ch 5

Question 1

why is entrepreneurship important to a society/nation?

Answer 1

nations competiveness
-innovation: new small orgs generate 24x more innovations/research + development dollar spent than fortune 500
-job creation: important to the overall LT economic health or communities, regions and nations

Question 2

entrepreneurship process

Answer 2

1 - founder: ability of the founder to balance the critical factors of opportunity, team and resources
2 - opportunity : start w market opp and distinguish the diff b/w idea and opportunity
3 - team: put together team once opp identified
4 - resources : “minimize and control”

Question 3

creative destruction

Answer 3

creates opportunity thru innovation
in the process of transformation + accompanies innovation - things before “destroyed”