Important Terms: An Entrepreneur | Entrepreneurship Class 11 - Commerce PDF Download

Important Terms

1. Competency is a set of defined behaviours that provide a structured guide enabling the identification, evaluation and development of the behaviours in individual.
2. Intrapreneur is someone who has an entrepreneurial streak but chooses to align his or her talents with a large organisation in place of creating his or her own.
3. Values are “beliefs that guide actions and judgement across a variety of situations.”
4. Initiative refers to the ability to make decisions and take action without asking for the help or advice for others.
5. Creativity is the ability to see new ways of doing things.
6. Innovation: It is doing something new or something different.
7. Persistence: A ‘never say die’ attitude, not giving up easily, striving.
8. Ethics: It is a determination of what is right and proper and the principles which governs business activities.
9. Business Ethics: It comprises of the study of proper business policies and practices regarding potential controversial issues, such as corporate governance, insider trading and social responsibility. 
10. Social responsibility: Understanding the aspiration of society determination to contribute to its objectives.
11. Self-reliance: Reliance on one’s own capabilities and resources rather than those of others. 
12. Attitude: It is the way a person feels about something – a person, a place, a commodity a situation or an idea. 
13. Motivation: It is the process that initiates, guides and maintains the goal-oriented behaviour. 
14. Entrepreneur: He/she is one who undertakes risks and is a problem solver.
15. Employee: He is one who renders his services for others and gets some remuneration in the form of salary/wages.
16. Business Risk: It means the possibility of some unfavourable occurrence in the business.
17. Risk: It is the chance of loss.
18. Entrepreneurial Motivation: It may be defined as the process that activates the entrepreneurs to exert high level of efforts for the achievement of his/her goals.