01 Introduction to Entrepreneurship

Question 1

Entrepreneur

Answer 1

Takes risk and Action to create and grow a business

Question 2

Strategic entrepreneurial behaviour

Answer 2

Starts where an innovative idea turns into a profitable endeavour

Question 3

Shumpeter

Answer 3

Entrepreneural activity lays in the creation of new combinations that disrupt existing markets

Question 4

Corporate Entrepreneurship

Answer 4

When established firms have an entrepreneurial orientation
Entrepreneurial intensity from highly conservative to highly entrepreneurial

Question 5

Key questions for entrepreneurs

Answer 5

Who is my first costumer?
What is my target market?
Market size?
What problem can I solve?
Design and Manufacturing?
How do I intend to exit?
How do consumers acquire my product?
How do I scale production?

Question 6

Why do people become entrepreneurs?

Answer 6

1. To be their own boss
2. Pursue their own ideas
3. Financial rewards

Question 7

Characteristics of a successful entrepreneur

Answer 7

Tenacity
Product/Costumer Focus
Passion
Execution Intelligence

Question 8

Types of Start-Up Firms

Answer 8

Salary-Substitute firms
Lifestyle Firms
Entrepreneurial firms