Week 2 (chapter 2)

Question 1

Entrepreneurial process

Answer 1

Involves all the functions, activities, and actions associated with perceiving opportunities and creating an organisation

Question 2

Where do ideas come from?

Answer 2

TRIGGERING EVENT:
1) Perosnal (e.g. risk taking, job loss, education, gender, commitment, resources.)
2) Environmental (e.g economy, competition, resources, opportunities, creativity, SILICON VALLEY)
3) Sociological (e.g. team, parents, family, role models, AGE)

• 80% develop ideas within the fields they work in or previously worked in
• experiences give entrepreneurs an advantage

Question 3

Personal attributes of entrepreneurs

Answer 3

No clear set of behaviours/ attributes make an entrepreneur.
BUT THEY TEND TO HAVE A HIGHER LOCUS OF CONTROL
- only 3/10 make it to the 10th birthday
- entrepreneurship is not a matter of luck

Question 4

The customer

Answer 4

• most products are minor modifications on performance, price, distribution quality or service
• provide target customers in detail
• why should customers buy the product? What makes the product “better”?

Question 5

The timing

Answer 5

Can be critical, be conscious about the window of opportunity