Types of Entrepreneurs
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Types of Entrepreneurs

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Questions and Answers

Which type of entrepreneur is known for acquiring businesses?

  • Buy and Sell Artists
  • Acquirers (correct)
  • Independent Inventors
  • Partner Multipliers

    • Corporate raiders are considered to be part of the independent inventors category.

    False

    What do you call entrepreneurs who develop their own products or inventions?

    Independent Inventors

    Entrepreneurs who spot effective business patterns and multiply them are known as __________.

    <p>Partner Multipliers</p> Signup and view all the answers

    What is a potential disadvantage of being an entrepreneur?

    <p>You are responsible for your employees</p> Signup and view all the answers

    Match the following categories of entrepreneurs with their descriptions:

    <p>Partner Multipliers = Spot and multiply business patterns Acquirers = Acquire existing businesses Independent Inventors = Develop and market their own products Buy and Sell Artists = Turn around and liquidate businesses</p> Signup and view all the answers

    Being an entrepreneur means you have a clear and set roadmap to follow.

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

    Name one type of entrepreneur besides Independent Inventors and Acquirers.

    <p>Immigrant Entrepreneurs</p> Signup and view all the answers

    Which of the following is NOT a socio-economic benefit of entrepreneurship?

    <p>Creates monopolies</p> Signup and view all the answers

    Jean Baptiste Say believed that entrepreneurship primarily enhances organizational inefficiency.

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

    What do Carl Menger's views on entrepreneurship emphasize?

    <p>Obtaining information calculation and productive yield.</p> Signup and view all the answers

    Entrepreneurship enhances _________ distribution of income and wealth.

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

    Match the economists with their contributions to the understanding of entrepreneurship:

    <p>Jean Baptiste Say = Shifting economic resources Carl Menger = Information calculation Joseph Schumpeter = New combinations of production Harvey Leibenstein = Reduction of organizational inefficiency</p> Signup and view all the answers

    Which economist is associated with the concept of promoting new combinations of productive factors?

    <p>Joseph Schumpeter</p> Signup and view all the answers

    Entrepreneurship has no effect on the taxes provided to the economy.

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

    What is one way entrepreneurship improves the quality of life?

    <p>By creating employment opportunities.</p> Signup and view all the answers

    Which of the following is NOT a specific benefit of creativity in the workplace?

    <p>Higher employee turnover</p> Signup and view all the answers

    Creativity in business is essential for improving workplace engagement and interaction.

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

    What quality do creative people typically possess?

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

    A creative idea must work and produce ______________, otherwise the whole effort will be in vain.

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

    Match the type of creativity with its description:

    <p>Deliberate and Cognitive Creativity = Combining knowledge with skills to achieve goals Spontaneous and Cognitive Creativity = Creative thinking that arises without a structured approach Deliberate and Emotional Creativity = Using emotional sensitivity to drive creative processes Spontaneous and Emotional Creativity = Ideas that emerge from feelings without prior planning</p> Signup and view all the answers

    Which component is essential for an idea to be considered truly creative?

    <p>It should be new and unique</p> Signup and view all the answers

    All individuals have the same qualities that make them creative.

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

    Name one quality that characterizes people with deliberate and cognitive creativity.

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

    Which data collection method is NOT mentioned as a way to gather information for marketing decisions?

    <p>Case Study Research</p> Signup and view all the answers

    Secondary data is information collected specifically for the current research purpose.

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

    What is the purpose of the final report in the research process?

    <p>To present research findings and offer recommendations.</p> Signup and view all the answers

    The specific data needed for informed marketing decisions begins with ______.

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

    Which of the following is considered primary data?

    <p>Survey Research</p> Signup and view all the answers

    Match the following types of research with their definitions:

    <p>Survey Research = Collecting information directly from individuals Observational Research = Studying behavior in real-world settings Experimental Research = Testing hypotheses in controlled conditions Ethnographic Research = In-depth study of people in their environment</p> Signup and view all the answers

    Cultural factors significantly influence consumer buying behavior.

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

    What is the main goal of marketing?

    <p>To establish exchanges that meet goals of individuals and organizations</p> Signup and view all the answers

    What is the distinction between primary and secondary data?

    <p>Primary data is collected for a specific purpose, while secondary data already exists and was collected for another purpose.</p> Signup and view all the answers

    Understanding customer needs is central to marketing.

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

    List the five core marketing concepts.

    <p>Customer Needs, Wants and Demands; Market Offerings; Value and Satisfaction; Exchanges; Market.</p> Signup and view all the answers

    Marketing management is the process of planning and executing the conception, pricing, promotion, and distribution of __________.

    <p>ideas, goods, and services</p> Signup and view all the answers

    Match the marketing concept with its description:

    <p>Value Proposition = The set of benefits that a company promises to deliver Market Offerings = Products, services, or ideas provided to customers Marketing Management = Planning and executing marketing strategies Customer Satisfaction = Meeting customers' expectations and needs</p> Signup and view all the answers

    Which of these is NOT one of the five core marketing concepts?

    <p>Market Share</p> Signup and view all the answers

    Consumers prefer lower quality products as a primary marketing approach.

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

    What does a value proposition entail?

    <p>The set of benefits or values that a company promises to deliver.</p> Signup and view all the answers

    Study Notes

    Entrepreneur Categories

    • Partner Multipliers - spot effective business patterns and replicate them for profit
    • Capital Aggregators - experienced entrepreneurs pool finances for a project
    • Acquirers - acquire businesses
    • Buy and Sell Artists - "wise guys" who turn around businesses, sell, and liquidate
    • Independent Inventors - develop own products or inventions and handle marketing
    • Immigrant Entrepreneurs - immigrant entrepreneurs
    • Corporate Castoffs - entrepreneurs who were previously part of a corporation
    • Copreneurs - entrepreneurs who work with other entrepreneurs
    • Cyber Entrepreneurs - entrepreneurs who focus on online business
    • Part-Time Entrepreneurs - entrepreneurs who run their business part-time
    • Home-Based Business Owners - entrepreneurs who operate from home

    Pros of Being an Entrepreneur

    • You can control your own destiny and make your own decisions
    • You can do what you love

    Cons of Being an Entrepreneur

    • You are responsible for your own destiny and decisions
    • You are responsible for your employees and their retirement
    • You are responsible for the impact of your business on your customers
    • There is no set roadmap, you are figuring things out as you go

    Socio-Economic Benefits of Entrepreneurship

    • Promotes self-help and employment
    • Mobilizes capital
    • Provides taxes to the economy
    • Empowers individuals
    • Enhances competitive consciousness
    • Improves quality of life
    • Enhances equitable distribution of income and wealth

    Economies Views on Entrepreneurship

    • Jean Baptiste Say (1800) - entrepreneurship is shifting resources out of areas of low productivity to high productivity
    • Carl Menger (1871) - Entrepreneurship involves obtaining information, calculation, acts of will, and supervision
    • Joseph Schumpeter (1910) - entrepreneurship is the process of finding and promoting new combinations of productive factors
    • Harvey Leibenstein (1970) - entrepreneurship means reducing organizational inefficiency

    Importance of Creativity in Business

    • Creativity in business inspires, challenges, and helps people find innovative solutions and create opportunities out of problems

    Specific Benefits of Creativity in the Workplace

    • Better teamwork and team bonding
    • Increased workplace engagement and interaction
    • Increased staff morale, fun, and happiness
    • Improved ability to attract and retain quality employees
    • Increased workplace problem solving and productivity

    Components of Creativity

    • Originality - the method or idea must be new and unique
    • Functionality - a creative idea must work and produce results

    Kinds of People Called Creative

    • People who are thought-provoking, curious, and have a variety of uncommon thoughts
    • People who have had important self-discoveries and view the world with a fresh perspective
    • People who make great achievements that are known to the world

    Energetic Qualities of Creative People

    • Intelligent
    • Disciplined

    Creative Domains

    • Discrete Processing Modes
      • Emotional
      • Congnitive
      • Deliberate
      • Spontaneous

    4 Types of Creativity

    • Deliberate and Cognitive Creativity - individuals with vast knowledge in a subject combine skills to achieve a goal
    • Spontaneous and Cognitive Creativity - individuals use quick thinking and instinct to solve problems
    • Deliberate and Emotional Creativity - individuals are emotional and sensitive, reflecting and journaling, but are also logical and rational
    • Spontaneous and Emotional Creativity - individuals rely on their instincts and emotions to create

    Marketing

    • A complex process that involves planning and implementing strategies for creating, pricing, promoting, and distributing products, services, or ideas
    • Focuses on establishing exchanges that meet the goals of individuals and organizations
    • Emphasizes understanding customer needs and delivering value, which strengthens relationships and drives profitability

    Five Core Marketing Concepts

    • Customer Needs, Wants, and Demands - understanding the difference between customer needs, wants, and demands is crucial for developing effective marketing strategies
    • Market Offerings - a combination of products, services, information, or experiences offered by a company to customers
    • Value and Satisfaction - creating value propositions and delivering customer satisfaction are key drivers of success
    • Exchanges - the act of obtaining a desired product or service from someone by offering something of value in return
    • Markets - a group of potential customers for a specific product or service

    Designing a Customer-Driven Marketing Strategy

    • requires understanding the market and prioritizing customer needs

    Marketing Management

    • The process of planning and executing strategies to create exchanges that satisfy individual and organizational goals

    Value Proposition

    • A set of benefits or values that a company promises to deliver to its customers

    Five Alternative Concepts of Marketing Strategy

    • Production Concept - focuses on improving production processes to achieve efficiency and low costs
    • Product Concept - emphasizes the design, features and quality of products - assuming consumers prefer the best product available
    • Selling Concept - focuses on selling and promoting products, assuming customers will only buy a product if convinced to
    • Marketing Concept - focuses on understanding and meeting customer needs and wants
    • Societal Marketing Concept - goes beyond the marketing concept, considering the long-term well-being of the customer and society

    Developing the Research Plan

    • Essential for gathering the necessary information to make informed marketing decisions

    Methods of Gathering Information

    • Internet Search Engines - used for locating information on the web
    • Observational Research - involves observing consumer behavior in natural settings
    • Survey Research - collecting data from a sample of respondents by asking them questions
    • Experimental Research - manipulating variables to test the effects on consumers
    • Ethnographic Research - observing and interacting with consumers in their natural environments
    • Commercial Online Databases - provide access to market research data and industry reports

    Gathering Data - Two Sources

    • Primary Data - collected specifically for the ongoing research
    • Secondary Data - already exists and has been collected for another purpose - including commercial databases, search engines, and publications.

    Final Report

    • Offers an analysis of the research findings and recommendations for marketing decisions
    • Helps decide whether to proceed with marketing or to conclude that it may not be viable.

    Consumer buyer behaviour

    • Individuals and households purchase products and services for personal use
    • Understanding the reasons behind consumer choices is complex

    Factors Influencing Consumer Behaviour

    • Cultural Factors - culture, subculture, social class

    • Social Factors - reference groups, family, roles and status

    • Personal Factor - age and life-cycle stage, occupation, economic situation, lifestyle, personality and self-concept

    • Psychological Factors - motivation, perception, learning, beliefs and attitudes

    Culture

    • The set of basic values, perceptions, wants, and behaviors learned by a member of society

    Subculture

    • A group of people with shared value systems based on common life experiences and situations

    Social Class

    • Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors
    • Social class can influence purchasing decisions

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