Introduction to Entrepreneurship – Vocabulary

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

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.