Entrepreneurship Concept Testing

1)      Customization = ability to provide information about products or services to the customers.

2)      Risk taking = key elements of Entrepreneurship, to take risks as the future is uncertain.

3)      Acquisition = purchasing a company or a part of it so that acquired company gets absorbed and no longer remains a business entity.

4)      Entrepreneur = independent person who runs the business enterprise.

5)      Intapreneur = working within the organization and completely depends on the entrepreneur for everything in the organization

6)      Sources of finance for entrepreneurs = internal sources like relatives, friends and personal savings. External sources like Bank if the finance required is high

7)      Idea generation = to get established as a successful entrepreneur depends to a large extent on a good idea which should be good for market, project, entrepreneurs, provide satisfactory results.

8)      Elements in the process of innovation = analytical planning, organizing resources, implementation, commercial application

9)      Managerial competence = formulating production plans, overseeing finances, dealing with the purchase of raw materials, providing production facilities, organizing sales

10)   Project evaluation = total impact of the project on the economy of the nation i.e.social cost benefit analysis

11)   Working capital management = sum of current assets only (Gross working capital = companies’ finance – total circulating assets)

12)   Psychic risk = the experience that an entrepreneur gets when his enterprise fails and he regards himself as a cause of the failure.

13)   Role of culture in the development of entrepeneurship = socio-economic environment, family background, standard of education and technical knowledge, financial stability, political stability, achievement motivation

14)   Proactive personality = make things happens and get things done

15)   Ecopreneurship = able to utilize green issues as a competitive advantage for their enterprise through energy and resource maximization, waste reduction

16)   Cottage industry = small-scale undertaking having the capital investments of less than Rs. 25 lakhs

17)   Infrastructural facilities = additional facilities other than factors of production which gives inhouse advantage against the other firms

18)   Venture capital = financing small scale enterprises, innovative businesses where the growth prospects are high but the risk factor is equally high

19)   Disruption = violent dissolution used in corporate entrepreneurship where innovative employees disrupt the company in constructive ways to develop new products or services

20)   Peer support in the development of entrepreneurship = moral support and encouragement of the family members, friends and relatives, previous experience and inherited property

21)   Creativity = ability to bring something new into existence

22)   Innovation = application of invention to produce results

23)   Invention = discovery of new ideas, articles and methods

24)   Role of an icon = to provide motivation, expertise, guidance and idea