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Entrepreneurship

Lesson 1.01

TermDefinition
Entrepreneur An individual who undertakes the creation, organization and ownership of a business
Entrepreneurship the process of starting and operating ones own business
Venture a business undertaking that involves risk
Opportunity an idea that has commercial value
small business a business that is operated by one or a few individuals that employs less that 100 people
creativity characteristic of an entrepreneur who looks for new ways to solve old problems
financing the process of making financial decision for new ventures
image the perception people have of your business when hey hear you company name
innovation the process of translating an idea or invention into a good or service that creates value or for which customers will pay
integrity the quality of being honest and morally upright, this is critical for getting and keeping customers and vendors.
management the practice of taking entrepreneurial knowledge and utilizing it for increasing the effectiveness of new business venturing
planning it helps an entrepreneur identify exactly what needs to be accomplished to build the venture and what human and financial resources are required to implement the plan
product anything that can be offered to a market that might satisfy a want or need
resourceful a personality trait that allows a person to create solutions with limited resources
resources sources of financing such lines of credit and investment capital, can include knowledge of a particular field for technology or networks of contacts who can be called to contribute financially support publicly or other benefits to a business
service provides intangible products such as accounting, banking, sonsulting, insurance, cleaning landscaping etc.
Created by: Hennessyc
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