(P) Lesson 1: Entrepreneurship: Evolution, Revolution and Education (PPT Based)

Question 1

Who said this? “Entrepreneurs assume and organize the risk of a business in return for profits.”

Answer 1

Richard Cantillon (1725) bading

Question 2

What law of markets did Jean Baptists Say

Answer 2

He (1803), a french economist, say “Supply creates its own demand”

Question 3

What did Joseph Schumpeter refer to that is known as creative destruction?

Answer 3

dynamic economic growth

Question 4

___ and ___ was introduced by the 18th century economists.

Answer 4

analysis and discussion

Question 5

In the 20th century, entrepreneurship is synonymous or closely linked to?

Answer 5

free enterprise and capitalism.

Question 6

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.

Answer 6

F (21st century)

Question 7

they independently own and operate a small business

Answer 7

small business owners

Question 8

T or F. Entrepreneurs include those who purchase already established business as well as franchise.

Answer 8

F (small business owner)

Question 9

Entrepreneurs recognise ____ where others see chaos, contradiction, and confusion

Answer 9

opportunities

Question 10

aggressive catalysts for change within a marketplace

Answer 10

entrepreneur

Question 11

It is a dynamic process of vision, change, and creation.

Answer 11

Entrepreneurship

Question 12

It requires an application of ___ and ___ toward the creation and implementation of innovative ideas and creative solutions.

Answer 12

energy and passion

Question 13

As an entrepreneur, you must be willing to take what in terms of time, equity or career?

Answer 13

calculated risks

Question 14

As an entrepreneur, you must have the ability to formulate a/an?

Answer 14

effective team

Question 15

As an entrepreneur, you must have the creative skill to?

Answer 15

marshal resources

Question 16

As an entrepreneur, you must have the fundamental skill of building a/an?

Answer 16

solid business plan

Question 17

As an entrepreneur, you must have the vision to recognise?

Answer 17

opportunity

Question 18

Myth or threw. Entrepreneurs are doers, not thinkers

Answer 18

Myth

Question 19

Myth or threw. Entrepreneurs are made, not born

Answer 19

threw

Question 20

There is a saying (myth) that Entrepreneurs are always?

Answer 20

inventors

Question 21

Myth or threw. Entrepreneurs are academic and social misfits

Answer 21

Meat

Question 22

Entrepreneurs must fit the___

Answer 22

profile

Question 23

Myth or threw. All entrepreneurs need is money

Answer 23

Meet

Question 24

Myth or True. All entrepreneurs need to be prepared for luck

Answer 24

Through

Question 25

____ are provided an avenue to contribute to the mainstream market

Answer 25

Minority groups

Question 26

T or F. In the U.S., many Millennial use entrepreneurship for second career

Answer 26

F (baby boomer)

Question 27

T or F. Entrepreneurs continue to be the answer to any economic downturn.

Answer 27

T

Question 28

primary benefit of offering innovative products

Answer 28

new ventures having no direct competition

Question 29

What country is the leader in entrepreneurship education at both the undergraduate and graduate levels?

Answer 29

US

Question 30

Entrepreneurial activity within large organizations

Answer 30

Corporate Entrepreneurship

Question 31

Seeking innovative solutions to world problems

Answer 31

Social Entrepreneurship

Question 32

Examining the ways that entrepreneurs think and act

Answer 32

Entrepreneurial Cognition

Question 33

Significant impact on job creation, innovation and economic renewal

Answer 33

Family Businesses

Question 34

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.

Answer 34

Global Entrepreneurial Movement

Question 35

This theory development focuses more on the concept of entrepreneurship.

Answer 35

Schools of Thought Approach

Question 36

T or F. Process approach focuses more on the concept of the entrepreneurial process.

Answer 36

F (focuses more on the flow, not concept)

Question 37

State what view of the Schools of Thought does this belong: - environmental - financial/capital - displacement

Answer 37

macro

Question 38

State what view of the Schools of Thought does this belong: - entrep trait - venture opportu. -strategic formu.

Answer 38

micro(penis)

Question 39

Enumerate the 3 process approach.

Answer 39

integrative, dynamic and frameworks of frameworks

Question 40

What are the types of displacement?

Answer 40

political, cultural and economic displacement

Question 41

What macro view focuses on institutions, values, norms

Answer 41

environmental

Question 42

What is/are the financial focus will you need in your start-up or acquisition venture stage?

Answer 42

seed capital and acquisition

Question 43

What should be your financial focus in an ongoing venture stage?

Answer 43

Cash Management Investments Financial Analysis & Evaluation

Question 44

When a business is in decline or succession one has to?

Answer 44

Profit Question Corporate Buyout Succession Question

Question 45

T or F. The only venture stages are the following: Start-up and Decline

Answer 45

F (+ongoing)

Question 46

A strategic formulation needs a unique market AKA?

Answer 46

Mountain Gap Strategies

Question 47

A strategic formulation needs unique people AKA?

Answer 47

Great Chef Strategies

Question 48

A strategic formulation needs unique products AKA?

Answer 48

better widget strategies

Question 49

A strategic formulation needs unique resources AKA?

Answer 49

water well strategies

Question 50

What process approach has a business model?

Answer 50

dynamic states

Question 51

the end product of a business model is?

Answer 51

value creation

Question 52

T or F. The activities, resources and position must come before the opportunity tension of a business model.

Answer 52

F (after)