(P) Lesson 1: Entrepreneurship: Evolution, Revolution and Education (PPT Based) Flashcards
Who said this? “Entrepreneurs assume and organize the risk of a business in return for profits.”
Richard Cantillon (1725) bading
What law of markets did Jean Baptists Say
He (1803), a french economist, say “Supply creates its own demand”
What did Joseph Schumpeter refer to that is known as creative destruction?
dynamic economic growth
___ and ___ was introduced by the 18th century economists.
analysis and discussion
In the 20th century, entrepreneurship is synonymous or closely linked to?
free enterprise and capitalism.
T or F. In the 20th century, entrepreneurs are considered heroes of free enterprise. Many of them have used innovation and creativity to build multimillion-dollar enterprises from fledgling businesses in less than a decade.
F (21st century)
they independently own and operate a small business
small business owners
T or F. Entrepreneurs include those who purchase already established business as well as franchise.
F (small business owner)
Entrepreneurs recognise ____ where others see chaos, contradiction, and confusion
opportunities
aggressive catalysts for change within a marketplace
entrepreneur
It is a dynamic process of vision, change, and creation.
Entrepreneurship
It requires an application of ___ and ___ toward the creation and implementation of innovative ideas and creative solutions.
energy and passion
As an entrepreneur, you must be willing to take what in terms of time, equity or career?
calculated risks
As an entrepreneur, you must have the ability to formulate a/an?
effective team
As an entrepreneur, you must have the creative skill to?
marshal resources
As an entrepreneur, you must have the fundamental skill of building a/an?
solid business plan
As an entrepreneur, you must have the vision to recognise?
opportunity
Myth or threw. Entrepreneurs are doers, not thinkers
Myth
Myth or threw. Entrepreneurs are made, not born
threw
There is a saying (myth) that Entrepreneurs are always?
inventors
Myth or threw. Entrepreneurs are academic and social misfits
Meat
Entrepreneurs must fit the___
profile
Myth or threw. All entrepreneurs need is money
Meet
Myth or True. All entrepreneurs need to be prepared for luck
Through
____ are provided an avenue to contribute to the mainstream market
Minority groups
T or F. In the U.S., many Millennial use entrepreneurship for second career
F (baby boomer)
T or F. Entrepreneurs continue to be the answer to any economic downturn.
T
primary benefit of offering innovative products
new ventures having no direct competition
What country is the leader in entrepreneurship education at both the undergraduate and graduate levels?
US
Entrepreneurial activity within large organizations
Corporate Entrepreneurship
Seeking innovative solutions to world problems
Social Entrepreneurship
Examining the ways that entrepreneurs think and act
Entrepreneurial Cognition
Significant impact on job creation, innovation and economic renewal
Family Businesses
What movement of the WEF research shows significant entrepreneurial success (2000–2009) in the following countries: U.S., Canada, U.K., Germany, France, Sweden, Norway, Israel, China, India, Japan, Australia and New Zealand.
Global Entrepreneurial Movement
This theory development focuses more on the concept of entrepreneurship.
Schools of Thought Approach
T or F. Process approach focuses more on the concept of the entrepreneurial process.
F (focuses more on the flow, not concept)
State what view of the Schools of Thought does this belong:
- environmental
- financial/capital
- displacement
macro
State what view of the Schools of Thought does this belong:
- entrep trait
- venture opportu.
-strategic formu.
micro(penis)
Enumerate the 3 process approach.
integrative, dynamic and frameworks of frameworks
What are the types of displacement?
political, cultural and economic displacement
What macro view focuses on institutions, values, norms
environmental
What is/are the financial focus will you need in your start-up or acquisition venture stage?
seed capital and acquisition
What should be your financial focus in an ongoing venture stage?
Cash Management
Investments
Financial Analysis & Evaluation
When a business is in decline or succession one has to?
Profit Question
Corporate Buyout
Succession Question
T or F. The only venture stages are the following:
Start-up and Decline
F (+ongoing)
A strategic formulation needs a unique market AKA?
Mountain Gap Strategies
A strategic formulation needs unique people AKA?
Great Chef Strategies
A strategic formulation needs unique products AKA?
better widget strategies
A strategic formulation needs unique resources AKA?
water well strategies
What process approach has a business model?
dynamic states
the end product of a business model is?
value creation
T or F. The activities, resources and position must come before the opportunity tension of a business model.
F (after)
