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
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