The Nature and Development of Entrepreneurship

A set of vocabulary flashcards based on the lecture notes about entrepreneurship, defining key concepts and terms.

Entrepreneur

A person who sees an opportunity in the market, gathers resources, and creates and grows a business venture.

Entrepreneurship Theory

A framework that studies the development, characteristics, and dynamics of entrepreneurs and their ventures.

Entrepreneurial Process

The sequence of steps entrepreneurs take to identify opportunities, develop business plans, and manage enterprises.

Small Business

A privately owned and operated business that is limited in size, revenue, and number of employees.

Entrepreneurial Orientation

The set of behaviors and attitudes that drive an entrepreneur's strategic decisions and actions.

Feasibility Study

An assessment of the practicality and viability of a proposed business idea.

SMME (Small, Medium, and Micro Enterprises)

Businesses that fall within a certain size, often recognized for their potential contributions to economic growth and job creation.

Risk Orientation

The willingness of an entrepreneur to take calculated risks in pursuit of business opportunities.

Impetus of Entrepreneurship

The stimulation effect that entrepreneurship provides to economic growth, job creation, and wealth generation.

Supportive Environment

The conditions and infrastructure that enhance the development and success of entrepreneurs.

Commitment

The dedication and persistence demonstrated by entrepreneurs towards their business ventures.

Creativity and Innovation

The ability to generate new ideas and implement novel solutions in business contexts.

High-Potential Entrepreneurs

Entrepreneurs who establish and grow businesses with the capacity to generate significant economic impact.

Global Entrepreneurship Monitor (GEM)

A research initiative that assesses and compares entrepreneurial activities across countries.

Economic Impetus

The driving force provided by entrepreneurship that leads to economic activities such as growth, employment, and innovation.

Business Plan

A formal written document outlining the strategy, goals, and financial forecasts of a business venture.