ENTR 2030 CHAPTER 1 & 2 STUDY GUIDE
Entrepreneurship - Answers -a discipline that seeks to understand how opportunities
are discovered, created, and exploited, by whom, and with what consequences
Microloan - Answers -a very small, short-term loan often associated with entrepreneurs
in developing countries
Startup - Answers -a temporary organization in search of a scalable business model
Serial entrepreneurs - Answers -the type the entrepreneurs who start several
businesses, whether simultaneously or one after the other
Effectuation - Answers -the idea that the future is unpredictable yet controllable
Corporate entrepreneurship - Answers -a process of creating new products, ventures,
processes, or renewal within large organizations
Entrepreneurs Inside - Answers -the type of entrepreneurs who think and act
entrepreneurially within organizations
Franchise - Answers -a type of license purchased by a franchisee from an existing
business, to allow them to trade under the name of that business
Royalties - Answers -a share of the proceeds of a business from one party to another
Social Entrepreneurship - Answers -a process of sourcing innovation solutions
Benefit Corporation - Answers -a form of organization certified by the non-profit B-Lab
that ensures strict standards of social and environmental performance, accountability,
and transparency are met
Family enterprise - Answers -a business that is owned and managed by multiple family
members, typically for more than one generation
Potential entrepreneurs - Answers -• Potential entrepreneurs- individuals who believe
they have the capacity and know how to start a business without being burdened by the
fear of failure
Nascent entrepreneurs - Answers -individuals who have setup a business they will own
or co own that is less than three months old and has not yet generated wages or
salaries for the owners
Entrepreneurship - Answers -a discipline that seeks to understand how opportunities
are discovered, created, and exploited, by whom, and with what consequences
Microloan - Answers -a very small, short-term loan often associated with entrepreneurs
in developing countries
Startup - Answers -a temporary organization in search of a scalable business model
Serial entrepreneurs - Answers -the type the entrepreneurs who start several
businesses, whether simultaneously or one after the other
Effectuation - Answers -the idea that the future is unpredictable yet controllable
Corporate entrepreneurship - Answers -a process of creating new products, ventures,
processes, or renewal within large organizations
Entrepreneurs Inside - Answers -the type of entrepreneurs who think and act
entrepreneurially within organizations
Franchise - Answers -a type of license purchased by a franchisee from an existing
business, to allow them to trade under the name of that business
Royalties - Answers -a share of the proceeds of a business from one party to another
Social Entrepreneurship - Answers -a process of sourcing innovation solutions
Benefit Corporation - Answers -a form of organization certified by the non-profit B-Lab
that ensures strict standards of social and environmental performance, accountability,
and transparency are met
Family enterprise - Answers -a business that is owned and managed by multiple family
members, typically for more than one generation
Potential entrepreneurs - Answers -• Potential entrepreneurs- individuals who believe
they have the capacity and know how to start a business without being burdened by the
fear of failure
Nascent entrepreneurs - Answers -individuals who have setup a business they will own
or co own that is less than three months old and has not yet generated wages or
salaries for the owners
