Entrepreneurship

Question 1

Describe the nature of entrepreneurship

Answer 1

The development from an idea to a business

Question 2

Explain the role requirements (qualities) of entrepreneurs and owners

Answer 2

Strong leaders
Intelligent/Skillful
Confident
Risk-takers

Question 3

Describe small-business opportunities in international trade

Answer 3

Using the internet, they can reach a wider audience

Question 4

Discuss the entrepreneurial discovery process

Answer 4

Studying markets to identify product/service demands

Question 5

Assess global trends and opportunities for business ventures

Answer 5

Studying markets to identify product/service demands

Question 6

Determine opportunities for venture creation

Answer 6

Studying markets to identify product/service demands

Question 7

Assess opportunities for venture creation

Answer 7

Studying markets to identify product/service demands

Question 8

(How to) Generate venture ideas

Answer 8

Research demand
Build off your own skills
Be creative

Question 9

(How to) Determine feasibility of venture ideas

Answer 9

Analyze competitors/market
Ask others for opinions
Prepare to test idea

Question 10

Describe entrepreneurial planning considerations (list)

Answer 10

Idea feasibility
Costs/funding

Question 11

Explain tools (analyses/models) used by entrepreneurs for venture planning

Answer 11

PEST analysis
SWOT analysis
7S model

Question 12

Define PEST analysis

Answer 12

Political, Economic, Social, and Tech.
Analyzes external factors for a company

Question 13

Define SWOT analysis

Answer 13

Strengths, Weaknesses, Opportunities, and Threats
Analyzes internal factors of a company

Question 14

Define 7S model

Answer 14

Structure, Style, Systems, Staff, Skills, Strategy, and Shared values
Analyzes organization of a company

Question 15

Assess start-up requirements (in order)

Answer 15

1. Business idea/plan
2. Funding
3. Location/Website
4. Legal structure
5. Register, ID’s, Licenses, Permits
6. Marketing plan
7. Employees
8. Customer base

Question 16

Assess risks associated with venture (2 types)

Answer 16

Internal and external risks

Question 17

Internal venture risk examples

Answer 17

Financial risk
Operational risk

Question 18

External venture risk examples

Answer 18

Market risk
Competitive risk
Legal risks

Question 19

Describe external resources useful to entrepreneurs during concept development

Answer 19

Research
Other entrepreneurs/mentors

Question 20

Assess the need to use external resources for concept development

Answer 20

So we don’t get trapped in our own “bubble”

Question 21

Use components of business plan to define venture idea

Answer 21

PMMOOFIG:
Product/service plan
Management team
Marketing plan
Operational plan
Organizational plan
Financial plan
Industry/market analysis
Growth plan

Question 22

Describe processes used to acquire adequate financial resources for venture creation/start-up

Answer 22

Networking
Researching
Venture capitalists/angel investors
Crowdfunding
Loans

Question 23

Select sources to finance venture creation/start-up

Answer 23

Networking
Researching
Venture capitalists/angel investors
Crowdfunding
Loans

Question 24

Explain factors to consider in determining a venture’s human-resources needs

Answer 24

Employees
Market
Management
Partners
Affordability

Question 25

Explain considerations in making the decision to hire staff

Answer 25

Skills/experience
Recommendations
Mindset

Question 26

Describe considerations in selecting capital resources

Answer 26

Productivity
Affordability
Sustainability
Ease of access

Question 27

Capital resources

Answer 27

Man made assets used to manufacture goods
Examples: Tools, machines, equipment, buildings

Question 28

Assess the costs/benefits associated with resources (examples)

Answer 28

Financial, human, competitive

Question 29

Use external resources to supplement entrepreneur’s expertise

Answer 29

Any outside source that’s better than the entrepreneur

Question 30

Explain the complexity of business operations (examples of factors)

Answer 30

Legal
Financial
Production
HR/CRM

Question 31

Evaluate risk-taking opportunities

Answer 31

Analyze opportunity vs risk

Question 32

Explain the need for business systems and procedures

Answer 32

Create structure, more efficiency, less risk

Question 33

Describe the use of operating procedures

Answer 33

SOP’s (standard operating procedure) make complex routines simpler for workers

Question 34

Explain methods/processes for organizing workflow

Answer 34

Workflow diagrams, SOP’s, task delegations

Question 35

Develop and/or provide product/service

Answer 35

Do the thing

Question 36

Use creative problem-solving in business activities/decisions

Answer 36

Do the thing

Question 37

Explain the impact of resource productivity on venture success

Answer 37

More productivity = more success, same with inverse

Question 38

Create processes for ongoing opportunity recognition (examples)

Answer 38

Intrapreneurship
Environment/competitive analysis
SWOT/PEST/7s models

Question 39

Develop plan to invest resources into improving current products or creating new ones

Answer 39

Understand market
Idea/Prototypes
Market Testing
Iterate based on feedback

Question 40

Adapt to changes in business environment (external factors)

Answer 40

PEST analysis

Question 41

Explain the need for continuation planning

Answer 41

It helps a business stay strong, adapt to changes, and plan for the future to keep growing

Question 42

Describe methods of venture harvesting

Answer 42

Initial Public Offering (IPO)
Management Buyout (MBO)
Merger/Acquisition
Liquidation

Question 43

Evaluate options for continued venture involvement

Answer 43

Expansion
Franchisin
Diversify products/services
Strategic alliances

Question 44

Develop exit strategies

Answer 44

Initial Public Offering (IPO)
Management Buyout (MBO)
Merger/Acquisition
Liquidation