Entrepreneurship Chapter 2: Entrepreneurial Strategies
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Questions and Answers

What is an example of entrepreneurship?

  • A new marketing strategy employed
  • A new product or service offered (correct)
  • A new employee hired
  • A new office location opened

    • What is the resource-based theory focused on?

  • The ability to copy competitors
  • The number of employees
  • The choice of industry to enter
  • The quality of resources and capabilities (correct)

    • What is a key aspect of resource deployment?

  • Hiring more employees
  • Configuring resources into a consistent strategy (correct)
  • Marketing the business
  • Purchasing new equipment

    • Which of the following is NOT an example of entrepreneurship?

    <p>A new employee hired</p> Signup and view all the answers

    What is the outcome of employing valuable, rare, and hard-to-copy resources?

    <p>Sustainable competitive advantage</p> Signup and view all the answers

    What is a key entrepreneurial act?

    <p>Choosing the resources for a firm</p> Signup and view all the answers

    What is the rarest type of innovation?

    <p>A new form of industrial organization</p> Signup and view all the answers

    What is essential for long-term success?

    <p>The quality of resources and capabilities</p> Signup and view all the answers

    What is involved in deploying resources?

    <p>Configuring resources into a consistent strategy</p> Signup and view all the answers

    What is the focus of entrepreneurship?

    <p>The nature and quality of resources</p> Signup and view all the answers

    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.

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