entrep

Entrepreneurship

The activity of setting up a business, taking on financial risk in the hope of profit.

Creativity

The ability to conceive something new, original, and unique.

Innovation

Introducing change into relatively existing products.

Product

Any item offered for sale.

Goods

Tangible items that can be sold.

Capital Goods

Man-made resources used in production.

Consumer Goods

End product/output produced for the consumer.

Services

Intangible offerings that meet consumer needs.

Producer

An individual or company that manufactures/creates goods and supplies.

Consumer

A person who purchases goods and services for personal use.

Sector

A large segment of the economy.

Industry

A group of companies that are related based on their primary business activities.

Land (in production)

A natural resource utilized in businesses.

Labor (in production)

The human effort exerted in production.

Capital (in production)

Man-made resources used in production, such as money, machinery, and equipment.

Efficiency

The ability to maximize output with minimum input; doing things right.

Effectiveness

The capacity to attain an intended objective; doing the right thing.

Goal-Oriented (entrepreneur characteristic)

Having specific goals to achieve.

Highly-Motivated (entrepreneur characteristic)

Possessing a strong drive to succeed.

Risk Taker (entrepreneur characteristic)

Willingness to take risks for potential rewards.

Creative Destruction

The process by which innovation causes older technologies to become obsolete.

Core Competencies

The essential skills and behaviors needed for entrepreneurship.

Opportunity-Seeking and Initiative (core competency)

The ability to identify and pursue opportunities.

Persistence (core competency)

The determination to continue despite challenges.

Taking Calculated Risks (core competency)

The ability to assess risks and make informed decisions.

Goal-Setting (core competency)

Establishing specific measurable objectives to achieve.

Information-Seeking (core competency)

The drive to gather relevant information for decision-making.

Systematic Planning and Monitoring (core competency)

Creating organized plans and tracking progress.

Persuasion and Networking (core competency)

The ability to influence others and build beneficial relationships.

Independence and Self-Confidence (core competency)

Trusting one's own abilities and working autonomously.