Entrepreneurship & Innovation Exam Questions And Answers All Correct

Entrepreneurship & Innovation Exam Questions And Answers All Correct Classic Definition of Entrepreneurship (Schumpeter's definition) - ANSWER- An entrepreneur is someone who destroys the existing economic order by introducing new products and services, by introducing new methods of production, by creating new forms of organization, or by exploiting new raw material. An entrepreneurial leader is someone who... - Innovates... - Develops & Executes... - Creates... - ANSWER- An entrepreneurial leader is an innovator who recognizes and seizes upon opportunities, develops and executes strategies to capitalize on marketable ideas, and creates employment and wealth for themselves and for their communities. In 2011 how many small businesses were small business employer firms? - ANSWER- 28.2 million small businesses, of that total just under 5.7 million were small business employer firms. Total employment was at 55 million How many people did small business employ? - ANSWER- Small businesses employed half, or 55 million of the nation's private work force. How many new net jobs did small businesses create? - ANSWER- Created 1.1 million new net jobs - biggest gain was firms in 1-4 employee category. What percent of small businesses were woman owned? - ANSWER- 29% List the highest number of small firms in/by the industry (5) - ANSWER- Other services - professional, scientific, and technical services - construction - real estate & rental/leasing - health care & social assistance. What are the top small business industries (by employment) in the US (4) - ANSWER- Health care & social assistance - accommodation & food services - retail trade - manufacturing Why is entrepreneurship important? (6) - ANSWER- - Primary source of new jobs in an economy - Driving force in an economy - Outstanding source of innovation - Is the essence of the american dream - Creates wealth, advances society ~ Powers individuals to pursue their professional career dreams Personal Attributes that influence becoming an entrepreneur (6) - ANSWER- - higher internal focus of control - desire for financial success - desire to achieve self realization - desire for recognition - joy of innovation - risk of tolerance Environmental factors that influence becoming an entrepreneur (4) - ANSWER- - local, regional, national attitudes towards entrepreneurship - social and cultural pressures for or against risk taking and entrepreneurship - access to entrepreneurial ole models - responsibilities to family and the community What are the 10 "D's" of entrepreneurship? - ANSWER- - Dream - Decisiveness - Doers - Determination - Dedication - Devotion - Details - Destiny - Dollars - Distribute 10 "D's": Dream - ANSWER- They have a vision of what the future could be like for them - they implement their dreams. 10 "D's": Decisiveness - ANSWER- They don't procrastinate - they make decisions swiftly -- that is the key factor for success. 10 "D's": Doers - ANSWER- Once a course of action is decided they implement it as quickly as possible. 10 "D's": Determination - ANSWER- They implement ventures with total commitment. 10 "D's": Dedication - ANSWER- Totally dedicated to business - long hours - personal relationships may come second. 10 "D's": Devotion - ANSWER- They love what they do - it's the love that sustains them when it gets tough - love for products/services is what make them sell. 10 "D's": Details - ANSWER- They must be on top of all critical details. 10 "D's": Destiny - ANSWER- They want to be in charge of their own destiny rather than be dependent on an employer. 10 "D's": Dollars - ANSWER- Getting rich is NOT the prime motivator - money is just a measure of success. 10 "D's": Distribute - ANSWER- Distribute ownership of business with key employees who are critical to the success. What does an entrepreneurial mindset consist of? (11) - ANSWER- - Innovation & creativity - Opportunity recognition & assessment - Strategic business planning - Management & leadership - Negotiation & conflict resolution - Financial analysis & budgeting - Sales & market analysis - Verbal & written communications - Team building - Risk management - Willingness to try/acceptance of failure Entrepreneurial Framework: - ANSWER- New venture creation and existing expansion has many integrated and moving parts that need to be in alignment to maximize opportunities. What are the contributing factors to framework (9): - ANSWER- - cultural norms - education and training - government - r&d transfer - commercial & legal - internal market openness - financial - people resources - physical resources Entrepreneurs must do three things before moving forward: - ANSWER- 1) Asses their own financial reality 2) Identify key contacts in their networks 3) Reach out to sources of free advice/feedback Creativity consists of (3): - ANSWER- - thinking outside of the box - looking at things in different ways - doing the unexpected Questions to spur creativity (8): - ANSWER- - is there a new way to do it? - can you give it a different twist? - what if we do the opposite? - can parts be rearranged? - can we put it to other uses? - can ideas be combined? - what else can we make from this? - can you borrow/adapt this?