Core Competencies in Entrepreneurship (Video Notes)

Vocabulary flashcards covering key terms and concepts related to core competencies in entrepreneurship from the video notes.

Decisive

An entrepreneur must be firm in making decisions.

Communicator

An entrepreneur must have convincing power.

Leader

An entrepreneur must have the charisma to be obeyed by his employees.

Opportunity Seeker

An entrepreneur must have the ability to be the first to see business chances.

Proactive

An entrepreneur can control a situation by making things happen or by preparing for possible future problems.

Risk Taker

An entrepreneur has the courage to pursue business ideas.

Innovative

The entrepreneur has big business ideas and does not stop improving and thinking of new worthwhile ideas for his business.

Creativity

The entrepreneur constantly looks for new ideas; creativity is needed to generate novel and valuable ideas.

Profit Potential

The entrepreneur can be compensated by profit coming from the operation.

Risk Bearing

The entrepreneur needs to gamble but wise enough to offset the risk.

Entrepreneurship

An economic activity involving the creation and operation of an enterprise to create value or wealth by ensuring optimum utilization of limited resources.

Core Competencies in Entrepreneurship

The essential skills and abilities required to start and operate an enterprise.