Entrepreneurial Resource Management

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What is a key aspect of controlling risk for an entrepreneur?

Avoiding collaboration

Competing with others

Properly calculating every step (correct)

Ignoring affordable loss

What is essential for entrepreneurship?

Isolation and secrecy

Avoiding sharing resources

Collaboration and co-creation (correct)

Hoarding ideas

Why should entrepreneurs share their ideas according to the text?

To keep ideas private

To decrease resources

To increase resources and expand possibilities (correct)

To limit possibilities

What is the importance of evaluating performance for an entrepreneur?

To improve one's idea Signup and view all the answers

When should managerial thinking be applied according to the text?

During times of uncertainty Signup and view all the answers

What does managerial thinking primarily rely on?

Transparency of problems Signup and view all the answers

How do big companies typically use managerial thinking?

Reliable and reachable information Signup and view all the answers

What should entrepreneurs do when failures occur?

Learn from them embracing the learnings they provide Signup and view all the answers

What value does sharing ideas with others bring to an entrepreneur?

Increase in resources and expanding possibilities available to the entrepreneur. Signup and view all the answers

How does evaluating performance benefit an entrepreneur?

By allowing the entrepreneur to identify strengths and weaknesses of the idea. Signup and view all the answers

What sets serial entrepreneurs apart from classic entrepreneurs?

They constantly come up with fresh ideas and start new businesses Signup and view all the answers

In social entrepreneurship, what is the primary focus when pursuing innovative applications?

Solving community-based problems Signup and view all the answers

How do family businesses typically ensure their survival according to the text?

By encouraging each generation to be innovative Signup and view all the answers

What should an entrepreneur consider in order to limit disadvantage risk?

Defining their affordable loss Signup and view all the answers

What differentiates social entrepreneurs from traditional entrepreneurs in terms of focus?

Social entrepreneurs aim to solve community-based problems Signup and view all the answers

What distinguishes Intrapreneurship from Entrepreneurs Inside?

The organizations they function in Signup and view all the answers

What is a distinguishing factor of buying a Franchise compared to buying a Small Business?

The branding opportunity Signup and view all the answers

What is the main reason Google allows its employees time for innovative projects?

To encourage intrapreneurship Signup and view all the answers

What does an Intrapreneur typically do within a big corporate organization?

Develop high-risk, high-reward concepts Signup and view all the answers

How does buying a Small Business differ from starting a business from scratch?

It involves taking over an existing establishment Signup and view all the answers