Entrepreneurship correct answers Comes from french entrepende (individual who undertook risk)
Today's meaning is the process of planning, organizing, and assume the risk of a business venture
Entrepreneurs must ____ effectively with stakeholders correct answers communicate
Tactical thinki...
MGMT 5300 Test 1 || with 100% Accurate Solutions.
Entrepreneurship correct answers Comes from french entrepende (individual who undertook
risk)
Today's meaning is the process of planning, organizing, and assume the risk of a business
venture
Entrepreneurs must ____ effectively with stakeholders correct answers communicate
Tactical thinking correct answers Short term, often simple
Strategic Thinking correct answers Long term, often complex
Disney's Venture in DC correct answers Failed due to not communicating with public re:
environmental impact
How many new ventures are created annually correct answers 600-800k
What sector employs the most workers? correct answers Entrepreneurial Ventures
____ % of businesses fail within 5 years correct answers 80%
Most Common reasons for failures? Most/Least likely to succeed industry? correct answers No
market need or running out of capital. Real Estate is most likely due to the amount of money
needed to start. Tech is the most prone to failure due to low cost of entry/competition
Why did Quiznos fail? correct answers Made franchise owners purchase EVERYTHING from
HQ. Very expensive to buy paper towels for example.
Entrepreneurs learn to think ___ correct answers Differently
Triggers to start own venture correct answers Independence, plateauing in current job,
opportunity for unlimited growth, flexibility, financial reward, Loss of job
4 types of entrepreneurs correct answers Serial, Aspiring, Lifestyle, Growth
serial entrepreneur correct answers someone who starts and leads one business after another
Aspiring entrepreneurs correct answers Dream of starting their own business, but have not made
leap to startup. 7 million americans are trying to start business at any time
lifestyle entrepreneur correct answers Starts a business to gain flexibility in work hours and
control over his or her life. Supports family, passionate about what they do, sometimes referred
to as "mom and pop" or "small business" approx 13 million americans (25 if you count part time)
, growth entrepreneurs correct answers Entrepreneurs who have desire and ability to grow as fast
and large as possible. These firms are the most dynamic job generators in US. Over 300k
companies with more than 50 employees and growing at rate of 20% a year. Google, Amazon,
Apple started this way
Questions to ask yourself "what type of entrepreneur am I"? correct answers How involved do
you want to be, Focus on wealth or lifestyle, Family run business?, how much control?
Common characteristics of entrepreneurs correct answers Seek new opportunities and profit,
change way business is done, pursue opportunities with discipline and avoid exhausting
themselves, focus on adaptive execution, lead by example (example Disney mgrs picking up
trash), network, and communicate well
Entrepreneurs learn to balance ___ correct answers Ambiguity, risk taking, short vs. long term,
Are entrepreneurs risk takers? correct answers Yes, they are not risk averse
Spider Web Model correct answers Analogous to a fragile Spider Web being under continuous
attack. Unlike a large company, entrepreneurs must learn on the job and fill many different roles.
Often without training
5 stages of Getting Started correct answers 1. Conduct Opportunity Analysis
2. Develop Plan and Set up Company
3. Acquire financing partners and sources of funding
4. Determine resources required and implement plan
5. Scale and harvest the venture
Near Neighbor Network correct answers Connect more or less equally with its neighbors. Offer
little value to entrepreneurs.
Interstate example of connecting city to city
Scale-free network correct answers Network with a few hubs and many nodes with few links
(airports)
Entrepreneurs identify and network with highly connected people
Internet(work) correct answers Example of scale free network. Entrepreneurs use it to find
resources, tackle problems, and create market entry strategies. (one to all)
Stage 1: Conducting Opportunity Analysis correct answers innovate and create vision, conduct
market analysis/research, evaluate competition, research pricing and sales strategies, create
vision for company
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