Entrepreneur journey
What is the primary purpose of the entrepreneurial journey?
To discover if entrepreneurship is right for you.
When discussing your business plan, what are "milestones"?
Very important accomplishments.
What are the two endings of the business life cycle?
Rebirth or Exit
Name one of Schumpeter's methods for finding new business opportunities?
Use existing technology to produce an old product in a new way, etc...
What is a "situational opportunity"?
An opportunity that becomes available to start an entrepreneurial venture.
The entrepreneurial journey can be compared to:
An exciting trip or adventure.
What is the primary purpose of benchmarking?
To track target expectations by comparing performance.
What do you think is the goal of managing the product life cycle?
To achieve continuous growth and avoid decline.
According to Joseph Schumpeter, what is the disruptive force that creates and sustains economic growth?
Entrepreneurial innovation, entrepreneurs creating new things.
Which of the following is listed as a potential area for entrepreneurial opportunity? Family obligations, online ventures, or on the job work experience?
All
What is the first step in the entrepreneurial journey?
Inspiration
"Bootstrapping" is a funding strategy that:
Use personal funds and creative strategies.
Stage 3 of the business life cycle, “Resourcing”, involves evaluating resources such as:
Financial support, personnel, facilities, and family support.
Schumpeter termed the process where innovation destroys established companies and reshapes industries as:
Creative destruction.
Name one of the situations that can be an opportunity for a new entrepreneurial business.
p. 77
What is step 2 of the entrepreneurial journey?
Preparation
During the entrepreneurial process, "due diligence" refers to:
Conducting research to make informed decisions that minimize risk.
In the maturity stage of the business life cycle, even if a venture is operating efficiently, an entrepreneur might need to make changes due to:
External changes in the market.
What is Entrepreneurial opportunity?
when there is demand and it is feasible to provide
What's a franchise?
a license granted to an entrepreneur to operate under the franchise’s name. (McDonalds, Luckin, Haidilao)
In Step 3 of the entrepreneurial journey, “Assessment”, what is a key activity?
Reflecting on your idea after research.
Give an example of company that demonstrates "creative destruction"
Didi, Alipay, Airbnb, taobao, etc...
The business life cycle stage where an entrepreneurial team collects a return on investment while planning a transition is called...
exit
Give an example of a company or idea that developed a new market for an existing product. (the first method for finding a new business idea)
Video games
Gordon Moore, from Intel, called himself an accidental entrepreneur. Why?
Serendipity. Many things aligned and become possible that may not have been planned.