Exam (elaborations)
SMALL BUSINESS AND ENTREPRENEURS EXAM -1 2024/2025
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SMALL BUSINESS AND ENTREPRENEURS EXAM -1 2024/2025
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SMALL BUSINESS AND ENTREPRENEURS EXAM #1Characteristics of Entrepreneurs - Answers- Desire for responsibility
•Preference for moderate levels of risk - risk eliminators
•Confidence in their ability to succeed
•Desire for immediate feedback
•High level of energy
•Future orientation - serial entrepreneurs
•Skilled at organizing
•Value achievement over money
Benefits of Entrepreneurship - Answers- The opportunity to:
• Create your own destiny
• Make a difference
• Reach your full potential
• Reap impressive profits
• Contribute to society and to
be recognized for your efforts
• Do what you enjoy and to have fun at it
Drawbacks of Entrepreneurship - Answers- • Uncertainty of income
• Risk of losing your entire investment
• Long hours and hard work
• Lower quality of life until the business gets established
• High levels of stress
• Complete responsibility
• Discouragement
The Creative Process - Answers- 1. Preparation
2. Investigation
3. Transformation
4. Incubation
5. Illumination
6. Verification
7. Implementation
Preparation - Answers- First step to creative process
•Get your mind ready for creative thinking.
Investigation - Answers- Second Step to Creative Process
Requires one to develop a solid understanding of the problem situation or decision at
hand.
Transformation - Answers- •Involves viewing both the similarities and the differences
among the information collected.
•Two types of thinking are required:
, Convergent and Divergent
Convergent Thinking - Answers- the ability to see the similarities and the connections
among various and often diverse data and events.
Divergent Thinking - Answers- the ability to see the differences among various data and
events.
Incubation - Answers- Allow your subconscious to reflect on the information collected.
Illumination - Answers- Fifth step in the creative process
Occurs during the incubation stage when a spontaneous breakthrough causes "the light
bulb to go on". All the previous stages come together to create the "Eureka Factor"
Verification - Answers- Sixth Step in the creative process
Validate the idea as accurate and useful.
Implementation - Answers- Transform the idea into a reality and act on their ideas.
Creativity - Answers- the ability to develop new ideas and to discover new ways of
looking at problems and opportunities; thinking new things
Innovation - Answers- the ability to apply creative solutions to problems or opportunities
to enhance or to enrich people's lives; doing new things.
Entrepreneurship - Answers- the result of a disciplined, systematic process of applying
creativity and innovation to the needs and opportunities in the marketplace.
Left Brain vs Right Brain - Answers- Left Brain Logic
Right Brain Creativity
Brainstorming - Answers- •Process in which a small group of people interact with very
little structure with the goal of producing a large quantity of novel and imaginative ideas.
Mind-Mapping - Answers- • A graphical technique that encourages thinking on
both sides of the brain, visually displays relationships
among ideas, and improves the ability to see a problem from many sides.
Force Field Analysis - Answers- Improve the creative process
A useful technique for evaluating the forces that support and oppose a proposed
change.
Three Columns:
Center (problem to be addressed)
Left (Driving Forces)
Right (Restraining Forces)
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