ENT211 notes

An entrepreneur is defined as __________, who coordinates and optimizes the factors of production towards commercial success.

that individual who uses the ideology of innovation and creativity.

Entrepreneurship is more of __________ and not necessarily skills acquisition.

ideology

Not all businessmen are entrepreneurs, but all entrepreneurs are considered __________.

businessmen

The mindset of an entrepreneur is characterized by the belief that __________.

I can do it.

One major characteristic of entrepreneurship is __________, which entails innovations in products and production techniques.

creative activity

The main characteristics identified by Driessen and Zwart (2010) include the need for achievement (n Ach), internal locus of control (ILOC), and __________.

risk-taking propensity (RTP)

Hadzima and Pilla (2010) identified characteristics of highly effective entrepreneurs such as enthusiasm and energy, growth potential, and __________.

teamwork

DiMasi (2010) emphasizes that entrepreneurs must possess __________ and the ability to multitask effectively.

technical knowledge

Entrepreneurial motivation includes the desire for independence and __________.

self-efficacy.

Locus of control refers to how much control individuals believe they have over __________.

the outcome of events.

A __________ entrepreneur is one who innovates and introduces something new into the market.

creative

In reference to entrepreneurial motivation, __________ refers to the tendency to perceive ambiguous situations as sources of threat.

intolerance of ambiguity

The concept of __________ involves examining internal and external factors to assess business performance.

SWOT analysis.

Entrepreneurs are individuals who identify opportunities within the economic system and have the __________ to take action on them.

willingness

The __________ entrepreneur is characterized by operating businesses that are influenced by the state of the economy.

Fabian

When evaluating entrepreneurship, opportunity and __________ are the two primary factors affecting supply.

willingness

The ability to connect disparate ideas and experience to innovate solutions is known as __________.

creativity.

In a business model, the 'value proposition' describes __________ and why they are desirable to customers.

the goods or services that a company offers

The four traditional types of e-commerce business models include B2C, B2B, C2B, and __________.

C2C (Consumer to Consumer).

The need for __________ in a business refers to the motivation and individual responsibility for outcomes.

achievement.

In entrepreneurship, the tendency to take moderate risks is termed __________.

risk-taking propensity.

__________ entrepreneurs rely on existing systems and replicate them with improvements to offer similar but better services or products.

Imitating