MGMT W9

Entrepreneur

Someone able to discover and recognise business opportunities, create viable ideas, and carry out a vision by organising necessary resources.

Innovation spirit

The mindset essential to entrepreneurship, centered on creativity and new ideas.

Managerial functions

Functions such as planning, organising, leading, and controlling necessary for successful entrepreneurship.

Opportunity identification

The process of recognizing market gaps for products and services.

Push entrepreneurial motivation

The drive to start a business out of necessity.

Pull entrepreneurial motivation

The desire to pursue one's own ideas, leading to entrepreneurship.

High achievement need

An excessive desire for personal responsibility in problem solving and achieving goals.

Tolerance of ambiguity

Entrepreneurs' comfort with uncertainty and calculated risk-taking.

Internal locus of control

The belief that one has control over their own life, linked with self-confidence.

Market demand

The need for products or services, often identified through trends or existing market problems.

Resource acquisition

The process of obtaining financial, social, human, and natural resources for the business.

Team quality

Having relevant skills, motivation to succeed, determination, and ability to manage dynamics within a founding or management team.

Observing trends

Identifying economic, social, or political shifts that can signal opportunities.

Maori entrepreneurship

A blend of cultural and commercial success aimed at positive community impact.

Communalism

A principle where the community's interests take precedence over individual interests in Maori entrepreneurship.

Incremental innovation

The gradual improvement or extension of existing products, services, or processes.

Breakthrough innovation

Radical innovations that introduce totally new products, services, or processes.

Disruptive thinking

Innovative ideas that displace existing markets and create new value propositions.

Commercial exploitation of innovation

The process to make an innovation commercially successful by ensuring it fits market needs and can scale.

Small business

Enterprises typically defined as having fewer than 20 employees, characterized by owner-management.

Inception phase

The early stage of a business focusing on product/service creation and customer acquisition.

Survival phase

The stage where a business proves its viability but faces cash flow pressures.

Growth phase

The stage where a business becomes economically strong, requiring professional management.

Reason for small business failure

Common factors include lack of experience, strategy, financial control, and commitment.

Entrepreneurial wellbeing

The state of mental and physical health that supports entrepreneurial success and includes strategies for recovery.

Micro-breaks

Short breaks taken to restore energy and focus during work.

Daily positive work reflections

Practices to reduce emotional exhaustion and improve overall wellbeing.

Stress regulation techniques

Methods used to manage stress and personal commitments effectively.