1-1 Vocabulary
Someone who identifies an opportunity by creating a solution to a problem, starts a business, assumes the personal and financial risk (and rewards) of the venture, and strives for constant improvement in an effort to grow the business and improve society.
What is Resourcing?
Gathering together the necessary elements needed to start a business, also called the 3rd stage of the entrepreneurial process.
What is Buyer Entrepreneurship
This type of entrepreneur buys existing businesses and tries to grow them further.
A small business is generally defined as a company with fewer than...
500 employees
An Intrapreneur is someone who...
Works for a company, exhibiting characteristics and/or skills of an entrepreneur, but takes less risk.
A circumstance or set of circumstances that presents itself as something favorable to capitalize on or benefit from.
What is Harvesting?
The 5th stage of the entrepreneurial process, where you evaluate if the company is a success or failure, and/or if it needs more time to prove itself.
What is Hustler Entrepreneurship?
This type of entrepreneur uses hard work and bootstrapping to start build a business.
What is considered the “instrument” of entrepreneurship?
Innovatio
What innovation was created by an intrapreneur at 3M, involving a breakthrough form of adhesive?
Post-it Notes
What is an Entrepreneurship?
The process of identifying opportunities, cultivating resources (time, money, energy, people) and creating a business to solve problems.
What is a Business Plan?
A roadmap of the business’s goals and objectives, and the strategy and details of how those goals and objectives will be achieved.
What is Researcher Entrepreneurship?
This type of entrepreneur spends more time researching an idea before pursuing the venture, focusing more on data and facts, versus intuition.
What is Vocation?
A feeling of suitability for a particular career or occupation.
What technology was developed by an intrapreneur of Kodak, but was overlooked as an opportunity?
The digital camera
What is a Disruptive Innovation?
When a business innovation dramatically changes the normal order of things
What is Entrepreneurial Discovery?
The process of systematically scanning for technological, political, regulatory, social, and demographic changes to discover opportunities to produce new goods and services.
What is Imitator Entrepreneurship?
This is a cross between and innovator and a hustler, trying to improve on existing products in the marketplace.
The primary differences between small business and entrepreneurship are in the areas of growth, __________, vision, and ___________.
innovation and risk-taking
An intrapreneur doesn’t take on the same level of __________ as an entrepreneur.
Risk
What is an example of a Disruptive Innovation
Netflix, Uber/Lyft, Tesla, Amazon, Healthcare, Smartphones
What three things need to be analyzed during the Discovery stage of the entrepreneurial process to determine if an idea can become an opportunity?
market, margin, mission
What is Scalable Startup Entrepreneurship?
This type of entrepreneur intends to be innovative and even disruptive, and to build a profitable business that can grow quickly.
The difference between small business and entrepreneurship has nearly nothing to do with size, and nearly everything to do with...
Characteristics
An intrapreneur is someone who exhibits the same _________ and/or _________ of an entrepreneur, while working as an employee in a company.
traits and skills