Podcast
Questions and Answers
The term 'entrepreneur' is derived from the French verb 'enterprendre', which most closely means:
The term 'entrepreneur' is derived from the French verb 'enterprendre', which most closely means:
- To manage
- To create
- To innovate
- To undertake (correct)
Which of the following is the BEST description of entrepreneurship?
Which of the following is the BEST description of entrepreneurship?
- The process of creating a new enterprise. (correct)
- The act of maintaining a stable market position.
- The practice of avoiding risks in business.
- The process of managing an existing business.
Which of the following best describes the role of risk in entrepreneurship?
Which of the following best describes the role of risk in entrepreneurship?
- Entrepreneurs eliminate risk by focusing on proven business models.
- Entrepreneurs avoid risk through careful planning.
- Entrepreneurs accept risk as part of seeking opportunities. (correct)
- Entrepreneurs transfer risk to investors and stakeholders.
Which of the following is NOT a core relevance of entrepreneurship to an organization?
Which of the following is NOT a core relevance of entrepreneurship to an organization?
How does entrepreneurship improve the standard of living in a society?
How does entrepreneurship improve the standard of living in a society?
What role does innovation play in entrepreneurship as a means of economic development?
What role does innovation play in entrepreneurship as a means of economic development?
Which type of entrepreneurship typically operates on a localized level with limited expectations for expansion?
Which type of entrepreneurship typically operates on a localized level with limited expectations for expansion?
How does a scalable start-up primarily differ from a small business?
How does a scalable start-up primarily differ from a small business?
Which of the following exemplifies large company entrepreneurship?
Which of the following exemplifies large company entrepreneurship?
What is the primary goal of social entrepreneurship?
What is the primary goal of social entrepreneurship?
What does the mindset of an entrepreneur primarily encompass?
What does the mindset of an entrepreneur primarily encompass?
Which of the following characteristics is LEAST likely to be associated with a successful entrepreneur?
Which of the following characteristics is LEAST likely to be associated with a successful entrepreneur?
Why is 'economic and dynamic activity' considered a core competency in entrepreneurship?
Why is 'economic and dynamic activity' considered a core competency in entrepreneurship?
Which aspect of innovation is MOST critical for entrepreneurs?
Which aspect of innovation is MOST critical for entrepreneurs?
What does 'profit potential' primarily represent for an entrepreneur?
What does 'profit potential' primarily represent for an entrepreneur?
What does risk bearing in entrepreneurship primarily involve?
What does risk bearing in entrepreneurship primarily involve?
How do innovative entrepreneurs contribute to business organization and management?
How do innovative entrepreneurs contribute to business organization and management?
Why do imitating entrepreneurs choose to follow the path shown by innovative entrepreneurs?
Why do imitating entrepreneurs choose to follow the path shown by innovative entrepreneurs?
What is the defining characteristic of Fabian entrepreneurs?
What is the defining characteristic of Fabian entrepreneurs?
What defines drone entrepreneurs in the context of business leadership?
What defines drone entrepreneurs in the context of business leadership?
Which domain is LEAST likely to be driven by social entrepreneurs?
Which domain is LEAST likely to be driven by social entrepreneurs?
An entrepreneur observes that a competitor's innovative product is gaining popularity. They decide to launch a similar product with minor modifications. This entrepreneur is most likely an:
An entrepreneur observes that a competitor's innovative product is gaining popularity. They decide to launch a similar product with minor modifications. This entrepreneur is most likely an:
An entrepreneur is considering a new technology but hesitates because they're unsure of its long-term success. They wait for other companies to implement it successfully before adopting it themselves. This entrepreneur is most likely a:
An entrepreneur is considering a new technology but hesitates because they're unsure of its long-term success. They wait for other companies to implement it successfully before adopting it themselves. This entrepreneur is most likely a:
An entrepreneur is content with their current business model and market share and has no desire to expand or innovate, despite changing market conditions. This entrepreneur is most likely a:
An entrepreneur is content with their current business model and market share and has no desire to expand or innovate, despite changing market conditions. This entrepreneur is most likely a:
An entrepreneur establishes a non-profit organization to provide clean water to underserved communities, aiming to address a critical social issue. This entrepreneur is most likely a:
An entrepreneur establishes a non-profit organization to provide clean water to underserved communities, aiming to address a critical social issue. This entrepreneur is most likely a:
How does studying a problem and identifying alternatives contribute to the development of managerial capabilities in entrepreneurs?
How does studying a problem and identifying alternatives contribute to the development of managerial capabilities in entrepreneurs?
Considering the role of entrepreneurship in means of economic development, which activity would LEAST exemplify this role?
Considering the role of entrepreneurship in means of economic development, which activity would LEAST exemplify this role?
Which scenario BEST exemplifies the continuous evaluation aspect of innovation?
Which scenario BEST exemplifies the continuous evaluation aspect of innovation?
How might an entrepreneur exhibit the entrepreneurial trait of being 'resourceful' when faced with limited capital?
How might an entrepreneur exhibit the entrepreneurial trait of being 'resourceful' when faced with limited capital?
Why is resilience considered a core trait in a successful entrepreneur's mindset?
Why is resilience considered a core trait in a successful entrepreneur's mindset?
Which of the following situations BEST demonstrates the characteristic of 'flexibility' in an entrepreneur?
Which of the following situations BEST demonstrates the characteristic of 'flexibility' in an entrepreneur?
How does developing managerial capabilities contribute to the relevance of entrepreneurship within an organization?
How does developing managerial capabilities contribute to the relevance of entrepreneurship within an organization?
How does entrepreneurship contribute to the creation of organizations?
How does entrepreneurship contribute to the creation of organizations?
In what way does entrepreneurship act as a 'means of development' for a society?
In what way does entrepreneurship act as a 'means of development' for a society?
Which of the following best exemplifies an entrepreneur demonstrating 'risk bearing' as a core competency?
Which of the following best exemplifies an entrepreneur demonstrating 'risk bearing' as a core competency?
An entrepreneur is launching an innovative, eco-friendly product. Which activity best demonstrates the innovative competencies?
An entrepreneur is launching an innovative, eco-friendly product. Which activity best demonstrates the innovative competencies?
An entrepreneur sacrifices short-term profits to invest in research and development of a new technology, anticipating future market demand. This action BEST exemplifies which entrepreneurial trait?
An entrepreneur sacrifices short-term profits to invest in research and development of a new technology, anticipating future market demand. This action BEST exemplifies which entrepreneurial trait?
A small business owner consistently seeks feedback from customers and readily adapts the store's offerings and layout based on customer suggestions. This MOST directly demonstrates which aspect of the entrepreneur's mindset?
A small business owner consistently seeks feedback from customers and readily adapts the store's offerings and layout based on customer suggestions. This MOST directly demonstrates which aspect of the entrepreneur's mindset?
An entrepreneur launches a new venture aimed at training unemployed individuals in a community with in-demand technology skills, with the goal of enhancing their employability. This BEST exemplifies which type of entrepreneurship?
An entrepreneur launches a new venture aimed at training unemployed individuals in a community with in-demand technology skills, with the goal of enhancing their employability. This BEST exemplifies which type of entrepreneurship?
Flashcards
Who is an Entrepreneur?
Who is an Entrepreneur?
A person who undertakes the risk of a new business or enterprise.
What is an Enterprise?
What is an Enterprise?
It is created by an entrepreneur, the process of its creation is entrepreneurship.
What is Entrepreneurship?
What is Entrepreneurship?
A process where an entrepreneur seeks new ideas to exploit into gainful opportunities, accepting enterprise risk.
Development of managerial capabilities?
Development of managerial capabilities?
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What is the creation of organizations?
What is the creation of organizations?
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Improving standard of living
Improving standard of living
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Means of economic development?
Means of economic development?
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Small business entrepreneurship?
Small business entrepreneurship?
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Scalable start-up?
Scalable start-up?
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Large company entrepreneurship?
Large company entrepreneurship?
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Social Entrepreneurship?
Social Entrepreneurship?
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The mindset of an entrepreneur
The mindset of an entrepreneur
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Economic, dynamic activity?
Economic, dynamic activity?
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Innovation in Entrepreneurship?
Innovation in Entrepreneurship?
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Profit potential?
Profit potential?
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Risk bearing?
Risk bearing?
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Innovative Entrepreneurs
Innovative Entrepreneurs
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Imitating Entrepreneurs
Imitating Entrepreneurs
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Fabian Entrepreneurs
Fabian Entrepreneurs
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Drone Entrepreneurs
Drone Entrepreneurs
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Social Entrepreneurs
Social Entrepreneurs
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Study Notes
- Entrepreneurship is introduced and explained
Entrepreneur
- Originates from the French verb "enterprendre," which translates to "to undertake"
- Refers to someone who takes on the risk of starting a new business or enterprise
Enterprise
- Created by an entrepreneur
- The creation process is known as entrepreneurship
Entrepreneurship
- Defined as a series of actions by an entrepreneur
- Its when one constantly seeks new ways to turn ideas into profitable opportunities
- It involves accepting the inherent risks and uncertainties
Relevance of Entrepreneurship to an Organization
- Development of managerial capabilities
- Creation of organizations
- Improvement of standard of living
- Contributes to economic development
Development of Managerial Capabilities
- An entrepreneur studies issues.
- Alternatives are identified
- The alternatives are compared in terms of costs and benefits
- The most effective option is selected
Creation of Organizations
- Entrepreneurship establishes organizations.
- Entrepreneurs gather resources and use managerial skills to achieve goals.
- They combine physical, human, and financial resources
Improving Standard of Living
- Entrepreneurship creates high-quality of life
- It is done by providing a wide range of goods and services
Means of Economic Development
- Entrepreneurship maximizes output
- It involves inventive ideas and managerial abilities
Four Common Types of Entrepreneurship
- Small business
- Scalable start-up
- Large company
- Social
Small Business
- Operates on a local scale without expecting significant growth
- Examples: local restaurants, gift shops, and furniture restorers
Scalable Start-Up
- Guided by innovation
- Starts small, with plans for large-scale growth
- Examples: Meta
Large Company
- Launched business within an already existing business.
- Occurs through acquisition or creating a new internal division
- Examples: Disney acquiring Pixar, and Google launching Google Maps
Social Entrepreneurship
- Focuses on creating societal change
- The goal is to benefit humanity, locally or globally
- Can include microfinance institutions offering collateral-free loans
Mindset of an Entrepreneur
- Attitudes, actions, and viewpoints for success in the business world
- Success includes being: result-oriented, proactive, visionary, a leader, a risk-taker, resourceful, resilient, flexible and confident
Core Competencies in Entrepreneurship
- Economic and dynamic activity
- Innovation
- Profit potential
- Risk bearing
Economic and Dynamic Activity
- Establishing and running a business
- With the goal of making value or wealth through resource use
- Value creation is continuous, even with uncertainty
Innovation
- Constant pursuit of new concepts
- Regular assessment to find better business methods
Profit Potential
- Level of return for taking the risk of turning an idea into a business
Risk Bearing
- Eagerness to accept risks when launching new ideas
- Patience is needed to see the results
Types of Entrepreneurs
- Innovative
- Imitating
- Fabian
- Drone
- Social
Innovative Entrepreneurs
- Able to create new and economical business ideas
Imitating Entrepreneurs
- Follow the paths set by innovative entrepreneurs
- Copy due to a lack of creative environment
Fabian Entrepreneurs
- Skeptical of organizational changes
- Adopt inventions only after proven successful
Drone Entrepreneurs
- Satisfied with the existing business and no inclination to improve
- Referred to as a person who lives on the labor of others
Social Entrepreneurs
- Promote social change through creativity and transformation
- Driving change in areas like education, health, human rights, environment, etc.
- They focus on poverty reduction
- Innovate rather than follow old business ways
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