Chapter 1
Complete the sentence
Entrepreneurship is more than just starting a business, it is:
a) Only about making money
b) Avoiding risks at all costs
c) A set of behaviors and a mindset
c) A set of behaviors and a mindset
What are the two main reasons people start businesses?
Necessity and opportunity.
How many stages does the creative process have?
There are 7 stages: hearing the call, fear and resistance, resolution, turning point, creation, manifestation, and fulfillment.
What is a common myth about entrepreneurship that suggests substantial financial investment is necessary to start a business, despite examples like Lori Bonn Gallagher, who launched a multimillion-dollar jewelry business with just $1,000?
It is myth 1: it takes a lot of money to start a business.
True or False
Entrepreneurial Ventures and small businesses are not related at all.
False, in fact they are related in some characteristics.
What is fuzzy front end?
a) The fuzzy front end is a structured process with clearly defined steps for product development.
b) This phase is only focused on technical feasibility and does not consider market needs.
c) The fuzzy front end occurs after a product prototype has been developed.
d) The fuzzy front is the early stage of the product development when very little is known.
d) The fuzzy front is the early stage of the product development when very little is known.
In which country is opportunity-driven entrepreneurship more common than in Brazil and Uganda?
In the United States
Which are the two fundamental theories that research on entrepreneurial opportunity has identified?
The two theories are: discovery theory and creation theory.
What is the myth that suggests a successful business requires good proposal, when in reality, factors like a strong team and effective execution, as demonstrated by companies like Salesforce.com, are more critical to success?
It is myth 2: it takes a great idea.
Give an example of a digital twin.
A digital replica of a human.
What are the main reasons that contribute to the failure of new businesses?
Starting with a solution looking for a problem, offering non-unique solutions, ineffective communication of value propositions, and the lack of a tested business model.
What type of entrepreneur operates from their home?
Home-based entrepreneur.
Complete the sentence
Looking for the strengths or positive aspects of a problem first is the principle of…
affirmative judgment
What myth says that a guide is necessary for success, when many successful companies, such as Pizza Hut and Crate and Barrel, have thrived without one, focusing instead on testing their ideas directly with customers?
It is myth 4: a business plan is required for success.
¿What type of entrepreneurship is if it occurs inside an existing organization?
Corporate entrepreneurship
What are the three primary characteristics of high-impact entrepreneurial ventures?
The three main characteristics are: innovation, value-creating, and growth-oriented.
What key market condition, along with low entry barriers, often causes individuals to pursue entrepreneurship during economic uncertainty?
High levels of job market uncertainty.
In Developing Creative Skills what do Log ideas mean?
It is when you maintain a journal of thoughts and ideas and go back to your journal periodically for inspiration.
What misconception exists about the age of entrepreneurs, despite research showing that 24 percent of startups were founded by individuals between 55 and 64 years old and that entrepreneurial activity is distributed fairly evenly across all age groups?
Myth 5: Entrepreneurship Is for the Young and Reckless.
“They prefer to leave the management issues to someone else and they enjoy the pre-launch of a new business” This is an example of?
Portfolio entrepreneur
What are factor driven economies? Why are this businesses created?
Factor driven economies rely on unskilled labor and use natural resources. They are created out of necessity.
In the context of entrepreneurship, what distinguishes opportunity-driven entrepreneurs from those in factor-driven economies like Brazil and Uganda?
Opportunity-driven entrepreneurs go after innovation and growth, while factor-driven entrepreneurs often start businesses out of necessity because of limited job opportunities.
In the 1930s, an economist identified five categories of innovation that are still relevant today. What is this name?
Joseph Schumpeter
What belief suggests that entrepreneurship is a natural trait, despite evidence showing that specific skills and behaviors essential for entrepreneurial success can be taught?
Myth 6: Entrepreneurship Cannot Be Taught
¿What principle are you using if you look for strengths and positive aspects of a problem first?
Affirmative judgment.