Entrepreneurship: Evolutionary Development-Revolutionary Impact

Vocabulary flashcards covering fundamental definitions, schools of thought, and key concepts from Chapter 1 of Donald F. Kuratko's Entrepreneurship textbook.

Entrepreneurship

A dynamic process of vision, change, and creation that requires an application of energy and passion towards the creation and implementation of new ideas and creative solutions.

Entrepreneur

Derived from the French entreprendre, meaning "to undertake"; refers to one who undertakes to organize, manage, and assume the risks of a business.

Small Business Owners

Individuals who manage their businesses by expecting stable sales, profits, and growth, contrasted with entrepreneurs who focus on innovation, profitability, and sustainable growth.

Macro View

A perspective of entrepreneurial schools of thought based on an external locus of control, focusing on external factors and processes.

Micro View

A perspective of entrepreneurial schools of thought based on an internal locus of control, focusing on factors specific to the individual entrepreneur or venture.

Environmental School of Thought

A macro view school of thought that considers the external factors affecting a potential entrepreneur's lifestyle.

Financial/Capital School of Thought

A macro view school of thought based on the capital-seeking process, specifically the search for seed and growth capital.

Displacement School of Thought

A macro view school of thought holding that alienation (displacement, detachment, or isolation) drives entrepreneurial pursuits.

Entrepreneurial Trait School of Thought

A micro view school of thought, also known as the People School, that focuses on identifying common traits of successful entrepreneurs such as achievement, creativity, determination, and technical knowledge.

Venture Opportunity School of Thought

A micro view school of thought focusing on the search for idea sources, the development of concepts, and the implementation of venture opportunities.

Corridor Principle

The concept that new opportunities arise from an entrepreneurial venture that lead entrepreneurs in different directions.

Strategic Formulation School of Thought

A micro view school of thought that emphasizes the planning process in successful venture development.