Entrepreneurship: Evolutionary Development and Revolutionary Impact

These flashcards cover key vocabulary and concepts from the lecture on entrepreneurship, touching upon definitions, characteristics, and common myths related to the field.

Entrepreneurship

A process of innovation and new-venture creation aided by collaborative networks.

Characteristics of Entrepreneurs

Traits including personal initiative, resource management, risk-taking, and goal-oriented behavior.

Breakthrough Innovators

Entrepreneurs who recognize opportunities and create change within the marketplace.

Dynamic Process

The ongoing actions of organizing, managing, and assuming risks in business.

Entrepreneurial Process

The transition from an employee mindset to thinking like an entrepreneur.

Survival Ventures

Businesses that provide basic subsistence, often necessity-driven.

Gazelle

A business with at least 20% sales growth each year for 5 years.

Unicorn

A pre-IPO tech start-up with a market value of $1 billion.

Myth of Entrepreneurs as Doers

The misconception that entrepreneurs are only action-oriented and do not engage in thoughtful planning.

Myth of Entrepreneurs Being Born

The belief that entrepreneurial traits are innate rather than learnable.

Entrepreneurial Education

Training that enhances skills and improves the entrepreneurial mindset.

Macro View

The perspective that focuses on external factors influencing entrepreneurship.

Micro View

The perspective highlighting traits common to successful entrepreneurs.

Millennipreneurs

Entrepreneurs under the age of 35 focused on social and environmental impact.

Serialpreneurs

Entrepreneurs who manage four or more operating companies.

Entrepreneurial Discipline

A principle that applies similar rules and innovation processes across various types of organizations.

Entrepreneurial Leadership

Combines the ability to lead and take risks to drive innovation.