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Entrepreneurship Insights
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Entrepreneurship Insights
Entrepreneurship Insights
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1
Question
What is entrepreneurship?
Answer
A dynamic process of vision, change, and creation, requiring energy and passion for the creation and implementation of new ideas and creative solutions.
2
Question
How do entrepreneurs differ from small business owners?
Answer
Entrepreneurs focus on innovation, profitability, and sustainable growth, while small business owners manage their businesses expecting stable sales, profits, and growth.
3
Question
What is the origin of the word 'entrepreneur'?
Answer
The French word 'entreprendre', meaning to undertake.
4
Question
What is the Environmental School of Thought (Macro View)?
Answer
Considers external factors that affect a potential entrepreneur's lifestyle.
5
Question
What is the Financial/Capital School of Thought (Macro View)?
Answer
Based on the capital-seeking process: the search for seed and growth capital.
6
Question
What is the Displacement School of Thought (Macro View)?
Answer
Alienation, displacement, detachment, and isolation drive entrepreneurial pursuits.
7
Question
What is the Entrepreneurial Trait School of Thought (Micro View)?
Answer
Focuses on identifying traits common to successful entrepreneurs (e.g., achievement, creativity, determination).
8
Question
What is the Venture Opportunity School of Thought (Micro View)?
Answer
Focuses on the opportunity aspect of venture development: search for idea sources, development of concepts, and implementation of venture opportunities.
9
Question
What is the Strategic Formulation School of Thought (Micro View)?
Answer
Emphasizes the planning process in successful venture development.
10
Question
List aspects of the entrepreneurial mindset.
Answer
Risk-taking, innovation and creativity, adaptability and resilience, vision and goal orientation, proactiveness, customer-centric focus, resourcefulness, continuous learning, results-oriented, passion and persistence.
11
Question
What is the Corridor Principle?
Answer
New opportunities arise from an entrepreneurial venture that leads entrepreneurs in different directions.
12
Question
Give an example of a common myth about entrepreneurship.
Answer
Entrepreneurs are born, not made.
13
Question
What is entrepreneurial cognition?
Answer
The knowledge structures that people use to make assessments, judgments, or decisions involving opportunity evaluation, venture creation, and growth.
14
Question
What are entrepreneurs?
Answer
People who work very hard and strive for integrity.
15
Question
What are some key characteristics of entrepreneurs?
Answer
Confidence, optimism, competitive desire, and using failure as a learning tool.
16
Question
What are some primary motivations for launching a venture?
Answer
Job satisfaction, achievement, opportunity, and money.
17
Question
What are opportunity-driven entrepreneurs?
Answer
Entrepreneurs who are driven by opportunity.
18
Question
What are necessity-driven entrepreneurs?
Answer
Entrepreneurs whose decision to start a business stems from adversity.
19
Question
What is Loss Orientation?
Answer
Involves focusing on the particular loss to construct an account that explains why the loss occurred.
20
Question
What is Restoration Orientation?
Answer
Involves distracting oneself from thinking about the failure event and being proactive towards secondary causes of stress.
21
Question
What is Cognition?
Answer
The mental functions and processes of intelligent humans.
22
Question
What is Social Cognition Theory?
Answer
Knowledge structures or mental models of cognitions that are ordered to optimize personal effectiveness.
23
Question
What are the types of risk faced by entrepreneurs?
Answer
Financial, career, family/social, and psychic risks.
24
Question
What is Entrepreneurial Stress?
Answer
The extent to which work demands exceed an entrepreneur's abilities.
25
Question
What are the sources of Entrepreneurial Stress?
Answer
Loneliness, immersion in business, people problems, and need to achieve.
26
Question
What is Entrepreneurial Motivation?
Answer
The quest for new-venture creation and the willingness to sustain that venture.
27
Question
What is Entrepreneurial Persistence?
Answer
An entrepreneur's choice to continue with an entrepreneurial opportunity despite counter influences.
28
Question
What are examples of Self-Destructive Characteristics in entrepreneurs?
Answer
Overbearing need for control and sense of distrust.
29
Question
What is Ethics?
Answer
Provides basic rules for conducting activities in an acceptable manner; principles prescribing a behavioral code of what is good/right or bad/wrong.
30
Question
What is Corporate Entrepreneurship?
Answer
Activities that receive organizational sanction and resource commitments for innovative results.