Entrepreneurship Definitions Flashcards

Questions and Answers

What is the definition of invention?

The creation of a new product or process (correct)

The successful introduction of a new product

The process of improving existing products

The market launch of software applications

What does innovation refer to?

The failure to adopt new techniques

A method of product design

The inherent quality of an invention

The application of inventions in the marketplace (correct)

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.

An entrepreneur is someone who organizes, manages, and assumes the risks of a business. Signup and view all the answers

What is broad entrepreneurship?

An entrepreneur who discovers or recognizes opportunities and acts on them, including in non-profit sectors. Signup and view all the answers

What does self-employment mean?

Someone who works for themselves and is responsible for their own taxes. Signup and view all the answers

What is necessity entrepreneurship?

Individuals who turn to self-employment for survival when wage employment isn't available. Signup and view all the answers

Define intrapreneurship.

Individuals who work within a company to identify and market new innovations. Signup and view all the answers

What is a lifestyle entrepreneur?

People who start businesses for personal freedom rather than to maximize profits. Signup and view all the answers

What defines a gazelle entrepreneur?

Someone who seeks rapid growth and profitability, possibly with an exit strategy. Signup and view all the answers

Define a serial entrepreneur.

Someone who starts multiple businesses over time. Signup and view all the answers

What characterizes unproductive entrepreneurship?

Innovators whose actions hurt society despite benefiting themselves. Signup and view all the answers

What is productive entrepreneurship?

Innovators whose actions benefit themselves and society through voluntary exchange. Signup and view all the answers

Study Notes

Definitions of Entrepreneurship

Invention: Creation of new products or processes, leveraging knowledge in engineering and science for innovation.
Innovation: Successful introduction and adoption of new products or processes, translating inventions into economic applications within the marketplace.

Types of Entrepreneurs

Narrow Entrepreneurship: Focuses on innovative, disruptive resource combinations in a new for-profit venture, with entrepreneur controlling and funding the business.
Traditional Entrepreneurship: Involves organizing, managing, and taking risks associated with a business or enterprise.
Broad Entrepreneurship: Recognizes and acts upon opportunities that extend beyond for-profit sectors, including social, military, legal, and political contexts.

Employment and Business Models

Self-Employment: Individuals work independently, generating income without traditional wages and are responsible for payroll taxes.
Necessity Entrepreneurship: Individuals turn to self-employment as a survival strategy when unable to find wage employment.
Intrapreneurship: Employees within companies who drive innovation by identifying and marketing new ideas.

Entrepreneurial Motivations and Goals

Lifestyle Entrepreneurship: Business founders prioritize personal freedom and flexible schedules over growth or maximizing profits.
Gazelle Entrepreneur: Entrepreneurs targeting rapid growth with profit maximization in mind, often considering exit strategies aimed at scaling the business.
Serial Entrepreneur: Individuals who launch multiple businesses sequentially over time, leveraging experience and expertise.

Impact of Entrepreneurship

Unproductive Entrepreneurship: Innovators whose activities benefit themselves while diminishing societal well-being, often involving coercion through political or legal processes.
Productive Entrepreneurship: Innovators whose actions enhance both personal gain and societal wealth through voluntary market exchanges, contributing positively to overall welfare.

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!