Business English Lesson – Advanced Level''''s archiveEntrepreneurial Behavior doc

Business English Lesson – Advanced Level's archive Entrepreneurial Behavior 1.. The term 'entrepreneur' was introduced to economics by Richard Cantillon in 1755; since then, entrepreneu

Business English Lesson – Advanced Level's archive

Entrepreneurial Behavior

1 The term 'entrepreneur' was introduced to economics

by Richard Cantillon in 1755; since then, entrepreneurship

and its central , the entrepreneur, have been the

focus of numerous studies, including the qualities of

entrepreneurial behavior, and corporate entrepreneurship

figure

icon

image

symbol

2 Recently, a new stream of literature has formed

strategic entrepreneurship (Hitt et al 2002a; Meyer and

Heppard)

amid

around

through

toward

3 This new area of research is different from what has

been traditionally as strategic management

research

identified

listed

pigeon-holed

recorded

4 Instead of focusing on the that can be used to

sustain competitive advantage (i.e., existing market

position), strategic entrepreneurship is about recognizing

and taking advantage of new profit opportunities

mechanics

mechanisms

techniques

tectonics

5 A firm that manages for strategic flexibility and constant

renewal is able to above-average profits and thus is

rewarded for its entrepreneurial behavior

engender

generate

permutate

proliferate

6 The return to entrepreneurial behavior is entrepreneurial

rent, and unlike most factor costs, entrepreneurial rents

are noncontractible; this is because the entrepreneur

judgments to allocate resources in an uncertain

environment

considers

exercises

passes

reserves

7 Because the judgments are framed in an uncertain

environment, the judgments themselves are uncertain and

are thus ex noncontractible

ante

cathedra

gratia

officio

8 Because entrepreneurship is not as as other

factors, the analysis of payments to entrepreneurial

behavior is complex

homogenous

homologous

homolytic

homophobic

9 The aim of Ross and Westgren's paper is to include

entrepreneurship in a model of the firm while reducing this

dimensionality to two categories, arbitrage and innovation;

they highlight what the entrepreneur receives for these

activities and what governs their from the stream of

profits

composition

computation

importation

imputation

10 Following this model, entrepreneurial rents are then

calculated for a three-site hog production farm

empirically

hypothetically

impulsively

perfunctorily