Mindset
What does it mean to be a life-long learner?
Always seeking knowledge, skills, and growth throughout life.
What is the difference between an innovation and a disruptive innovation?
Innovation improves something, while disruptive innovation changes the whole industry.
What is the difference between an entrepreneur and entrepreneurship?
An entrepreneur is a person, and entrepreneurship is the process of starting a business.
According to Brian Chesky, why do good ideas come from solving your own problems?
Good ideas come from understanding your own needs and creating real solutions.
A favorable set of circumstances to benefit from.
opportunity.
What does “challenging the status quo” mean?
Questioning existing ways of doing things and looking for better solutions.
Give an example of a disruptive innovation.
Airbnb, Uber, or LED lights.
Someone who identifies an opportunity, creates a solution, takes risks, and grows a business.
What is a entrepreneur.
Where have some of your best ideas come from?
Ideas often come from personal experiences or everyday needs.
The general increase in prices in the economy.
inflation
What does “being an entrepreneur is not only a career choice – it’s a lifestyle” mean?
Entrepreneurs are always plugged into their business, adapting, and taking risks.
Why did LED lights disrupt traditional lighting?
They use less energy, last longer, and prices are falling.
List two risks entrepreneurs take.
Financial risks, personal risks, or market risks.
What did Jeff Bezos mean when he said, “Your brand is what other people say about you when you’re not in the room”?
A brand is a reputation, built by how well you do things.
What does outsourcing mean?
Getting goods or services from another supplier.
Why is independence and flexibility important to entrepreneurs?
Entrepreneurs make their own decisions and manage their time to run their businesses
How did Airbnb disrupt the hotel industry?
It shifted income from hotels to personal homes and apartments.
What is the role of profit in a business?
Profit sustains operations and allows growth.
Why should entrepreneurs constantly scan the marketplace?
To discover ways to improve and stay ahead of competition.
What’s the difference between a profession and a passion in the Venn Diagram?
Profession is what you are paid to do, while passion is what you love to do
How do entrepreneurs anticipate and adapt to change?
They monitor consumers, competition, and trends and adjust strategies.
How does competition push innovation?
Competition forces businesses to improve products, services, and processes.
How do entrepreneurs improve society?
They solve problems, create jobs, and innovate solutions that help people.
How does competition make you better even if you ignore it?
It raises industry standards and pushes you to improve.
What does “Entrepreneurial Purpose” mean in the Venn Diagram?
The intersection of passion, mission, vocation, and profession.