The Nature of Entrepreneurship
What is an Entrepreneur?
An individual who establishes and manages their own business, often taking on financial risks in the process.
What are the steps or stages in the entrepreneurial process?
Discovery, Business Plan, Resourcing, Run the Business, Harvesting
What is Small Business Entrepreneurship
These are often family owned, and that intend to serve the local community, make a living, and focus less on growth than scalable startups.
What is a small business?
A small business is an independently owned company that typically has fewer employees and generates less revenue than large corporations.
what is the difference between an entrepreneur and a intrapreneur?
an entrepreneur takes more risk for a reward, while intrapreneurship don't take any risk for a reward.
What does it mean to make profit?
A business earns more money from selling goods or services than it spends on creating or providing them
What is Resourcing?
Resourcing is gathering what you need to start the business, like money, people, and tools. This includes hiring teammates, applying for funding, or being creative with limited resources (bootstrapping).
What is Large Company Entrepreneurship
These are scalable start-ups that became large companies, while still trying to preserve their entrepreneurial nature.
What is Financial Risk?
Financial risk is the chance of losing money or not making as much profit as expected. It happens when a person or business makes decisions involving money like starting a company, investing, or taking out a loan and things don’t go as planned.
What does it mean to be a life-long learner?
Someone who continues to learn and acquire new knowledge and skills throughout their entire life, not just during formal education
A roadmap of the business’s goals and objectives, and the strategy and details of how those goals and objectives will be achieved
Business Plan
What is Social Entrepreneurship
these are companies focused on creating products and services that make the world a better place
What is considered the “instrument” of entrepreneurship?
Innovation
What is the difference between an “entrepreneur” and “entrepreneurship”?
An entrepreneur is the person and entrepreneurship is what they do.
Gathering together the necessary elements needed to start a business, also called the 3rd stage of the entrepreneurial process.
Resourcing
What is Innovative Entrepreneurship
This type of entrepreneur focuses on new ideas and innovation, trying to change the way people go about their lives, and to change society.
The difference between small business and entrepreneurship has nearly nothing to do with size, and nearly everything to do with
characteristics
What is the difference between an innovation and a disruptive innovation?
All disruptive innovations are innovations, but not all innovations are disruptive.
What are the steps in the Discovery process?
Entrepreneurs study the market, look for problems or gaps, challenge the status quo, and identify changes in technology, politics, social trends, and consumer behavior. They ask what people want or need and find opportunities based on those insights.
What is Hustler Entrepreneurship
This is the person who won’t give up, won’t take no for an answer, will knock on many doors, cold calling for customers, always learning, willing to fail, and will apply those failings to ensure future success.
What are the primary differences in characteristics between small business ownership and entrepreneurship?
The primary differences between small business ownership and entrepreneurship come down to mindset, goals, and innovation. Small business owners typically focus on maintaining a stable and profitable business, often serving a local market