Entrep Chapter 2

Front 1

Entrepreneurial spirit

Back 1

is an inner strength that the entrepreneur acquires from what surrounds him. It includes the culture in which the person grows.

Front 2

Entrepreneurial spirit

Back 2

the intangible quality that comes from persons who are fully engaged and doing what they want to do is the?

it is the atmosphere of fun and excitement that is generated when people work together to create an opportunity for greater success than is otherwise available.

Front 3

synergy

Back 3

can be achieved where a group of individuals working together will produce more than the sum of the individual members' abilities and efforts.

Front 4

Frank Knight (1921)

Back 4

One of earliest studies on risk-taking was done by?

who made a distinction between "risk" and "uncertainty"

Front 5

risk

uncertainty

Back 5

randomness with knowable probabilities

randomness with unknowable probabilities

Front 6

Risk

Back 6

is measurable statistically

Front 7

Ambiguity

Back 7

is hard to measure statistically

Front 8

True uncertainty

Back 8

came to be known as Knightian Uncertainty, which is impossible to estimate or predict statistically

Front 9

David McClelland's

Back 9

according to knight, the acts of entrepreneurship were often associated with true uncertainty, which is impossible to estimate or predict statistically, however, particularly ________________ Achieving Society (1961), viewed entrepreneurship as calculated, informed risk-taking.

Front 10

entrepreneurial opportunities

Shane and Venkataraman

Back 10

as "those situations in which new goods, services, raw materials, and organizing methods can be introduced and sold at a price greater than their cost of production."

this was defined by?

Front 11

"enterprising individuals" and "entrepreneurial opportunities."

Back 11

According to Shane and Venkataraman, entrepreneurship has two components:

Front 12

Robert Fisher

Back 12

he described creativity and Innovation very extensively in his paper, "Creative Minds: Building Communities of Learning for the Creative Age"

Front 13

generation

variation or innovation

uniqueness.

Back 13

The basic processes of creative evolution, whether of ideas or of species, are, according to Fisher,

Front 14

Generation

Back 14

is making, forming, or bringing something into being. The generation of ideas, of experiments and innovations, is a necessary part of creative effort.

Front 15

True

Back 15

t/f

generation by itself does not guarantee creativity.

Front 16

variation or differentiation

Back 16

The principle of ______________ ensures that creativity is not mere repetition. New knowledge or new creations seek variations of what is given.

This is founded on experimentation, which will sometimes succeed and fail.

Front 17

Creativity and innovativeness

Back 17

enable the mind to represent images and ideas of what is not actually present to the senses.

It can refer to the capacity to predict, plan, and foresee possible future consequences.

Front 18

Peter Drucker (2011)

Back 18

The element of competition was emphasized by ___________ whose famous words on this element are "Hit 'em where they ain't,"

Front 19

"Hit 'em where they ain't,"

Back 19

meaning taking the substance of an invention by imitating it and creatively improving upon it in a way that the original developer was not able to do.

Technically, this is called "perfecting and positioning".

Front 20

Competition

Back 20

The entrepreneur's alertness, flexibility, willingness to accept market verdict, and hard work are required here.

An entrepreneur stays ahead of the competition through specific innovative "twists" and substantial and continuing efforts to retain leadership position.

Front 21

Independence

Back 21

Entrepreneurs desire to make their own decisions, take their own risks, and reap the rewards of their efforts.

They need the satisfaction of making their own decisions within the constraints imposed by economic and other environmental factors.