Entrepreneurship Terms & Quiz

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Entrepreneurship & Business Encyclopedia.

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This is encyclopedia contains also practice questions and study cards for exam preparation on the topic of Entrepreneurship, Finance, investments, management, accounting, leadership & business opportunities.

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Entrepreneurship is the process of designing a new business, i.e. a startup company offering a product, process or service. The entrepreneur perceives a new business opportunity and often exhibits biases in their perception and subsequent decision to exploit the opportunity.

Predictors of entrepreneurial success

Factors that may predict entrepreneurial success include the following:

Methods

Establishing Strategies

Maintaining the Human Personnel

Ensuring the availability of Required Materials

Utilizing the Unique advantage of the Business

Ensuring Good Organization and co-ordination

Congruency to the culture of the society

Market

Business-to-business (B2B) model, not business-to-consumer (B2C)

High growth market

Target customer's missed by others

Industry

Growing industry

High technology impact on the industry

Low capital intensity

Small average incumbent firm size

Team

Large, diverse venture team, not individual entrepreneurs

Graduate degrees

Management experience

Work experience in the start-up industry

Employed full-time prior to new venture, as opposed to unemployed

Prior successful entrepreneurial experience

Full-time involvement in the new venture

Motivated by high profits, not independence

Number and diversity of individual's social ties

Company

Written business plan

Activity focused on a single product or service

Competition based on a dimension other than price

Early, frequent and intense marketing

Tight financial controls

$100,000+ start-up capital

Corporation, not sole proprietorship

Status

Wealth

Dominant Race, Ethnicity, or Gender in a Socially Stratified Culture