Entrepreneurship Overview
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Entrepreneurship Overview

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Questions and Answers

What does TBL stand for?

Triple Bottom Line

What are the three Ps of the Triple Bottom Line?

  • Planet (correct)
  • Profit (correct)
  • People (correct)
  • Process
  • Entrepreneurs do not take risks.

    False

    Which entrepreneur is known for founding Starbucks?

    <p>Howard Schultz</p> Signup and view all the answers

    Match the entrepreneurs with their companies:

    <p>Tony Tan Caktiong = Jollibee Angeline Tham = Angkas Ride Sharing App Phil Knight = Nike Reed Hastings = Netflix</p> Signup and view all the answers

    Entrepreneurial curiosity is the impulse to seek out new ideas and ______.

    <p>experiences</p> Signup and view all the answers

    What is the goal of enhancing entrepreneurial curiosity?

    <p>To ask the right questions and seek to understand others.</p> Signup and view all the answers

    Disruptive innovation introduces a new value proposition.

    <p>True</p> Signup and view all the answers

    What type of innovation involves a change in how a product or service is manufactured?

    <p>Process Innovation</p> Signup and view all the answers

    Study Notes

    Entrepreneurship in Perspective

    • Entrepreneurs are individuals who identify opportunities, accept risks, and drive ideas into reality.
    • The entrepreneurial mindset fuels creative ideas in both business and non-business settings.
    • An enterprise involves creating and executing a vision, turning innovative ideas into action.
    • Enterprising individuals demonstrate imagination, initiative, and willingness to embark on new projects.
    • Entrepreneurial individuals take risks to create value.

    Entrepreneurial Economy

    • Entrepreneurs make essential contributions to the economy: create new businesses, contribute to national development, and drive social change.

    Entrepreneurship Spectrum

    • Entrepreneurs starting businesses from scratch are sole proprietors, focused on individual productivity.
    • Entrepreneurs launching family businesses prioritize long-term well-being for current and future generations.
    • Entrepreneurs entering partnerships combine efforts for mutual benefit and growth.

    Triple Bottom Line (TBL)

    • Coined in 1994 by John Elkington, founder of a British consultancy called Sustainability.
    • Consists of three essential elements:
      • Profit: The economic value created and enjoyed by society.
      • People: The impact on employees and external stakeholders.
      • Planet: Environmental responsibility and stewardship.

    Entrepreneurial Thinking

    • Entrepreneurial Curiosity:
      • The drive to seek out new ideas and experiences.
      • The foundation of creativity and innovation.
    • Four Dimensions of Business Research:
      • Curiosity: A thirst for new experiences and knowledge.
      • Insight: The ability to gather and synthesize information.
      • Engagement: The ability to connect with others and communicate a vision.
      • Determination: The persistence to overcome hurdles and achieve goals.

    Enhancing Entrepreneurial Curiosity

    • Ask the right questions: Differentiate impactful questions from unhelpful ones.
    • Dedicate time for innovation: Schmidt (Google) pioneered the 70/20/10 management model, allocating time for core tasks, related projects, and unrelated ventures.
    • Listen without judgment: Curious individuals seek understanding without preconceived notions.

    Disruptive Thinking and Innovation

    • Types of Innovation:
      • Process Innovation: Changes in how products or services are manufactured to improve efficiency.
      • Product/Service Innovation: Introducing new ideas without altering existing business models.
      • Disruptive Innovation: Introduces new value propositions that can disrupt existing markets.
    • Kinds of Disruptive Innovation:
      • Low-end disruptive innovations: Target underserved markets by offering simpler, less expensive products.
      • New-market disruptive innovations: Create entirely new markets by making products or services more accessible.

    Entrepreneurial Traits

    • Entrepreneurs have an empowering perspective on failure.
    • They possess broad knowledge, recognizing the importance of diverse expertise.
    • They give and receive praise, fostering a culture of recognition and encouragement.
    • They maintain forward-looking perspectives, anticipating future trends.

    Entrepreneurs that Changed the World

    • Tony Tan Caktiong (Jollibee)
    • Angeline Tham (Angkas Ride Sharing App)
    • Howard Schultz (Starbucks)
    • Phil Knight (Nike)
    • Reed Hastings (Netflix)
    • Amancio Ortega (Zara)
    • Walt Disney (The Walt Disney Company)
    • Mark Zuckerberg (Meta)

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    Description

    Explore the fundamentals of entrepreneurship, including the characteristics of entrepreneurs, their impact on the economy, and various types of entrepreneurial ventures. This quiz will challenge your understanding of the entrepreneurial mindset and its significant contributions to society.

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