Introduction to Entrepreneurship – Vocabulary

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Vocabulary flashcards covering key terms and concepts from the lecture on fundamentals of entrepreneurship.

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30 Terms

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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.

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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.

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Replicative Entrepreneurship

A form of entrepreneurship that imitates existing business models without significant innovation.

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Innovative Entrepreneurship

Entrepreneurship that introduces new products, processes, markets, or organizational forms to create value.

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For-Profit Entrepreneurship

Venture activities aimed at generating financial returns for owners or shareholders.

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Not-for-Profit Entrepreneurship

Entrepreneurial activity conducted primarily to achieve social, cultural, or community objectives rather than profits.

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Commercial Entrepreneurship

Trading, buying, selling, or providing non-technical services to satisfy market demand.

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Technological Entrepreneurship

Creation or expansion of ventures based on scientific research or technological development, emphasizing new products, processes, or markets.

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Technical Entrepreneurship

Process of recognizing a market need and applying innovative technical solutions to bring new products or services to fruition.

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Creativity

The ability to conceive novel and useful ideas; the prerequisite for innovation.

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Innovation

The transformation of creative ideas into tangible products, services, or processes that generate value.

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Tools of Entrepreneurship

The core mechanisms—creativity and innovation—used to convert ideas into marketable offerings.

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Small and Medium Enterprises (SMEs)

Businesses that generate income, employment, and industrial inputs, often driving local economic development.

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Social Entrepreneurship

Activity that addresses social issues by collaborating with stakeholders to adopt innovative solutions that create both social and financial value.

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Intrapreneurship

Entrepreneurial behavior by employees within an established organization, focusing on innovation and new ventures internally.

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Corporate Entrepreneurship

Another term for intrapreneurship; fostering entrepreneurial initiatives within a corporate setting.

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Risk and Uncertainty

Conditions faced by entrepreneurs where outcomes are unpredictable and potential losses exist.

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Ethics

Accepted principles of right and wrong that guide behavior; in business, governs conduct of individuals and firms.

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Business Ethics

Application of ethical principles to business situations, including legality, fairness, and responsibility.

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Utilitarian Model

Ethical framework advocating maximization of overall good and minimization of harm.

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Moral Right Model

Ethical approach asserting that decisions should respect fundamental human rights and privileges.

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Justice Model

Ethical perspective focused on fair and equitable distribution of economic goods and services.

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Code of Ethics

Formal standards and rules outlining acceptable behavior for managers and employees.

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Societal Ethics

Standards that govern interactions among members of a society on issues like fairness and justice.

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Professional Ethics

Standards that guide members of a profession in decision-making and client interactions.

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Market Innovation

Introducing new ways to reach or create markets, often leading to increased demand.

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Product Innovation

Development of new or significantly improved goods or services.

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Organizational Innovation

Implementation of new organizational methods in business practices, workplace organization, or external relations.

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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.

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Entrepreneurial Skills

Abilities including planning, communication, marketing, interpersonal, managerial, and leadership skills necessary for venture success.