ENTR 3310 TEST 1 QUESTIONS WITH
ANSWERS 100% SOLVED
Entrepreneurship methods: - ANSWER -Thinking.
-Acting.
-Identifying opportunities.
-Approaching problems.
Entrepreneurship: - ANSWER •Vehicle for developing a set of skills; A way of thinking,
acting, and being.
Media Images of Entrepreneurs - ANSWER •The media exaggerates "overnight global
sensations.
-These people are inspirational but not identifiable.
-There is no such thing as an overnight success.
Debunking the Myths of Entrepreneurship - ANSWER •Truth #1: Entrepreneurship is not
reserved for startups.
•Truth #2: Entrepreneurs do not have a special set of personality traits.
•Truth #3: Entrepreneurship can be taught.
-It's a method that requires practice.
•Truth #4: Entrepreneurs are not extreme risk-takers.
•Truth #5: Entrepreneurs collaborate more than they compete.
•Truth #6: Entrepreneurs act more than they plan.
•Truth #7: Entrepreneurship is a life skill.
Corporate Entrepreneurship - ANSWER •Process of creating new products, ventures,
and processes.
, •Corporate entrepreneurs see opportunities and create something of value.
-To enhance competitive competition.
Entrepreneurship Inside - ANSWER •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.
Franchising - ANSWER •It is a license purchased by an entrepreneur from an existing
business.
-Allowing the entrepreneur to trade under the name of that business.
-A franchise is beneficial for entrepreneurs to launch their own businesses
Buying a Small Business - ANSWER •Buying out the existing owner and taking over
operations.
-Example: Chris Cranston of FlowDog.
Social Entrepreneurship - ANSWER •A global movement with initiatives launched every
year to improve social problems.
-A process of sourcing innovative solutions to social and environmental problems.
-Benefit corporation, or B-Corp.
Family Enterprising - ANSWER •Each generation has an opportunity to bring the
organization forward in new, innovative ways.
-Important for the US economy.
-Considered more stable because they take a long-term view.
Serial Entrepreneurship - ANSWER •Serial entrepreneurs: People who start several
businesses.
ANSWERS 100% SOLVED
Entrepreneurship methods: - ANSWER -Thinking.
-Acting.
-Identifying opportunities.
-Approaching problems.
Entrepreneurship: - ANSWER •Vehicle for developing a set of skills; A way of thinking,
acting, and being.
Media Images of Entrepreneurs - ANSWER •The media exaggerates "overnight global
sensations.
-These people are inspirational but not identifiable.
-There is no such thing as an overnight success.
Debunking the Myths of Entrepreneurship - ANSWER •Truth #1: Entrepreneurship is not
reserved for startups.
•Truth #2: Entrepreneurs do not have a special set of personality traits.
•Truth #3: Entrepreneurship can be taught.
-It's a method that requires practice.
•Truth #4: Entrepreneurs are not extreme risk-takers.
•Truth #5: Entrepreneurs collaborate more than they compete.
•Truth #6: Entrepreneurs act more than they plan.
•Truth #7: Entrepreneurship is a life skill.
Corporate Entrepreneurship - ANSWER •Process of creating new products, ventures,
and processes.
, •Corporate entrepreneurs see opportunities and create something of value.
-To enhance competitive competition.
Entrepreneurship Inside - ANSWER •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.
Franchising - ANSWER •It is a license purchased by an entrepreneur from an existing
business.
-Allowing the entrepreneur to trade under the name of that business.
-A franchise is beneficial for entrepreneurs to launch their own businesses
Buying a Small Business - ANSWER •Buying out the existing owner and taking over
operations.
-Example: Chris Cranston of FlowDog.
Social Entrepreneurship - ANSWER •A global movement with initiatives launched every
year to improve social problems.
-A process of sourcing innovative solutions to social and environmental problems.
-Benefit corporation, or B-Corp.
Family Enterprising - ANSWER •Each generation has an opportunity to bring the
organization forward in new, innovative ways.
-Important for the US economy.
-Considered more stable because they take a long-term view.
Serial Entrepreneurship - ANSWER •Serial entrepreneurs: People who start several
businesses.
