Startup Needs
One of the great modern enablers allowing for greater networking and greater reach.
Social Media/Technology
Many entrepreneurs are seen as risk loving, massive risk-taking people, however, this term best describes their risk preferences.
What is risk-averse?
What are the different types of Entrepreneurship?
Administrative, Opportunistic, Incubate, Imitative, Private, Public, Individual, Acquisitive and Mass Entrepreneurship.
How does the mindset of a startup compare to that of a corporate entity?
Startups are all about trial and error, whereas companies are about producing results efficiently.
Why is creativity so important?
Creativity drives change. It’s important to be able to adapt to new circumstances and find solutions as new problems arise
Your very first initial step when creating a startup
identifying a problem
This is the type of loss that entrepreneur’s focus on to limit the overall risk of a startup.
What is Downside Risk?
How do you differentiate private entrepreneurship and public entrepreneurship?
As a private entrepreneur, you can easily engage in small-scale business activities mainly based on your own work input. However Public entrepreneurship is an alternative, inventive approach for leading change in public realms.
Why do such a huge percentage of startup enterprises fail?
Lack of experience, inability to scale the business properly, and lack of capital.
Why are many startups not successful even when they use a creative mindset?
The startup has to continuously be creative. It can’t only be creative once. The company has to keep adapting to the obstacles thrown at it.
Initial funding usually comes from these people
Founders or family and friends
This is the type of risk that is associated with entrepreneurs investing their own money or raising capital from outside sources to fund a startup.
What is Financial Risk?
What is corporate entrepreneurship?
Corporate Entrepreneurship is a process used to develop new businesses, products, services, or processes inside of an existing organization to create value and generate new revenue growth through entrepreneurial thought and action.
Why do startups face more difficulty than companies when it comes to scaling?
Overconfidence in themselves and product, inability to grow in line with their sales, inexperience, and mismanagement of funds.
One very important thing for startups to always be open to is…
Change
The first challenge for a startup to gain investments
To prove validity to investors
This is the type of risk that is associated with the emphasis on a startup’s systems and processes to ensure success in a world of “paradigm shifts” and continuous industry disruption?
What is Technology Risk?
Why is it important to learn about different types of Entrepreneurship?
Studying entrepreneurship benefits students and learners from different social and economic backgrounds because it teaches people to cultivate unique skills and think outside the box.
What are some risks inherent in a startup's creativity?
Creative planning is a long term process, and will not produce results immediately. This can lead to a more dramatic lack of money.
While ideating for your startup it is very important to interview who about their problems?
Real people! You must go out and interview real customers in order to decide what is best for your startup.
Developing this will help have a tone for your company, helping to market and identify a target customer
Brand message
This is the risk associated with natural disasters and natural resources, the COVID-19 pandemic could be characterized as an example of this.
What is Environmental Risk?
What is the purpose of Acquisitive entrepreneurship?
It acquires something new of value front, the competitive environment or achieves the competitors' technical capacities. It keeps entrepreneurship sustainable in a competitive environment.
How does the nature of a startup promote creativity and drive better than a company.
Startup teams work for themselves, not for a salary, and are to take big risks to help the business grow. Startups allow for a more casual environment, which makes it possible to think outside the box when solving problems.
What do entrepreneurs think of failure?
It is ok to fail! You must learn from your failures and keep striving to improve.