Entrepreneurship 301
Review Entrepreneurship EXAM 1
Chapter 1 -5
CHAPTER 1
3.- What is entrepreneurship?
Entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control. The essence of entrepreneurial behavior is identifying opportunities and putting useful ideas into practice. Requires creativity, drive, and a willingness to take risks.
How can one differentiate an entrepreneurial firm from any other type of firm?
Entrepreneurial firms are proactive, innovative, and risk taking. In contrast, conservative firms take a more “wait to see” posture, are less innovative, and are risk averse.
An entrepreneurial firm brings new products and services to the market by creating and seizing opportunities regardless of the resources they currently control.
A salary substitute firm basically provide their owner or owners a similar level of income to what they would able to earn in a conventional job.
Lifestyle firm provides their owner or owners the opportunity to pursue a particular lifestyle, and make a living at it.
5. - What are the three primary reasons people become entrepreneurs?
Be their own boss.
Pursue their own ideas.
Pursue financial rewards.
8. - What are the primary traits and characteristics of successful entrepreneurs?
Passion for the business.
Tenacity despite failure.
Product/customer focus.
Execution intelligence.
9. – Why is passion such an important characteristic of successful entrepreneurs?
Passion motivates extraordinary behavior. Entrepreneurs who are passionate about their venture will often invest huge amounts of effort to ensure its healthy functioning.
What is it about passion that makes it particularly compatible with the entrepreneurial process?
You could build a business with anything, as long as you can find something that you can be passionate about.
What are the five common myths of entrepreneurship?
Entrepreneurs are born, not made.
Chapter 1 -5
CHAPTER 1
3.- What is entrepreneurship?
Entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control. The essence of entrepreneurial behavior is identifying opportunities and putting useful ideas into practice. Requires creativity, drive, and a willingness to take risks.
How can one differentiate an entrepreneurial firm from any other type of firm?
Entrepreneurial firms are proactive, innovative, and risk taking. In contrast, conservative firms take a more “wait to see” posture, are less innovative, and are risk averse.
An entrepreneurial firm brings new products and services to the market by creating and seizing opportunities regardless of the resources they currently control.
A salary substitute firm basically provide their owner or owners a similar level of income to what they would able to earn in a conventional job.
Lifestyle firm provides their owner or owners the opportunity to pursue a particular lifestyle, and make a living at it.
5. - What are the three primary reasons people become entrepreneurs?
Be their own boss.
Pursue their own ideas.
Pursue financial rewards.
8. - What are the primary traits and characteristics of successful entrepreneurs?
Passion for the business.
Tenacity despite failure.
Product/customer focus.
Execution intelligence.
9. – Why is passion such an important characteristic of successful entrepreneurs?
Passion motivates extraordinary behavior. Entrepreneurs who are passionate about their venture will often invest huge amounts of effort to ensure its healthy functioning.
What is it about passion that makes it particularly compatible with the entrepreneurial process?
You could build a business with anything, as long as you can find something that you can be passionate about.
What are the five common myths of entrepreneurship?
Entrepreneurs are born, not made.