Podcast
Questions and Answers
What is an example of entrepreneurship?
What is an example of entrepreneurship?
What is the resource-based theory focused on?
What is the resource-based theory focused on?
What is a key aspect of resource deployment?
What is a key aspect of resource deployment?
Which of the following is NOT an example of entrepreneurship?
Which of the following is NOT an example of entrepreneurship?
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What is the outcome of employing valuable, rare, and hard-to-copy resources?
What is the outcome of employing valuable, rare, and hard-to-copy resources?
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What is a key entrepreneurial act?
What is a key entrepreneurial act?
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What is the rarest type of innovation?
What is the rarest type of innovation?
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What is essential for long-term success?
What is essential for long-term success?
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What is involved in deploying resources?
What is involved in deploying resources?
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What is the focus of entrepreneurship?
What is the focus of entrepreneurship?
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Study Notes
Course Overview
- Course at Deraya Business School focuses on entrepreneurship, structured into several chapters.
- Key chapters cover foundational elements like entrepreneurial strategies, the business plan, and feasibility studies.
Course Objectives
- Develop understanding of innovative business idea creation.
- Learn to design and maintain a compelling business model.
- Acquire knowledge on theoretical and practical aspects of entrepreneurship.
- Gain insights into achieving sustainable competitive advantages.
- Understand financing of entrepreneurial ventures.
Assessment Structure
- Final Exam: 25 marks.
- Midterm Exam: 15 marks (week 5).
- Entrepreneurship Assignment: 10 marks (week 10).
- Group Assignment: 10 marks, focusing on creating a viable business plan.
Entrepreneurship Assignment Details
- Group assignment for five students; requires new business idea development and crafting a detailed business plan.
- Plan to include phases like preparation, SWOT analysis, implementation strategy, funding sources, and promotional tactics.
- Submission formatting: Single spaced, 14-point Times New Roman font, max 10 pages.
- Due Date: April 17, 2024; penalties for lateness.
Concept of Entrepreneurship
- Entrepreneurship defined as transforming ideas into successful businesses despite obstacles.
- Seen as both an art and science, involving specific rules and principles.
Young Entrepreneurs
- Young individuals show aptitude for technology, viewing current conditions as favorable for entrepreneurship.
- Reduced hardware costs, free software, and accessible global markets facilitate new ventures.
- This generation embraces change and values independence, increasingly identifying as freelancers.
Thinking Patterns of Young Entrepreneurs
- Innovative mindset is prioritized over traditional experience, leading to competitive advantages for new companies.
- Younger entrepreneurs leverage agility and creativity to outmaneuver established competitors.
Entrepreneurs vs. Intrapreneurs
- Entrepreneurs identify opportunities to mobilize resources independently and start organizations.
- Intrapreneurs operate within established companies, driving innovation while operating as part of a larger structure.
- Many intrapreneurs eventually transition into entrepreneurship.
Common Traits of Entrepreneurs
- Originality in thought and a propensity for risk-taking.
- High personal accountability and competency.
- Goal-oriented, motivated by challenges.
- Demographics: Often come from self-employed families, tend to be well-educated, with a significant portion holding advanced degrees.
Key Elements of Successful Entrepreneurs
- Emphasis on creativity and innovation for business viability.
- Effective resource management and economic organization.
- Comfort with risk and navigating uncertainty.
- Purchasing existing firms doesn't constitute entrepreneurship; requires active transformation and ownership.
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Description
This quiz covers Entrepreneurship Chapter 2, focusing on entrepreneurial strategies, business planning, and innovation. It introduces students to developing innovative business ideas and maintaining a sustainable venture.
