ENT3003 Exam 1 Slayyyyy Ateee Mamas
Yassss Questions And Answers With
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startup - ANSWER✔✔a temporary organization in search of a scalable business
model.
effectuation - ANSWER✔✔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 - ANSWER✔✔Entrepreneurship is a ___________, not a process.
Corporate entrepreneurship (aka intrapreneurship) - ANSWER✔✔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 - ANSWER✔✔employees who think and act
entrepreneurially within different types of organizations.
Entrepreneurs inside - ANSWER✔✔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 - ANSWER✔✔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 - ANSWER✔✔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 - ANSWER✔✔the process of sourcing innovative
solutions to social and environmental problems.
benefit corporation, aka B Corp - ANSWER✔✔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 - ANSWER✔✔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 - ANSWER✔✔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: - ANSWER✔✔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 - ANSWER✔✔To achieve high levels of performance, high
performers engage in ___________, which involves carrying out carefully focused
efforts to improve current performance.
fixed mindset - ANSWER✔✔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 - ANSWER✔✔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 - ANSWER✔✔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 - ANSWER✔✔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.
Behavior-focused strategies - ANSWER✔✔help increase self-awareness to
manage behaviors, particularly when dealing with necessary but unpleasant tasks.
These strategies include self-observation, self-goal setting, self-reward, self-
punishment, and self-cueing.
Self-observation - ANSWER✔✔raises our awareness of how, when, and why we
behave the way we do in certain circumstances. For example, twice a day, you
could stop and deliberately ask yourself questions about what you are
accomplishing; what you are not accomplishing; what is standing in your way; and
how you feel about what is happening. This is the first step toward addressing
unhelpful or unproductive behaviors in order to devise ways of altering them to
enhance performance.
Self-goal setting - ANSWER✔✔the process of setting individual goals for
ourselves. This is especially effective when it is accompanied by self-reward.
self-reward - ANSWER✔✔ways in which we compensate ourselves when we
achieve our goals. These rewards can be tangible or intangible; for example, you
might mentally congratulate yourself when you have achieved your goal
(intangible), or you might go out for a celebratory meal or buy yourself a new pair
of shoes (tangible). Setting rewards motivates us to accomplish our goals.
