Questions and Answers
The concept of ___________ refers to the responsibility of creating socially driven ventures.
entrepreneurship
Individuals such as founders, employees, and ___________ can impact a venture significantly.
investors
An opportunity in economic terms is considered a project with a positive net present value, where the value of customer inflows exceeds ___________.
outflows
To capture value, a company must have a differentiated product or sustainable cost ___________.
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Context refers to ___________ factors that influence the possible outcome of an opportunity and are outside of management's control.
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Entrepreneurial Behavior refers to a set of behaviors performed in seeking new knowledge and innovative ideas that can change the ______.
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Intrapreneurship is a concept that refers to employees who demonstrate entrepreneurial skills within the ______.
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A fundamental aspect of risk management involves assessing potential ______ that could impact the venture.
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One of the characteristics of an entrepreneur is the ability to take calculated risks and pursue available ______.
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The entrepreneurial ecosystem consists of networks and ______ that support the growth of startups and new ventures.
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Study Notes
Entrepreneurship Concepts
- Societal-driven ventures focus on creating inclusive business models to impact certain locations or individuals positively.
- Key participants in ventures include founders, employees, mentors, advisors, investors, suppliers, and sometimes customers.
Opportunities in Business
- An opportunity is a product or service for which customers will pay more than it costs to produce.
- Economically, opportunities are viewed as projects with a positive net present value, where customer revenues exceed resource costs.
- Essential for value creation includes differentiated products/services and sustainable cost advantages.
Importance of Context
- Context encompasses external factors that influence business outcomes, generally beyond the management's control.
Definitions
- Entrepreneurship: Involves assuming risks to utilize opportunities and resources for new or revived ventures.
- Intrapreneurship: Emerges from modernization, focusing on internal innovation and management within established companies.
- Entrepreneur: A person who undertakes risks to leverage opportunities and create transformative ventures.
Entrepreneurial Behavior
- Refers to behaviors aimed at acquiring knowledge and generating innovative ideas, reinforcing the notion that change is constant.
Entrepreneurial Process
- A systematic approach that aspiring entrepreneurs follow in their quest for opportunities leading to new venture creation.
Social Entrepreneurship
- A developing area focused on evaluating the societal, environmental, or economic impacts of entrepreneurial efforts.
The Role of Ideas
- Every entrepreneurial venture begins with an idea aimed at bridging supply-demand gaps in the market.
- Ideas can be novel or adaptations of existing concepts, as long as they address specific issues.
- Successful ideas require realistic applications and an understanding of market opportunities to be actionable.
Opportunities and Ideas
- Ideas alone are not enough; they must align with market opportunities to increase the likelihood of success in entrepreneurial pursuits.
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Description
Explore the essential concepts of social entrepreneurship, focusing on community-driven ventures and inclusivity. This quiz evaluates your understanding of the roles and impacts of various stakeholders such as founders, employees, mentors, investors, and customers. Test your knowledge on how societal ventures operate and the people involved in their success.
