Module 1: History/Intro of entrepreneurship
An individual who starts their own business based on an idea they have or a product they have created while assuming the risk and reaping the rewards of the business.
Who is an entrepreneur?
This entrepreneur started Amazon in his garage in 1994, initially selling books before expanding into a global e-commerce platform.
Who is Jeff Bezos?
Entrepreneurship fosters this by encouraging competition and the development of groundbreaking products and services.
What is innovation?
This emotion daily due to the impact of his potential failure.
What is fear?
This practice involves creating and managing ventures that prioritize social or environmental goals while also pursuing financial sustainability.
What is social entrepreneurship?
This Scottish economist is known for his theory of the "invisible hand" and wrote "The Wealth of Nations," influencing modern capitalism and entrepreneurship.
Who is Adam Smith?
Known for creating a social media platform that connects people around the world, this entrepreneur co-founded Facebook while studying at Harvard University.
Who is Mark Zuckerberg?
This online platform revolutionized family travel by providing affordable lodging options that accommodate larger groups compared to traditional hotels.
What is Airbnb?
Tom Eisenmann identifies these types of mistakes as preventable errors that start-ups often make, leading to failure despite initial promise.
What are avoidable mistakes?
This social enterprise donates a pair of shoes to someone in need for every pair sold.
What is TOMS Shoes?
This key invention replaced the barter system, allowing entrepreneurs to engage in long-distance trade and store value more efficiently.
What is money (currency)?
This term describes the ability to generate original ideas or solutions by combining different concepts or approaches.
What is creative thinking?
This term, refers to a business strategy that targets the lowest tier of customers and gradually moves upmarket.
What is low-end disruption?
This problem-solving technique involves identifying potential failure points in a business before they occur and developing strategies to avoid them.
What is backward thinking?
This term refers to efforts by government entities or public organizations to innovate and implement solutions to social issues.
What is public entrepreneurship?
This term describes how innovation by entrepreneurs disrupts industries and replaces older ways of doing business.
What is creative destruction?
What is creative destruction?
Many believe that creative people often share this tendency to delay tasks, sometimes resulting in better ideas.
What is procrastination?
Low-end disruptors often offer products or services that are cheaper and simpler than established competitors, focusing on this group of customers.
What is Netflix?
Entrepreneurs using backward thinking might start by defining this ultimate goal for their business, such as profitability or market leadership, before planning their steps to achieve it.
What is the end goal?
Public entrepreneurs often aim to solve these types of problems that affect communities, such as poverty, education, and health care.
What are social issues?
Startups and small businesses are key drivers of this, contributing to increased employment opportunities in the economy.
What is job creation?
This term describes individuals who develop unique ideas and solutions by breaking conventional molds, often embracing risk and uncertainty in their creative processes.
What are original thinkers?
Cultural resistance, resource limitations, and organizational silos are all examples of this type of barrier that can hinder creativity and idea sharing.
What are barriers to innovation?
This type of feedback, often sought from mentors or advisors, can provide valuable insights into potential blind spots that entrepreneurs may overlook in their planning.
What is constructive criticism?
This practice encourages employees within a company to act like entrepreneurs, driving innovation while using company resources.
What is intrapreneurship?