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ENT3003 exam 1 mamas questions with complete solutions
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ENT3003 exam 1 mamas questions with complete solutions
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ENT3003 exam 1 mamas questions withcomplete solutions
startup CORRECT ANSWERS a temporary organization in search of a scalable
business model.
effectuation CORRECT ANSWERS Through a study involving serial entrepreneurs—
entrepreneurs who start several businesses, Sarasvathy discovered patterns of thinking
and developed a theory she calls ____________: the idea that the future is
unpredictable yet controllable.
method CORRECT ANSWERS Entrepreneurship is a ___________, not a process.
Corporate entrepreneurship (aka intrapreneurship) CORRECT ANSWERS a process of
creating new products, ventures, processes, or renewal within large corporations. It is
typically carried out by employees working in units separate from the mainstream areas
of the corporation who create and test innovations that are then assimilated into the
broader corporation.
Entrepreneurs inside CORRECT ANSWERS employees who think and act
entrepreneurially within different types of organizations.
Entrepreneurs inside CORRECT ANSWERS These types of entrepreneurs often need
inside support from senior managers or other team members for their initiatives, which
can be difficult if those people tend to resist new ideas or are keen to simply "stick to the
company brief" rather than push boundaries.
franchise CORRECT ANSWERS a type of license purchased by an individual from an
existing business that allows the individual to trade under the name of that business.In
this type of entrepreneurship, both the the founder of the original business and the
person who buys their business are entrepreneurs.
royalties CORRECT ANSWERS A franchisee not only pays the franchisor a lump sum
to buy the franchise but also has to pay ________, which are calculated as a
percentage of monthly sales revenue.
social entrepreneurship CORRECT ANSWERS the process of sourcing innovative
solutions to social and environmental problems.
benefit corporation, aka B Corp CORRECT ANSWERS a form of organization that
ensures that strict standards of social and environmental performance, accountability,
and transparency are met. This is designed for for-profit companies aiming to achieve
social goals alongside business ones. To be certified as one, the organization is rated
, on how its employees are treated, its impact on the environment, and how it benefits the
community in which it operates.
family enterprise CORRECT ANSWERS a business that is owned and managed by
multiple family members, typically for more than one generation.
These businesses are hugely important for the U.S. economy and account for 60% of
employment, 78% of new jobs, and 65% of total wages. However, approximately 70% of
these businesses fail or are sold before the next generation takes over.
Serial entrepreneurs, aka habitual entrepreneurs CORRECT ANSWERS people who
start several businesses, either simultaneously or consecutively. Not satisfied with just
focusing on one business, they are constantly looking out for the next big thing or
exploring ways to implement their diverse range of ideas.
The eight components of the entrepreneurial method: CORRECT ANSWERS identify
your desired impact on the world, start with the means at hand, describe the idea today,
calculate affordable loss, take small action, network and enroll others in your journey,
build on what you learn, and reflect and be honest with yourself.
deliberate practice CORRECT ANSWERS To achieve high levels of performance, high
performers engage in ___________, which involves carrying out carefully focused
efforts to improve current performance.
fixed mindset CORRECT ANSWERS people perceive their talents and abilities as set
traits. They believe that brains and talent alone are enough for success, and they go
through life with the goal of looking smart all the time. They take any constructive
criticism of their capabilities very personally and tend to attribute others' success to luck
or some sort of unfair advantage. People w/ this will tell themselves they are no good at
something to avoid challenge, failure, or looking dumb.
growth mindset CORRECT ANSWERS people believe that their abilities can be
developed through dedication, effort, and hard work. They think brains and talent are
not the key to lifelong success, but merely the starting point. People with a growth
mindset are eager to enhance their qualities through lifelong learning, training, and
practice. they see failure as an opportunity to improve their performance and to learn
from their mistakes.
entrepreneurial mindset CORRECT ANSWERS the ability to quickly sense
opportunities, take action, and get organized under uncertain conditions.9 This also
includes the ability to persevere, accept and learn from failure, and get comfortable with
a high level of discomfort!
self-leadership CORRECT ANSWERS a process whereby people can influence and
control their own behavior, actions, and thinking to achieve the self-direction and self-
motivation necessary to build their entrepreneurial business ventures.
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