Chapter 1: What is Entrepreneurship
Chapter 2: Entrepreneurs & Enterprising People
Chapter 3: Assessing Your Entrepreneurial Potential
Chapter 5: Invention, Innovation, and the Creative Edge
Business Trivia
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What is an entrepreneurial venture?
Business startups or undertakings
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What is an enterprising person, and give an example.
They exhibit many of the same characteristics as entrepreneurs, but don't take on the financial risks.
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Name one challenge facing young entrepreneurs.
Lack of experience
Limited knowledge
No Credit History
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What is a patent?
A patent is a grant made by the government that gives the creator of an invention the sole right to make, use, and sell the invention for a set period of time.
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What is the most valuable current company in the world?
Nvidia
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Name 5 advantages of being an entrepreneur
You are your own boss
Choose business hours (holidays)
Choose whom you want as an employee
Personally rewarding
Own your own company
Run the business how you wish
Make all of your own decisions
Control how your business operates
Choose your type/industry of business
Profit is yours – could be large!
You have the freedom to do what you wish
Unlimited challenges
Feeling of personal accomplishment
Variety of tasks every day – not boring
Adhere to your own work ethic
Aid your community
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Describe a type of internal motivation and provide and example.
Sense of Achievement: Accomplishing tasks and goals provides a deep sense of satisfaction and fulfillment. For enterprising individuals, each success fuels their internal drive to take on more challenges.
Personal Growth: The opportunity to learn and develop new skills is highly rewarding. Enterprising individuals thrive on the chance to continually improve themselves, both personally and professionally.
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What are SMART goals, and what are they used for?
SMART goals are a structured framework used to turn vague intentions into actionable, trackable plans.
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What is a distinguishing guise?
A distinguishing guise in business is a type of trademark, primarily used in Canadian law, that protects the unique shape, configuration, or packaging of a product, allowing consumers to identify its source.
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Which luxury car brand started out making tractors?
Lamborghini
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As price goes up, what happens to demand, and why?
Demand decreases, as less people would justify the price of the product/service being sold.
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Provide a reason why enterprising people work for someone else.
Stability and Security:
Regular Paycheck: Job provides stable income. Reduced Risk: Avoids financial uncertainty of entrepreneurship.
Reduced Risk:
Safe Learning: Gain experience with less risk. Stability: More predictable career path.
Work-Life Balance:
Time for Life: Allows for personal time.
Less Stress: Avoids pressure of running a business.
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Define interpersonal skills and provide an example.
Interpersonal skills describe the traits and attributes you use to interact and communicate with other people.
Examples:
Willingness and ability to talk to others, especially those different from ourselves
Ability to listen to and understand what others are saying
Ability to motivate and encourage others
Skills for negotiating and resolving conflicts
Caring for yourself and others
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What do the colors gray and silver represent in marketing?
Associated with conservative qualities and considered traditional, business-wise symbolizes high tech and suggests authority, practicality, earnestness and creativity.
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What company logo is this?
Unilever.
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Name 3 entrepreneurial skills
Make tough decisions
Be responsible and take charge of situations on your own, rather than relying on others always
Communicate effectively with other individuals at your workplace
Manage/allocate your budget and employees for a smooth workplace environment
Time management - Schedule your duties in a thorough manner so you have enough time to get everything done.
Leadership - Take initiative and be a good role model for your entire venture team
Have a good marketing team = Maximized profit
Long term smart decisions rather than short term benefit decision (Slow successful outcome over time rather than quick ones)
Smart financial resources and connections
Good organization skills so that people are attracted to your business because you offer the product/service on time.
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Describe a type of external motivation and provide and example.
Financial Rewards: Money serves as a tangible measure of success and achievement. Enterprising individuals are motivated by the prospect of financial gain, whether through profits from business ventures, bonuses, or salary increases.
Recognition and Reputation: Being acknowledged for their contributions and expertise boosts the morale of enterprising individuals. Awards, accolades, and public recognition validate their efforts and inspire them to continue excelling.
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What does SWOT analysis stand for?
Strengths, Weaknesses, Opportunities, and Threats.
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What is lateral thinking?
Lateral thinking means generating ideas by being flexible and creative.
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What company has the slogan:
"Save Money. Live Better."
Walmart.
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Define intrapreneurship, and provide an example.
Entrepreneurship operating within a corporation.
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Give an example of one of the most important motivations of an entrepreneur.
To achieve a sense of personal accomplishment
To be my own boss
To have an element of variety and adventure
To make better use of my training and skills
To have considerable freedom to adopt my own approach to work
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What's the difference between an Edison and an Einstein?
An Edison is the person who works hard to build and sell a product until it actually works for everyone.
An Einstein is the person who comes up with the big idea that changes the way people think.
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What is the difference between your left and right hemisphere of your brain?
The left hemisphere focuses on step by step logic and prefers doing things realistically and strategically.
The right hemisphere focuses on emotions and creativity, and prefers doing things spontaneously unique.
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Who is this entrepreneur and what company did he create?
Walt Disney, and he created Disney.