Entrepreneurship and Leadership Concepts

Flashcards covering key concepts related to entrepreneurship and leadership discussed in the lecture notes.

Entrepreneur

Someone who notices opportunities and decides to mobilize resources to produce new and improved goods and services.

Self-efficacy

A person's belief in their ability to achieve a goal.

Business Plan

A strategic plan that integrates opportunity, resources, and teamwork for the business.

Opportunity Recognition

The process of searching for and capturing new ideas that lead to business opportunities.

Bootstrapping

Using low-cost or free techniques to minimize the cost of doing business.

Leadership

The process of exerting influence over others to achieve group or organizational goals.

Servant Leadership

A leadership style focused on serving others and prioritizing their needs and development.

Transformational Leadership

Leadership that motivates subordinates by making them aware of their importance and encouraging personal growth.

Emotional Intelligence

The ability to understand and manage one's own emotions and the emotions of others.

Resource Competencies

The ability to find necessary components for business operations.

Efficiency-Driven Economy

An economy where industrialization is the primary source of jobs, revenue, and taxes.

Opportunity Driven Entrepreneurship

Creating a firm to improve one’s income or product/service.

Corporate Entrepreneurship

Business activities that occur within existing companies focusing on new products, services, or markets.

Innovation-Driven Economy

An economy that relies on high-value production based on new ideas and professional services.

Niche Market

A specialized segment of the market for a particular kind of product or service.