Entrepreneurial Perspective

Question 1

Entrepreneurship

Answer 1

The pursuit of lucrative opportunities by enterprising individuals that fulfills needs and wants in the marketplace

Discovering, evaluating, and capitalizing on opportunities to create new and future goods and services.

Question 2

The entrepreneurial process

Answer 2

A great product, a viable market, and good timing are essential ingredients in any recipe for success.

Question 3

A business plan

Answer 3

An essential formal planning step that focuses on and describes all the elements involved in the starting entire venture.

Question 4

A franchise

Answer 4

Is an entrepreneurial alliance between a franchisor (inovator) and a franchisee (manages a new store)

Question 5

Social entrepreneurship

Answer 5

Leverages resources to address social problems

Question 6

What does it take?

Answer 6

-Commitment and determination
-Leadership
-Opportunity obsession
-Tolerance of risk, ambiguity, and uncertainty
-Creativity, self-reliance, and ability to adapt
-Motivation to excel

Question 7

Entrepreneurship vs. Intrapreneurship

Answer 7

Entrepreneurship establishes a new organization without the benefit of corporate sponsorship
Intrapreneurship creates new ventures inside of larger companies

Question 8

Skunkworks (intrapreneurship)

Answer 8

A product team is designated to produce a new innovative product

Question 9

Bootlegging

Answer 9

Is the name given to more informal work on projects of employees own choosing and initiative

Question 10

Entrepreneurial orientation

Answer 10

A tendency of an organization to identify and capitalize successfully on opportunities to launch new ventures by entering new or established markets with new or existing goods and services.