ENT101 Reviewer
Entrepreneurship - CORRECT ANSWER-Involves identifying opportunities, creating
innovative solutions, and organizing resources to manage a business venture. It entails
risk-taking, adaptability, and a drive to create value.
Creative Destruction - CORRECT ANSWER-According to Joseph Schumpeter, an
economic process that destroys the order or equilibrium to create a new one.
Sole Proprietorship, Partnership, Limited Partnership, Corporation, LLC, Non-Profit, Co-
op - CORRECT ANSWER-7 Types of Businesses
Risk-taker, Visionary, Innovator, Leader - CORRECT ANSWER-Characteristics of an
Entrepreneur
Jobs Creation, Problem Solver, Source of Innovation, Helping the Community, Greater
Wealth - CORRECT ANSWER-Importance of Entrepreneurship
Startup Ecosystem - CORRECT ANSWER-A network that supports the growth of
startups, including entrepreneurs, investors, incubators, accelerators, universities, and
government entities.
Startups - CORRECT ANSWER-Typically defined as a newly established business that
is in the early stages of operations, founded by one or more entrepreneurs to develop a
unique product or service.
Entrepreneur - CORRECT ANSWER-An individual who creates, organizes, and
operates a business, assuming financial risks.
, Investors - CORRECT ANSWER-provides capital
Incubators/Accelerators - CORRECT ANSWER-Offer resources and mentorship
Government and Universities - CORRECT ANSWER-provide policies, regulations and
talent
Innovation - CORRECT ANSWER-aim to solve a problem or fill a gap in the market with
a new or significantly improved product, service, or process.
Scalability - CORRECT ANSWER-Unlike traditional small businesses, startups are
designed to grow rapidly and reach a large market. They aim for high scalability,
meaning they can increase revenue with minimal incremental cost.
Risk and Uncertainty - CORRECT ANSWER-operate in environments with high risk and
uncertainty, often because they are trying to create something new or enter uncharted
territories.
Growth Orientation - CORRECT ANSWER-typically focus on growth, often seeking
external funding from venture capitalists, angel investors, or crowdfunding to accelerate
their development.
Lean Operations - CORRECT ANSWER-operate with limited resources, employing lean
methodologies to test ideas quickly, learn from failures, and pivot if necessary (a
concept popularized by Eric Ries in "The Lean Startup")
Eric Ries - CORRECT ANSWER-a concept popularized by _________ in "The Lean
Startup"
Technology Startups - CORRECT ANSWER-Innovate using technology
Social Startups - CORRECT ANSWER-Address social/environmental challenges
eCommerce Startups - CORRECT ANSWER-Operate online marketplaces
Fintech Startups - CORRECT ANSWER-revolutionize financial services
HealthTech Startups - CORRECT ANSWER-Improve healthcare through technology
SaaS (Software as a Service) Startups - CORRECT ANSWER-Provide subscription-
based software solutions
Biotech Startups - CORRECT ANSWER-Focus on biotechnology and life sciences
Education Startups - CORRECT ANSWER-Transform education and learning
Entrepreneurship - CORRECT ANSWER-Involves identifying opportunities, creating
innovative solutions, and organizing resources to manage a business venture. It entails
risk-taking, adaptability, and a drive to create value.
Creative Destruction - CORRECT ANSWER-According to Joseph Schumpeter, an
economic process that destroys the order or equilibrium to create a new one.
Sole Proprietorship, Partnership, Limited Partnership, Corporation, LLC, Non-Profit, Co-
op - CORRECT ANSWER-7 Types of Businesses
Risk-taker, Visionary, Innovator, Leader - CORRECT ANSWER-Characteristics of an
Entrepreneur
Jobs Creation, Problem Solver, Source of Innovation, Helping the Community, Greater
Wealth - CORRECT ANSWER-Importance of Entrepreneurship
Startup Ecosystem - CORRECT ANSWER-A network that supports the growth of
startups, including entrepreneurs, investors, incubators, accelerators, universities, and
government entities.
Startups - CORRECT ANSWER-Typically defined as a newly established business that
is in the early stages of operations, founded by one or more entrepreneurs to develop a
unique product or service.
Entrepreneur - CORRECT ANSWER-An individual who creates, organizes, and
operates a business, assuming financial risks.
, Investors - CORRECT ANSWER-provides capital
Incubators/Accelerators - CORRECT ANSWER-Offer resources and mentorship
Government and Universities - CORRECT ANSWER-provide policies, regulations and
talent
Innovation - CORRECT ANSWER-aim to solve a problem or fill a gap in the market with
a new or significantly improved product, service, or process.
Scalability - CORRECT ANSWER-Unlike traditional small businesses, startups are
designed to grow rapidly and reach a large market. They aim for high scalability,
meaning they can increase revenue with minimal incremental cost.
Risk and Uncertainty - CORRECT ANSWER-operate in environments with high risk and
uncertainty, often because they are trying to create something new or enter uncharted
territories.
Growth Orientation - CORRECT ANSWER-typically focus on growth, often seeking
external funding from venture capitalists, angel investors, or crowdfunding to accelerate
their development.
Lean Operations - CORRECT ANSWER-operate with limited resources, employing lean
methodologies to test ideas quickly, learn from failures, and pivot if necessary (a
concept popularized by Eric Ries in "The Lean Startup")
Eric Ries - CORRECT ANSWER-a concept popularized by _________ in "The Lean
Startup"
Technology Startups - CORRECT ANSWER-Innovate using technology
Social Startups - CORRECT ANSWER-Address social/environmental challenges
eCommerce Startups - CORRECT ANSWER-Operate online marketplaces
Fintech Startups - CORRECT ANSWER-revolutionize financial services
HealthTech Startups - CORRECT ANSWER-Improve healthcare through technology
SaaS (Software as a Service) Startups - CORRECT ANSWER-Provide subscription-
based software solutions
Biotech Startups - CORRECT ANSWER-Focus on biotechnology and life sciences
Education Startups - CORRECT ANSWER-Transform education and learning
