Entrep Lec - Lesson 1 Flashcards

1
Q

entrepreneurship is derived from the French word?

A

entreprendre (to undertake)

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2
Q

it is a dynamic process of vision, change, and creation that requires an application of energy and passion toward the creation and implementation of new ideas and creative solutions

A

entrepreneurship

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3
Q

what does TBL mean

A

triple bottom line framework

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4
Q

what is included in the TBL

A
  • economic
  • environmental
  • social
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5
Q

Analogy

macro : ____ ; micro : small-scale

A

wide-scale

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6
Q

A school of thought is a body of belief, literature or theory that is accepted as authoritative by a group of scholars or writers

A

Schools of Entrepreneurial thought

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7
Q

includes external processes that are sometimes beyond the control of the individual entrepreneur

A

macro view

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8
Q

True or False

The environmental school of thought, financial/capital school of thought, and the displacement school of thought are under micro view

A

False

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9
Q

presents a broad array of factors that relate to the success or failure in contemporary entrepreneurial ventures

A

macro view

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10
Q

Positive or negative external factors that affect the lifestyle of a potential entrepreneur

A

Environmental school of thought

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11
Q

The complete focus of this school of thought is the search for start-up and growth capital because securing venture capital is vital to an entrepreneur’s development

A

Financial/Capital school of thought

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12
Q

types of displacement

A
  • Political displacement
  • Cultural displacement
  • Economic displacement
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13
Q

This thought process concentrates on the
negative side of the existence of a group. It argues that a group can slow a person’s development, either bringing it to a halt or removing specific factors vital to the individual for them to advance

A

Displacement school of thought

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14
Q

True or False

Micro View examines factors specific toward entrepreneurship being part of internal locus of control

A

True

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15
Q

The potential entrepreneur has the ability to adjust and control outcomes of each major influence in this view

A

micro view

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16
Q

schools of thought under micro view

A
  • Entrepreneurial trait
  • Venture opportunity
  • Strategic formulation
17
Q

True or False

achievement, creatvity, determination and technical knowledge are all under entrepreneurial trait

18
Q

unique markets, unique people, unique products, and unique resources are all under?

A

strategic formulation

19
Q
  • An individual who creates a new business, bearing most of the risks and enjoying most of the rewards.
  • An innovator, a source of new ideas, goods, services, and business/or procedures
A

entrepreneur

20
Q

True or False

According to Joseph Alois
Schumpeter
an entrepreneur is someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker, decides what, how, and how much of a good or service will be produced

21
Q

True or False

Entrepreneurs are not necessarily motivated by profit but regard it as a standard for measuring achievement or success

22
Q

four primary characteristics of an entrepreneur

A
  • passion for the business
  • product/customer focus
  • tenacity despite failure
  • execution of intelligence
23
Q

The number one characteristic shared by successful entrepreneurs is

A

passion for the business

24
Q

An entrepreneur’s keen focus on products and customers typically stems from the fact that most entrepreneurs are, at heart, craftspeople

A

product/customer focus

25
The ability to fashion a solid business idea into a viable business is a key characteristic of successful entrepreneurs
Execution Intelligence
26
A defining characteristic for successful entrepreneurs’ is their ability to persevere through setbacks and failures
Tenacity Despite Failure
27
Common Myths About Entrepreneurs
1. Entrepreneurs Are Born Not Made 2. Entrepreneurs Are Gamblers 3. Entrepreneurs Are Motivated Primarily by Money 4. Entrepreneurs Should Be Young and Energetic
28
# True or False The idea for Harry Potter came to JK Rowling on a **bus** in 1990.
False | Correct answer: train
29
JK Rowling's Harry Potterand the Philosopher’s Stone, was published in?
1997
30
This myth is based on the mistaken belief that some people are genetically predisposed to be entrepreneurs
Entrepreneurs Are Born Not Made
31
known as the "Banker of the Poor" and established the GRameen Bank in Bangladesh in 1983
Muhammad Yunus
32
# True or False The most active age for business ownership is **25 to 45 years old**
False | Correct answer: 35 - 45 years old