Entrepreneurship correct answers is activism in disguise
SME Revenue correct answers Small medium enterprises
- addressing local markets
- low level innovation
- non tradable jobs (restaurant, dry cleaners)
-Linear growth
IDE Revenue correct answers Innovation driven enterprises
- addr...
SMO 310 - Module 2 || A+ Verified Solutions.
Entrepreneurship correct answers is activism in disguise
SME Revenue correct answers Small medium enterprises
- addressing local markets
- low level innovation
- non tradable jobs (restaurant, dry cleaners)
-Linear growth
IDE Revenue correct answers Innovation driven enterprises
- addressing global markets
- high level innovation
- tradable jobs
- hockey stick growth (exponential): company's start by losing a lot of money
Types of entrepreneurship correct answers - Small/medium
- Innovation driven/high growth start up
- intrapreneurship
- social venture/social enterprise/social entrepreneurship
- lifestyle
Entrepreneurship requires entrepreneurial opportunities: new sources of value correct answers -
new market for an existing product/service
- New product/service for an existing market
- new product/service for a new market
Entrepreneurial myth correct answers entrepreneurs are born, not made
What is something common across most entrepreneurs correct answers - Uncertainty in their
operating environment
- lack of info
Effectuation (entrepreneral thinking) correct answers Starts with MEANS (who am I, what do I
have, what do I know, whom do I know), then arrives at an outcome from a range of possibilities
Causal reasoning (managerial thinking) correct answers Casual reasoning - starts with ends
(thinking up to a desired outcome) then comes up with a plan to execute
ABLE Framework correct answers Learning through hypothesis generation and small
experiments (labe)
Design Thinking Process correct answers empathize (get to know your target market), define
(define what the core problems are), ideate (think of ideas), prototype, test (elephants dancing in
pink tutus)
Where good ideas come from - Steven Johnson correct answers slow hunch: great ideas take a
long time to evolve and spend a long time dormant
- good ideas come from collision of a bunch of ideas
Persistence of Vision Video correct answers entrepreneurship can take many forms, but often
shares the same attributes: uncertainty, lack of information, and the "liability of newness".
What is effectual reasoning? vs. Causal reasoning correct answers Effectual Reasoning:
In the article "What Makes Entrepreneurs Entrepreneurial?"
in the Indian restaurant example, what were some of the initial activities an entrepreneur would
start with in a causal vs an effectual process? correct answers
(Article "What Makes Entrepreneurs Entrepreneurial?")
From the U-Haul example, did Leonard Shoen start out knowing what his target market was?
How did he do market research? Who were his network of stakeholders? correct answers
Affordable loss principle:
- Low affordable loss
- Supportive family who lent house
- friends to sell cheap trailers too
- had mobility
- made sure investments were spread across stakeholders
How might you apply effectual reasoning to the next problem you are trying to solve? correct
answers
Opportunity Identification correct answers using marketing research to find and evaluate new
opportunities
Trends are correct answers Sources of Ideas for new ventures
Societal trend correct answers aging demographics, health and fitness growth
Technology trends correct answers - mobile technology, e-commence, internet advances, AI
Government Trends correct answers increased regulations, petroleum prices, terrorism
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