Global Entrepreneurship Week 1 Quiz
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Questions and Answers

Which of the following is NOT a course learning outcome?

  • Utilize customer profiling and competitive analysis.
  • Analyze functions and characteristics of successful entrepreneurs.
  • Develop effective management skills in running a start-up.
  • Engage in strategic partnerships with industry leaders. (correct)
  • What is the primary means of communication and assessment in this course?

  • Direct communication with the instructor through email and office hours.
  • In-person lectures and group discussions.
  • Online forums and interactive assignments. (correct)
  • Individual research and case studies.
  • What is the main purpose of the Academic Integrity Module?

  • To assess student understanding of academic integrity principles.
  • To provide students with an overview of the university's plagiarism policy.
  • To demonstrate the use of plagiarism detection software.
  • To educate students about the ethical implications of academic dishonesty. (correct)
  • Which of the following is NOT a characteristic of successful entrepreneurs?

    <p>Extensive experience in the relevant industry. (D)</p> Signup and view all the answers

    What is the primary function of Evernote, as described in the excerpt?

    <p>A productivity tool for note-taking and information management. (A)</p> Signup and view all the answers

    According to the course content, what is meant by 'entrepreneurial vision and goals'?

    <p>The ability to identify unmet needs and create innovative solutions. (B)</p> Signup and view all the answers

    Which of the following is a key aspect of active participation in the online discussion forums?

    <p>Sharing relevant insights and engaging in meaningful discussions. (C)</p> Signup and view all the answers

    What is the significance of the UN Sustainable Development Goals in the context of this course?

    <p>All of the above. (D)</p> Signup and view all the answers

    Which type of entrepreneur focuses on finding new approaches that add value through unique problem-solving?

    <p>Innovators (A)</p> Signup and view all the answers

    What is a defining characteristic of market makers in entrepreneurship?

    <p>They focus on how the market can evolve in the future. (C)</p> Signup and view all the answers

    Which of the following represents a common factor driving the growth of entrepreneurship today?

    <p>Increasing availability of venture capital (C)</p> Signup and view all the answers

    Which type of entrepreneur primarily seeks to create something new rather than expanding existing ideas?

    <p>Creators (C)</p> Signup and view all the answers

    Why is it important for entrepreneurs to recognize problems?

    <p>It provides a basis for developing new solutions. (D)</p> Signup and view all the answers

    What is the primary focus of expanders and scalers in entrepreneurship?

    <p>Expanding upon previously established methods or products (C)</p> Signup and view all the answers

    Which of the following statements best describes entrepreneurial careers globally?

    <p>Differences in entrepreneurial opportunities can vary significantly by region. (D)</p> Signup and view all the answers

    What underlying theme connects all successful entrepreneurial ventures?

    <p>The successful identification and resolution of problems. (C)</p> Signup and view all the answers

    What is a possible motivation for an entrepreneur like Roxanne Quimby when starting a business?

    <p>To help employ people in her community (C)</p> Signup and view all the answers

    Which characteristic is often associated with the entrepreneurial vision?

    <p>A statement outlining long-term goals (B)</p> Signup and view all the answers

    What does the SMART method in goal setting stand for?

    <p>Specific, Measurable, Achievable, Relevant, Time-bound (B)</p> Signup and view all the answers

    What should entrepreneurs consider when defining success for their ventures?

    <p>Community impact and relationships (C)</p> Signup and view all the answers

    What commonality do the top entrepreneurial countries share?

    <p>High levels of government support (D)</p> Signup and view all the answers

    Why might finding a mentor be beneficial for an entrepreneur?

    <p>To provide experience and insight (C)</p> Signup and view all the answers

    What is a key step in the creative thinking process for entrepreneurs?

    <p>Challenging existing norms and assumptions (C)</p> Signup and view all the answers

    What aspect of the entrepreneurial venture does Angad Daryani need to focus on for commercialization?

    <p>Identifying consumer needs and market fit (C)</p> Signup and view all the answers

    Flashcards

    Global Entrepreneurship

    The practice of starting and managing businesses that operate on an international level.

    Entrepreneurial Mindset

    A mental attitude that recognizes and seizes business opportunities and embraces risk.

    Business Plan

    A formal document outlining a business's goals, strategies, and financial forecasts.

    Customer Profiling

    The process of creating a detailed description of the target customer demographics and needs.

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    Sustainable Development Goals

    Universal goals set by the United Nations to address global challenges and achieve social, economic, and environmental sustainability by 2030.

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    Academic Integrity

    The ethical code governing educational environments that emphasizes honesty and originality in academic work.

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    Entrepreneurial Vision

    A clear and compelling idea of the future that guides the actions of an entrepreneur.

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    Case Study Review

    Analyzing detailed examinations of particular instances or cases related to business practices to gain insights.

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    Entrepreneur

    An individual who creates and manages a business, taking risks to innovate.

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    Entrepreneurship

    The process of starting and running a new business to make a profit.

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    Innovators

    Entrepreneurs who find unique methods or products to solve problems.

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    Creators

    Entrepreneurs who develop something brand new or identify unnoticed problems.

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    Market Makers

    Entrepreneurs who innovate or reinvent markets with future perspectives.

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    Expanders and Scalers

    Entrepreneurs who seek opportunities to grow existing methods or products.

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    Factors Driving Growth

    Current elements that boost the rise of entrepreneurship today.

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    Global Opportunities

    Differences in entrepreneurial chances available in various countries.

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    Social Entrepreneurship

    The use of entrepreneurial principles to create social change.

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    Vision Statement

    A concise declaration of an organization’s purpose and direction.

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    Creative Thinking Process

    Four steps to enhance creativity: preparation, incubation, illumination, and verification.

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    SMART Goals

    Goals that are Specific, Measurable, Achievable, Relevant, and Time-bound.

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    Importance of Vision

    Knowing your vision helps align actions with goals and motivates growth.

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    Mentorship

    A relationship where a more experienced person guides someone less experienced.

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    Entrepreneurial Motivation

    The drive to solve problems and create value in the community.

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    Study Notes

    Course Information

    • Course title: Global Entrepreneurship
    • Week: 1
    • Course learning outcomes include:
      • Awareness of domestic and global entrepreneurship issues, news, events, policies, trends, and changes.
      • Analysis of successful entrepreneurs' functions and characteristics.
      • Demonstrating personal capacity to identify and leverage entrepreneurial opportunities.
      • Developing effective start-up management skills (through simulations).
      • Applying customer profiling and competitive analysis to develop a unique value proposition.
      • Designing and developing a business plan for an entrepreneurial venture (group project).
      • Applying entrepreneurial and management concepts for a social enterprise project achieving United Nations' Sustainable Development Goals.

    Course Format

    • Weekly lectures
    • Online activities (discussion boards, case study reviews)
    • Assignments (individual and group)
    • Quizzes
    • Final exam

    Canvas

    • Course information
    • Course announcements
    • Learning materials
    • Online learning guidelines
    • Assignments guidelines
    • Grade center

    Class Protocol

    • Attendance: Weekly
    • Weekly Delivery: Asynchronous or synchronous (explained)
    • Discussion Forum Usage
    • Active Participation
    • Mutual Respect
    • Assignments: Templates, rubrics, guidelines, and due dates provided
    • Class Attendance & Assignment Evaluation:
      • Class Absence (missed evaluations)
      • Sanctioned Absences (FCT events)
      • Planned Absences (doctor's appointment)
      • Unexpected Absences

    Academic Integrity

    • Covers what academic integrity is, definitions, types of violations, mandatory sanctions, and an academic integrity module.

    Chapter Outline

    • Entrepreneurship Today (1.1)
    • Entrepreneurial vision and goals (1.2)
    • Entrepreneurial mindset (1.3)
    • Figure 1.1: Shows an example of a product (Evernote)
    • Learning Objectives (1.1): Define entrepreneurship, describe types of entrepreneurial careers and lifestyles, and understanding entrepreneurs as problem solvers.
    • Explain driving factors of entrepreneurship growth and compare global entrepreneurial opportunities.

    Types of Entrepreneurs

    • Innovators: Find new approaches, methods, or products to solve problems in unique ways.
    • Creators: Make something new, or identify a problem others haven't recognized.
    • Market Makers: Innovate and reinvent the market from a future perspective by exploring possible market evolutions.
    • Expanders and Scalers: Seek out opportunities to expand or scale existing methods, processes, or products.

    Figure 1.2

    • Shows examples of successful entrepreneurial ventures featuring Dave Gilboa (co-founder and co-CEO, e.g., Warby Parker).

    Figure 1.3

    • Burt's Bees - Example of an entrepreneurial venture growing into a major company.

    Feature Box: Putting Strengths to Work

    • Create a list of ideas related to your strengths.
    • Analyze the list to create a list of possible businesses.

    Feature Box: Recognizing Problems

    • Ask: What problem have you identified? What solutions can you propose?

    Figure 1.4

    • Shows attractiveness of entrepreneurial ecosystems for multiple countries

    Figure 1.5

    • Venture Capital Activities across several countries (Deals and Financial Value).

    Figure 1.6

    • Mumbai skyline, clouded by pollution.

    Feature Box: Social Entrepreneurship

    • Creating an entrepreneurial venture to enhance quality relationships and communities.
    • Balancing passion with entrepreneurial purpose.

    Feature Box: Entrepreneur in Action: Angad Daryani

    • Exploring other applications for Angad Daryani's technology (air-cleaning product).
    • Critical decisions related to commercialization.
    • Defining success for the venture.

    Discussion Questions (1-4)

    • United States' leadership in entrepreneurship & comparative analysis across leading nations.
    • Roxanne Quimby's motivations in starting ventures and aligning with the definition of an entrepreneur.
    • Similarities and contrasts between Wander Girls' businesses and Roxanne Quimby's ventures.

    Learning Objectives (1.2)

    • Defining and entrepreneurial vision
    • Develop a vision statement

    Figure 1.7: Benefits of Mentorships

    • Coaching and training
    • Goals and achievements
    • Motivation and support
    • Advice and direction

    Feature Box: Personal Vision Statement

    • Explore aspects of personal life (living situation, career, home life, and life goals).

    Figure 1.8: Creative Thinking Process

    • Preparation (plan and gather information)
    • Incubation (let subconscious work through information)
    • Illumination (identify "aha moment" solutions)
    • Verification (test and implement)

    Feature Box: Creativity through a Change in Routine

    • Reflecting on experiences
    • Increased alertness to surroundings

    Figure 1.9: SMART Goals

    • Specific
    • Measurable
    • Achievable
    • Relevant
    • Time-bound

    Discussion Questions (5-9)

    • Importance of knowing your future vision
    • Value of SMART goals
    • Importance of divergent thinking in problem-solving
    • Explaining entrepreneurial vision to a history major
    • Contrast between divergent thinking and brainstorming.

    Learning Objectives (1.3)

    • Understanding entrepreneurial mindset.
    • Defining entrepreneurial spirit or passion.

    Figure 1.10

    • Bicycle-sharing program (veoRide) Example of bike-sharing program.

    Discussion Questions (10-13)

    • Identifying five disruptive technologies and their industry impacts
    • Disruptive technology opportunities in familiar industries
    • Contrast between entrepreneurial mindset and entrepreneurial spirit
    • Describing personal entrepreneurial spirit.

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    Description

    Test your knowledge of global and domestic entrepreneurship issues in this Week 1 quiz. Analyze the characteristics of successful entrepreneurs and explore how to leverage opportunities in the entrepreneurial landscape. Prepare for engaging discussions and activities that will enhance your understanding of start-up management and business planning.

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