(P) Lesson 1: Entrepreneurship: Evolution, Revolution and Education (PPT Based) Flashcards

1
Q

Who said this? “Entrepreneurs assume and organize the risk of a business in return for profits.”

A

Richard Cantillon (1725) bading

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2
Q

What law of markets did Jean Baptists Say

A

He (1803), a french economist, say “Supply creates its own demand”

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3
Q

What did Joseph Schumpeter refer to that is known as creative destruction?

A

dynamic economic growth

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4
Q

___ and ___ was introduced by the 18th century economists.

A

analysis and discussion

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5
Q

In the 20th century, entrepreneurship is synonymous or closely linked to?

A

free enterprise and capitalism.

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6
Q

T or F. In the 20th century, entrepreneurs are considered heroes of free enterprise. Many of them have used innovation and creativity to build multimillion-dollar enterprises from fledgling businesses in less than a decade.

A

F (21st century)

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7
Q

they independently own and operate a small business

A

small business owners

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8
Q

T or F. Entrepreneurs include those who purchase already established business as well as franchise.

A

F (small business owner)

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9
Q

Entrepreneurs recognise ____ where others see chaos, contradiction, and confusion

A

opportunities

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10
Q

aggressive catalysts for change within a marketplace

A

entrepreneur

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11
Q

It is a dynamic process of vision, change, and creation.

A

Entrepreneurship

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12
Q

It requires an application of ___ and ___ toward the creation and implementation of innovative ideas and creative solutions.

A

energy and passion

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13
Q

As an entrepreneur, you must be willing to take what in terms of time, equity or career?

A

calculated risks

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14
Q

As an entrepreneur, you must have the ability to formulate a/an?

A

effective team

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15
Q

As an entrepreneur, you must have the creative skill to?

A

marshal resources

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16
Q

As an entrepreneur, you must have the fundamental skill of building a/an?

A

solid business plan

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17
Q

As an entrepreneur, you must have the vision to recognise?

A

opportunity

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18
Q

Myth or threw. Entrepreneurs are doers, not thinkers

A

Myth

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19
Q

Myth or threw. Entrepreneurs are made, not born

A

threw

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20
Q

There is a saying (myth) that Entrepreneurs are always?

A

inventors

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21
Q

Myth or threw. Entrepreneurs are academic and social misfits

A

Meat

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22
Q

Entrepreneurs must fit the___

A

profile

23
Q

Myth or threw. All entrepreneurs need is money

A

Meet

24
Q

Myth or True. All entrepreneurs need to be prepared for luck

A

Through

25
Q

____ are provided an avenue to contribute to the mainstream market

A

Minority groups

26
Q

T or F. In the U.S., many Millennial use entrepreneurship for second career

A

F (baby boomer)

27
Q

T or F. Entrepreneurs continue to be the answer to any economic downturn.

A

T

28
Q

primary benefit of offering innovative products

A

new ventures having no direct competition

29
Q

What country is the leader in entrepreneurship education at both the undergraduate and graduate levels?

A

US

30
Q

Entrepreneurial activity within large organizations

A

Corporate Entrepreneurship

31
Q

Seeking innovative solutions to world problems

A

Social Entrepreneurship

32
Q

Examining the ways that entrepreneurs think and act

A

Entrepreneurial Cognition

33
Q

Significant impact on job creation, innovation and economic renewal

A

Family Businesses

34
Q

What movement of the WEF research shows significant entrepreneurial success (2000–2009) in the following countries: U.S., Canada, U.K., Germany, France, Sweden, Norway, Israel, China, India, Japan, Australia and New Zealand.

A

Global Entrepreneurial Movement

35
Q

This theory development focuses more on the concept of entrepreneurship.

A

Schools of Thought Approach

36
Q

T or F. Process approach focuses more on the concept of the entrepreneurial process.

A

F (focuses more on the flow, not concept)

37
Q

State what view of the Schools of Thought does this belong:
- environmental
- financial/capital
- displacement

A

macro

38
Q

State what view of the Schools of Thought does this belong:
- entrep trait
- venture opportu.
-strategic formu.

A

micro(penis)

39
Q

Enumerate the 3 process approach.

A

integrative, dynamic and frameworks of frameworks

40
Q

What are the types of displacement?

A

political, cultural and economic displacement

41
Q

What macro view focuses on institutions, values, norms

A

environmental

42
Q

What is/are the financial focus will you need in your start-up or acquisition venture stage?

A

seed capital and acquisition

43
Q

What should be your financial focus in an ongoing venture stage?

A

Cash Management
Investments
Financial Analysis & Evaluation

44
Q

When a business is in decline or succession one has to?

A

Profit Question
Corporate Buyout
Succession Question

45
Q

T or F. The only venture stages are the following:

Start-up and Decline

A

F (+ongoing)

46
Q

A strategic formulation needs a unique market AKA?

A

Mountain Gap Strategies

47
Q

A strategic formulation needs unique people AKA?

A

Great Chef Strategies

48
Q

A strategic formulation needs unique products AKA?

A

better widget strategies

49
Q

A strategic formulation needs unique resources AKA?

A

water well strategies

50
Q

What process approach has a business model?

A

dynamic states

51
Q

the end product of a business model is?

A

value creation

52
Q

T or F. The activities, resources and position must come before the opportunity tension of a business model.

A

F (after)

53
Q
A