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Entrepreneurship in Tourism and Hospitality

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Entrepreneurship in Tourism and Hospitality

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Questions and Answers

What is the main idea behind the Bird-in-hand Principle?

To wait for the perfect opportunity to start

To focus on your weaknesses first and then start

To chase investors for funding before starting

To start with what you have and achieve your goal (correct)

What is the primary focus of the Pilot in the Plane Principle?

Predicting the future and planning accordingly

Creating a detailed business plan before starting

Analyzing the market trends and customer needs

Building the future through activities within your control (correct)

What is the main idea behind the Affordable Loss Principle?

To plan for all possible scenarios and outcomes

To take high risks and try to achieve big gains

To focus on the potential gains and ignore the risks

To limit your risk by understanding what you can lose at each step (correct)

What is the Patchwork Quilt Principle about?

Forming strategic partnerships and networks Signup and view all the answers

What type of entrepreneur is described as bringing ideas to life through tangible plans?

The Maker Signup and view all the answers

What is the Lemonade Principle about?

Leveraging contingencies and using them as clues to pivot Signup and view all the answers

What is the origin of the word 'entrepreneur'?

A thirteenth-century French verb Signup and view all the answers

What are the key characteristics of entrepreneurship?

Innovative, Flexible, Dynamic, Risk taking Signup and view all the answers

What is the state of effortless productivity described in the text?

Flow Signup and view all the answers

What is the process of entrepreneurship, according to the text?

Discovering new ways of combining resources Signup and view all the answers

What is required per team to monitor attendance and participation?

An index card Signup and view all the answers

What is the total number of quizzes for Midterms?

Three (3) quizzes Signup and view all the answers

What is a key characteristic of a Magician?

They challenge the status quo and navigate uncharted territories. Signup and view all the answers

Which type of entrepreneur is skilled at building relationships?

Mobilizer Signup and view all the answers

What is a characteristic of a Merchant?

They quickly spot market opportunities and needs. Signup and view all the answers

What type of entrepreneur is likely to simplify complex problems?

Maker Signup and view all the answers

What is NOT a characteristic of a Magician?

They are skilled at building relationships. Signup and view all the answers