module 1

Question 1

The word entrepreneur derives from the French
words entre, meaning

Answer 1

between

Question 2

and prendre,
meaning

Answer 2

to take

Question 3

is the process by which
individuals pursue opportunities without
regard to resources they currently control.

Answer 3

Entrepreneurship

Question 4

is the
conceptualization of entrepreneurship
at the organizational level.
Entrepreneurial firms are proactive,
innovative, and risk taking. In contrast,
conservative firms take a more “wait
and see” posture

Answer 4

Corporate entrepreneurship

Question 5

The three primary reasons that people decide
to become entrepreneurs

Answer 5

1. Be Their Own Boss
2. Pursue Their Own Ideas
3. Pursue Financial Rewards

Question 6

four primary
characteristics of successful entrepreneurs.

Answer 6

1. Passion for the Business
2. Product/Customer Focus
3. Tenacity
4. Execution Intelligence

Question 7

The five most common myths
regarding entrepreneurship

Answer 7

Myth 1: Entrepreneurs are born, not made.
Myth 2: Entrepreneurs are gamblers.
Myth 3: Entrepreneurs are motivated
primarily by money.
Myth 4: Entrepreneurs should be young and
energetic.
Myth 5: Entrepreneurs love the
spotlight.

Question 8

Economic Impact of Entrepreneurial Firms

Answer 8

1. Innovation
2. Job Creation

Question 9

The four distinct elements of the
entrepreneurial process

Answer 9

Step 1 Deciding to become an entrepreneur
 Step 2 Developing successful business ideas
 Step 3 Moving from an idea to an
entrepreneurial firm
 Step 4 Managing and growing the
entrepreneurial firm