ENTP 3301 Exam 1 Study Guide Exam Questions
With Correct Answers
What |is |entrepreneurship? |- |CORRECT |ANSWER✔✔-It's |a |method. |It |includes |trial |and |error; |
requires |interactive |learning, |practice, |and |reflection.
Entrepreneurship |can |be |taught |and |is |a |life |skill
What |motivates |entrepreneurship? |- |CORRECT |ANSWER✔✔-Salary-Substitute |Firms
-Firms |that |basically |provide |their |owner/s |a |similar |level |of |income |to |what |they'd |be |able |to |
earn |at |a |conventional |job.
Lifestyle |Firms
-Firms |that |provide |their |owner/s |the |opportunity |to |pursue |a |particular |lifestyle, |and |make |a |
living |at |it.
Entrepreneurial |Firms
-Firms |that |bring |new |products |and |services |to |the |market |by |creating |and |seizing |
opportunities |regardless |of |the |resources |they |currently |control.
What |are |various |forms |of |entrepreneurship? |- |CORRECT |ANSWER✔✔-Corporate |
Entrepreneurship |(intrapreneurship)
-Process |of |creating |new |products |within |a |large |organization
Entrepreneurs |inside
-General |description |for |people |who |think/act/is |their |task |to |be |entrepreneurial |in |an |
organization
, Franchise
-A |type |of |license |purchased |by |an |individual |(franchisee) |from |an |existing |business |
(franchisor) |to |allow |trade |under |the |name |of |that |business. |Ex: |Chick-fil-a, |7-11, |McDonald's
Buying |an |existing |business
Social |entrepreneurship
-Process |of |creating |solutions |to |address |social |and |environmental |problems-profit |or |non-
profit. |(501C3 |means |they're |registered |as |a |non-profit)
Benefits |corporations |(B |Corp) |certification |from |B |lab. |Created |to |certify |a |company |and |that |
they |are |doing |good |for |society. |(Ex: |Patagonia, |Ben |& |Jerry's
Family |Enterprise
-Accounts |for |60% |of |employment |in |the |U.S. |Family |owns |at |least |50% |shares |of |a |private |
firm |or |at |least |32% |of |a |public |firm. |Ex: |Walmart |and |Mary |Kay
Serial |Entrepreneurs
-Entrepreneurs |who |start |several |businesses |serially |or |concurrently
Why |is |entrepreneurship |about |"practicing"? |Practicing |what? |- |CORRECT |ANSWER✔✔-
Recognize |opportunities |→ |problems |you |see |that |can |be |solved.
Identifying |value |(to |whom) |→ |Who |would |actually |value |my |idea?
Gathering |and |Managing |resources |(to |convert |useful |(valued) |and |novel |ideas |into |
commercially |sustainable |for |profit |and |non-profit |products |or |services) |→ |How |do |I |convert |
my |idea |to |be |conventionally |sustainable?
With Correct Answers
What |is |entrepreneurship? |- |CORRECT |ANSWER✔✔-It's |a |method. |It |includes |trial |and |error; |
requires |interactive |learning, |practice, |and |reflection.
Entrepreneurship |can |be |taught |and |is |a |life |skill
What |motivates |entrepreneurship? |- |CORRECT |ANSWER✔✔-Salary-Substitute |Firms
-Firms |that |basically |provide |their |owner/s |a |similar |level |of |income |to |what |they'd |be |able |to |
earn |at |a |conventional |job.
Lifestyle |Firms
-Firms |that |provide |their |owner/s |the |opportunity |to |pursue |a |particular |lifestyle, |and |make |a |
living |at |it.
Entrepreneurial |Firms
-Firms |that |bring |new |products |and |services |to |the |market |by |creating |and |seizing |
opportunities |regardless |of |the |resources |they |currently |control.
What |are |various |forms |of |entrepreneurship? |- |CORRECT |ANSWER✔✔-Corporate |
Entrepreneurship |(intrapreneurship)
-Process |of |creating |new |products |within |a |large |organization
Entrepreneurs |inside
-General |description |for |people |who |think/act/is |their |task |to |be |entrepreneurial |in |an |
organization
, Franchise
-A |type |of |license |purchased |by |an |individual |(franchisee) |from |an |existing |business |
(franchisor) |to |allow |trade |under |the |name |of |that |business. |Ex: |Chick-fil-a, |7-11, |McDonald's
Buying |an |existing |business
Social |entrepreneurship
-Process |of |creating |solutions |to |address |social |and |environmental |problems-profit |or |non-
profit. |(501C3 |means |they're |registered |as |a |non-profit)
Benefits |corporations |(B |Corp) |certification |from |B |lab. |Created |to |certify |a |company |and |that |
they |are |doing |good |for |society. |(Ex: |Patagonia, |Ben |& |Jerry's
Family |Enterprise
-Accounts |for |60% |of |employment |in |the |U.S. |Family |owns |at |least |50% |shares |of |a |private |
firm |or |at |least |32% |of |a |public |firm. |Ex: |Walmart |and |Mary |Kay
Serial |Entrepreneurs
-Entrepreneurs |who |start |several |businesses |serially |or |concurrently
Why |is |entrepreneurship |about |"practicing"? |Practicing |what? |- |CORRECT |ANSWER✔✔-
Recognize |opportunities |→ |problems |you |see |that |can |be |solved.
Identifying |value |(to |whom) |→ |Who |would |actually |value |my |idea?
Gathering |and |Managing |resources |(to |convert |useful |(valued) |and |novel |ideas |into |
commercially |sustainable |for |profit |and |non-profit |products |or |services) |→ |How |do |I |convert |
my |idea |to |be |conventionally |sustainable?
