“Entrepreneurship”
“Startup Company”
“Entrepreneurial Economics”
Entrepreneur
Key terms:
* Entrepreneur * Social entrepreneur * Serial entrepreneur * Lifestyle entrepreneur * Treps
Paraphrasing:
Entrepreneur is a person who is willing to put his career and financial security on line with risk in name of new idea and spending time as well as money in new venture. Entrepreneurs have managerial skills, team building skills, problem solving skills, skills related to creativity and change management skills for managing change in business norms resulting from implementing new ideas. Extroversion and risk taking are traits of entrepreneurs. Characteristically they are innovative; increase efficiency, markets and productivity, also find and exploit opportunities.
Types:
Social Entrepreneurs: They are driven by the desire to improve the economic, social, educational and environmental conditions in country. They want to solve big problems related to social or economic conditions and run their venture as nonprofit.
Serial entrepreneurs: Serial entrepreneurs come again and again with innovative ideas and businesses. They are more risk takers and overcome their failure soon. They experience more successes and achievements in their field.
Lifestyle Entrepreneurs: They place their passion before profit and combine their personal interest and talent with ability of earning living. They want to establish, maintain a long term living by doing something which they love and in which they have their interest, skill, knowledge or expertise. They put more emphasis on self-employment, work/life balance and doing things ambitiously. Younger lifestyle entrepreneurs with having age between 20 to 60 years old are called “Treps”.
Entrepreneurship
Key Terms: * Entrepreneurship * Creative destruction * Uncertainty * Entrepreneurial thinking * Financial bootstrapping
Paraphrasing