BUSINESS AND ENTREPRENEURSHIP flashcards

All 40 cards

1. Card 1

   What is the origin of the word 'entrepreneur'?

   The word 'entrepreneur' originates from the French word 'Entreprendre', which means 'to undertake'.

2. Card 2

   How was the entrepreneur defined during the Early Period, and who is associated with this definition?

   During the Early Period, the entrepreneur was defined as a 'go-between', with Marco Polo being the earliest figure associated with this role as he tried to establish trade routes.

3. Card 3

   In the Early Period, what was the profit distribution between the venture capitalist and the merchant?

   In the Early Period, the profit ratio was 75% for the venture capitalist and 25% for the merchant.

4. Card 4

   How did the role of an entrepreneur evolve in the Middle Ages?

   In the Middle Ages, the term entrepreneur referred to a person managing large projects, but they were not taking any risks, instead managing projects with resources provided by the State.

5. Card 5

   Who was the first to apply the term 'entrepreneur' to business, and how did he view them?

   Richard Cantillon, a French Economist, was the first to apply the term entrepreneur to business. He viewed the entrepreneur as a risk-taker, observing that merchants and sole proprietors operate at a risk by buying at a certain price and selling at an uncertain price.

6. Card 6

   How did industrialization in the 18th century impact entrepreneurship?

   Industrialization in the 18th century allowed for new business models where entrepreneurs could secure funding from others, fueling innovation and enabling them to take advantage of new markets offered by technology.

7. Card 7

   What was the primary view of entrepreneurs in the 19th century?

   In the 19th century, entrepreneurs were not clearly distinguished from managers and were primarily viewed from an economic perspective, taking risks and contributing their initiative and skills to plan, organize, and lead their enterprises.

8. Card 8

   Who equated the entrepreneur with a business promoter in the early 20th century, and what was the promoter's role?

   Thomas Dewing equated the entrepreneur with a business promoter in the early 20th century, viewing the promoter as someone who transformed ideas into a profitable business.

9. Card 9

   According to Joseph Schumpeter, what is the defining characteristic of an entrepreneur?

   According to Joseph Schumpeter, an entrepreneur is primarily an innovator who develops untried technology and institutes new combinations of factors of production, bringing about dynamic economic change.

10. Card 10

    What perspective did Research Scientist Live De Bone offer regarding who can be called an entrepreneur in the 21st century?

    Live De Bone pointed out that in the 21st century, an individual does not always need an entirely new idea to be called an entrepreneur; adding incremental value to a current product or service also qualifies them as an entrepreneur.

11. Card 11

    How did Richard Cantillon define an entrepreneur in relation to risk?

    Richard Cantillon defined an entrepreneur as an agent who buys factors of production at certain prices to combine them into a product, intending to sell it at uncertain future prices, thereby bearing risk.

12. Card 12

    What is Jean Baptist Say's definition of an entrepreneur?

    Jean Baptist Say defined an entrepreneur as one who unites all means of production—land, labor, and capital—to produce a product, and who shifts economic resources from areas of lower productivity to areas of higher productivity and greater yield.

13. Card 13

    How does the International Labour Organization (ILO) define entrepreneurs?

    The International Labour Organization (ILO) defines entrepreneurs as individuals with the ability to see and evaluate business opportunities, possess the necessary resources to exploit them, and initiate appropriate action to ensure success.

14. Card 14

    What is the general summary definition of an entrepreneur?

    An entrepreneur can be defined as a person who endeavors to create something new, organizes production, undertakes risks, and manages the economic uncertainty inherent in an enterprise.

15. Card 15

    Explain the characteristic of 'Initiative' for an entrepreneur.

    Initiative as an entrepreneurial characteristic means doing things before being asked or forced by events, and actively working to extend the business to new standards.

16. Card 16

    What does 'Persistence' entail as a characteristic of an entrepreneur?

    Persistence for an entrepreneur involves taking repeated or different actions to overcome obstacles encountered in their business ventures.

17. Card 17

    How does 'Concern for quality work' manifest in an entrepreneur?

    An entrepreneur's concern for quality work is demonstrated by a desire to produce or sell a better quality product or service, and by comparing their performance favorably with that of others.

18. Card 18

    What is the function of 'Idea generation' for an entrepreneur?

    Idea generation is a crucial function involving product selection and project identification. It is fostered through vision, insight, keen observation, education, experience, and exposure, requiring scanning of the business environment and market surveys.

19. Card 19

    Why is 'Determination of business objectives' an important function for an entrepreneur?

    Determining business objectives is important because the entrepreneur must clearly state and lay down the nature and type of business, such as manufacturing, extractive, service-oriented, or trading, to ensure the venture aligns with these objectives.

20. Card 20

    Why is 'Raising of Funds' a critical function for an entrepreneur?

    Raising of Funds is critical because sustainable financing is at the core of every business. Entrepreneurs must secure funds from internal and external sources, understanding various options like venture capitalists, equity, crowdsourcing, bank loans, and government schemes.

21. Card 21

    What considerations are involved in an entrepreneur's function of 'Procurement of Machines and Materials'?

    In procuring machines and materials, an entrepreneur must identify cheaper and regular sources of raw materials to reduce production costs and specify technical details for machinery, considering warranty and after-service facilities.

22. Card 22

    What is 'Financial Risk' for an entrepreneur?

    Financial risk for an entrepreneur involves investing money in an enterprise with the expectation of sufficient profits, but facing the possibility of limited income or even incurring losses.

23. Card 23

    How does 'Personal Risk' affect an entrepreneur?

    Personal risk affects an entrepreneur by demanding significant energy and time, often requiring them to sacrifice the pleasures associated with family and social life due to the demands of starting a new venture.

24. Card 24

    What constitutes 'Career Risk' for an entrepreneur?

    Career risk for an entrepreneur can arise from leaving a successful career to start a new business, or from the potential damage to their professional reputation if the new venture fails.

25. Card 25

    What is an 'Industrial Entrepreneur'?

    An Industrial Entrepreneur is an individual who undertakes manufacturing activities.

26. Card 26

    How does a 'Trading Entrepreneur' differ from an 'Industrial Entrepreneur'?

    A Trading Entrepreneur focuses on buying and selling goods, undertaking trading activities. In contrast, an Industrial Entrepreneur is involved in manufacturing activities, producing goods rather than just exchanging them.

27. Card 27

    Explain the role of a 'Technopreneur' in the business world.

    A Technopreneur identifies and capitalizes on opportunities within the technology sector. They develop innovative products, services, or solutions by leveraging technological advancements.

28. Card 28

    What distinguishes a 'Technical Entrepreneur' from a 'Non-Technical Entrepreneur' in terms of their business focus?

    A Technical Entrepreneur is task-oriented, focusing on developing new and improved quality goods through craftsmanship and concentrating more on production. A Non-Technical Entrepreneur, however, is not concerned with technical aspects but rather develops marketing techniques and distribution strategies to promote their business, focusing more on marketing.

29. Card 29

    How does a 'Pure Entrepreneur' differ from an 'Induced Entrepreneur' based on their motivation?

    A Pure Entrepreneur is motivated by personal satisfaction, status, ego, and profit, believing in their own performance. An Induced Entrepreneur is motivated by benefits offered by the government, such as assistance, incentives, subsidies, concessions, and infrastructure.

30. Card 30

    What is the primary motivation for a 'Motivated Entrepreneur'?

    A Motivated Entrepreneur is driven by the desire to utilize their technical and professional expertise and skills. Their motivation stems from a desire for self-fulfillment.

31. Card 31

    How does a 'Spontaneous Entrepreneur' typically approach business compared to other motivated types?

    A Spontaneous Entrepreneur is motivated by a desire for self-employment and to achieve or prove excellence in job performance. They are considered natural entrepreneurs, driven by an inherent inclination towards entrepreneurial activity.

32. Card 32

    Distinguish between a 'Novice Entrepreneur' and a 'Serial Entrepreneur' based on their experience and approach to risk.

    A Novice Entrepreneur is starting their first business venture with limited experience and faces high uncertainty and risk. A Serial Entrepreneur has started multiple businesses, possesses extensive experience, and thrives on challenges, embracing uncertainty and risk effectively.

33. Card 33

    Explain the concept of a 'Portfolio Entrepreneur' and how they manage risk.

    A Portfolio Entrepreneur manages a diverse portfolio of businesses or ventures simultaneously. They leverage their expertise and resources across various ventures to ensure risk diversification and create multiple income streams, effectively managing and allocating resources.

34. Card 34

    According to Clearance Danhof, what defines an 'Innovative Entrepreneur'?

    An Innovative Entrepreneur is known for introducing groundbreaking ideas, products, or services. They focus on creating disruptive innovations and are willing to take risks and challenge the status quo.

35. Card 35

    How does an 'Adoptive or Imitative Entrepreneur' operate compared to an 'Innovative Entrepreneur'?

    An Adoptive or Imitative Entrepreneur emulates and replicates successful business models or products, adapting existing ideas to new markets. They are less inclined to take significant risks compared to innovative entrepreneurs.

36. Card 36

    What characterizes a 'Fabian Entrepreneur' in their approach to change?

    A Fabian Entrepreneur is characterized by great caution and skepticism when experimenting with change in their enterprises. They prefer steady growth and incremental improvements, imitating only when it is perfectly clear that not doing so would result in a loss of their relative position.

37. Card 37

    Describe the typical characteristics of a 'Drone Entrepreneur'.

    Drone Entrepreneurs are conservative or orthodox in outlook. They favor past market traditions and run businesses according to traditional standards, even when technologies change, often showing contempt towards modern business ideals and technology.

38. Card 38

    What is the key difference in motive between an entrepreneur and a manager?

    The main motive of an entrepreneur is to start a venture for personal gratification and profit. In contrast, a manager's main motive is to render services in an enterprise already established by someone else, earning a fixed salary.

39. Card 39

    How does an 'Intrapreneur' differ from an 'Entrepreneur' in terms of dependency and risk?

    An Intrapreneur operates within a large organization and is dependent on the owner/organization, not fully bearing the business risk. An Entrepreneur operates independently, raises their own funds, and bears the full risk involved in the business.

40. Card 40

    What is the 'ultrapreneuring' mindset and what does it encompass?

    Ultrapreneuring refers to a modern entrepreneurial mindset that blends business success with personal fulfillment and social responsibility. Ultrapreneurs possess a holistic approach to establishing and operating a company, adapting to evolving economic conditions.

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