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Questions and Answers
What is entrepreneurship?
The process of designing, launching, and running a new business.
Who is referred to as an entrepreneur?
An individual who starts a new business or venture.
Which of the following are characteristics of successful entrepreneurs? (Select all that apply)
The mindset that involves the ability to rapidly sense, act, and mobilize under uncertain conditions is called __________.
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An entrepreneurial journey is a straightforward process with no challenges.
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What is the ideation stage in the entrepreneurial journey?
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What does idea validation refer to in the entrepreneurial context?
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Match the following stages of the entrepreneurial journey with their descriptions:
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Study Notes
Entrepreneurship Definition
- The process of designing, launching, and running a new business
- Typically starts as a small business, such as a start-up
- Offers a product, process, or service for sale or hire
- Involves the capacity to develop, organize, and manage a business venture
- Entails the willingness to undertake risks for the pursuit of profit
Entrepreneur Definition
- An individual who starts a new business or venture
Entrepreneurial Mindset
- The ability to rapidly sense, act, and mobilize, even under uncertain conditions
- The inclination to discover, evaluate, and exploit opportunities
- The ability to quickly sense, act, and get organized under uncertain conditions
Entrepreneurial Mindset Traits
- Curiosity
- Growth-minded
- Courage
- Persistence and Grit
- Opportunity-seeking
- Problem-solving
- Redefining Failure
- Optimism
- Adaptability
- Empathy
Entrepreneurial Journey Stages
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Ideation: The first stage where the entrepreneur comes up with a business idea and outlines the concept
- Requires creativity, innovation, and the ability to identify a market need
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Planning: An organized, step-by-step outline or guide that pulls together ideas, thoughts, and key steps for entrepreneurial success.
- Simple business plan
- Lean budgeting
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Validation: Assessing the feasibility and potential of a business concept before launching it into the market.
- Pilot programs
- Local feedback
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Financing: Providing funds for business activities, making purchases, or investing.
- Community fundraiser
- Barter services
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Launching: The process of introducing the business and its products or services to the market.
- Identify the target market
- Market research
- Develop marketing materials
- Launch campaign
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Description
Explore the fundamental concepts of entrepreneurship, including definitions, traits of an entrepreneurial mindset, and the stages of the entrepreneurial journey. This quiz will help you understand what it takes to launch and run a successful business. Test your knowledge on key entrepreneurial principles and traits.
