Entrepreneurship Fundamentals

opportunities

job

innovation

<p>risk</p> Signup and view all the answers

<p>opportunity</p> Signup and view all the answers

<p>resources</p> Signup and view all the answers

<p>vision</p> Signup and view all the answers

<p>spirit</p> Signup and view all the answers

<p>growth</p> Signup and view all the answers

<p>degree</p> Signup and view all the answers

<p>policy</p> Signup and view all the answers

<p>process</p> Signup and view all the answers

<p>entrepreneurial</p> Signup and view all the answers

<p>behavior</p> Signup and view all the answers

<p>conflicts</p> Signup and view all the answers

<p>environmentally</p> Signup and view all the answers

<p>growth</p> Signup and view all the answers

<p>globalization</p> Signup and view all the answers

<p>waste</p> Signup and view all the answers

<p>quality</p> Signup and view all the answers

<p>problems</p> Signup and view all the answers

<p>mistakes</p> Signup and view all the answers

<p>quality</p> Signup and view all the answers

<p>recombining</p> Signup and view all the answers

<p>profitability</p> Signup and view all the answers

<p>immersion</p> Signup and view all the answers

<p>incubation</p> Signup and view all the answers

<p>community</p> Signup and view all the answers

<p>customers</p> Signup and view all the answers

<p>insight</p> Signup and view all the answers

<p>accomplish</p> Signup and view all the answers

<p>growth</p> Signup and view all the answers

<p>basics</p> Signup and view all the answers

<p>decisions</p> Signup and view all the answers

<p>strengths</p> Signup and view all the answers

<p>goals</p> Signup and view all the answers

<p>knowledge</p> Signup and view all the answers

<p>leadership</p> Signup and view all the answers

<p>thinking</p> Signup and view all the answers

<p>goal</p> Signup and view all the answers

<p>immediate</p> Signup and view all the answers

The ability to identify a gap in the market and create a solution to address it. Entrepreneurial individuals are constantly on the lookout for new ideas, products, or services that could benefit others.

Turning an idea into a tangible product or service that can be sold to customers. This involves innovation and bringing new ideas to life.

The ability to build a sustainable business model, ensuring long-term viability. This involves creating a plan to keep the business running in the long haul.

Using a methodical and organized approach to create a business. This includes planning, organizing, and managing resources efficiently.

Accepting that failure is a possibility when starting a business, and having the resilience to learn from setbacks. Not every business idea succeeds.

A person who actively creates a new business venture, takes on the risk of running it, and aims to provide a product or service that meets customer demands.

An entrepreneur is not just a job creator, but also a dreamer, a visionary, and someone who is willing to take risks and build something new from scratch. They are often driven by a desire to make a difference.

Quality is a crucial factor in the global market, leading to reduced waste, cost-effectiveness, increased market share, better profitability, enhanced reputation, and social responsibility.

By prioritizing quality, businesses can identify and eliminate inefficient processes and waste, resulting in fewer faulty products.

Quality assurance helps companies minimize mistakes, leading to lower costs associated with re-work or product returns.

High-quality products and services enhance customer satisfaction, leading to repeat purchases and positive recommendations, contributing to increased market share.

Meeting customer expectations through high-quality goods and services leads to increased sales, boosting market share, and ultimately, profitability.

Providing quality products and services demonstrates a company's commitment to ethical business practices and social responsibility.

A strong reputation for delivering high-quality goods and services is essential for businesses to compete effectively in a global market.

Successful entrepreneurs actively seek information about their customers, competitors, suppliers, technology, and markets. This information is critical for making informed decisions.

A goal is a broad, long-term ambition that you aim to achieve.

The ability to generate or recognize new ideas, solutions, or perspectives. It involves combining existing elements in novel ways to solve problems, communicate effectively, or entertain.

This is the first stage of the creative process where you identify a problem that needs a solution or an opportunity that can be exploited.

The stage where the individual focuses intensely on the problem, gathering relevant information and exploring various possibilities without judging them.

This stage is where the individual steps away from the problem consciously but allows their subconscious mind to continue processing the information and potential solutions. The ideas are simmering, being rearranged to create new patterns.

The moment when a solution to the problem suddenly becomes clear, often unexpectedly. This is the 'Aha!' moment.

The ability to analyze, understand, and act on feedback from others to enhance decision-making.

The act of inspiring and motivating others towards a common goal, while effectively delegating tasks.

The process of identifying the fundamental skills and knowledge needed to achieve a specific business goal.

The practice of starting with simple achievable tasks and gradually progressing towards more complex goals.

The ability to recognize and acknowledge mistakes as opportunities for learning and growth.

The process of reflecting on past experiences, identifying areas for improvement, and applying those learnings to future endeavors.

Clear and specific objectives that guide the direction and progress of a business venture.

The core values, beliefs, and principles that drive an individual's actions and define their approach to life.

The process of identifying and utilizing one's strengths effectively in various aspects of life.

The most significant accomplishments and milestones an individual has achieved in their life.

The process of gathering information from various sources to understand the external factors that can impact a business.

Factors affecting entrepreneurship can be grouped into financial, institutional, cultural, or personal areas.

Sudden changes in government regulations, political instability, conflicts, and corruption.

Unreliable supply of resources, rising input costs, unfavorable market fluctuations, and unsupportive financial institutions.

A favorable business environment is essential for promoting entrepreneurial growth and success.

Creativity, innovation, and entrepreneurship are interconnected and contribute to a nation's economic growth.

The process of putting new ideas into practice to create something new or improved.

The process of identifying opportunities, creating and launching new ventures, and taking calculated risks.

A favorable business environment is a crucial factor for stimulating entrepreneurial activity and achieving economic growth.