Entrepreneurship Lecture Notes Flashcards

Vocabulary flashcards based on entrepreneurship lecture notes.

SME

Small and Medium-sized Enterprises, typically owner-managed companies.

Startup

A newly founded company, often an SME, typically within its first five to ten years.

SME

Small and Medium-sized Enterprises, typically owner-managed companies.

Startup

A newly founded company, often an SME, typically within its first five to ten years.

Liabilities of Smallness

Challenges faced by SMEs due to their size, such as higher risk and lack of economies of scale.

Liabilities of Newness

Challenges faced by startups due to their newness, such as lack of brand knowledge.

Entrepreneur

An individual who manages and assumes the risks of a business or enterprise.

Innovation

Doing something new and bringing it to the market.

Invention

The creation of something new.

Webvan

An entrepreneurial company that aimed to disrupt traditional supermarket retailers but went bankrupt.

Peapod

An entrepreneurial company that provided online ordering and delivery using existing supermarkets.

Entrepreneurship

The art of turning an idea into a business.

Salary-Substitute Firms

Firms that provide their owners a similar level of income to a conventional job.

Lifestyle Firms

Firms that provide their owners the opportunity to pursue a particular lifestyle and make a living.

Entrepreneurial Firms

Firms that bring new products and services to the market by creating and seizing opportunities.

Corporate Entrepreneurship

Entrepreneurship at the firm level; conceptual continuum from conservative to highly entrepreneurial.

Entrepreneurial Intensity

The position of a firm on the continuum from conservative to entrepreneurial.

Passion for the Business

Intrinsic motivation and interest in the business, a root of all success for entrepreneurs.

Product/Customer Focus

Creating products based on the wishes of customers/consumers.

Execution Intelligence

The ability to transform an idea into a smart and good product.

Tenacity Despite Failure

The ability to keep going and stay innovative, even after failing.

Zurich as Startup Center

Good Ecosystem because of many people, banks, universities, and big companies

True or False: SMEs always have economies of scale.

False. Small and Medium-sized Enterprises (SMEs) often face challenges due to their size, leading to the lack of economies of scale.

True or False: An entrepreneur is someone who avoids risks in business.

False. An entrepreneur is an individual who manages and assumes the risks of a business or enterprise.

True or False: Invention and innovation mean the same thing.

False. Invention is the creation of something new, while innovation involves bringing that new creation to the market, which implies there is a difference.

True or False: Salary-substitute firms aim to bring new products to the market.

False. Salary-substitute firms provide their owners with a similar level of income to a conventional job, rather than focusing on bringing new products or services to the market.

True or False: Passion for the business is not important for entrepreneurs.

False. Passion for the business is a crucial intrinsic motivation and a fundamental root of success for entrepreneurs.