EEE 2023/2024 Midterm Study Guide with Complete Solutions

Definition of Entrepreneurship - ANSWER-Entrepreneurship is defined as the process by which individuals pursue opportunities without regard to the resources they currently control Four Primary Characteristics of Successful Entrepreneurs - ANSWER--Passion for the business -Product/Customer focus -Tenacity despite failure(bounce back) -Execution intelligence Common Myths of Entrepreneurship - ANSWER--Entrepreneurs are born not made -Entrepreneurs are gamblers -Entrepreneurs are Motivated primarily by money -Entrepreneurs should be young and energetic -Entrepreneurs love the spotlight Three kinds of Startups - ANSWER--Salary substitute firms -Lifestyle firms -Entrepreneurial firms Four steps of the Entrepreneurial Process - ANSWER--Decision to become an entrepreneur - Developing a successful business idea -Moving from a firm to an entrepreneurial -Managing and growing an entrepreneurial firm Four qualities of an opportunity - ANSWER--Attractive -Timely -Durable -Anchored in a product, service, or business that creates or adds value for its buyer/end user Three ways to identify opportunities - ANSWER--Observing trends -Solving a problem -Finding gaps in the market place Understand and know the personal characteristics of Entrepreneurs - ANSWER--Passion for the business: the passion tends to come from the belief that the company will do well -Product/Customer focus: stems from the idea that most entrepreneurs are craftspeople