a key role in the economy by fostering competition and innovation.

Entrepreneurship

The dynamic process of conceptualizing, financing, and running a business to provide goods/services and earn profits; involves mobilizing the factors of production (land, labor, and capital).

Origin of the term entrepreneur

From the French verb entreprendre meaning 'to undertake'.

Arthur H. Cole's view

Entrepreneurship is purposeful activity or an integrated sequence of decisions to initiate, organize, or aggrandize a profit-oriented business unit.

Schumpeter's view on innovation

Innovation includes launching new products/services, developing new production methods, opening new markets, discovering new raw material sources, or reorganizing an industry.

Peter F. Drucker’s definition

Entrepreneurship is a discipline that can be learned and practiced; viewed as a matter of practice rather than a fixed personality trait.

Underlying principles of entrepreneurship

Having vision; providing innovative products or services; managing effectively; taking risks and opportunities; making informed decisions.

Core competencies (definition)

Entrepreneur’s traits or personal attributes (not physical assets or financial resources); identified by UNCTAD/MSMEs as 10 key areas of entrepreneurial development.

Opportunity-seeking and initiative

An entrepreneur seeks opportunities and takes the initiative to transform these opportunities into profitable business situations.

Persistence

Determination to persevere and a strong desire to achieve goals and objectives.

Fulfilling commitments

Keeps promises, makes extraordinary effort to complete tasks or projects, even at personal sacrifice.

Demand for quality and efficiency

Passionate about work and obsessed with improving quality, doing something better, faster, or cheaper.

Taking calculated risks

Willing to take risks and take actions to influence outcomes.

Goal setting

Sets meaningful, challenging, clear, specific, measurable, and time-bound goals.

Information seeking

Seeks information from customers, suppliers, and competitors; conducts research or consults experts for product/tech development.

Systematic planning and monitoring

Plans in an orderly, logical way and keeps financial and business records to inform decision-making.

Persuasion and networking

Uses deliberate strategies to influence others and builds a network of business contacts.

Independence and self-confidence

Takes total responsibility for making things happen and seeks autonomy from the rules and control of others.

EMPRETEC Programme clusters

First Cluster (Achieving Behavior), Second Cluster (Planning Behavior), Third Cluster (Power Behavior); examples of entrepreneurial behaviors such as opportunity seeking, planning, and influence.