17 Questions
What factors lead to the successful establishment of a new venture?
Market research, risk assessment, and strategic partnerships
How is an idea different from an opportunity?
An idea is independent of market needs while an opportunity addresses market demand
Why do some individuals become entrepreneurs while others don’t?
Innate talent, favorable economic conditions, and social support
Where do entrepreneurial opportunities come from?
Industry trends and demographic shifts
Who is Alexander Graham Bell and what did he invent?
Inventor of the telephone
How do individuals recognize entrepreneurial opportunities?
By observing market patterns and identifying unmet needs
According to Casson (1982), how does he define an entrepreneurial opportunity?
Opportunities to bring into existence new goods, services, raw materials, and organizing methods that allow outputs to be sold at more than their cost of production
What is the central characteristic typically included in the definition of the term 'Opportunity'?
Potential economic value
According to Shane & Venkataram (2000), where do entrepreneurial opportunities come from?
The creation of new information, occurring with the invention of new technologies
What does Schumpeterian Opportunities emerge from?
Innovation and active creation of new opportunities
What does Shane (2000) define as an 'Entrepreneurial Opportunity'?
A situation where a person can create a new means-ends relationship for recombining resources
What is involved in opportunity recognition?
Discovering the fit between the identified market needs and the capabilities and resources available to the entrepreneur
When do Schumpeterian Opportunities emerge according to Schumpeterian theory?
During times of uncertainty, change, and technological upheaval
What is the role of an entrepreneur according to Schumpeterian theory?
Innovation and actively creating new opportunities
What characterizes an entrepreneurial opportunity according to Shane (2000)?
The chance to meet a market need through a creative combination of resources to deliver superior value
What do entrepreneurial opportunities consist of according to Casson (1982)?
Opportunities to bring into existence new goods, services, raw materials, and organizing methods that allow outputs to be sold at more than their cost of production
What is involved in opportunity recognition according to class 3?
Discovering the fit between the identified market needs and the capabilities and resources available to the entrepreneur
Test your knowledge about the foundations of entrepreneurship with this wrap-up quiz for Class 4 of Prof. Dr. Michael Mödl's course. Explore the reasons why some individuals become entrepreneurs and others don't, and delve into the traits that lead to entrepreneurial success.
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