Entrepreneurship Review Flashcard

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What is Disruptive Innovation?

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A business innovation that dramatically changes the normal order of things.

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Who is an Entrepreneur?

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Someone who identifies an opportunity, starts a business, and assumes risks

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What is Entrepreneurship?

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The process of identifying opportunities and creating a business to solve problems

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What is an Opportunity in business terms?

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A circumstance that presents itself as favorable to capitalize on

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What is a Business Plan?

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A roadmap of the business’s goals and objectives

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What is Entrepreneurial Discovery?

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The process of systematically scanning for changes to discover opportunities.

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What is Harvesting in the entrepreneurial process?

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The 5th stage where you evaluate the company's success or failure

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What is Resourcing in the entrepreneurial process?

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Gathering necessary elements to start a business

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What is Innovation?

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The introduction of something new

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What is Financial Risk?

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The risk that financial stakeholders will lose money