Key Concepts in Modern Entrepreneurship

This set of flashcards covers key vocabulary and concepts related to modern entrepreneurship, emphasizing methods, pathways, and important characteristics.

Entrepreneurship

A method that requires practice, knowledge, and a different way of thinking about business.

Corporate Entrepreneurship

When employees create new products, ventures, or processes within a corporation.

Intrapreneur

An employee who thinks and acts entrepreneurially within an organization.

Franchising

A form of business where a franchisee operates under the brand of a franchisor in exchange for fees and royalties.

Social Entrepreneurs

Individuals or organizations that use entrepreneurial principles to create social change.

Deliberate Practice

A focused method of improving performance through repeated, intentional practice and feedback.

Effectuation Theory

An entrepreneurial approach focusing on what you can do with the resources at hand rather than on predetermined goals.

Affordable Loss

The maximum amount that an entrepreneur is willing to risk in a venture.

Collaborative Entrepreneurship

The tendency for entrepreneurs to network and collaborate with others rather than compete.

Serial Entrepreneurship

The practice of starting several businesses over time, often innovating and exiting each to start new ventures.