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EEE 2024 Exam 1 with verified answers
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EEE 2024 Exam 1 with verified answers
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EEE 2024 Exam 1 with verified answersdefinition |of |entrepreneurship |- |correct |answers✔✔the |process |by |which |individuals
|pursue |opportunities |without |regard |to |resources |they |currently |control |for |the
|purpose |of |exploiting |future |goods |and |services
reasons |to |become |an |entrepreneur |- |correct |answers✔✔be |your |own |boss, |pursue
|your |own |ideas, |realize |financial |rewards
four |primary |characteristics |of |a |successful |entrepreneur |- |correct
|answers✔✔passion |for |the |business, |product/customer |focus, |tenacity |despite
|failure, |execution |intelligence
common |myths |about |entrepreneurs |- |correct |answers✔✔entrepreneurs |are |born,
|not |made, |entrepreneurs |are |gamblers, |entrepreneurs |are |motivated |primarily |by
|money, |entrepreneurs |should |be |young |and |energetic, |entrepreneurs |love |the
|spotlight
changing |demographics |- |correct |answers✔✔18-29= |17.5%, |30-39= |25%, |40-49=
|24%, |50-59= |21%, |60+= |12.5%
steps |in |the |entrepreneurial |process |- |correct |answers✔✔1. |decision |to |become |an
|entrepreneur, |2. |developing |successful |business |plans, |3. |moving |from |an |idea |to
|an |entrepreneurial |firm, |4. |managing |and |growing |an |entrepreneurial |firm
entrepreneurial |mindset |- |correct |answers✔✔opportunity |recognition, |creativity,
|responsible |risk-taking, |self-awareness
risk-taking |- |correct |answers✔✔refers |to |the |tendency |to |engage |in |behaviors |that
|have |the |potential |to |be |harmful |or |dangerous, |yet |at |the |same |time |provide |the
|opportunity |for |some |kind |of |outcome |that |can |be |perceived |as |positive
risk-aversion |- |correct |answers✔✔opposed |to |taking |risks
, domino |effect |- |correct |answers✔✔a |cumulative |effect |produced |when |one |event
|initiates |a |succession |of |similar |events
venture |capitalist |- |correct |answers✔✔entrepreneurship |is |the |art |of |turning |an |idea
|into |a |business
idea |- |correct |answers✔✔a |thought, |an |impression, |or |a |notion
opportunity |- |correct |answers✔✔a |favorable |set |of |circumstances |that |creates |a |need
|for |a |new |product, |service, |or |business
opportunity |gap |- |correct |answers✔✔a |problem
window |of |opportunity |- |correct |answers✔✔the |time |period |in |which |a |firm |can
|realistically |enter |a |new |market
three |ways |to |identify |an |opportunity |- |correct |answers✔✔observing |trends, |solving
|a |problem, |finding |gaps |in |the |marketplace
endowment |effect |- |correct |answers✔✔people |value |a |good, |service, |or |anything
|value |more |once |they |possess |it
4 |essential |qualities |of |an |opportunity |- |correct |answers✔✔attractive, |timely,
|durable, |anchored |in |a |product, |service, |or |business |that |creates |or |adds |value |for
|its |buyer |or |end |user
examples |of |companies |started |to |solve |a |problem |- |correct |answers✔✔iCracked,
|KaZam, |Flings |Bins, |Rover.com, |GymFlow, |Parking |Panda, |Uptown |Cheapskate, |Sir
|Kensington's |Ketchup,
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