ENTR 2030 TEST 1 (CHAPTER 1 & 2) STUDY GUIDE
Entrepreneurship - Answers -*A way of thinking, acting, and being.*
- The pursuits of entrepreneurs have affected every aspect of the way we live.
- Turbulence creates new opportunities for economic progress.
t/f) Entrepreneurship is not reserved for startups. - Answers -T.
• Creating a business based on
research.
• Not the only way path for
entrepreneurs.
t/f) Entrepreneurs do not have a special set of personality traits - Answers -T.
Traits include but are not limited to:
• Desire for achievement
• Ability to influence events
• Tendency to take risks
• Tolerance for uncertainty
• Patterns exist in entrepreneurial thinking.
Muhammad Yunus, - Answers -• 2006 Nobel Peace Prize winner.
• Founded Grameen Bank.
t/f) Entrepreneurship can be taught - Answers -t
It is a method that requires practice, not a process.
t/f) Entrepreneurs are not extreme risk-takers. - Answers -T
• Calculated risk takers• Assess what they are willing to lose.
• Practice the cycle of act-learn-build.
t/f) Entrepreneurs collaborate more than they compete - Answers -T
t/f) Entrepreneurs act more than they plan - Answers -T.
- Often take action because its impossible to predict/plan the future perfectly.
- Entrepreneurship: No longer about growing a venture using a linear step-by-step
process.
• It is an ongoing method of creating opportunities to navigate an ever- changing world.
t/) Entrepreneurship is a life skill. - Answers -• Identify opportunities
• Adapt to new conditions
, • Take control of personal goals.
Effectuation - Answers -first think what resources we have (input). I have all these,
what can I make with them.
--> (what output can i make with the inputs i have?).
Causation - Answers -first think of the outcome (outputs). à I want this, so how do I get
that. [then you work backwards. Like you have a fixed goal, how do you get to it].
--> (what inputs do i have to use to get this specific output?).
Types of Entrepreneurship (7) - Answers -1. Corporate Entrepreneurship.
2.Entrepreneurship Inside.
3.Franchising.
4.Family Enterprising.
5.Serial Entrepreneurs.
6. Buying a Small Business.
7. Social Entrepreneurship.
1. Corporate Entrepreneurship. - Answers -Corporate entrepreneurs see opportunities
and create something of value.
• To enhance competitive competition.
2. Entrepreneurship Inside. - Answers -• Consist of employees who think and act
entrepreneurially.
• They need to gain support from senior managers.
• Inside entrepreneurs and other entrepreneurs both wish to create something of value.
3. Franchising - Answers -- Allowing the entrepreneur to trade under the name of that
business.
• A franchise is beneficial for entrepreneurs to launch their own
businesses
Family Enterprising - Answers -• Family members own and manage.
• Each generation can make changes
Serial Entrepreneurs - Answers -• They look out for the next big thing.
• Explore ways to implement their diverse range of ideas.
Entrepreneurship - Answers -*A way of thinking, acting, and being.*
- The pursuits of entrepreneurs have affected every aspect of the way we live.
- Turbulence creates new opportunities for economic progress.
t/f) Entrepreneurship is not reserved for startups. - Answers -T.
• Creating a business based on
research.
• Not the only way path for
entrepreneurs.
t/f) Entrepreneurs do not have a special set of personality traits - Answers -T.
Traits include but are not limited to:
• Desire for achievement
• Ability to influence events
• Tendency to take risks
• Tolerance for uncertainty
• Patterns exist in entrepreneurial thinking.
Muhammad Yunus, - Answers -• 2006 Nobel Peace Prize winner.
• Founded Grameen Bank.
t/f) Entrepreneurship can be taught - Answers -t
It is a method that requires practice, not a process.
t/f) Entrepreneurs are not extreme risk-takers. - Answers -T
• Calculated risk takers• Assess what they are willing to lose.
• Practice the cycle of act-learn-build.
t/f) Entrepreneurs collaborate more than they compete - Answers -T
t/f) Entrepreneurs act more than they plan - Answers -T.
- Often take action because its impossible to predict/plan the future perfectly.
- Entrepreneurship: No longer about growing a venture using a linear step-by-step
process.
• It is an ongoing method of creating opportunities to navigate an ever- changing world.
t/) Entrepreneurship is a life skill. - Answers -• Identify opportunities
• Adapt to new conditions
, • Take control of personal goals.
Effectuation - Answers -first think what resources we have (input). I have all these,
what can I make with them.
--> (what output can i make with the inputs i have?).
Causation - Answers -first think of the outcome (outputs). à I want this, so how do I get
that. [then you work backwards. Like you have a fixed goal, how do you get to it].
--> (what inputs do i have to use to get this specific output?).
Types of Entrepreneurship (7) - Answers -1. Corporate Entrepreneurship.
2.Entrepreneurship Inside.
3.Franchising.
4.Family Enterprising.
5.Serial Entrepreneurs.
6. Buying a Small Business.
7. Social Entrepreneurship.
1. Corporate Entrepreneurship. - Answers -Corporate entrepreneurs see opportunities
and create something of value.
• To enhance competitive competition.
2. Entrepreneurship Inside. - Answers -• Consist of employees who think and act
entrepreneurially.
• They need to gain support from senior managers.
• Inside entrepreneurs and other entrepreneurs both wish to create something of value.
3. Franchising - Answers -- Allowing the entrepreneur to trade under the name of that
business.
• A franchise is beneficial for entrepreneurs to launch their own
businesses
Family Enterprising - Answers -• Family members own and manage.
• Each generation can make changes
Serial Entrepreneurs - Answers -• They look out for the next big thing.
• Explore ways to implement their diverse range of ideas.
