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Entrepreneurship Definitions

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LucidConceptualArt
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refers to the economic activity of a person who starts, manages, and assumes the risk of a business enterprise

Entrepreneurship

which refers to the discovery or devising of new products and processes

Invention

which refers to the process by which the ideas and principles generated from the stage of invention are embodied in concrete products and techniques

Development

this refers to the actual introduction of a new product or process

Innovation

is a formal document indicating the entrepreneurship’s adapted principles of appropriate behavior.

Code of Ethics

a theory of management which studies the application of scientific methods and principles for the purpose of redesigning the work process to increase efficiency.

SCIENTIFIC MANAGEMENT THEORY

an American engineer, was the first to advocate scientific management.

Frederick W. Taylor,

Taylor is called the

father of Scientific Management

believed in regulation and consistency in the workplace. Rather than encouraging a company of many working parts, they valued efficiency above all else.

Frank and Lillian Gilbreth

focuses on the overall management of an organization, emphasizing the role of managers as administrators of the organization.

ADMINISTRATIVE MANAGEMENT THEORY

Test your knowledge on the definitions related to the economic activity of a person who starts, manages, and assumes the risk of a business enterprise.

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