Entrepreneurship as Innovation and Problem Solving — Flashcards

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An entrepreneur is a problem solver because entrepreneurial actions are efforts to solve problems for others. When entrepreneurs solve problems, they create new value. In the business world, problem s…

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According to J. Gregory Dees, social entrepreneurship combines the passion of a social mission with business-like discipline, innovation, and determination. Social entrepreneurs aim for value in the f…

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Colonel Sanders identified the problem of hungry travelers at his gas station in Kentucky who had no place to eat. He solved this by: 1) Using his cooking skills learned as a child, 2) Starting with n…

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Business risk means the possibility of some unfavorable occurrence. According to B. O. Wheeler, 'Risk is the chance of loss. It is the possibility of some adverse occurrence.' There is always a possib…

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Internal Risks arise from events within the business enterprise and can be controlled by entrepreneurs. They include human factors (strikes, negligence), technological factors (obsolescence), and phys…

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Innovation is the distinguishing mark of entrepreneurs that allows them to create and build something of recognized value around perceived opportunities. Entrepreneurs combine creativity (seeing new w…

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Sir Alexander Fleming was searching for a 'wonder drug' to cure diseases. When he discarded contaminated Petri dishes, he noticed that mold was dissolving bacteria around it. Instead of ignoring this …

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1) Social Catalysts: Visionaries who create fundamental social changes and sustainable improvements, 2) Socially Aware: Focus on social improvement rather than profit generation, measuring success by …