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Vocabulary flashcards covering key terms and concepts from the lecture on fundamentals of entrepreneurship.
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Entrepreneurship
The dynamic process of vision, change, and creation that involves identifying opportunities, taking calculated risks, marshalling resources, and creating value under conditions of uncertainty.
Entrepreneur
An individual who shifts resources to areas of higher productivity, assumes personal financial risk, and initiates a venture that would not exist without their effort.
Replicative Entrepreneurship
A form of entrepreneurship that imitates existing business models without significant innovation.
Innovative Entrepreneurship
Entrepreneurship that introduces new products, processes, markets, or organizational forms to create value.
For-Profit Entrepreneurship
Venture activities aimed at generating financial returns for owners or shareholders.
Not-for-Profit Entrepreneurship
Entrepreneurial activity conducted primarily to achieve social, cultural, or community objectives rather than profits.
Commercial Entrepreneurship
Trading, buying, selling, or providing non-technical services to satisfy market demand.
Technological Entrepreneurship
Creation or expansion of ventures based on scientific research or technological development, emphasizing new products, processes, or markets.
Technical Entrepreneurship
Process of recognizing a market need and applying innovative technical solutions to bring new products or services to fruition.
Creativity
The ability to conceive novel and useful ideas; the prerequisite for innovation.
Innovation
The transformation of creative ideas into tangible products, services, or processes that generate value.
Tools of Entrepreneurship
The core mechanisms—creativity and innovation—used to convert ideas into marketable offerings.
Small and Medium Enterprises (SMEs)
Businesses that generate income, employment, and industrial inputs, often driving local economic development.
Social Entrepreneurship
Activity that addresses social issues by collaborating with stakeholders to adopt innovative solutions that create both social and financial value.
Intrapreneurship
Entrepreneurial behavior by employees within an established organization, focusing on innovation and new ventures internally.
Corporate Entrepreneurship
Another term for intrapreneurship; fostering entrepreneurial initiatives within a corporate setting.
Risk and Uncertainty
Conditions faced by entrepreneurs where outcomes are unpredictable and potential losses exist.
Ethics
Accepted principles of right and wrong that guide behavior; in business, governs conduct of individuals and firms.
Business Ethics
Application of ethical principles to business situations, including legality, fairness, and responsibility.
Utilitarian Model
Ethical framework advocating maximization of overall good and minimization of harm.
Moral Right Model
Ethical approach asserting that decisions should respect fundamental human rights and privileges.
Justice Model
Ethical perspective focused on fair and equitable distribution of economic goods and services.
Code of Ethics
Formal standards and rules outlining acceptable behavior for managers and employees.
Societal Ethics
Standards that govern interactions among members of a society on issues like fairness and justice.
Professional Ethics
Standards that guide members of a profession in decision-making and client interactions.
Market Innovation
Introducing new ways to reach or create markets, often leading to increased demand.
Product Innovation
Development of new or significantly improved goods or services.
Organizational Innovation
Implementation of new organizational methods in business practices, workplace organization, or external relations.
Characteristics of an Entrepreneur
Common traits such as desire for responsibility, moderate risk preference, confidence, achievement orientation, high energy, emotional stability, objectivity, and environmental awareness.
Entrepreneurial Skills
Abilities including planning, communication, marketing, interpersonal, managerial, and leadership skills necessary for venture success.