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Questions and Answers
What drives economic growth and creates new jobs?
Entrepreneurship encourages innovation by bringing old ideas to the market.
False
What is one characteristic of an entrepreneurial mind frame?
Optimism
Challenging situations are seen as ______ by entrepreneurs.
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What does the 'gut game' refer to in entrepreneurship?
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Which of the following is a source of opportunities?
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Name one component of the external environment affecting entrepreneurship.
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Technological advancements do not influence entrepreneurial opportunities.
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The five forces of competition refer to the competitive ______ in an industry.
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Study Notes
Importance of Entrepreneurship
- Drives economic growth and generates new job opportunities.
- Encourages innovation by introducing new ideas, products, and services.
- Leads to social change by developing solutions that reduce reliance on outdated technologies.
- Addresses societal and economic issues through problem-solving initiatives.
- Stimulates competition, enhancing efficiency and reducing consumer prices.
Key Essentials of Entrepreneurial Traits
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Entrepreneurial Mindframe:
- Optimism in facing challenges; sees them as opportunities.
- Embraces effort, recognizing that success stems from gradual progress.
- Views mistakes as learning experiences rather than failures.
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Entrepreneurial Heart Flame:
- Driven by passion, entrepreneurs find satisfaction in the discovery process.
- A strong desire to achieve personal and professional goals fuels their drive.
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Entrepreneurial Gut Game:
- Relies on intuition and self-confidence to guide decision-making.
- Trusts "gut feelings," which emerge from wisdom, experience, and innate intuition.
Understanding Intuition
- Intuition is influenced by past experiences and accumulated knowledge.
- Complements logical analysis without replacing it.
- Acts swiftly to provide insights, often before conscious thought processes are engaged.
Sources of Entrepreneurial Opportunities
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External Environment:
- Physical: Climate, natural resources (minerals, forests), and wildlife impact business viability.
- Societal: Political (laws, regulations), economic (income levels, employment rates), sociocultural (customs and values), and technological trends influence opportunities.
- Industry: Competitors, customers, creditors, employees, and suppliers shape the competitive landscape.
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Technology Discovery and Advancement:
- New discoveries and technological advancements create business possibilities for entrepreneurs.
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Government Thrusts, Programs, and Policies:
- Government initiatives and priorities provide fertile ground for entrepreneurial ideas.
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People’s Interests:
- Trends in hobbies and interests (e.g., the rise of Internet Cafés) can inspire business concepts.
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Past Experiences:
- Skills and expertise gained from prior work can lead to the establishment of related business ventures.
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Description
This quiz explores the second lesson in entrepreneurship, focusing on the entrepreneurial process of creating a new venture. It highlights the importance of entrepreneurship in driving economic growth and discusses its role in wealth creation. Test your understanding of these concepts and their significance in economic development.
