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Questions and Answers
Which of the following would be considered an entrepreneurial venture rather than a small business venture?
What type of venture is Suzette most likely starting if she solicits investments from family and friends, then takes out a bank loan to fund her startup?
Which of the following thought processes support Luis's opportunity-identifying perspective for an entrepreneurial venture?
Which factor driving the growth of entrepreneurship is the result of the more recent widespread acceptance of entrepreneurs and the entrepreneurial lifestyle?
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Which source of funding for entrepreneurial ventures would be considered the most long-term?
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What advice would you give Joseph about a vision statement?
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Is the example goal of obtaining funding from investors after widely sharing your vision a SMART goal? If not, what is missing?
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Study Notes
Entrepreneurial Ventures vs. Small Business Ventures
- An entrepreneurial venture is distinct from a small business venture in terms of its scale, innovation, and growth potential.
Funding for Startups
- Suzette is likely starting an entrepreneurial venture if she solicits investments from family and friends, then takes out a bank loan to fund her startup.
- This suggests a combination of equity and debt financing to launch her business.
Opportunity Identification
- An entrepreneurial venture is driven by an opportunity-identifying perspective, characterized by thought processes such as:
- Identifying unmet needs or untapped markets
- Exploiting opportunities for innovation and growth
- Embracing calculated risk-taking and experimentation
Growth of Entrepreneurship
- The increased acceptance of entrepreneurs and the entrepreneurial lifestyle is a key factor driving the growth of entrepreneurship.
Sources of Funding
- Long-term funding sources for entrepreneurial ventures include:
- Equity investments (e.g., from family, friends, or venture capitalists)
- Debt financing (e.g., bank loans, lines of credit)
Vision Statements and Goal-Setting
- A vision statement should be concise, inspiring, and directional, serving as a guiding force for the entrepreneurial venture.
- To create a SMART goal, Joseph should ensure his objective is specific, measurable, achievable, relevant, and time-bound; merely seeking funding from investors after sharing his vision is not a SMART goal.
- A revised SMART goal might include specific milestones, metrics, or timelines for securing funding.
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Description
Test your knowledge of entrepreneurship and small business ventures with this quiz. It covers the differences between entrepreneurial and small business activities, including examples and characteristics of each.
