Module 4

Question 1

is a startup company or organization that conducts business or is created to satisfy a need

Answer 1

venture

Question 2

a person who provides work similar to an employee without being part of the payroll

Answer 2

independent contractor

Question 3

Who accounts for most new startup activity?

Answer 3

People over 40

Question 4

the economic system by which a workforce of people (known as gig workers) engage in freelance and/or side-employment

Answer 4

Gig economy

Question 5

What is one advantage of the gig economy for employers?

Answer 5

a decrease in cost of benefits and loyalties to specific employees.

Question 6

What is one advantage of the gig economy for independent contractors?

Answer 6

no long-term commitment and flexibility in accepting contracts.

Question 7

According to the GEM 2021/2022 Women’s Entrepreneurship Report, what percentage of entrepreneurs are women?

Answer 7

about one in three entrepreneurs.

Question 8

In which sector are about half of women entrepreneurs involved?


Answer 8

Wholesale/Retail sector

Question 9

What is the percentage of women starting businesses in the ICT sector compared to men?

Answer 9

2.7% of women compared to 4.7% of men.

Question 10

What does the quote “Every journey begins with a single step” (Lao Tzu) imply about entrepreneurship?

Answer 10

It emphasizes the importance of taking the first step in the entrepreneurial journey.

Question 11

What is required to find out your potential for entrepreneurship?

Answer 11

Self-discovery, exploration, and different experiences.

Question 12

What does success in entrepreneurship mean according to the study material?

Answer 12

Success means courageously stepping out of your comfort zone.

Question 13

What are the seven steps of the entrepreneurial journey?

Answer 13

1. Inspiration
2. Preparation
3. Assessment
4. Exploring Resources
5. Business Plan
6. Navigation
7. Launch

Question 14

What mindset is needed during the inspiration step of the entrepreneurial journey?

Answer 14

A creative, open, and innovative state of mind.

Question 15

What should you ask yourself during the inspiration step?

Answer 15

Do I have the mental, physical, psychological, or financial capabilities and support system to launch a venture?

Question 16

What are potential obstacles during the inspiration step?

Answer 16

Self-doubt, fear of the unknown, limited time, resources, or personal connections.

Question 17

● Gather information
● Benchmark
is a method of tracking target expectations with actionable results by comparing one’s own
● Organize
● Fluid focus

Answer 17

Step 2: Preparation

Question 18

a method of tracking target expectations with actionable results by comparing one’s own company’s performance with an industry average, a leader within the industry, or a market segment.

Answer 18

Benchmark

Question 19

● Ask yourself: Where will I find partners, customers, locations, and other key resources? Who can help me achieve my goals and maintain a healthy business operational status?

● Potential obstacles include limited connections, partners without skills and resources that match your needs or goals, limited education or experience.

Answer 19

Step 3: Assessment

Question 20

What should you address during the exploring resources step?

Answer 20

Cash management and consider bootstrapping.

Question 21

● Address cash management and consider bootstrapping.
● During a trial run, you can use a limited market to test your product or service.
●Ask yourself: How can I afford to achieve my goal and maintain my financial status once I get there?
● Potential obstacles include limited or little access to appropriate or adequate capital, limited or

Answer 21

Step 4: Exploring Resources

Question 22

It provides important insights into your idea and helps modify your business for better chances of success.

Answer 22

writing a business plan before launching a venture

Question 23

involves being prepared and making changes when faced with obstacles.

Answer 23

Navigation

Question 24

Does your vision include a level of flexibility when you discover new information that supports exploring a new area?

Ask yourself: How should I prepare for or deal with any potential obstacles or challenges, such as having no money or no solid business idea?

A potential obstacle includes a limited outlook for the appropriate strategies, goals, or opportunities.

Answer 24

Step 6: Navigation

Question 25

Consider your target market and the resources necessary to support your venture when choosing the location for your launch.

Answer 25

Step 7: Launch

Question 26

What should you plan for in terms of entrepreneurial rewards and risks?

Answer 26

Challenges and potential obstacles.