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Entrepreneurship Essentials
This deck covers key concepts of entrepreneurship, including definitions, traits, types, and the role of entrepreneurship in the economy. It also explores the process of business creation and the importance of a business plan.
What is entrepreneurship?
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Key Terms
Term
Definition
What is entrepreneurship?
Entrepreneurship is the function of seeking investment and production opportunities, organizing an enterprise, raising capital, hiring labor, and intr...
What are the key traits of successful entrepreneurs?
Key traits include passion, resilience, self-possession, decisiveness, fearlessness, financial preparedness, flexibility, ability to sell, and balance...
How does entrepreneurship contribute to economic development?
Entrepreneurship generates employment, raises productivity through innovation, facilitates technology transfer, increases resource utilization, and pr...
What is the difference between an entrepreneur and entrepreneurship?
An entrepreneur is an individual who starts and runs a business, while entrepreneurship is the process of starting and operating a business.
What are some types of entrepreneurship?
Types include small scale, scalable startup, large company, innovative, hustler, buyer, researcher, and imitator entrepreneurship.
What is a business plan?
A business plan is a written document that describes all relevant external and internal elements involved in starting a new venture, including goals, ...
Related Flashcard Decks
| Term | Definition |
|---|---|
What is entrepreneurship? | Entrepreneurship is the function of seeking investment and production opportunities, organizing an enterprise, raising capital, hiring labor, and introducing new techniques and commodities. |
What are the key traits of successful entrepreneurs? | Key traits include passion, resilience, self-possession, decisiveness, fearlessness, financial preparedness, flexibility, ability to sell, and balance. |
How does entrepreneurship contribute to economic development? | Entrepreneurship generates employment, raises productivity through innovation, facilitates technology transfer, increases resource utilization, and promotes capital formation. |
What is the difference between an entrepreneur and entrepreneurship? | An entrepreneur is an individual who starts and runs a business, while entrepreneurship is the process of starting and operating a business. |
What are some types of entrepreneurship? | Types include small scale, scalable startup, large company, innovative, hustler, buyer, researcher, and imitator entrepreneurship. |
What is a business plan? | A business plan is a written document that describes all relevant external and internal elements involved in starting a new venture, including goals, strategies, and financial projections. |
Why is risk-taking important in entrepreneurship? | Risk-taking is crucial as it involves uncertainty and the potential for loss, but it is necessary for innovation and seizing new opportunities. |
What are some challenges faced by entrepreneurs? | Challenges include cash flow management, hiring employees, time management, delegating tasks, choosing what to sell, and developing a marketing strategy. |
What role does ICT play in entrepreneurship? | ICT enhances communication, connects markets, improves access to services, and opens new entrepreneurial opportunities, especially in challenging environments. |
What is the significance of a business plan for financial institutions? | A business plan provides a comprehensive overview of the business, helping financial institutions evaluate the venture's potential for success and its ability to service debt. |