18 Questions
According to Kuratko (2019), one of the essential ingredients of entrepreneurial success is the ability to take calculated ______.
risks
An entrepreneur is defined as someone who identifies and acts on an ______ or problem that no one else has identified or acted on.
idea
Research shows that education and ______ are highly correlated.
entrepreneurship
Education helps students discover the ______ spark within themselves.
entrepreneurial
One of the key skills required for entrepreneurial success is the ability to formulate an effective ______ team.
venture
Entrepreneurs often have the ______ to recognize opportunity where others see chaos, contradiction, and confusion.
vision
Experiencing ______ opportunities for entrepreneurship
entrepreneurship
The ______ Mindset can be exhibited inside or outside an organization
Entrepreneurial
Entrepreneurship is an ______ concept that permeates an individual's enterprise
integrated
The ______ Steps of Entrepreneurial Journey include Inspiration, Preparation, Assessment, Exploring Resources, Business Plan, and Navigation
Seven Specific
Entrepreneurship is an awareness and focus on identifying an ______ through solving a problem
opportunity
Entrepreneurship has revolutionized the way ______ and social ventures are conducted at every level and in every country
business
The phrase 'high-risk, high-_____' perfectly encompasses the life of an entrepreneur.
reward
One of the rewards of being an entrepreneur is a ______ working schedule.
flexible
Step 1 of the entrepreneurial process is ______ – What is your motivation for becoming an entrepreneur?
Inspiration
The seven steps to entrepreneurial success include Step 7: ______ – When and how will you launch your venture?
Launch
In the entrepreneurial process, Step 3 deals with the ______ of the idea you plan to offer through your venture.
Assessment
The text states that entrepreneurship leads to ______ development.
economic
Study Notes
Entrepreneurship Essentials
- Entrepreneurship requires willingness to take calculated risks, forming an effective venture team, marshaling resources, building a solid business plan, and recognizing opportunities.
Entrepreneur Definition
- An entrepreneur is someone who identifies and acts on an idea or problem that no one else has identified or acted on.
Born or Made?
- The debate on whether entrepreneurs are born or made remains ongoing.
Education and Entrepreneurship
- Education and entrepreneurship are highly correlated, but 15% of entrepreneurs did not have the patience for education.
- Education helps students discover their entrepreneurial spark and teaches skills to lead to entrepreneurship.
Teaching Entrepreneurship
- Education facilitates learning entrepreneurial skills, but experiencing entrepreneurship creates opportunities.
Entrepreneurial Mindset
- The entrepreneurial mindset involves identifying opportunities by solving problems and having the willingness to move forward.
- It revolutionizes business and social ventures at every level and in every country.
Seven Steps of Entrepreneurial Journey
- Inspiration: identifying motivation for becoming an entrepreneur
- Preparation: assessing one's readiness to be an entrepreneur
- Assessment: evaluating the idea to be offered
- Exploring Resources: identifying necessary resources and characteristics
- Business Plan: determining business structure and model
- Navigation: guiding the venture's direction
- Launch: launching the venture
Rewards and Risks
- Rewards: flexible schedule, autonomy, alignment of career with beliefs, freedom to choose colleagues, and new business creation
- Risks: failure, unclear product/service goals, lack of market fit, wrong team members, financial risk, and burnout
Ethical and Social Responsibilities
- Entrepreneurs have ethical and social responsibilities, such as considering the greater good in their business decisions.
Explore the concepts of entrepreneurship by learning how to identify problems in the market and come up with innovative solutions. Understand the entrepreneurial mindset and how it can be applied in various types of organizations and activities.
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