Entrepreneurship Midterm Ultimate Study Guide

Entrepreneur

An individual responsible for undertaking specific projects or ventures.

Entrepreneurship

The actions, processes, and functions executed by an entrepreneur.

Intrapreneur

A person who executes entrepreneurial functions within an existing organization.

Risk Taker

An entrepreneur who assumes financial and operational risks while pursuing opportunities.

Economic Actor

An entrepreneur who organizes and operates an enterprise for personal gain.

Opportunity Perception

The ability of an entrepreneur to identify viable business opportunities.

Innovation

The ability to commercialize perceived opportunities and develop new products or services.

Demand for Operational Efficiency

An entrepreneur's rigorous focus on high-quality production and organizational efficiency.

Creativity

The structured process of generating novel ideas by recombining known elements.

Market Dynamics

The changes in market conditions influenced by entrepreneurial activity.

Wealth Creation

The generation of economic value through business activities by an entrepreneur.

Stakeholder Distribution

The various parties that benefit from the wealth generated by an entrepreneur.

Commercialization

The process of bringing an innovative product or service to market.

Barriers to Creativity

Factors that inhibit innovative thinking and problem-solving.

Entrepreneurial Process

A series of actions involving opportunity recognition, resource mobilization, and risk management.

Social Impact

The societal benefits that arise from entrepreneurial activities and innovations.

Environmental Influences

External factors affecting entrepreneurship, including economic, legal, and socio-cultural aspects.

Types of Innovation

The classifications of innovation including invention, extension, duplication, and synthesis.

Entrepreneurial Mindset

The unique way of thinking that drives entrepreneurs towards opportunities and innovation.

Per Capita Income

The average economic output per person, impacted by entrepreneurial activities.