Entrepreneurship basics
What is the first face of the entrepreneurial process?
Identifying a significant problem or need in the market.
How much money is needed to start a business?
Not much, some entrepreneurs start with small investments.
What are common challenges for entrepreneurs?
Finding opportunities, long hours, high risk, an insulation.
What is the process of turning an idea into America table product called?
Commercialization
What type of innovation obsoletes previous technologies?
Disruptive
What percentage of new jobs in the US are created by startups?
About 40%
It’s a great idea necessary for success?
No, execution is more important than the idea itself.
Can entrepreneurship be taught?
Yes, many entrepreneurial skills can be learned.
What type of innovation improves upon existing technologies?
Incremental
Which company is mentioned as an example of incremental innovation?
Apple
What is a key characteristic of high impact entrepreneurial ventures?
They are innovative and growth oriented
Does higher risk lead to higher reward?
No, the goal is to minimize risk for success
What are opportunities for entrepreneurs?
Independence, creating wealth, jobs, and supporting the community.
Who identified five categories of innovation in the 1930s?
Schumpeter
What is essential to conduct to understand customers needs?
Research
What is a common reason for business failure according to entrepreneurs?
Starting with a solution looking for a problem
Is a formal business plan required for success?
No, many businesses succeeded without one
How do networks help entrepreneurs?
Strong and weak ties provide support and advice.
What is a novel and original creation known as?
Invention
What does incremental innovation often create in the market?
Differentiation
In which decade did entrepreneurship become a focus in mainstream media?
The 1980s
Is entrepreneurship only for young people?
No, people of all ages can be successful entrepreneurs.
What is building a strong team important?
A team brings the knowledge and skills needed for success.
What is the first step in the commercialization process?
Research
What is crucial for entrepreneurs when teaming their market entry?
Readiness