Entrepreneurship basics
Entrepreneurs Essentials
Entrepreneurs Skills and challenges
Innovation and commercialization
Types of innovation and market dynamics.
100

What is the first face of the entrepreneurial process?

Identifying a significant problem or need in the market.

100

How much money is needed to start a business?

Not much, some entrepreneurs start with small investments.

100

What are common challenges for entrepreneurs?

Finding opportunities, long hours, high risk, an insulation.

100

What is the process of turning an idea into America table product called?

Commercialization

100

What type of innovation obsoletes previous technologies?

Disruptive

200

What percentage of new jobs in the US are created by startups?

About 40%

200

It’s a great idea necessary for success?

No, execution is more important than the idea itself.

200

Can entrepreneurship be taught?

Yes, many entrepreneurial skills can be learned.

200

What type of innovation improves upon existing technologies?

Incremental 

200

Which company is mentioned as an example of incremental innovation?

Apple

300

What is a key characteristic of high impact entrepreneurial ventures?

They are innovative and growth oriented

300

Does higher risk lead to higher reward?

No, the goal is to minimize risk for success

300

What are opportunities for entrepreneurs?

Independence, creating wealth, jobs, and supporting the community.

300

Who identified five categories of innovation in the 1930s?

Schumpeter

300

What is essential to conduct to understand customers needs?

Research

400

What is a common reason for business failure according to entrepreneurs?

Starting with a solution looking for a problem

400

Is a formal business plan required for success?

No, many businesses succeeded without one

400

How do networks help entrepreneurs?

Strong and weak ties provide support and advice.

400

What is a novel and original creation known as?

Invention

400

What does incremental innovation often create in the market?

Differentiation

500

In which decade did entrepreneurship become a focus in mainstream media?

The 1980s

500

Is entrepreneurship only for young people?

No, people of all ages can be successful entrepreneurs.

500

What is building a strong team important?

A team brings the knowledge and skills needed  for success.

500

What is the first step in the commercialization process?

Research

500

What is crucial for entrepreneurs when teaming their market entry?

Readiness

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