Entrepreneurship Wisdom
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Entrepreneurship Wisdom

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Questions and Answers

What is the parent company of Google?

  • Alphabet (correct)
  • Amazon
  • Meta
  • Microsoft

    • According to the Entrepreneurial Value Creation Theory, what is the primary means of creating value in modern ventures?

  • Economies of creativity (correct)
  • Economies of industrial scale
  • Standardized work processes
  • Mass production techniques

    • What major challenge do entrepreneurs face beyond creating innovative products?

  • Capturing the value of innovation (correct)
  • Expanding global reach
  • Reducing production costs
  • Meeting market demand

    • What has become increasingly automated, affecting the traditional model of organizations?

    <p>Repetitive work</p> Signup and view all the answers

    Kenneth Frazier is known for stabilizing which pharmaceutical company?

    <p>Merck &amp; Co.</p> Signup and view all the answers

    The focus of modern value creation has shifted to which of the following?

    <p>Mass customization and creative solutions</p> Signup and view all the answers

    What is the ultimate vision of Merck & Co. as stated by its leadership?

    <p>Deliver value to society through medicines</p> Signup and view all the answers

    What is the major drawback of the traditional industrial model of managing work?

    <p>It leads to automated work becoming commoditized.</p> Signup and view all the answers

    What is considered a fundamental responsibility of business leaders?

    <p>To create value for shareholders</p> Signup and view all the answers

    What is one of the main reasons for resource depletion mentioned in the content?

    <p>Chronic overfishing</p> Signup and view all the answers

    During which period did labor productivity rise dramatically in England due to the Industrial Revolution?

    <p>1750-1820</p> Signup and view all the answers

    Which of the following was a significant outcome of the Industrial Revolution in the United States?

    <p>Fivefold growth in output per person</p> Signup and view all the answers

    What critical issue do business practices like those of Merck address in society?

    <p>Creating vaccines and medicines</p> Signup and view all the answers

    What was a significant societal change caused by the Industrial Revolution?

    <p>Transformation in living standards</p> Signup and view all the answers

    What term refers to the value created for society in contrast to shareholder value?

    <p>Social responsibility</p> Signup and view all the answers

    What aspect of the Industrial Revolution contributed to a historic loss of topsoil?

    <p>Increased mechanization and over-cultivation</p> Signup and view all the answers

    What significant changes occurred in life expectancy and literacy in the industrial world during the twentieth century?

    <p>Life expectancy roughly doubled and literacy increased from 20% to over 90%.</p> Signup and view all the answers

    What was one of the main health consequences of increased fossil fuel combustion in 1800s England?

    <p>An epidemic of respiratory diseases caused by coal emissions.</p> Signup and view all the answers

    What notable event in 1952 led to the creation of air pollution regulations in London?

    <p>The great smog which killed over 4,000 people.</p> Signup and view all the answers

    What distinguishes 'creating' from 'reactive problem-solving'?

    <p>Creating draws energy from dreams and visions, while problem-solving is driven by crises and fear.</p> Signup and view all the answers

    Which of the following is NOT a characteristic of a sustainable future as per the context?

    <p>Continued reliance on fossil fuels.</p> Signup and view all the answers

    How did industrial expansion impact pollution levels during the 1800s?

    <p>Pollution levels grew alongside fossil fuel combustion.</p> Signup and view all the answers

    What was one of the astounding advancements attributed to the industrial age?

    <p>Improvements in communication systems.</p> Signup and view all the answers

    What kind of energy does creating draw from in the context provided?

    <p>Energies from dreams or visions of desired outcomes.</p> Signup and view all the answers

    What is rule number five as stated by the CEO?

    <p>Don’t take yourself so seriously.</p> Signup and view all the answers

    According to the moral of the story, how should entrepreneurs handle difficult situations?

    <p>Allow some problems to resolve on their own.</p> Signup and view all the answers

    What does PCP stand for in the context of teaching?

    <p>Praise, Correct, Praise.</p> Signup and view all the answers

    What strategy does the karate teacher use to improve student performance?

    <p>Praise, correct, and then praise again.</p> Signup and view all the answers

    Why are entrepreneurs able to maintain a balanced perspective?

    <p>They have a generalized view of many subjects.</p> Signup and view all the answers

    How does the text suggest adults feel about being praised?

    <p>They enjoy it just as much as children.</p> Signup and view all the answers

    What is the underlying message of the story?

    <p>Things are often less serious than they seem.</p> Signup and view all the answers

    How should feedback ideally be structured according to the teaching example?

    <p>Start with praise, then correct, followed by praise.</p> Signup and view all the answers

    Which company did Howard Schultz first join as the Marketing Director?

    <p>Starbucks Coffee Company</p> Signup and view all the answers

    What was the original name of Nike before it was rebranded?

    <p>Blue Ribbon Sports</p> Signup and view all the answers

    What significant achievement does Angkas boast regarding its safety record?

    <p>99.99-plus percent safety record</p> Signup and view all the answers

    In what year did Reed Hastings co-found Netflix?

    <p>1997</p> Signup and view all the answers

    How many Starbucks locations are there worldwide as mentioned in the content?

    <p>30,000</p> Signup and view all the answers

    What innovative service did Angkas plan to launch for bikers nationwide?

    <p>Motorcycle ambulance</p> Signup and view all the answers

    What industry did Phil Knight tap into with his initial business proposal at Stanford?

    <p>Quality running shoes</p> Signup and view all the answers

    What change did Netflix implement around 2005 to adapt its business model?

    <p>Moving towards online streaming</p> Signup and view all the answers

    Study Notes

    Entrepreneurial Mindset

    • Rule number five: “Don’t take yourself so seriously” emphasizes a light-hearted approach in business.
    • Experienced entrepreneurs recognize the importance of letting minor issues resolve naturally rather than overreacting.
    • Broad knowledge allows seasoned entrepreneurs to identify key priorities, promoting balance in their ventures.

    Praise and Correction Technique

    • The "PCP" strategy used by karate instructors involves:
      • Praising students for what they do right.
      • Correcting errors.
      • Praising improvements to encourage learning.
    • Adults, like children, respond positively to praise; this is crucial for success in any field.

    Successful Entrepreneurs

    • Jollibee Foods Corporation (JFC) expanded globally, offering Filipino cuisine to millions of overseas workers.
    • Angkas app has become a leading transportation choice in the Philippines, with over 1.5 million downloads and a high safety record.
    • Howard Schultz transformed Starbucks from a small company into a global coffee giant with about 30,000 locations.
    • Phil Knight founded Nike, initially Blue Ribbon Sports, after observing the impact of running shoe modifications on performance.
    • Reed Hastings co-founded Netflix in 1997, transitioning from DVD rentals to a dominant online streaming platform.

    Value Creation in Entrepreneurship

    • Modern value creation emphasizes creativity over repetitive tasks due to automation.
    • Businesses now derive value from innovative products and services that solve customer problems.
    • Kenneth Frazier, CEO of Merck & Co., highlights the necessity of delivering societal value alongside shareholder returns.

    Sustainable Resource Management

    • Industrial advancements led to resource depletion and environmental issues, such as air and water pollution.
    • The Industrial Revolution significantly increased productivity and living standards but also resulted in neglected ecological concerns.
    • Historical events, like London’s “great smog” of 1952, triggered government actions toward pollution control.

    Creating a Sustainable Future

    • Creating involves vision and innovation, contrasting with reactive problem-solving driven by immediate crises.
    • A sustainable future requires redesigning energy systems, architecture, transportation, and waste reduction strategies through innovative practices.

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    Description

    Explore the insightful lesson from a CEO about entrepreneurship. This quiz emphasizes the importance of not taking oneself too seriously in business and the simplicity in rules for success. Test your understanding of this valuable perspective on the entrepreneurial journey.

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