Entrepreneurship and Its Social Impact

These flashcards cover key vocabulary and concepts related to entrepreneurship and its impact on society and the economy as discussed in the lecture.

Entrepreneur

An individual who identifies opportunities in the market and pursues them to create new businesses.

Innovation

The process of bringing new ideas or products to the market, or improving existing products or services.

Risk Acceptance

The willingness of entrepreneurs to take on risks in pursuit of new ventures, often preferring to try and fail rather than to never attempt.

Serial Entrepreneur

An entrepreneur who continuously comes up with new ideas and starts new businesses, often one after the other.

Economic Growth

The increase in the production of goods and services in an economy over time, often spurred by entrepreneurial activities.

Job Creation

The process by which new businesses and entrepreneurial ventures generate new jobs in the economy.

Market Information

Data and insights about market trends, consumer behavior, and competition that entrepreneurs use to identify opportunities.

Business Process Outsourcing (BPO)

A business practice where a company hires another company to handle certain business functions or services.

Disruption

A significant change in an industry caused by innovation that displaces established businesses or products.

Entrepreneurial Venture

A project or business initiated by an entrepreneur, characterized by innovation, risk-taking, and opportunity exploitation.