Laying The Foundation - Module 1 Introduction to Entrepreneurship Flashcards
What is an entrepreneurial mindset?
An entrepreneurial mindset is a way of thinking that embraces creativity, opportunity recognition, and tolerance for ambiguity.
Why is tolerance for ambiguity important in entrepreneurship?
Tolerance for ambiguity is important because entrepreneurship involves uncertainty, and successful entrepreneurs are comfortable navigating unknowns.
What is opportunity recognition?
Opportunity recognition is the ability to identify and evaluate potential business ideas that address unmet customer needs.
How does design thinking support entrepreneurship?
Design thinking supports entrepreneurship by encouraging a user-centered approach to problem-solving, focusing on creativity and empathy.
What are the key components of an effective investor pitch?
An effective investor pitch includes clear communication of the problem, solution, market opportunity, and business potential.
What role does storytelling play in pitching?
Storytelling helps convey the entrepreneur’s vision, making the pitch more engaging and relatable to investors.
How can entrepreneurs discover new business ideas?
Entrepreneurs can discover new business ideas by observing market trends, identifying pain points, and understanding customer needs.
Who is Lucas Frye, and why is his story relevant?
Lucas Frye is an entrepreneur who successfully pitched Amber Agriculture. His story provides practical insights into presenting a winning investor pitch.
What is the importance of customer needs in entrepreneurship?
Understanding customer needs is crucial as it helps entrepreneurs develop products that address real market demands.
What are some techniques for evaluating business opportunities?
Techniques include market analysis, customer feedback, competitive assessment, and feasibility studies.
What is design thinking?
Design thinking is a problem-solving process focused on empathy, creativity, and user-centered solutions.
How does an entrepreneurial mindset drive innovation?
An entrepreneurial mindset encourages exploring new ideas, taking calculated risks, and approaching challenges creatively.
