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Questions and Answers
What is the definition of invention?
What does innovation refer to?
What is narrow entrepreneurship?
An entrepreneur is an innovator who introduces new, often disruptive, combinations of resources into a for-profit business.
Define traditional entrepreneurship.
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What is broad entrepreneurship?
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What does self-employment mean?
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What is necessity entrepreneurship?
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Define intrapreneurship.
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What is a lifestyle entrepreneur?
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What defines a gazelle entrepreneur?
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Define a serial entrepreneur.
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What characterizes unproductive entrepreneurship?
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What is productive entrepreneurship?
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Study Notes
Definitions of Entrepreneurship
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Invention: Creation of new products or processes, leveraging knowledge in engineering and science for innovation.
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Innovation: Successful introduction and adoption of new products or processes, translating inventions into economic applications within the marketplace.
Types of Entrepreneurs
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Narrow Entrepreneurship: Focuses on innovative, disruptive resource combinations in a new for-profit venture, with entrepreneur controlling and funding the business.
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Traditional Entrepreneurship: Involves organizing, managing, and taking risks associated with a business or enterprise.
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Broad Entrepreneurship: Recognizes and acts upon opportunities that extend beyond for-profit sectors, including social, military, legal, and political contexts.
Employment and Business Models
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Self-Employment: Individuals work independently, generating income without traditional wages and are responsible for payroll taxes.
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Necessity Entrepreneurship: Individuals turn to self-employment as a survival strategy when unable to find wage employment.
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Intrapreneurship: Employees within companies who drive innovation by identifying and marketing new ideas.
Entrepreneurial Motivations and Goals
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Lifestyle Entrepreneurship: Business founders prioritize personal freedom and flexible schedules over growth or maximizing profits.
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Gazelle Entrepreneur: Entrepreneurs targeting rapid growth with profit maximization in mind, often considering exit strategies aimed at scaling the business.
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Serial Entrepreneur: Individuals who launch multiple businesses sequentially over time, leveraging experience and expertise.
Impact of Entrepreneurship
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Unproductive Entrepreneurship: Innovators whose activities benefit themselves while diminishing societal well-being, often involving coercion through political or legal processes.
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Productive Entrepreneurship: Innovators whose actions enhance both personal gain and societal wealth through voluntary market exchanges, contributing positively to overall welfare.
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Description
This quiz features flashcards that define key terms related to entrepreneurship, such as 'invention', 'innovation', and 'narrow entrepreneurship'. Each card provides insights into the concepts that drive entrepreneurial success and economic growth. Test your understanding of these fundamental terms today!