explore entrepreneurship exam 1 2024/2025 with 100% correct answers
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Course
Explore entrepreneurship
Institution
Explore Entrepreneurship
entrepreneur origin: correct answers- Derived from the French entreprendre, meaning "to undertake."
- Someone who identifies, evaluates, and seizes opportunities for value creation
- Can create value by contributing to the market by selling products and/or services
entrepreneurship characteris...
Entrepreneurs vs Small Biz Owners correct answersSmall biz owner
- Manage their businesses by expecting stable sales, profits, and growth
Entrepreneur:
- Focus their efforts on innovation, profitability and sustainable growth
essential ingredients to entrepreneurship correct answers- he willingness to take calculated risks—in
terms of time, equity, or career.
- The ability to formulate an effective venture team; the creative skill to marshal needed resources.
- The fundamental skills of building a solid business plan.
myths of entrepreneurship correct answers1.Entrepreneurs Are Doers, Not Thinkers
, 2.Entrepreneurs Are Born, Not Made
3.Entrepreneurs Are Always Inventors
4.Entrepreneurs Are Academic and Social Misfits
5.Entrepreneurs Must Fit the Profile
6.All Entrepreneurs Need Is Money
7.All Entrepreneurs Need Is Luck
8.Entrepreneurship Is Unstructured and Chaotic
9.Most Entrepreneurial Initiatives Fail
10.Entrepreneurs Are Extreme Risk Takers
Gazelles correct answersA "Gazelle" is a business establishment with at least 20% sales growth in each
year for five years, starting with a base of at least $100,000 in annual sales.
entrepreneurial mind-set correct answersBehaviors and approaches that characterize successful
entrepreneurs and the darker baggage that comes with it.
Entrepreneurial Cognition correct answersThe mental processes that people use to make assessments,
judgments, or decisions involving opportunity evaluation, venture creation, and growth.
How entrepreneurs use simplifying mental models to piece together previously unconnected
information that helps them to identify and invent new products, assemble necessary resources to start
and grow businesses.
Characteristics of the Entrepreneurial Mind-Set correct answers- Determination and perseverance
•Drive to achieve
•Opportunity orientation
•Initiative and responsibility
•Persistent problem solving
•Seeking feedback
•Tolerance for ambiguity
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