Module 1

Question 1

Someone who identifies and acts on an idea or problem that no one else has identified or acted on.

A person who starts a business and is willing to risk loss in order to make money

Answer 1

entrepreneur

Question 2

What are the key concepts associated with the definition of an entrepreneur?

Answer 2

Willingness to take risks, willingness to risk loss, far-sightedness, and innovation.

Question 3

What are two main actions that entrepreneurs take?

Answer 3

Recognize opportunity and create something new.

Question 4

is an entrepreneur who leverages technology as the foundation of their business.

They are innovative individuals who combine technical expertise with entrepreneurial skills to create new products, services, or business models, often driving innovation and disruption within their industry.

Answer 4

technopreneur

Question 5

Is the creation of any business, organization, project, or operation that includes a level of risk in acting on an opportunity that has not previously been established.

○ Can be for profit or not-for-profit.

Answer 5

entrepreneurial venture

Question 6

companies known for introducing groundbreaking technologies or ideas that significantly change industries
o Apple
o Tesla
o NVIDIA

Answer 6

Innovators

Question 7

develop entirely new products or services that create new markets or redefined existing ones
o Google
o Amazon
o Netflix

Answer 7

Creators

Question 8

establish entirely new markets or ecosystems
o Microsoft
o Salesforce
o Uber

Answer 8

Market Makers

Question 9

take existing technologies or business models and scale them to global market
o Facebook (Meta)
o Alibaba
o Spotify

Answer 9

Expanders and Scalers

Question 10

The difference between risk and calculated risk

Answer 10

due diligence

Question 11

A business where the founders’ primary focus is the lifestyle they will attain through becoming entrepreneurs, rather than financial rewards.

Answer 11

lifestyle venture

Question 12

What is the typical exit strategy for a lifestyle venture?

Answer 12

harvesting

Question 13

The point at which the investors and entrepreneurial team receive their return on creating and building the venture.

Answer 13

harvest

Question 14

How do lifestyle ventures typically secure funding?

Answer 14

They are more likely to be funded through
family/friends,
traditional methods,
such as bank or small business loans.

Question 15

What advantages do lifestyle entrepreneurs have in their ventures?

Answer 15

greater freedom to decide areas of responsibilities,
hours of contribution,
and other decisions that support their desired lifestyle.

Question 16

Problem-solving step-by-step approach:

Answer 16

1. Identify the problem. What needs to be fixed?
2. Determines the root causes. Once you have identified what your problem is, you need to figure out why it is.
3. Find multiple solutions. Thinking innovatively. Do not settle for the first solution you find. Find as many alternative solutions as you can.
4. Determine the solution that will work best. Go about it logically. Consider viability, scalability, available resources, risks, benefits, and how it can be measured.
5. Plan and implement your solution. Build a plan to execute your solution. You will need to cover who, what, when, and how you will implement your plan.
6. Measure the success of your solution. How does it measure against your goals, objectives, and budget? Can you see a measurable outcome?

Question 17

What needs to be fixed?

Answer 17

Identify the problem

Question 18

Once you have identified what your problem is, you need to figure out why it is.

Answer 18

Determines the root causes

Question 19

Thinking innovatively. Do not settle for the first solution you find. Find as many alternative solutions as you can.

Answer 19

Find multiple solutions

Question 20

Go about it logically. Consider viability, scalability, available resources, risks, benefits, and how it can be measured.

Answer 20

Determine the solution that will work best

Question 21

Build a plan to execute your solution. You will need to cover who, what, when, and how you will implement your plan.

Answer 21

Plan and implement your solution

Question 22

How does it measure against your goals, objectives, and budget? Can you see a measurable outcome?

Answer 22

Measure the success of your solution

Question 23

One characteristic of a savvy entrepreneur is recognizing the ability to identify a problem from an

Answer 23

opportunity-identification perspective.

Question 24

What does it take to become an entrepreneur?

Answer 24

Besides an entrepreneurial mindset, its takes education and funding.

Question 25

What are the three primary sources of funding that entrepreneurs typically seek?

Answer 25

Family and friends
Angel investors
Venture capitalists

Question 26

are sometimes willing and able to invest money in the entrepreneurial team.

Answer 26

Family and friends

Question 27

are often entrepreneurs who have successfully launched and harvested their own ventures and have an interest in helping other entrepreneurs in their startups, staying active in the entrepreneurial world, and receiving a return on their investment in the venture. They often provide funding early in the life of a venture.

Answer 27

Angel investors

Question 28

are a group of people (or organizations) who pool resources to invest in entrepreneurial ventures, contributing larger sums of funds than are available through angel investors. In each funding round,
investors receive an equity stake in the venture with expectations that at some point in the future, the venture will be sold or harvested, at which time the investors will receive a return on their investment.

Answer 28

Venture capitalists

Question 29

What factors can affect entrepreneurial opportunity?

Answer 29

employment rates
government policies
trade issues

Question 30

What conditions promote entrepreneurial opportunities in a country?

Answer 30

Independent thinking being encouraged
Minimal bureaucracy
Easy access to information inspiring creativity and open-mindedness

Question 31

What key characteristics encourage entrepreneurship?

Answer 31

support for freedom to create and innovate.

Question 32

identifies a problem with a social or community focus, a concern for quality of life, or concern for our entire planet’s health.

Answer 32

social entrepreneur

Question 33

A young inventor working on an industrial-scale air filter to clean pollutants.

Answer 33

Angad Daryani

Question 34

someone who starts and harvests multiple entrepreneurial ventures.

Answer 34

serial entrepreneur

Question 35

What products are associated with Angad Daryani’s ventures?

Answer 35

Sharkits and SharkBot 3D Printer.