1. Entrepreneurship- ∙ The activity of 10.

Engage in Bricolage- This

setting up a business, taking on involves taking existing resources
financial risks in the hope of profit. (those at hand) and experimenting,
repackaging, and reframing them so
2. Entrepreneurship - Its actions begin
they can be used in a way for which
at the nexus of a
they were not originally designed.
lucrative opportunity and an
11. Effectuate/ Effectuation - starts with
enterprising individual.
what is available and thinking about
3. Entrepreneurial Opportunities- These
the many possible alternatives that can
represent something new. It could be
be generated.
creating a new technological product
12. Cognitive Adaptability - It describes
for an existing product.
the extent to which entrepreneurs are
4. Entrepreneurial Action - a key to
dynamic, flexible, self-regulating, and
understanding entrepreneurial action
engage in the process of generating
is being able to assess the amount of
multiple decisions.
uncertainty.
13. Comprehension questions - are
5. Entrepreneurial thinking - individuals’
designed to increase entrepreneur’s
mental processes of overcoming
understanding of the nature of
ignorance to decide whether a signal
environment before they begin to
represents an opportunity for someone.
address an entrepreneurial challenge.
6. Meta cognition- it requires us to think
14. Intentions - As a general rule, the
about thinking, which requires and
stronger the intention to engage in a
helps provide knowledge and control
behavior, the more likely should be its
over out thinking and learning activities.
performance.
7. Think Structurally- Forming opportunity
15. Intentions – capture the motivational
beliefs requires creative mental leaps.
factors that influence a behavior.
8. Superficial similarities- exist when
16. High self-efficacy - leads to
the basic elements of technology
increased initiative and persistence,
resemble (match) the basic elements
thus, improved performance
of the market.
17. Reflection tasks – are designed to
9. Structural similarities- exist when the
stimulate entrepreneurs to think about
underlying mechanisms of the
the current situation in terms of
technology resemble (match) the
similarities and differences.
underlying mechanisms of the market.
18. Sustainable Entrepreneurship - It is
focused on preserving nature, life
 support, and community sustainability threats, and offer goods and services
in the pursuit of perceived that are valued by customers.
opportunities to bring future products,
25. Rare - when it is possessed by few
processes, and services into existence
potential competitors.
for gain.
26. Inimitable - when replication of this
19. Strategic tasks – are designed to
combination of resources would be
stimulate entrepreneurs to think about
difficult for competitors.
which strategies are appropriate for
solving the problem (and why) or 27. Knowledge – it resides in the mind of
pursuing the opportunity (and how). an entrepreneur and in the
20. Connection tasks – are designed to collective mind of management and
stimulate entrepreneurs to think about employees.
the current situation in terms of
28. Market knowledge – refers to the
similarities to and differences from
entrepreneur’s possession of
situations previously faced and solved.
information, technology, know-how,
and skills that provide insight into a
market and its customers.
21. New Entry – refers to offering a
29. Technological knowledge – refers to
new product to an established or new
the entrepreneur’s possession of
market, offering an established
information, technology, know-how,
product to a new market, or creating
and skills that provide insight into
a new organization.
ways to create new knowledge.
22. Entrepreneurial strategy – represents
30. An error of omission – occurs from
the set of decisions, actions, and
the decision not to act on the new
reactions that first generate and
entry opportunity, only to find out
exploit a new entry in a way that
later that the entrepreneur had
maximizes the benefits of newness
underestimated his ability to create
and minimize its costs.
customer demand and/or to protect
23. Resources - are the basic building
the technology from imitation by
blocks to a firm’s functioning and
competitors.
performance.
31. Demand uncertainty - makes it
24. Valuable - when it enables the firm to
difficult to estimate future demand,
pursue opportunities, neutralize
which has important implications for
 new venture performance as 38. Brain writing - is a form of written
overestimating and underestimating. brainstorming. It differs from classical
brainstorming by giving participants
32. Demand uncertainty - also makes it
more time to think than in a
difficult to predict if the market will
brainstorming session, where the
grow.
ideas are expressed spontaneously.
33. Franchising – is an example of a new
39. Reverse brainstorming is similar to
entry that focuses on imitation to
brainstorming, except that criticism is
reduce the risk of downside loss for
allowed.
the franchisee.
40. Gordon Method is a method for
34. “Me-too strategy” - This form of
developing new ideas when the
imitation is often referred to as a
individuals are unaware of the
“me-too strategy”.
problem.
35. Managing newness - It offers some
41. Collective notebook method deals
challenges not faced by
with developing a new idea by group
entrepreneurs who manage
members regularly recording ideas.
established firms.
42. Attribute listing deals with developing
a new idea by looking at the positives
and negatives.
36. Focus groups - a moderator leads a
43. Big-dream approach deals with
group of participants through an open,
developing a new idea by thinking
in-depth interview. For a new
without constraints.
product area, the moderator focuses
the discussion of the group in either a 44. Innovation - is the key to the
directive or nondirective manner. economic development of any
company, region of a country,
37. Brainstorming - is probably the most
or country itself.
well known and most widely used for
both creative problem solving as well
as idea generation. - stimulates 45. Major Events - It can create sudden
individuals to be creative by meeting shifts in public opinion or new buying
with others and participating in an habits overnight.
organized group experience.
46. Management Contract - It is another end consumer in the form of higher
way of entering a foreign market prices.
without a large equity investment. 54. Psycho graphics - It refers to interest,
47. Monetary Policy - It refers to interest activities, opinions, and helps explain
and exchange rates which in turn what consumer value and how they
impacts inflation. make their choices.
48. Conflicts - It may target a company's 55. Licensing - An arrangement between
employees as well as creating a delay two parties, where one party has
or total block in the free flow of a proprietary rights over some
company's goods and services. information, process or technology.
49. Turnkey Project - It is a method by 56. Intellectual property - This represents
which the entrepreneur can do important assets to the entrepreneur
international business without much risk. and should be understood even before
50. Licensing - It involves an entrepreneur engaging the services of an attorney.
who is a manufacturer (licensee), 57. Trademarks - It identifies the source or
giving a foreign manufacturer (licensor) sponsorships of certain goods or
the right to use a patent, trademark, services.
technology, production process, or 58. Licensing - It has a significant value as
product in return for the payment of a a marketing strategy to holders of
royalty. patents, trademarks, or copyrights to
51. Scanning environment - It Includes grow their business in new markets.
identifying a framework to analyze the 59. Trade secret - A protection against
four factors that shape or affect others revealing or disclosing
business. information that could be damaging to
52. Regulations - It can impact advertising business.
strategies in what can be said in the 60. Patents - This is granted by the
copy, labeling, ingredients, and government in exchange for disclosure
packaging or in the support needed of the invention.
for advertising claims in different 61. Worker’s Compensation - It provides
countries. benefits to employees in case of work-
53. Trade Policy - It can act as a form of related injury.
taxation as well, especially if countries 62. Contract - A legally enforceable
impose tariffs on goods which a agreement between two or more
company may need to pass on their parties as long as certain conditions
are met.
63. Life insurance - It can also provide products or even to supply large
financial protection for survivors of a quantities of materials on consignment.
sole proprietorship. 72. Lenders - They want to review the plan
64. Bonding - It protects a company in before buying a product that may
case of employee theft of funds or require significant long-term
protects contractor if he fails to commitment.
complete a job. 73. Contingency planning - It is important
65. Lenders - They are primarily interested for the entrepreneur to be prepared for
in the ability of the new venture to pay sudden changes or disasters that can
back the debt including interest within affect the implementation of the
a designated period of time. business plan.
66. Business Plan - It is a written document 74. Plan - It will also differ in scope
prepared by the entrepreneur that depending on the type of business or
describes all the relevant external and the anticipated size of the start up
internal elements involved in starting a operation.
new venture. 75. Marketing Plan- It focuses on not just
67. Investors - It often places more marketing issues but also such decisions
emphasis on the entrepreneur's as research and development,
character than lenders do, and often operations, manufacturing, personnel,
spend much time conducting financial projections and analysis, and
background checks. future growth strategies.
68. Budget - It includes capital 76. Product- Quality of components of
expenditures, direct operating materials, style, features, brand name,
expenses, and cash expenditures. packaging, sizes, service availability,
69. Planning - It is extremely important in and warranties
the early stages of any new venture 77. Price - Prior to setting the price, the
when the entrepreneur will need to entrepreneurs need to consider three
prepare a preliminary business plan. important elements: costs, markups,
70. Market information - It is one of the and competition.
initial pieces of information needed by 78. Promotion -It is necessary for the
the entrepreneur for the product or entrepreneur to inform potential
service. customers about the product’s
71. Suppliers - They want to see a business availability or to educate the
plan before signing a contract to consumer, using advertising media,
produce either components or finished
 such as print, radio, television, and land, stocks, or bonds), or the assets of
social media. the consigner of the note.
79. Intensive – selection of as many 87. Account receivables - provide a good
retailers and/or wholesalers as possible basis for a loan, especially if the
80. Selective – choose only a small number customer is well known and
of channel members based on some creditworthy.
set of criteria or requirements. 88. Inventory loans - is another of the firm’s
81. Exclusive – select only one wholesaler assets that can often be the basis for a
and/or retailer. loan, particularly when the inventory is
82. Ownership- the owner is the individual more liquid and can be easily sold.
who starts the business. He has 89. Equipment loans - Equipment can be
full responsibility for the operations. used to secure long-term financing,
83. Liability- is one of the most critical financing the purchase of new
reasons for establishing a corporation equipment, financing used equipment
rather than any other form of business. already owned by the company, or
The proprietor and general partners lease financing.
are liable for all aspects of the business. 90. Real estate loan - is frequently used in
84. Self (personal funds) - Often referred to asset-based financing. This mortgage
as blood equity, the typical sources of financing is usually obtained to finance
personal funds include savings, life a company’s land, plant, or building,
insurance, or mortgage on a house or often up to 75 percent of its value.
car. 91. Cash flow financing - The other type of
85. Family and friends - usually provide debt financing frequently provided by
smaller amounts of equity funding for commercial banks and other financial
new ventures, reflecting in part the institution.
small amount of capital needed for 92. Installment loans can also be obtained
newest ventures getting started. by a venture with a track record of
86. Commercial Banks - are the source of sales and profits.
short-term funds for the entrepreneur 93. Straight commercial loan is a hybrid of
when collateral is available. This the installment loan by which funds
collateral can be in the form of are advanced to the company for 30-
business assets (land, equipment, or 90 days.
the building of the venture), personal 94. Long-term loans are loans (usually
assets (the entrepreneur’s house, car, available only to strong, mature
 companies) can make funds available
for up to 10 years.
95. Character loans must have the assets
of the entrepreneur or some other
individual pledge as collateral or else
have the loan consigned by another
individual.