Topic 1 Entrepreneurship and the Entrepreneur

Question 1

→ is a dynamic process of vision, change, and creation. It requires an application of energy and passion toward the creation and implementation of innovative ideas and creative solutions.

Answer 1

Entrepreneurship

Question 2

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

Answer 2

Entrepreneur

Question 3

Does education matter for an entrepreneur? Yes

Answer 3

Yes
→ Education and entrepreneurship are highly correlated.

Question 4

Does education matter for an entrepreneur? No

Answer 4

No
→ as high as 15% of entrepreneurs did not have the patience for education
→ Teachers also had difficulty dealing with them - inability to focus.
→ turned off by education

Question 5

Can we teach entrepreneurship? Yes

Answer 5

Yes
→ Education helps students discover the entrepreneurial spark within themselves.
→ Teaching helps facilitate learning the skills - in both mind and practice - leading you to your own form of entrepreneurship.

Question 6

Can we teach entrepreneurship? No

Answer 6

No
→ Experiencing entrepreneurship
→ creating opportunities for entrepreneurship

Question 7

→ This mind-set can be exhibited inside or outside an organization, in profit or non-profit enterprises and in business or non-business activities for the purpose of bringing forth creative ideas.

Answer 7

The Entrepreneurial Mindset

Question 8

Seven Specific Steps of Entrepreneurial Journey

Answer 8

Inspiration
Preparation
Assessment
Exploring Resources
Business Plan
Navigation
Launch

Question 9

→ What is your motivation for becoming an entrepreneur?

Answer 9

Inspiration

Question 10

→ Do you have what it takes to be an entrepreneur?

Answer 10

Preparation

Question 11

→ What is the idea you plan to offer through your venture?

Answer 11

Assessment

Question 12

→ What resources and characteristics do you need to make this venture work?

Answer 12

Exploring Resources

Question 13

→ What type of business structure and business model will your venture have?

Answer 13

Business Plan

Question 14

→ In what direction will you take your venture? Where will you go for guidance?

Answer 14

Navigation

Question 15

→ When and how will you launch your venture?

Answer 15

Launch

Question 16

it perfectly encompasses the life of an entrepreneur

Answer 16

‘high-risk, high-reward’

Question 17

→ failure
→ unclear product or service goals
→ lack of market fit
→ wrong team members
→ financial risk
→ risk of burnout

Answer 17

Risks

Question 18

→ flexible working schedule
→ autonomy
→ alignment of career with beliefs
→ freedom to choose your colleagues
→ new businesses and new markets created
→ economic development
→ profits

Answer 18

Rewards

Question 19

→ the behavior you impose on yourself - whether right or wrong

Answer 19

Ethics

Question 20

→ the behavior imposed on the business

Answer 20

Business Ethics

Question 21

→doing the right thing even without the knowledge of others

Answer 21

Integrity

Question 22

→ the business as a part of a complex whole; does not exist only to make profit but also has responsibilities to its employees and to the environment.

Answer 22

Corporate Social Responsibility