1

Question 1

Definition of Entrepreneur

Answer 1

Entrepreneurship is an activity that involves the discovery, evaluation, and exploitation of opportunities to introduce new goods and services, ways of organizing, markets, process and raw materials through organizing effort that previously had not existed (Venkataraman, 1997)

• discovery, evaluation, exploitation
• of new goods and services, ways of organizing,markets, process, raw materials
• that previously had NOT existed

Question 2

Why is Entrepreneurship important?

1-4

Answer 2

• disrupt markets (CD, smartphones)
• create industries (facebook, instagram)
• creates products (model, adhesys)
• contributes to the wealth of nations

Question 3

Entrepreneurial Character Traits

1-5

Answer 3

OCEAN’s 5:

O Openness: Being curious, intellectual, creative, open to new ideas
C Conscientiousness: being organized, systematic, achievement oriented
E Extraversion: outgoing, talkative, sociable, enjoying social situations
A Agreeableness: being affable, tolerant, trusting, warm
N Neuroticism: anxious, irritable, temperamental, moody

Question 4

Effects of OCEAN’s 5 on Start-up performance

Entrepreneur vs. manager; effects on performance

Answer 4

Openness: E > M; +
Conscientiousness: E > M; +
Extraversion: E = M; +
Agreeableness: E < M; =
Neuroticsm: E < M; -

Question 5

Development of Entrepreneurial Character Traits

1-4

Answer 5

personality can be developed through
- Education
- social networks
- cultural influence
- coaching

Question 6

Action-Characteristics model of Entrepreneurship

Question 7

Dualistic Model of Passion, Vallerand

1

2

Answer 7

1 Harmonious passion
- person controls passion
- Role or activity does overpower individuals lives but rather remains in balance with other activities and aspects.

2 Obsessive Passion
- passion controls person
- normally negative associated, but can be positive for companies

Question 8

Definition Passion

Answer 8

A strong inclination toward an activity that people like, find important, and in which they invest significant time and energy.

• inclination toward activity
• that people like/find important
• invest significant time/energy

Question 9

Kinds of Passion

1-3

Answer 9

1 Passion for inventing
- „problem-solver“
- seek new opportunity and solutions to various needs/problems
- new ideas
- Steve Jobs

2 passion for founding
- founding organizations
- process of founding a new venture
- Sir Richard Branson

3 passion for developing
- growing and scaling businesses into large companies
- organizing, financing, hiring employees
- Ray Kroc

Question 10

Entrepreneurial Biases

1-11

Answer 10

1 overconfidence
2 overoptimism
3 self-serving attribution
4 illusion of control
5 the law of small numbers
6 similarity
7 availability
8 representatives
9 status quo
10 planning fallacy
11 escalation of commitment

Question 11

Entrepreneurial Biases

Overconfidence

Answer 11

perceive a subjective certainty higher than the objective accuracy

Question 12

Entrepreneurial Biases

Overoptimism

Answer 12

overestimate the likelihood of positive events and underestimate the likelihood of negative events

Question 13

Entrepreneurial Biases

Self-serving attribution

Answer 13

take credit for success while deny responsibility for failure

Question 14

Entrepreneurial Biases

illusion of control

Answer 14

overemphasize how much skills, instead of chance improve performance

Question 15

Entrepreneurial Biases

the law of small numbers

Answer 15

reach conclusion about a larger population using a limited sample

Question 16

Entrepreneurial Biases

similarity

Answer 16

tend to evaluate more positively those who are more similar to themselves

Question 17

Entrepreneurial Biases

availability

Answer 17

make judgements about the probability of events based on how easy it is to think of examples

Question 18

Entrepreneurial Biases

representativeness

Answer 18

use a familiar situation as a cognitive shortcut for making decisions

Question 19

Entrepreneurial Biases

status quo

Answer 19

repeat a previous choice overly often

Question 20

Entrepreneurial Biases

Planning fallacy

Answer 20

underestimate the time needed for future tasks

Question 21

Entrepreneurial Biases

escalation of commitment

Answer 21

persist unduly with unsuccessful initiatives or courses of action

Question 22

Founders Personality

1-3

Answer 22

1 founders are not born but made
- personality factors trained & developed
- e.g.: openness towards experience, conscientiousness, resilience

2 motivated by ownership
- owner-manager dominance lead to high motivation
- application of cognition to cope with uncertainty
- e.g.: passion, entrepreneurial orientation

3 key to start-up performance
- success depends on initiative, leveraging means/partnerships
- actions driven by personality and owner-manager dominance

Question 23

Entreprenurial mindset

1-6

Answer 23

1 idea (own business idea)
2 Approach (apply process of successful entrepreneurs)
3 Team (build own team, establish relevant partners)
4 Get yourself started
5 Lean Start-up
6 Pitfalls (watch for critical obstacles)

Question 24

Social issues

1-9

Answer 24

1 Poverty
2 Healthcare
3 Covid-19 Impact
4 Climate change
5 LGBTQ+ discrimination
6 Racial discrimination
7 Aging society

Question 25

The Social Entrepreneurial Process

1-5

Answer 25

1 Recognizing social problem
2 recognizing social opportunity
3 developing double line solution
4 funding and forming social enterprise
5 creating and entering social market

Question 26

Approch of Problem Recognition

1-5

Answer 26

1 Observation
2 Hypothesis
3 Iceberg
4 Problem one-pager
5 Prioritization