Week 2

Question 0

What is social capital? How do you measure it?

Answer 0

Refers to resources available in and through personal and professional networks. Measured by size, quality and diversity. Not just who you know, but who they know and if they’ll help you.

Question 1

Four critical entrepreneurial skills

Answer 1

Confidence
Interpersonal relationship skills
Social capital
Risk tolerance

Question 2

Why do people (entrepreneurs) engage in risk? (4 options)

Answer 2

Lack necessary information in a decision situation
Develop an inside view of the decisions they face
Ignore elements of past decisions
Favor positive possible outcomes

Question 3

What factors to consider before accepting risk of a decision? (4 factors)

Answer 3

How high are the risk?
What are the rewards?
What are the consequences of failure?
We’re all the elements of the decision considered?

Question 4

What is the best way to provide initial research of an industry trend?

Answer 4

Depending on industry, go to blogs, enthusiast sites, forums, or conferences to find out what the leaders or power users are thinking about

Question 5

Why is it important to consult with industry stakeholders before making a decision about a business opportunity?

Answer 5

Industry stakeholders have specific experience from different perspectives in the industry and can better inform decisions. With limited resources it is better to get deep understanding of a few stakeholders than limited understanding of many

Question 6

What methods can be used to reach stakeholders to understand their perspective?

Answer 6

Interviews
- experts
-prospective customers
-prospective investors
Focus groups
Surveys
- survey monkey
-zoomerang
-survey gizmo
-incorporate Facebook and twitter