Ent Flashcards
What is an entrepreneur? "An entrepreneur is a person who has possession over a venture… that takes significant accountability for the inherent risks for the new venture.
Entrepreneurship is the process by which individuals pursue opportunities without regard to the resources they currently control."
What does an entrepreneur do? "The essence of entrepreneurial behavior is identifying opportunities and putting useful ideas into practice.
The entrepreneur shifts economic resources (like wood or coal) out of an area of lower productivity into an area of higher productivity and greater yield.
Entrepreneurs become successful because they focus on organizing available resources in new and more valuable ways – leading them to efficiently and effectively use the six factors of production."
How is an entrepreneur you going to do it? The process? "1. Decide to become and entrepreneur
2. Develop a successful business idea (the first two may switch depending on the situation)
3. Moving from an idea to an entrepreneurial firm
4. Managing and growing the entrepreneurial firm"
What is a business opportunity? "A business opportunity is a packaged investment that allows a buyer/investor to begin a business.
An opportunity is a favorable set of circumstances that creates a need for a new product, services or business. Lots of small firms competing = easy to open."
What is the purpose of every business? "Every business strives to create economic value.
This can be accomplished by earning a financial profit or creating societal benefit/improving social welfare."
How do you create economic value? "Economic value is created when a business creates a competitive advantage (or point of differentiation).
This is done by creating a COST advantage or a BRAND PREFERENCE advantage."
How do you create value for the customer? "(similar to how you create economic value answer)
You create a point of difference, which can be done through either COST or BRAND
Entrepreneurship is the process by which individuals pursue opportunities without regard to the resources they currently control."
What does an entrepreneur do? "The essence of entrepreneurial behavior is identifying opportunities and putting useful ideas into practice.
The entrepreneur shifts economic resources (like wood or coal) out of an area of lower productivity into an area of higher productivity and greater yield.
Entrepreneurs become successful because they focus on organizing available resources in new and more valuable ways – leading them to efficiently and effectively use the six factors of production."
How is an entrepreneur you going to do it? The process? "1. Decide to become and entrepreneur
2. Develop a successful business idea (the first two may switch depending on the situation)
3. Moving from an idea to an entrepreneurial firm
4. Managing and growing the entrepreneurial firm"
What is a business opportunity? "A business opportunity is a packaged investment that allows a buyer/investor to begin a business.
An opportunity is a favorable set of circumstances that creates a need for a new product, services or business. Lots of small firms competing = easy to open."
What is the purpose of every business? "Every business strives to create economic value.
This can be accomplished by earning a financial profit or creating societal benefit/improving social welfare."
How do you create economic value? "Economic value is created when a business creates a competitive advantage (or point of differentiation).
This is done by creating a COST advantage or a BRAND PREFERENCE advantage."
How do you create value for the customer? "(similar to how you create economic value answer)
You create a point of difference, which can be done through either COST or BRAND