Entrepreneurship Lesson 1 Notes

VOCABULARY flashcards covering key entrepreneurship concepts from the lecture notes.

Entrepreneur

An individual who identifies needs and delivers products or services at the right time, place, and price.

Entrepreneurship

Multidisciplinary concept; the process of starting a new business venture by identifying opportunities and acting on them to make a profit.

Entrepreneurial Competencies

The sum total of the personality, skills, and knowledge needed to effectively perform entrepreneurial functions.

Functional Competencies

Skills organized into clusters covering the main areas of managerial knowledge.

Emotional Competencies

Behaviors desired for effective performance of entrepreneurial duties.

Opportunity Competency

Ability to recognize and develop market opportunities.

Relationship Competency

Ability to interact with others effectively, whether one-to-one or in groups.

Conceptual Competency

Abstract thinking abilities reflected in the entrepreneur’s behaviors.

Organizing Competency

Ability to organize internal and external resources (human, physical, financial, technological) and lead teams.

Strategic Competency

Ability to set, evaluate, and implement the firm’s strategies.

Commitment Competency

Drive that pushes the entrepreneur to move ahead with the business.

Intuition

Use of gut-feel or instinct to arrive at decisions.

Affect Infusion

Influence of current moods on judgments by biasing information processed.

Attribution Style

Self-serving bias affecting how outcomes are attributed.

Counterfactual Thinking

Considering possible alternatives to events that have already occurred.

Over-Confidence

Tendency to overestimate one’s knowledge when making decisions.

Knowing Style

Combination of analytical and conceptual thinking; seeks facts before deciding.

Creative Style

Holistic, conceptual thinking; tends to be creative and experiment before deciding.

Small Business Entrepreneurship

Businesses like hairdressers, grocery stores, etc., run by individuals who may hire family or locals; profits sustain the family; funded by small loans or relatives.

Scalable Startup Entrepreneurship

Startups with vision to grow; attract venture capital; hire top talent; focus on scalable, disruptive models.

Large Company Entrepreneurship

Entrepreneurship within large firms, which innovate to adapt to technology and market changes, sometimes via acquisitions or internal development.

Social Entrepreneurship

Entrepreneurship focused on solving social needs; profits are not the primary goal.

Risk-Taking

Willingness to take significant risks to start or grow a venture.

Innovation

Creating new ideas, products, or processes to improve a venture and its outcomes.

Visionary and Leadership

Clear long-term vision and leadership to mobilize people and resources toward goals.

Open-Minded

Willingness to consider opportunities and adapt to new information.

Flexible

Ability to adapt to changing circumstances and embrace change when needed.

Know Your Product

Understanding the product offerings and market trends; ability to adjust offerings to meet demand.

Creation of Employment

Entrepreneurship generates job opportunities for workers.

Impact on Society and Community Development

Entrepreneurship expands employment and improves community life through better services and infrastructure.

Increase Standard of Living

Rising income and purchasing power leading to higher living standards.

Supports Research and Development

Entrepreneurs fund and enable R&D with institutions, boosting innovation and growth.