Entrepreneurship correct answers the process by which individuals, either on their own or in organizations, pursue opportunities without regard to the resources they currently control (Stevenson)
Entrepreneurship mindset correct answers -opportunity focused
-risk taking
-innovative
-growth or...
MBA 622 Midterm || with 100% Accurate Solutions.
Entrepreneurship correct answers the process by which individuals, either on their own or in
organizations, pursue opportunities without regard to the resources they currently control
(Stevenson)
External Economic variables correct answers economic environment, competition, new
laws/regulations, labor supply, sources of capital, and more
Economic growth correct answers technological innovation is critical
-tech lowers the cost of information and producing
Globalization correct answers means goods and services can be traded anywhere in the world
New Industry formation correct answers are born when tech change produces a novel
opportunity that an enterprising entrepreneur seizes
SBA correct answers U.S Small Business Administration
SBA definition of small business correct answers a firm with fewer than 500 employees
Small businesses correct answers -represent 99.7% of all employers and pay more than 45% of
total US private payroll
-have generated 65% of net new jobs over the past 15 years
Economic development in 3 Categories of countries correct answers -Factor driven
-Efficiency driven
-Innovation driven
Factor-driven economies correct answers Created out of necessity and rely on unskilled labor
and extraction of natural resources
Efficiency-driven economies correct answers growing and in need of improving their production
processes and quality of goods produced
Innovation-driven economies correct answers the most advanced and where business compete
based on innovation and entrepreneurship
,Risk in entrepreneurial process correct answers inherent part but, with more info over time and
validation from the market is the impact of that risk
Fuzzy front end correct answers occurs prior to launch
-the entrepreneur must gather info about the industry and market, test the business model, and
determine the conditions under which she will move forward
Push entrepreneur correct answers the mechanism that drives someone to become a nascent
entrepreneur because all other opportunities for income appear to be absent or unsatisfactory
Pull entrepreneur correct answers the mechanism that attracts an individual to an opportunity and
creates a "burning desire" to launch a business and capture a market
SBA start up stats correct answers -half will survive 5 years or more
-1/3 will survive 10 years or more
Common reasons for start-up failure correct answers -entrepreneurs come up with a solution
looking for a problem; they have not identified a real need in the market
-the solution does not differ from what is already in the market
-the business model is not tested
Start-ups that survive correct answers display superior levels of reliability and accountability in
performance, processes, and structure
The vital issue for an entrepreneur correct answers is to minimize the cost of possible failure to
recover quickly
Current Entrepreneurial Trends correct answers -digital anonymity
-return to Domestic Manufacturing & Craft
-Big data
-The lean startup movement
6 Myths of Entrepreneurship correct answers -it takes a lot of money to start a business
-it takes a great idea
-the bigger the risk, the bigger the reward
-a business plan is required for success
-entrepreneurship is for the young and reckless
-entrepreneurship cannot be taught
Paths to entrepreneurship correct answers • The home-based entrepreneur
• The serial or portfolio entrepreneur
• The nonprofit entrepreneur
• The corporate entrepreneur
, Home-based Entrepreneur correct answers -some of these are hobbies, consulting, or free lance
businesses
-many others compete with large brand-name businesses
-Tech has made it possible to do business from anywhere
-SBA: 51% of small businesses are home-based
The Serial Entrepreneur (Portfolio) correct answers -interested with the thrill of starting a
business that they like, and once established, they move on to create another
Portfolio Entrepreneur correct answers owns a stake in several ventures
Nonprofit Entrepreneur correct answers -typically focus on educational, religious or charitable
goals
-they seek tax-exempt status so that they can attract donations
-NPOs can and should make a profit but, it must stay within the firm
General Characteristics of Entrepreneurs correct answers more likely to come from poor or
middle-class families than from wealth
Mentor: value correct answers someone who can be your
-guide
-sounding board
-champion
-gateway to contacts you would not otherwise meet
Networking correct answers The exchange of information and resources among individuals,
groups, or organizations whose common goals are to mutually benefit and create value for the
members
Networking: Strong ties correct answers close friends and family
Networking: Weak ties correct answers acquaintances and business contacts
Networking: Brokering correct answers leveraging contacts in your network to access additional
connections
Barriers to self-employment correct answers -lack of confidence
-financial needs
-startup logistics
-personal or family issues
-time constraints
-lack of skills
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