Podcast
Questions and Answers
What is a key characteristic of traditional entrepreneurship?
What is a key characteristic of traditional entrepreneurship?
- They aim to achieve a similar income level to conventional jobs. (correct)
- They are solely motivated by community impact.
- They operate exclusively in the digital economy.
- They primarily focus on creating innovative products.
Which type of entrepreneurship involves creating new products or ventures within existing companies?
Which type of entrepreneurship involves creating new products or ventures within existing companies?
- Franchising
- Social entrepreneurship
- Corporate entrepreneurship (correct)
- Lifestyle firms
How do entrepreneurial firms primarily differentiate themselves?
How do entrepreneurial firms primarily differentiate themselves?
- By bringing new products and services to the market (correct)
- By limiting innovation to existing frameworks
- By emphasizing traditional management practices
- By focusing on salary substitution for owners
What percentage of small businesses in the US employ 500 employees or less?
What percentage of small businesses in the US employ 500 employees or less?
Which of the following statements about modern entrepreneurs is true?
Which of the following statements about modern entrepreneurs is true?
Which type of firm primarily provides its owners the opportunity to pursue a specific lifestyle?
Which type of firm primarily provides its owners the opportunity to pursue a specific lifestyle?
What is a misconception about the motives of contemporary entrepreneurs?
What is a misconception about the motives of contemporary entrepreneurs?
What role do small businesses play in the economy?
What role do small businesses play in the economy?
Which of the following best describes serial entrepreneurship?
Which of the following best describes serial entrepreneurship?
What is a characteristic of the gig economy?
What is a characteristic of the gig economy?
Which mindset is associated with the belief that effort and attitude can lead to learning?
Which mindset is associated with the belief that effort and attitude can lead to learning?
What is one of the main barriers to creativity?
What is one of the main barriers to creativity?
What is NOT considered a source of innovation?
What is NOT considered a source of innovation?
Which of the following is NOT a component of social entrepreneurship?
Which of the following is NOT a component of social entrepreneurship?
What is meant by 'wicked problems' in the context of social entrepreneurship?
What is meant by 'wicked problems' in the context of social entrepreneurship?
Which of the following habits does NOT contribute to an entrepreneurial mindset?
Which of the following habits does NOT contribute to an entrepreneurial mindset?
Flashcards
Schumpeter's Entrepreneur
Schumpeter's Entrepreneur
A person who innovates and disrupts the existing economic order by introducing new products, services, methods, organizations, or raw materials.
Entrepreneur (Stevenson/Jarillo)
Entrepreneur (Stevenson/Jarillo)
Someone who sees opportunities and pursues them, regardless of current resources.
Small Business Profile (US)
Small Business Profile (US)
Mostly (99%) small, (<500 employees). 80% are self-employed, and 46% of workers are employed by them.
Salary-Substitute Firms
Salary-Substitute Firms
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Lifestyle Firm
Lifestyle Firm
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Entrepreneurial Firm
Entrepreneurial Firm
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Corporate Entrepreneurship
Corporate Entrepreneurship
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Entrepreneurship Inside
Entrepreneurship Inside
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Serial Entrepreneurship
Serial Entrepreneurship
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Social Entrepreneurship
Social Entrepreneurship
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Franchising
Franchising
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Growth Mindset
Growth Mindset
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Fixed Mindset
Fixed Mindset
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Creativity
Creativity
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Innovation Types
Innovation Types
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Social Entrepreneurship Elements
Social Entrepreneurship Elements
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Study Notes
Chapter One: Entrepreneurship Fundamentals
- Schumpeter's Definition: Entrepreneurship is the disruption of the current economic system through new products, services, production methods, organizational structures, or resource exploitation.
- Stevenson & Jarillo's Definition: Pursuing opportunities without existing resources.
- Alternative Definition: Turning an idea into a business.
- Importance of Entrepreneurship: Main source of jobs, economic driver, innovator, embodiment of the "American Dream", wealth creation, individual empowerment.
- 2023 Small Business Profile: 34 million businesses in the US, 99% with 500 employees or less; 80% are self-employed; employ 46% of workers.
- Largest Small Business Industries: Health Care & Social Assistance, Accommodation & Food Services, Construction, Retail Trade, Manufacturing, Science and Technology
- Modern Entrepreneur Traits: Action-oriented, motivated by impact beyond profit, seek innovation and independence, collaborate, network, adopt an entrepreneurial mindset, build strong connections.
- Types of Entrepreneurship:
- Traditional: Salary-substitute, lifestyle, entrepreneurial firms
- Corporate Entrepreneurship: Creating new products/ventures/processes internally.
- Entrepreneurship Inside: Employees acting entrepreneurially with senior management support.
- Family Enterprising: Successive generations driving new innovations.
- Serial Entrepreneurship: Starting multiple businesses.
- Social Entrepreneurship: Solving social/environmental problems (e.g., B-corps)
- Franchising: Licensing from pre-existing businesses to operate under their name (e.g. Planet Fitness)
- Gig Economy and Side Hustle: Flexible work through independent contractors.
- Entrepreneurial Method: ACT, LEARN, BUILD. Includes stakeholders, affordable loss calculations, "why", available resources.
- Habits for Entrepreneurial Mindset: Creativity, improvisation, fear management, self-leadership, reflection.
Chapter Two: Growth Mindset and Creativity
- Growth Mindset: Learning from failures, effort & attitude = success.
- Fixed Mindset: Belief of innate abilities & not learning from failures.
- Creativity: Thinking outside the box, unique perspectives, unexpected approaches.
- Creative Questioning Techniques: Explore new ways, contrast ideas, reverse approaches, modify, adapt.
- Barriers to Creativity: Fear of failure, expectation of a single answer, perceived lack of creativity, and adherence to "logical" patterns.
- Types of Innovation: Invention, extension, duplication, synthesis.
- Innovation Sources: Unexpected occurrences (e.g., Novocaine), incongruities (e.g., shipping containers), process needs, industry/market changes, demographic shifts (e.g., increased travel), knowledge.
Chapter Three: Social Entrepreneurship
- Social Entrepreneurship Elements: Social need, innovative solution, implementation/execution, improvement, and collaboration.
- Wicked Problems: Complex social issues with limited clear solutions.
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