Introduction to Entrepreneurial Management: Basics and History

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Questions and Answers

Match the type of entrepreneurship with its description:

Corporate Entrepreneurship = Referred to as intrapreneurship or corporate venturing Public Sector Entrepreneurship = Focuses more on internal developments and processes Social Entrepreneurship = Application of business expertise in for-profit, non-profit, or public sector Entrepreneur versus Manager = Management involves achieving organization objectives; Entrepreneur focuses on future opportunities

Match the phase of the entrepreneurial process with its description:

Identification opportunity and evaluation = First phase of the entrepreneurial process Development of the business plan = Second phase of the entrepreneurial process Determination and evaluation of resource requirements = Third phase of the entrepreneurial process Implementation and management of the resulting enterprise = Fourth phase of the entrepreneurial process

Match the following concepts with their descriptions:

Business = Initiating and leading business activities Managerial = Allocating employees’ duties Personal = Initiative thinking Economist = One who brings resources into combinations that increase value

Match the characteristics with effective entrepreneurial management:

A strong drive and energy = Characteristic of effective entrepreneurial management A motivation to change = Characteristic of effective entrepreneurial management A desire to achieve = Characteristic of effective entrepreneurial management Challenge the past way of doing things = Characteristic of effective entrepreneurial management Signup and view all the answers

Match the following actions with the concept they represent:

Forecasting business changes = Business Create performance standard = Managerial Organizing economic mechanisms = Personal Introduce and implement change = Economist Signup and view all the answers

Match the following terms with their meanings:

Entrepreneurship = Translating a vision into a successful business enterprise Wealth creation = Focus on ownership and value increase Resource management = Improve resource allocation Acceptance of risk = Personal initiative thinking Signup and view all the answers

Match the following forces with what drives an entrepreneur according to a psychologist:

Need to attain something = Drive to experiment Drive to accomplish = Drive to escape authority Experimentation = Need for accomplishment Escaping authority = Need for attainment Signup and view all the answers

Match the following terms with their historical descriptions:

Entrepreneur = In the Middle Ages, used to describe both an actor and a person who managed large production projects. Businessman = In the late nineteenth and early twentieth centuries, frequently not distinguished from managers and viewed mostly from an economic perspective. Innovation = In the middle of the twentieth century, establishing the notion of an entrepreneur as an innovator. Risk Bearing = Some believed that this was the key factor in distinguishing a manager from an entrepreneur. Signup and view all the answers

Match the following time periods with their corresponding developments:

Seventeenth century = Entrepreneur described as a person who entered into contractual arrangement with the government. Eighteenth century = Entrepreneur distinguished from the capital provider. Mid-twentieth century = Establishing entrepreneur as an innovator along with a more refined definition. Late nineteenth and early twentieth centuries = Entrepreneurs frequently not distinguished from managers and viewed mostly from an economic perspective. Signup and view all the answers

Match the following concepts with their meanings:

Entrepreneurship = The act of introducing something new and relevant, one of the most difficult tasks for the entrepreneur. Innovation = Concept of innovation and newness becoming an integral part of entrepreneurship in the mid-twentieth century. Capital Provider = Distinguished from the entrepreneur in the eighteenth century. Manager = Frequently not distinguished from entrepreneurs in the late nineteenth and early twentieth centuries. Signup and view all the answers

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Study Notes

Entrepreneurship Concepts

Type of entrepreneurship matches with its description: • Social entrepreneurship: creating social value and addressing social problems • Corporate entrepreneurship: creating new ventures and opportunities within an existing organization • Sustainable entrepreneurship: prioritizing environmental and social sustainability • Serial entrepreneurship: repeatedly creating and growing new ventures

Entrepreneurial Process

Phase of the entrepreneurial process matches with its description: • Opportunity recognition: identifying and evaluating potential business opportunities • Idea generation: creating and developing new business ideas • Resource mobilization: acquiring and managing resources for the venture • Venture launch: launching and implementing the business plan

Key Concepts

Concepts match with their descriptions: • Entrepreneurial mindset: a set of attitudes, skills, and behaviors that enable entrepreneurs to create and grow ventures • Entrepreneurial spirit: a passion for innovation, creativity, and risk-taking • Intrapreneurship: innovation and entrepreneurship within an existing organization • Scalability: the ability of a business to grow and expand rapidly

Effective Entrepreneurial Management

Characteristics match with effective entrepreneurial management: • Adaptability: responding to changes and challenges in the market • Creativity: generating new ideas and solutions • Resilience: coping with failure and adversity • Strategic thinking: making informed decisions and planning for the future

Entrepreneurial Actions

Actions match with the concept they represent: • Bootstrapping: self-funding a business using personal savings and resources • Pitching: presenting a business idea to potential investors or customers • Networking: building relationships and connections to access resources and opportunities

Entrepreneurial Terms

Terms match with their meanings: • Angel investor: an individual who provides financial support to early-stage ventures • Incubator: a program or facility that provides resources and support to startups • Venture capital: investment in early-stage ventures with high growth potential

Psychological Drivers

Forces match with what drives an entrepreneur according to a psychologist: • Need for achievement: a desire to accomplish and succeed • Need for autonomy: a desire for independence and control • Need for recognition: a desire for recognition and esteem

Historical Descriptions

Terms match with their historical descriptions: • Mercantilism: an economic system that emphasizes trade and commerce • Industrial Revolution: a period of significant technological and economic change • Entrepreneurial capitalism: an economic system that emphasizes innovation and entrepreneurship

Time Periods and Developments

Time periods match with their corresponding developments: • Industrial Age: introduction of mass production and factory systems • Information Age: widespread adoption of digital technologies and the internet • Entrepreneurial Age: growth of entrepreneurship and startup ecosystems

Key Concepts

Concepts match with their meanings: • Entrepreneurial ecosystem: a network of organizations, institutions, and resources that support entrepreneurship • Social impact: the positive or negative effects of a business on society and the environment • Sustainable development: economic growth that balances social, environmental, and economic needs