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Entrepreneurship and Business Concepts
This deck covers key concepts in entrepreneurship, business environments, and organizational structures. It includes definitions, roles, and characteristics of entrepreneurs, as well as insights into business ethics and governance.
Who first coined the term 'entrepreneur'?
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Key Terms
Term
Definition
Who first coined the term 'entrepreneur'?
Richard Cantillon
What is the non-continuous process of combining resources to create products called?
Entrepreneurship
What term describes someone who mobilizes resources in an existing organization?
Intrapreneur
Who listed the characteristics of entrepreneurs as risk-bearers and innovators?
Joseph Schumpeter
From which two disciplines did entrepreneurship originate?
Economics and Business
Who is referred to as a person creating a new enterprise in a risky environment?
Entrepreneur
Related Flashcard Decks
| Term | Definition |
|---|---|
Who first coined the term 'entrepreneur'? | Richard Cantillon |
What is the non-continuous process of combining resources to create products called? | Entrepreneurship |
What term describes someone who mobilizes resources in an existing organization? | Intrapreneur |
Who listed the characteristics of entrepreneurs as risk-bearers and innovators? | Joseph Schumpeter |
From which two disciplines did entrepreneurship originate? | Economics and Business |
Who is referred to as a person creating a new enterprise in a risky environment? | Entrepreneur |
Which activity is not considered entrepreneurship? | The routine management of an ongoing operation |
Who first stressed the significance of entrepreneurship for economic growth? | John Stuart Mill |
What role is an entrepreneur performing when directing and controlling activities? | Directing and controlling |
What affects the supply of entrepreneurship? | Opportunity |
What is creativity? | The ability to bring something new into existence. |
What is the first step in the creative process according to Holt (1992)? | Preparation |
Which is not a form of innovation? | Idea generation |
What is architectural innovation? | Innovation that brings about a new dominant design and architecture. |
What is modular innovation? | Reconfiguration of an established system to link components in a new way. |
How many stages are in the creative process according to Holt (1992)? | Five stages |
What is product-market innovation? | Innovation involving market research, product design, and advertising. |
What is critical to individual creativity according to Adams (2005)? | Knowledge, Thinking, Personal Motivation |
What can the concept 'environment' also refer to? | Surroundings |
How can the business environment be broadly classified? | Into three categories |
What describes a business environment perceived differently by organizations? | Multifaceted |
What is an inherent constraint creating strategic disadvantage called? | Weakness |
What type of business environment consists of interacting factors? | Complex and dynamic |
Under which environment are regulations and laws classified? | Political/Legal environment |
What environment recognizes customs and values of a community? | Socio-cultural environment |
What is the environment between internal and external environments called? | Intermediate |
How many support systems facilitate the entrepreneurship process? | Six |
What analysis involves identifying favorable and unfavorable conditions? | External evaluation |
What is the minimum number required to start a sole proprietorship? | One |
What document states all terms of a partnership? | Partnership agreement |
What liability do general partners have? | Unlimited liability |
What is unique about a private limited company? | Minimum of two persons to start the business |
What is a major document of incorporation? | Memorandum of association |
What type of team has different levels of hierarchy? | Vertical team |
Where can a formal team be found? | Officially designed organizational structure |
What is not an issue in team building? | Independence |
What is a feature not found in effective teams? | Mistrust among team members |
What is a group created by formal authority to transform resources called? | Work group |
What describes the oneness of group members? | Cohesiveness of group |
What theory states more shared activities lead to stronger sentiments? | Propinquity theory |
What stage involves tackling obstacles and conflicts in a group? | Storming stage |
What is a mature, organized, well-functioning group stage called? | Total Integration stage |
What is not a feature of vision? | Ambiguous |
What is another term for core value of an organization? | Core tenet |
What is the extent of integrity an organization is ready to maintain? | Core value |
What is the reason for an organization's existence called? | Core purpose |
What keeps an organization motivated even without its founders? | Envisioned vision |
What happens if vision is taken away from an organization? | Confusion |
What happens if skills are taken away from an organization? | Organization failure |
What can lack of resources cause in an organization? | Slow down |
What can lack of an action plan cause? | False start |