Flash Cards: Entrepreneurship

An entrepreneur is an individual who undertakes an activity foreseeing a business opportunity, organizes resources needed for starting the enterprise, and bears the associated risks.

The term 'entrepreneur' is derived from the French word 'enterprendre,' meaning 'to undertake'.

Successful entrepreneurs exhibit initiative, adaptability, and self-confidence.

Entrepreneurs create employment opportunities, which enhances the standard of living and purchasing power of people.

Entrepreneurship is the process of starting and managing a new business venture to make a profit by organizing resources effectively.

Risk-taking is essential as entrepreneurs must navigate uncertainties to achieve long-term success with their ventures.

Entrepreneurs are often the prime movers of innovation, introducing new ideas, products, and processes in the marketplace.

Self-employment empowers individuals to take control of their careers and contribute to community development.

Examples include Howard Schultz from Starbucks, who leveraged technology in the food industry.

Biotech entrepreneurs face regulatory hurdles, high research costs, and competition in the rapidly evolving market.

An entrepreneur starts and runs their own business; an intrapreneur is an employee within a company driving innovation.

Community development is enhanced through diversified employment opportunities provided by small entrepreneurial units.

Contemporary legislation includes regulations on patents, bioethics, and safety in biotech-related ventures.

Key qualities include initiative, risk-taking, adaptability, knowledge and skills, and self-confidence.

The IT revolution spurred the growth of ancillary industries, creating numerous employment opportunities and fostering innovation.

A common mistake is underestimating the importance of thorough market research before launching a business.

Government schemes offer funding assistance, tax benefits, and resources to support the development of entrepreneurial ventures.

Entrepreneurs bring together financial, human, and physical resources to create viable business enterprises and generate wealth.

Adaptability allows entrepreneurs to respond effectively to changes in the market and business environment, ensuring long-term success.