REVISED ENTERPRENEURSHIP QUESTIONS AND ANSWERS

Building ventures around new technology requires specialist knowledge in all of the following areas except? 1. Social Science 2. Language Arts 3. Economics 4. Markets –-B. Language Arts -2. All of the following are early stage funding sources except 1. family and friends 2. banks 3. government sources 4. IPL - -4. IPL -What is Entrepreneurship? - -The process of planning, organizing, operating, and assuming the risk of a business venture -Types of Entrepreneurs - -serial Aspiring Lifestyle Growth -Serial Entrepreneur - -Someone who starts, grows, and sells several businesses over the course of their career. -Aspiring Entrepreneur - -Dream of starting a business; they hope for the chance to be their own bosses, but have not yet made the leap from their current employment into the uncertainty of a startup. Research indicates that, at any given time, 7 million adults are trying to start businesses in the U.S. -Lifestyle Entrepreneur - -Have developed an enterprise that fits their individual circumstances and style of life. Intention is to earn income for themselves and their families. Sometimes referred to as "small businesses" or "mom-and-pop shops". 13 million Americans (25 million if you count part-timers) run their own business from home. -Growth Entrepreneurship - -Have both the desire and ability to grow as fast and as large as possible. Their firms are the most dynamic job generators in the U.S. economy. There are over 300,000 entrepreneurial companies with more than 50 employees that are growing at a rate of 20 percent per year.