Instructor Resource
Neck, Entrepreneurship, 1e
SAGE Publishing, 2018
Answers to Questions in the Text
Chapter 1: Entrepreneurship: A Global Social Movement
ENTREPRENEURSHIP IN ACTION
Niari Kevarian, CEO & Partner, Zooz Greek Iced Teas
1. In what ways do you see Niari Kevarian as being totally dedicated to the success of
ZOOS? What does dedication mean for the entrepreneur?
Sample Answer: Niari Kevarian has demonstrated total dedication to the success of her
business by seeking out a business partner (Tsipouras) who has a wide range of complementary
knowledge and skills and by investing large amounts of time and effort in researching her target
market and otherwise building her business. Entrepreneurial dedication is a combination of
learning what you need to know to be successful and then committing to actually doing the
hard work required to apply that knowledge.
2. To what extent do you agree that entrepreneurship is “a marathon, not a sprint?”
Provide some examples to support your position.
Sample Answer: One of the biggest mistakes a new entrepreneur can make is to assume that
the success of one’s business is assured in a short period of time as long as one “puts in the
hours.” No matter how smart you are or how well you do your homework, and regardless how
many hours you may initially invest in a new venture, if you are going to build a successful
business model that lasts, a certain measure of time and patience will also be required.
It is possible to be a very hard worker and still fail as an entrepreneur. You may even be very
smart and research-oriented, yet still fail as an entrepreneur. Similarly, patience alone does not
ensure success. To succeed as an entrepreneur, you must strike the right balance of
intelligence, work, and patience. In a marathon, it does not really matter how fast your first
mile split time is. What matters is what your average mile split time is—and whether or not you
cross the finish line. The same is true in the marathons of entrepreneurship.
3. How does an entrepreneur have control over his or her own future? How is being an
entrepreneur different from working in a “regular” career when it comes to control and
decision-making?
Sample Answer: An entrepreneur has a great deal of control over one’s future if one is
successful in an entrepreneurial venture. However, one should always remember that a
significant investment of research, hard work, and patience is usually required to achieve that
success; such substantial commitments should not be taken lightly. Becoming an entrepreneur
does empower an individual with a lot more decision-making power and autonomy over what
, Instructor Resource
Neck, Entrepreneurship, 1e
SAGE Publishing, 2018
one does and when one does it. Conversely, in a traditional job one’s decision-making power
and autonomy are more limited as one must largely comply with one’s supervisor’s bidding.
MINDSHIFT
Tell Me Your Story
1. In what ways did your chosen entrepreneur confirm your beliefs and expectations?
Sample Answer: Unique to each individual student’s interview experience.
2. In what ways did the story overturn them?
Sample Answer: Unique to each individual student’s interview experience.
3. What did you learn that was most unexpected?
Sample Answer: Unique to each individual student’s interview experience.
RESEARCH AT WORK
The Diana Project
1. What do you see as the value of studying women’s involvement in entrepreneurship?
Sample Answer: This answer is open-ended allowing subjective analysis by each student.
However, a point from the article worth reiterating here is that, “teams involving women
entrepreneurs tended to perform as well or better than male-only companies.”
2. How would you reevaluate and update the venture capital model as suggested at the
end of this feature? What changes should be made?
Sample Answer: This is also an open-ended question aimed at affording students with an
opportunity to individually analyze the issue. A point that should be made salient, however, is
that an increased focus on and prioritization of promoting women entrepreneurs and
executives is what led to their receiving more attention and securing greater amounts of
venture capital as a gender. Continuing to focus on and prioritize the same is therefore likely to
lead to decreasing historical disparity even more.
3. If you were designing a study of some other underrepresented group in
entrepreneurship, how would you go about it? What would you need to know to
formulate your research questions?
Sample Answer: Like the two preceding questions, this one is likewise open-ended and invites
subjective responses that will vary from student to student. In formulating one’s questions, an
, Instructor Resource
Neck, Entrepreneurship, 1e
SAGE Publishing, 2018
individual should research known statistics concerning the demographic at hand. In addition,
one should also research comparable statistics for other groups for the sake of contrasting
them to evolve one’s case.
ENTREPRENEURSHIP MEETS ETHICS
Business Practices in Developing Countries
1. What does it mean for entrepreneurial ventures to approach global markets from the
bottom up? In ethical terms, would a bottom-up approach better serve the public in
developing countries?
Sample Answer: A bottom-up entrepreneurial approach focuses on the details and minutia of a
venture before trying to determine its greater impacts on a global scale later on in the future. A
top-down entrepreneurial approach does the exact opposite. In practical terms, a bottom-up
approach tends to better serve the public in developing countries, at least in the short run. This
is because it more readily conforms to the cultural and ethical mores of the region, to which
people are accustomed. In ethical terms, however, a top-down approach would better serve
the public in developing countries in the long run. This is because it would install stricter ethical
standards from the venture’s inception, thus avoiding corruption and other corrosive forces
damaging to the venture’s long-term structural viability.
2. Can a business maintain more than one set of ethical standards—one set for conducting
business in the US or Europe and another set when conducting business in a country like
India or China?
Sample Answer: In the short run, a business may get away with doing so; however, a venture is
more likely to succeed and remain viable in the long run if it operates under a uniform set of
ethical standards that properly safeguards the rights and assets of all stakeholders—regardless
where those stakeholders may reside.
3. In addition to people requiring bribes and kickbacks for access to infrastructure and
government services, people who want to provide products and services to
entrepreneurs offer bribes and kickbacks to the entrepreneur. For a struggling
entrepreneur, what criteria would you use for supplier selection?
Sample Answer: It all depends on the extent to which you value your own personal integrity
(and the integrity of your business) and whether you are focused on short-term or long-term
viability and growth. If you do not particularly value integrity and are focused only on short-
term viability and growth, you are apt to accept bribes and kickbacks. If you do value your
personal integrity (and the integrity of your business), you will take responsibility to set a higher
standard from the get-go and build trust the old fashioned way over time. Taking the latter
course may prove very difficult at first, from both a practical and a financial standpoint. In the
long run, however, it is the most sensible—and honest—way to go.
, Instructor Resource
Neck, Entrepreneurship, 1e
SAGE Publishing, 2018
Summary Questions
1. Explain the importance of practice and action in entrepreneurship
Practice and action make it possible to achieve success. Many of the successful entrepreneurs
behind major corporations today established their companies by acting, and intuitive decisions
enabling success were made possible by the insights gained from practicing, acting, and then
learning and reflecting.
2. List the seven lesser-known truths about entrepreneurship.
Contrary to popular belief, there is no research definitively confirming character traits of
successful entrepreneurs are inborn. Despite a disposition for action, entrepreneurs approach
risk in a much more calculated fashion than they are given credit for, and many highly
successful entrepreneurs achieve their success through collaborative actions.
3. Explain the history of entrepreneurship in the US.
There are five main eras of entrepreneurship in the US: Emergence of the Self-Made Man, An
Entrepreneurial Nation (1st Industrial Revolution 1776–1865); The Pinnacle of Entrepreneurship
(2nd Industrial Revolution 1865–1920); Rise of Institutional America (Interwar and Postwar
America 1920–1975); and Confined Re-Emergence (Knowledge Economy 1.0 1975–present).
4. Explore the different forms of entrepreneurship in practice today.
Corporate entrepreneurship (or intrapreneurship) is entrepreneurship within large
corporations. Inside entrepreneurs are similar to corporate entrepreneurs, but they can be
found in any type of organization, large or small, nonprofit or for-profit, and even among
governing bodies. Franchising and buy-outs are popular ways to start relatively near the ground
level. Social entrepreneurship—entrepreneurship focused on making the world a better place—
is manifested in nonprofit and large, for-profit firms alike. A form of social entrepreneurship is
the Benefit Corporation, or B Corporation, which has been created to designate for-profit firms
that meet high standards of corporate social responsibility. Family enterprises,
entrepreneurship started within the family, remain a dominant form a business development in
the US and abroad. Serial entrepreneurs are so committed to entrepreneurship that they are
constantly on the move creating new businesses.
5. Illustrate the global diversity of entrepreneurship and its impact.
There are hundreds of millions of entrepreneurs worldwide. Despite its appearance as an
entrepreneurial powerhouse, the US is eclipsed by many world regions in terms of the percent
of the populous engaged in entrepreneurship. Though entrepreneurs may be born out of
necessity or to exploit opportunities, they all benefit from education, financial resources,
accessible knowledge, and government support providing infrastructure that will enable the
fledgling businesses to achieve success.
Neck, Entrepreneurship, 1e
SAGE Publishing, 2018
Answers to Questions in the Text
Chapter 1: Entrepreneurship: A Global Social Movement
ENTREPRENEURSHIP IN ACTION
Niari Kevarian, CEO & Partner, Zooz Greek Iced Teas
1. In what ways do you see Niari Kevarian as being totally dedicated to the success of
ZOOS? What does dedication mean for the entrepreneur?
Sample Answer: Niari Kevarian has demonstrated total dedication to the success of her
business by seeking out a business partner (Tsipouras) who has a wide range of complementary
knowledge and skills and by investing large amounts of time and effort in researching her target
market and otherwise building her business. Entrepreneurial dedication is a combination of
learning what you need to know to be successful and then committing to actually doing the
hard work required to apply that knowledge.
2. To what extent do you agree that entrepreneurship is “a marathon, not a sprint?”
Provide some examples to support your position.
Sample Answer: One of the biggest mistakes a new entrepreneur can make is to assume that
the success of one’s business is assured in a short period of time as long as one “puts in the
hours.” No matter how smart you are or how well you do your homework, and regardless how
many hours you may initially invest in a new venture, if you are going to build a successful
business model that lasts, a certain measure of time and patience will also be required.
It is possible to be a very hard worker and still fail as an entrepreneur. You may even be very
smart and research-oriented, yet still fail as an entrepreneur. Similarly, patience alone does not
ensure success. To succeed as an entrepreneur, you must strike the right balance of
intelligence, work, and patience. In a marathon, it does not really matter how fast your first
mile split time is. What matters is what your average mile split time is—and whether or not you
cross the finish line. The same is true in the marathons of entrepreneurship.
3. How does an entrepreneur have control over his or her own future? How is being an
entrepreneur different from working in a “regular” career when it comes to control and
decision-making?
Sample Answer: An entrepreneur has a great deal of control over one’s future if one is
successful in an entrepreneurial venture. However, one should always remember that a
significant investment of research, hard work, and patience is usually required to achieve that
success; such substantial commitments should not be taken lightly. Becoming an entrepreneur
does empower an individual with a lot more decision-making power and autonomy over what
, Instructor Resource
Neck, Entrepreneurship, 1e
SAGE Publishing, 2018
one does and when one does it. Conversely, in a traditional job one’s decision-making power
and autonomy are more limited as one must largely comply with one’s supervisor’s bidding.
MINDSHIFT
Tell Me Your Story
1. In what ways did your chosen entrepreneur confirm your beliefs and expectations?
Sample Answer: Unique to each individual student’s interview experience.
2. In what ways did the story overturn them?
Sample Answer: Unique to each individual student’s interview experience.
3. What did you learn that was most unexpected?
Sample Answer: Unique to each individual student’s interview experience.
RESEARCH AT WORK
The Diana Project
1. What do you see as the value of studying women’s involvement in entrepreneurship?
Sample Answer: This answer is open-ended allowing subjective analysis by each student.
However, a point from the article worth reiterating here is that, “teams involving women
entrepreneurs tended to perform as well or better than male-only companies.”
2. How would you reevaluate and update the venture capital model as suggested at the
end of this feature? What changes should be made?
Sample Answer: This is also an open-ended question aimed at affording students with an
opportunity to individually analyze the issue. A point that should be made salient, however, is
that an increased focus on and prioritization of promoting women entrepreneurs and
executives is what led to their receiving more attention and securing greater amounts of
venture capital as a gender. Continuing to focus on and prioritize the same is therefore likely to
lead to decreasing historical disparity even more.
3. If you were designing a study of some other underrepresented group in
entrepreneurship, how would you go about it? What would you need to know to
formulate your research questions?
Sample Answer: Like the two preceding questions, this one is likewise open-ended and invites
subjective responses that will vary from student to student. In formulating one’s questions, an
, Instructor Resource
Neck, Entrepreneurship, 1e
SAGE Publishing, 2018
individual should research known statistics concerning the demographic at hand. In addition,
one should also research comparable statistics for other groups for the sake of contrasting
them to evolve one’s case.
ENTREPRENEURSHIP MEETS ETHICS
Business Practices in Developing Countries
1. What does it mean for entrepreneurial ventures to approach global markets from the
bottom up? In ethical terms, would a bottom-up approach better serve the public in
developing countries?
Sample Answer: A bottom-up entrepreneurial approach focuses on the details and minutia of a
venture before trying to determine its greater impacts on a global scale later on in the future. A
top-down entrepreneurial approach does the exact opposite. In practical terms, a bottom-up
approach tends to better serve the public in developing countries, at least in the short run. This
is because it more readily conforms to the cultural and ethical mores of the region, to which
people are accustomed. In ethical terms, however, a top-down approach would better serve
the public in developing countries in the long run. This is because it would install stricter ethical
standards from the venture’s inception, thus avoiding corruption and other corrosive forces
damaging to the venture’s long-term structural viability.
2. Can a business maintain more than one set of ethical standards—one set for conducting
business in the US or Europe and another set when conducting business in a country like
India or China?
Sample Answer: In the short run, a business may get away with doing so; however, a venture is
more likely to succeed and remain viable in the long run if it operates under a uniform set of
ethical standards that properly safeguards the rights and assets of all stakeholders—regardless
where those stakeholders may reside.
3. In addition to people requiring bribes and kickbacks for access to infrastructure and
government services, people who want to provide products and services to
entrepreneurs offer bribes and kickbacks to the entrepreneur. For a struggling
entrepreneur, what criteria would you use for supplier selection?
Sample Answer: It all depends on the extent to which you value your own personal integrity
(and the integrity of your business) and whether you are focused on short-term or long-term
viability and growth. If you do not particularly value integrity and are focused only on short-
term viability and growth, you are apt to accept bribes and kickbacks. If you do value your
personal integrity (and the integrity of your business), you will take responsibility to set a higher
standard from the get-go and build trust the old fashioned way over time. Taking the latter
course may prove very difficult at first, from both a practical and a financial standpoint. In the
long run, however, it is the most sensible—and honest—way to go.
, Instructor Resource
Neck, Entrepreneurship, 1e
SAGE Publishing, 2018
Summary Questions
1. Explain the importance of practice and action in entrepreneurship
Practice and action make it possible to achieve success. Many of the successful entrepreneurs
behind major corporations today established their companies by acting, and intuitive decisions
enabling success were made possible by the insights gained from practicing, acting, and then
learning and reflecting.
2. List the seven lesser-known truths about entrepreneurship.
Contrary to popular belief, there is no research definitively confirming character traits of
successful entrepreneurs are inborn. Despite a disposition for action, entrepreneurs approach
risk in a much more calculated fashion than they are given credit for, and many highly
successful entrepreneurs achieve their success through collaborative actions.
3. Explain the history of entrepreneurship in the US.
There are five main eras of entrepreneurship in the US: Emergence of the Self-Made Man, An
Entrepreneurial Nation (1st Industrial Revolution 1776–1865); The Pinnacle of Entrepreneurship
(2nd Industrial Revolution 1865–1920); Rise of Institutional America (Interwar and Postwar
America 1920–1975); and Confined Re-Emergence (Knowledge Economy 1.0 1975–present).
4. Explore the different forms of entrepreneurship in practice today.
Corporate entrepreneurship (or intrapreneurship) is entrepreneurship within large
corporations. Inside entrepreneurs are similar to corporate entrepreneurs, but they can be
found in any type of organization, large or small, nonprofit or for-profit, and even among
governing bodies. Franchising and buy-outs are popular ways to start relatively near the ground
level. Social entrepreneurship—entrepreneurship focused on making the world a better place—
is manifested in nonprofit and large, for-profit firms alike. A form of social entrepreneurship is
the Benefit Corporation, or B Corporation, which has been created to designate for-profit firms
that meet high standards of corporate social responsibility. Family enterprises,
entrepreneurship started within the family, remain a dominant form a business development in
the US and abroad. Serial entrepreneurs are so committed to entrepreneurship that they are
constantly on the move creating new businesses.
5. Illustrate the global diversity of entrepreneurship and its impact.
There are hundreds of millions of entrepreneurs worldwide. Despite its appearance as an
entrepreneurial powerhouse, the US is eclipsed by many world regions in terms of the percent
of the populous engaged in entrepreneurship. Though entrepreneurs may be born out of
necessity or to exploit opportunities, they all benefit from education, financial resources,
accessible knowledge, and government support providing infrastructure that will enable the
fledgling businesses to achieve success.
