Unit Two: Entrepreneurial Management and Principles

This set of vocabulary flashcards covers key concepts of the entrepreneurial process, market trends, and the five principles of effectuation from Unit Two.

Flow

The love and passion for something, discovered through the process of understanding oneself.

Ideation

The initial stage of the entrepreneurial process where entrepreneurs generate and explore innovative ideas, focusing on creativity and identifying opportunities.

Scaling

The phase involving the expansion of a venture to increase market share and reach a broader audience by replicating successful strategies.

Hyper growth

An accelerated expansion phase where a venture experiences exponential growth in a relatively short period while handling rapid changes in the business landscape.

Green Trend

An enterprise that actively addresses environmental problems through a financially sustainable business plan with positive impacts on the environment, community, and economy.

Clean-Energy Trend

Generation systems that do not produce pollution, notably greenhouse gases like $CO_2$, which drive advances to conserve the environment.

Effectuation

A framework for decision-making defined by Dr Saras Saraswathi as an entrepreneurial thought process focused on common sense principles and what is doable.

Bird-in-hand Principle

An effectuation principle that emphasizes the entrepreneur should focus on the means or resources currently at their disposal.

Lemonade Principle

An effectuation principle that requires the entrepreneur to leverage contingencies or bad outcomes.

Patchwork/Quilt Principle

An effectuation principle that requires the entrepreneur to focus on working with networks and partnerships.