Introduction to Entrepreneurship – Unit 1 Vocabulary

45 vocabulary flashcards covering key terms, competencies, functions, types, careers, and common myths in Unit 1: Introduction to Entrepreneurship.

Entrepreneur

A person who undertakes the risk of creating and running a new enterprise.

Entrepreneurship

The process of searching for opportunities, accepting risk, and organizing resources to create value.

Enterprise

The business organization created by an entrepreneur through the process of entrepreneurship.

Intrapreneurship

Entrepreneurial activities carried out within an existing large firm, including corporate venturing.

Creative Destruction

Schumpeter’s concept in which new innovations replace inferior ones across markets and industries.

Incremental Innovation

A series of small improvements that gradually transform processes or products.

Disruptive Innovation

An entirely new approach that drastically changes markets or creates new ones.

Initiative

Personality trait of doing things before being told; acting first.

Proactive

Ability to anticipate opportunities or problems and act in advance to control situations.

Problem Solver

Trait of maintaining good relations while finding workable solutions to difficulties.

Perseverance

Continuing toward a goal despite obstacles or challenges.

Persuasion

Skill of convincing people to buy or support ideas even when they initially resist.

Planner

Habit of preparing and monitoring detailed action plans before acting.

Risk-taker (Personality)

Willingness to gamble on opportunities after calculating possible outcomes.

Environmental Factors

External conditions—political, climate, legal, economic, social, market—that affect entrepreneurship.

Decisive

Common competency: firmness and speed in making business decisions.

Communicator

Competency: uses persuasive, convincing language to influence others.

Leader

Competency: possesses charisma that gains employees’ obedience and commitment.

Opportunity Seeker

Entrepreneurial competency of spotting business chances before others do.

Economic and Dynamic Activity

Core competency: entrepreneurship creates economic value through optimal resource use.

Innovative (Core)

Constant search for new ideas and creative improvements.

Profit Potential

Possibility of earning financial reward as compensation for entrepreneurial effort.

Risk Bearing

Core competency requiring acceptance and management of uncertainty.

Innovation (Function)

Developing new technologies, products, or markets.

Assumption of Risk

Function of accepting possible loss that may arise from new ventures.

Research (Function)

Systematic study and analysis performed before launching a venture.

Development of Management Skills

Function of planning, organizing, staffing, directing, and controlling business activities.

Overcoming Resistance to Change

Function of introducing new ideas and persuading others to accept them.

Catalyst of Economic Development

Role of discovering new uses for resources and accelerating national growth.

Innovative Entrepreneur

Entrepreneur who generates original, economical ideas and new products.

Imitating Entrepreneur

Entrepreneur who adopts and replicates ideas developed by others.

Fabian Entrepreneur

Skeptical, cautious entrepreneur who adopts change only when fully satisfied.

Drone Entrepreneur

Conservative entrepreneur who resists change and may suffer losses as a result.

Social Entrepreneur

Individual who drives social innovation and transformation in areas like health or education.

Business Consultant

Career path offering advice and expertise to other entrepreneurs and firms.

Teacher (Entrepreneur Career)

Uses entrepreneurial knowledge to educate students in academic settings.

Researcher (Career)

Applies investigative skills to study markets, products, or business processes for organizations.

Salesperson

Career in selling products or services, leveraging entrepreneurial persuasiveness.

Business Reporter

Journalistic career covering business news using entrepreneurial insight.

Myth: Entrepreneurs Are Born, Not Made

False idea ignoring that entrepreneurship can be learned through models and processes.

Myth: Entrepreneurs Are Academic or Social Misfits

Incorrect belief; education actually strengthens entrepreneurial capability.

Myth: Money Is the Only Requirement

Misconception; good ideas, planning, and resource combination matter as much as finance.

Myth: A Great Idea Is Enough

Wrong notion; execution and management are essential alongside the idea.

Myth: Having No Boss Makes Entrepreneurship Easy

Fallacy; entrepreneurs face demanding customers, investors, vendors, and bankers.