Chapter 1

Question 1

Definition of Entrepreneurship

Answer 1

Someone who undertakes to organise, manage and assume the risk of a business

A social or business innovator or developer who recognises and seizes opportunies and converts those opportunities into marketable ideas, is able to take risks and implement ideas in a comeptive market place to ensure the realise rewards

Question 2

Macro View

Answer 2

• Broad array of external factors such as education and culture relate to the success of entrepreneurship
• Include: Social and cultural, financial and capital, displacement, ecological

Question 3

Social and Cultural School of Thought

Answer 3

Lifestyle choices that mould their desires

Question 4

Financial and Capital School of Thought

Answer 4

Capital seeking process where the focus is on the search for seed and growth capital

Question 5

Displacement School of Thought

Answer 5

Can be of a Political, Cultural of Economic nature

Question 6

Ecological School of Thought

Answer 6

Ecological entrepreneurship looks at the metabolism of new venture creation; that is, the study of the flows of energy and materials that enter and exit entrepreneurial businesses.

Question 7

micro view of entrepreneurship

Answer 7

Examines the factors that are specific to entrepreneurship and are part of one’s internal locus of control

he potential entrepreneur has the ability, or control, to direct or adjust the outcome of each major influence in this view.

Question 8

Entrepreneurial trait school of thought

Answer 8

Many researchers and writers have been interested in identifying traits common to successful entrepreneurs.53 For example, achievement, creativity, determination and technical knowledge are four factors that usually are exhibited by successful entrepreneurs. Family development and educational incubation are also examined.

Question 9

venture opportunity school of thought

Answer 9

focuses on the opportunity aspect of venture development. The search for idea sources, the development of concepts and the implementation of venture opportunities are the important interest areas for this school.

Question 10

strategic formulation school of though

Answer 10

micro view of entrepreneurship that views strategic planning as interwoven into the entire fabric of management, not as something with a separate office and staff. Emphasises planning, leveraging of unique markets, unique people, unique products and unique resources. (See also micro view o

Question 11

integrative approach

Answer 11

An entrepreneurial approach that incorporates a ‘from outside’ analysis of five key components to justify the choice of one opportunity over another.

Question 12

dynamic states model

Answer 12

A network of relationships and systems that convert opportunity tension into value for a venture’s customers, generating new resources that maintain the dynamic stat

Question 13

Types of Entrepreneurs

Answer 13

• Seniorpreneurs
• Copreneur
• Business entrepreneurs
• Social entrepreneur
• Small Business Owners

Question 14

seniorpreneur

Answer 14

omeone who starts a business after the age of 55.

Question 15

copreneur

Answer 15

ouple with a personal relationship in addition to a business relationship

Question 16

Business entrepreneur

Answer 16

An entrepreneur driven by the profit motive (as opposed to social entrepreneurs), who seeks growth and profits within the business world

Question 17

Social Entrepreneur

Answer 17

An entrepreneur driven by a mission, who seeks to find innovative ways to develop and promote solutions or products that add value both to the company’s bottom line as well as to society and the planet. Also called corporate social entrepreneur.

Question 18

Small Business owner

Answer 18

As opposed to entrepreneurs, those business owners who, once they have captured an opportunity, do not seek to expand or grow the business, preferring a more stable and less aggressive approach to

Question 19

Entrepreneurial Revolutio

Answer 19

A global trend toward increasing associations between entrepreneurship and economic performance, including job creation, growth, firm survival, innovation and technological change, productivity increases and exports.