Exam 1

Question 1

Entrepreneur

Answer 1

To undertake. A person who starts a business. One who organizes and manages and assumes the risk of a business.

One who creates a new business in the face of risk.

Question 2

entrepreneurship

Answer 2

The result of a discipline systematic process of applying creativity and innovation to the needs and opportunities in the marketplace.

Question 3

entrepreneurial mindset

Answer 3

Choice, opportunity, action, knowledge, wealth, brand, community, persistence

Question 4

creativity

Answer 4

The ability to develop new ideas and to discover new ways of looking at problems and opportunities

Question 5

innovation

Answer 5

The ability to apply creative solutions to problems or opportunities to enhance or to enrich people’s lives.

Question 6

social entrepreneurship

Answer 6

The process of pursuing innovative solutions to social problems.

Question 7

opportunity assessment

Answer 7

Determines the profitability of a product or service idea

Question 8

Why is opportunity assessment important?

Answer 8

Because it helps the entrepreneur determine if an opportunity is worth pursuing

Question 9

intellectual property

Answer 9

Patents, trademarks, copyrights, or trade secrets held by the entrepreneur.

Question 10

patent

Answer 10

Contract between the government and the inventor.

Question 11

trademark

Answer 11

Any distinctive word, symbol, design, name, logo, slogan, or trade dress that a company uses to identify the origin of a product or to distinguish it from other goods on the market.

Question 12

copyright

Answer 12

Exclusive right that protects the creators of original works of authorship such as literary, dramatic, musical, and artistic works.

Question 13

What are the key characteristics of entrepreneurs

Answer 13

desire for responsibility, preference for moderate levels of risk, confidence in their ability to succeed, determination, desire for immediate feedback, high levels of energy, future orientation, skilled at organizing, value achievement over money

High degree of commitment, tolerance for ambiguity, flexibility, a willingness to work hard, and tenacity

Question 14

What are the benefits of entrepreneurship

Answer 14

create your own destiny, make a difference, reach your full potential, reap impressive profits, contribute to society and to be recognized for your efforts, do what you enjoy and have fun at it

Question 15

What are the drawbacks of entrepreneurship

Answer 15

uncertainty of income, risk of losing your entire investment, long hours and hard work, lower quality of life until business is established, high levels of stress, complete responsibility, discouragement

Question 16

Why are we hearing so much about Entrepreneurship today

Answer 16

[answer]

Question 17

Why is there a high failure rate within entrepreneurship

Answer 17

management mistakes, lack of experience in the industry, poor financial control, weak marketing efforts, failure to develop a strategic plan, uncontrolled growth, poor location, improper inventory control, incorrect pricing, inability to make the entrepreneurial transition,

Question 18

How can you avoid entrepreneurial failure

Answer 18

Know your business in depth by developing a solid business plan and managing financial resources, understand financial statements, and learn to manage people effectively, set your business apart from the competition and maintain a positive attitude.

Question 19

What are the key differences between an “employee” and an “entrepreneur”?

Answer 19

responsible for all decisions, hold both short and long term visions, feeling uncomfortable in new comfort zone, learning is a continuous journey, numbers don’t lie, love your business but be objective, enjoy breaking rules, time isn’t linear, start now

Question 20

What concept is being referred to when it is said that entrepreneurs must identify the “marshmallow in their business venture”?

Answer 20

The marshmallow is a metaphor for the hidden assumptions in your venture. The marshmallows seem light and fluffy but then you come to realize that it is a heavy unforeseen burden on the noodles.

Question 21

What are the eight entrepreneurial “mindset lessons” from Who Owns the Lighthouse?

Answer 21

Choice, opportunity, action, knowledge, wealth, brand, community, persistence

Question 22

What are ways to enhance individual creativity?

Answer 22

allow yourself to be creative, give your mind fresh input every day, observe the products and services of other companies, recognize the creative power of mistakes, notice what is missing, keep a journal to record your thoughts and ideas, listen to other people, listen to customers, talk to a child, do something ordinary in an unusual way, keep a toy box, do not throw away seeming bad ideas, take some time off, be persistent, forget the rules, and travel and observe

Question 23

What are ways to enhance organizational creativity?

Answer 23

talk and interact with customers, reward creativity, model creative behavior, monitor emerging trends and identify ways your company can capitalize on those, hire for creativity, view problems as opportunities, incorporate fun into the work environment, design a creative work space, look for uses for your company’s products in other markets

Question 24

What are the key steps in the creative process?

Answer 24

preparation, investigation, transformation, incubation, illumination, verification, implementation

Question 25

How can entrepreneurs protect their ideas?

Answer 25

copyright, patent, trademark, and trade secrets.