lesson 1

Question 1

Always searches for change, responds to it and exploits it as an opportunity. - Peter Drucker

Answer 1

Entrepreneurship

Question 2

has an enormous impact on the economy and in the society.

Answer 2

Entrepreneurship

Question 3

responds to policies that ensure the protection of new ideas, facilitate access to capital and talent, allow the management of risks

Answer 3

Entrepreneurial activity

Question 4

are concrete manifestations of entrepreneurship.

Answer 4

Small and Medium Enterprises (SMEs)

Question 5

an Austrian economist, was the one who first articulated the importance of entrepreneurship to the economy and in the society in 1934.

Answer 5

Joseph Schumpeter,

Question 6

having profits from bearing uncertainty and risk

Answer 6

Knight 1921

Question 7

carrying out of new combinations of firm organization —new products, new services, new sources of raw material, new methods of production, new markets, new forms of organization

Answer 7

Schumpeter 1934

Question 8

uncertainty bearing… coordination of productive resources… introduction of innovations and provision of capital.

Answer 8

Hoselitz 1952

Question 9

purposeful activity to initiate and develop a profit oriented business.

Answer 9

Cole 1959

Question 10

taking moderate risk

Answer 10

McClelland 1961

Question 11

a kind of behavior that includes : initiative taking, organizing or reorganizing of social economic mechanisms to turn resources and situations to practical account and the acceptance of risk failure

Answer 11

Shapero 1975

Question 12

decisions and judgements about the coordination of scarce resources.

Answer 12

Casson 1982

Question 13

dynamic process of creating incremental wealth. This wealth is created by individuals who assume the major risks in terms of equity, time and/or career commitment of providing value for some product or service. The product or service itself may or may not be new or unique, but value must somehow be infused by the entrepreneur by securing and allocating the necessary skills and resources.

Answer 13

Ronstadt 1984

Question 14

behavior rather than personality trait. Its foundation lies in concept and theory rather than in intuition.

Answer 14

Drucker 1985

Question 15

creation of new organizations

Answer 15

Gartner 1985

Question 16

process of creating something new with value by devoting the necessary time and effort; assuming the accompanying financial, psychic and social risks and uncertainties; and receiving the resulting rewards of monetary and personal satisfaction.

Answer 16

Hisrich & Brush 1985

Question 17

pursuit of opportunity without regard to resources currently controlled.

Answer 17

Stevenson & Grousebeck 1989

Question 18

pursuit of opportunity without regard to resources currently controlled, but constrained by the founders’ previous choices and industry related experience.

Answer 18

Hart, Stevenson and Dial 1995

Question 19

an activity that involves the discovery, evaluation and exploitation of opportunities to introduce new goods and services, ways of organizing, markets, processes and raw materials thorough organizing efforts that previously had not existed.

Answer 19

Shane 2003

Question 20

dynamic process of vision, change and creation that requires an application of energy and passion toward the creation and implementation of new ideas and creative solutions.

Answer 20

Kuratko 2009

Question 21

conceiving an opportunity to offer new or improved goods or services, showing the initiative to pursue that opportunity, making plans, mobilizing the resources necessary to convert the opportunity into reality.

Answer 21

Dyck and Neubert 2012