The Entrepreneurial Mind

This set of vocabulary flashcards covers the foundational concepts, processes, and characteristics of the entrepreneurial mindset as discussed in the Asian Institute of Computer Studies lecture.

Entrepreneurship

The process of creating, developing, and managing a business venture to generate value.

Entrepreneurial Mindset

A way of thinking that embraces opportunities, innovation, calculated risk-taking, and problem solving.

Characteristics of Entrepreneurs

Key traits including Creativity, Innovation, Leadership, Resilience, and Risk Management.

Entrepreneurial Mindset vs Employee Mindset

A comparison of opportunity-seeking versus task-focused approaches.

The Entrepreneurial Process

A five-step sequence consisting of Idea Generation, Opportunity Recognition, Planning, Launch, and Growth.

Importance of Entrepreneurship

Its role in creating jobs, driving innovation, stimulating economic growth, and solving problems.

Entrepreneurial Opportunities

Sources of potential business ventures such as market gaps, customer needs, technological advances, and emerging trends.

Challenges of Entrepreneurs

Obstacles including financial constraints, competition, uncertainty, and market changes.

Entrepreneurial Ecosystem

The network of government, investors, mentors, educational institutions, and customers that support business creation.

Business Opportunity Analysis

The assessment of market demand, competition, resources, and profitability.

Tony Tan Caktiong

The founder of Jollibee who transformed a small business into a leading fast-food chain.

Factors Influencing Entrepreneurial Success

Critical elements such as Innovation, Leadership, Networking, Risk Taking, and Financial Skills.