ENTREP: Lesson 1 - Introduction

Question 1

What is ENTREPRENEURSHIP?

Answer 1

• refers to all the processes and activities involved in establishing, nurturing, and sustaining a business enterprise

Question 2

Entrepreneurship involves…

Answer 2

1. seeking opportunities
2. operating a business
3. out of the opportunity
4. assessing its risks and rewards

Question 3

“Entrepreneur” comes from the _________ term __________ which means ___________.

Answer 3

• French
• entreprendre
• to undertake

Question 4

_________ refers to the ideals of your customers, and this ______ system may differ from one person to another

Answer 4

Value

Question 5

What are the 5 entrepreneurial process

Answer 5

1. Discovery
2. Development of concept
3. Organizing resources
4. Implementation
5. Returns

Question 6

Recognition of ideas –>

Answer 6

• expansion of the firm

Question 7

What are the 3 entrepreneurial decision making?

Answer 7

• CRITICAL THINKING: “WHY?”
• CREATIVE THINKING: “HOW?”
• STRATEGIC THINKING: HOW DO WE SUPPORT OUR DATA?”

Question 8

The systematic and rational way of providing an answer to a question.

Answer 8

CRITICAL THINKING

Question 9

Thought process that brings about the discovery of new ideas – dreams, insights, or observations.

Answer 9

CREATIVE THINKING

Question 10

Thought process that asses a current situation –
Porter’s, Trend Analysis.
Focuses on Forecasting

Answer 10

STRATEGIC THINKING

Question 11

What are the 5 Competitive advantages needed in entrepreneurship?

Answer 11

1. Customer-focused
2. Integrity and responsibility
3. Niche market
4. Innovative
5. Quality assurance

Question 12

Serving customers directly and
effectively

Answer 12

COSTUMER FOCUSED

Question 13

A solid reputation for honesty and
dependability to good customer service
and excellent product quality

Answer 13

INTEGRITY AND RESPONSIBILITY

Question 14

Targeting a specific group of customers
who have an identifiable but very narrow
range of product or service interests and
compromise.

Answer 14

NICHE MARKET

Question 15

Taking inventions or innovations
developed elsewhere and put them into
use, which requires marketing, sales,
and organization

Answer 15

INNOVATIVE

Question 16

Should not accept anything less than the
highest-quality performance.

Answer 16

QUALITY ASSURANCE

Question 17

Someone who makes a product out of a
problem.

Answer 17

ENTREPRENEUR

Question 18

an entrepreneur who puts
technology at the core of his or her business
model.

Answer 18

TECHNOPRENEUR

Question 19

An entrepreneur in a large company or
corporation within the
boundaries of a company,

Answer 19

INTRAPRENEUR

Question 20

An entrepreneur who hops from one
company to another to act as innovation

Answer 20

EXTRAPRENEUR

Question 21

One who takes
advantage of the country’s social problems
and turns them into profitable institutions

Answer 21

SOCIAL

Question 22

have more freedom, but
they take on more risks.

Answer 22

Entrepreneurs

Question 23

must follow
strict schedules and work orders, they
get financial security.

Answer 23

Employees

Question 24

Employees are more likely to secure their
positions and obtain financial safety.

Answer 24

RISK MANAGEMENT

Question 25

Advantages and disadvantages of “employment”

Answer 25

ADVANTAGES:
* LEAVE BENEFITS
* GUARANTEED
INCOME
* FIXED WORKING
HOURS
* LESS
RESPONSIBILITY

DISADVANTAGES:
* DEPENDENCY
* LIMITED INCOME
* LIMITED
DEVELOPMENT
SCOPE
* JOB SECURITY

Question 26

Advantages and disadvantages of “entrepreneurship”

Answer 26

ADVANTAGES:
* GROWTH IN
CAREER
* INDEPENDENCE
* FLEXIBLE
WORKING HOURS
* ABILITY TO EARN
* CHANGE AND
EXPLORATION

DISADVANTAGES:
* STRESS
* INVESTMENT
* LONG WORKING
HOURS
* FINANCIAL
INSTABILITY
* RISK