First Term - Second Summative Test in Entrepreneurship

Flashcards covering key vocabulary terms and concepts from the First Term Second Summative Test in Entrepreneurship.

Optimistic Entrepreneur

Refers to the quality that allows an entrepreneur to see things in a positive and optimistic way during difficult situations and find solutions when problems arise.

Entrepreneurial Passion and Goal Achievement

Refers to the entrepreneur's strong desire to achieve his or her goals and the satisfaction gained from the process of discovery.

Intuitive Entrepreneur

Refers to the entrepreneur's ability to use intuition and have confidence in oneself and the belief that one's aspirations can be achieved.

Substitute Product

Products that serve the same purpose as another product in the market.

Supplier

Individuals or organizations that provide the raw materials, equipment, and services needed for business operations.

Environmental Changes

Changes in the environment that can create new problems and demands that entrepreneurs can transform into business opportunities.

Income Increase Effect

The concept where an increase in people's income leads to a higher demand for premium and leisure products.

Role of Technology in Entrepreneurship

Technology's capability to create entrepreneurial opportunities by helping entrepreneurs develop new products, improve services, and reach customers more quickly.

Competitors

Market entities that present not only threats but also opportunities for entrepreneurs to improve or differentiate their products and service.

Shift to Substitute Products

Consumer behavior wherein an increase in the price of a product causes consumers to shift to a substitute product that serves the same purpose.