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Questions and Answers
An entrepreneur is BEST described as someone who:
An entrepreneur is BEST described as someone who:
- Works within large corporations to innovate and improve existing products or services.
- Seeks out profitable opportunities and assumes the risks of starting and running a business. (correct)
- Manages established business operations with a focus on maintaining stability and efficiency.
- Primarily focuses on inventing new technologies without necessarily starting a business.
Which of the following BEST illustrates a 'serial entrepreneur'?
Which of the following BEST illustrates a 'serial entrepreneur'?
- An entrepreneur who starts one business, successfully runs it, and then starts and manages another. (correct)
- An individual who manages multiple departments within a single large corporation.
- A person who invests in a variety of different startups across various industries.
- Someone who continuously innovates within a single established company over many years.
Which of the following is LEAST likely to be a primary motivator for an individual to pursue entrepreneurship?
Which of the following is LEAST likely to be a primary motivator for an individual to pursue entrepreneurship?
- The freedom to be their own boss and make independent business decisions.
- The aspiration to improve their overall quality of life and achieve greater independence.
- The desire for increased job security compared to traditional employment. (correct)
- The ambition to achieve significant financial success through their own ventures.
How has information technology MOST significantly contributed to the rise of entrepreneurship?
How has information technology MOST significantly contributed to the rise of entrepreneurship?
How does an entrepreneur DIFFER from a typical small business owner or manager, according to the text?
How does an entrepreneur DIFFER from a typical small business owner or manager, according to the text?
Which of the following describes a 'classic entrepreneur'?
Which of the following describes a 'classic entrepreneur'?
How does entrepreneurship contribute to globalization?
How does entrepreneurship contribute to globalization?
What is a defining characteristic of a 'social entrepreneur'?
What is a defining characteristic of a 'social entrepreneur'?
Flashcards
Entrepreneur
Entrepreneur
A risk taker who seeks profitable opportunities to start a business.
Classic Entrepreneur
Classic Entrepreneur
One who identifies market opportunities and allocates resources to tap into them.
Serial Entrepreneur
Serial Entrepreneur
A person who starts and runs multiple businesses one after another.
Social Entrepreneur
Social Entrepreneur
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Desire for Independence
Desire for Independence
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Desire for Financial Success
Desire for Financial Success
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Globalization Impact
Globalization Impact
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Role of Information Technology
Role of Information Technology
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Study Notes
Entrepreneurship and Starting a Business
- Entrepreneur Definition: A risk-taker in the private sector, seeking profitable opportunities and taking necessary risks to establish and run a business. They differ from small business owners as they prioritize expansion and growth, and from managers in that they are owners/managers.
Types of Entrepreneurs
- Classic: Identify business opportunities, allocate resources to gain access to new markets.
- Serial: Start and run multiple businesses consecutively.
- Social: Focus on addressing societal problems, applying business principles to develop novel solutions.
Reasons for Choosing Entrepreneurship
- Independent Control: The freedom to make all business decisions, directly engaging with customers, suppliers and business partners.
- Financial Success: The strong desire to succeed financially, develop and share unique products/services.
- Job Security & Improved Quality of Life: Finding work independence versus corporate employment and greater autonomy.
Current Environmental Factors Influencing Entrepreneurship
- Globalization: Rapid globalization fosters numerous opportunities for entrepreneurs, including international marketing and talent acquisition.
- Education: Increased educational opportunities about entrepreneurship facilitate knowledge and skills development.
- Technology: Business and technology convergence create competitive tools for entrepreneurs, leveling the playing field as entrepreneurs gain access to competitive tools.
- Demographic Trends: Specific demographics like immigrants and 55-64-year-olds show high entrepreneurial activity.
Characteristics of Entrepreneurs
- Vision: A clear vision for success, driven by energy and excitement.
- High Energy Level: Ability to start and work on projects while maintaining a full-time job, taking on the majority of tasks.
- High Achievement Drive: Strong competitiveness and a desire for excellence.
- Self-Confidence and Optimism: Belief in the ability to succeed and recognition of opportunities.
- Tolerance of Failure: The ability to try multiple approaches.
- Creativity: Originating new ideas for goods, services or business processes.
- Problem-Solving Aptitude: Developing alternative solutions and strategies to navigate obstacles.
- Internal Locus of Control: Believing they control their own destiny.
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Description
Explore the definition, types, and reasons for choosing entrepreneurship. Learn about classic, serial, and social entrepreneurs. Understand the motivations and characteristics of entrepreneurs in the private sector.
