Week 1: Introduction

Question 1

What is an Entrepreneur?

Answer 1

A person who organizes, operates, and assumes the risk for a business venture. People who identify and pursue solutions, possibilities, and opportunities

Question 2

What are positive factors of acting as an entrepreneur? 5 answers

Answer 2

Independence, financial success, self-realization, innovation, and role of a leader

Question 3

What are negative factors of acting as an entrepreneur? 2 answers

Answer 3

Risk, and work effort and stress

Question 4

Differences between small business owners and entrepreneurs?

Answer 4

• Small business owners take small risks, concentrate on one thing at a time, and more sentimental about their businesses
• Entrepreneurs take big risks, attributed to multiple projects at once for better success rate, and view companies as assets

Question 5

What are Intrapreneurs? What are their features?

Answer 5

An entrepreneur within a large firm. Uses entrepreneur skills, without incurring the risks generally associated, assigned to a project with the resources/capabilities of the firm

Question 6

What are Inventrepreneurs?

Answer 6

An entrepreneur-inventor hybrid that markets and/or manufactures their own creation

Question 7

What is Productivity?

Answer 7

The quantity of goods and services produced from the sum of all inputs

Question 8

What is Natural Capital?

Answer 8

Natural features that are usable in social and economic systems (ex. Fuel, energy, etc)

Question 9

What is Financial Capital?

Answer 9

Financial assets of a company which allows them to acquire their needs (ex. Cash bonds, real property, etc)

Question 10

What is Intellectual Capital? 3 types

Answer 10

Human Capital - Employee’s knowledge and skill
Organizational Capital - Hardware, software, databases, methods, patents
Social Capital - Relationships with customers, suppliers, partners

Question 11

What is Dynamic Capitalism/Creative Destruction?

Answer 11

The process of wealth creation characterized by new creative firms forming and growing while old, established firms decline and fail

Question 12

What is Dynamic Disequilibrium?

Answer 12

State where innovation and entrepreneurs upset the established order by unleashing a gale of creative destruction that forces incumbents to adapt or die

Question 13

What are the 3 factors of Entrepreneurial Action?

Answer 13

1. Individual or group responsible for enterprise
2. Purposeful enterprise
3. Initiation and growth of the enterprise