Arbus 200 - Chapter 1

Question 1

What is an Entrepreneur

Answer 1

someone who creates a new business with the focus on innovation and higher risk

Question 2

What is a Business Owner?

Answer 2

someone who owns and operates a business, new or existing

Question 3

3 points that make an entrepreneur

Answer 3

1. innovative and risky choices
2. future-oriented
3. May sell the business after a certain goal is reached

Question 4

3 points that make a business owner

Answer 4

1. operations and management
2. more conservative with decisions
3. focus on existing markets (may buy existing business)

Question 5

Definition of creative destruction

Answer 5

new and creative ideas sometimes involve the destruction of an existing business model

Question 6

1 example of creative destruction

Answer 6

creation of automobile made horse-drawn carriages obsolete

Question 7

5 key apsects of creative destruction

Answer 7

1. innovation and change
2. obsolescence
3. destruction of the old
4. creation of the new
5. long term growth

Question 8

What is the entreprenurial mindset?

Answer 8

innovative, solves problems, exploits opportunities to create value with limited resources

Question 9

briefly describe the Hacker, Hustler and Hipster

Answer 9

1. Hacker - Chief technical officer, harnesses tech in unique way to develop solution
2. Hustler - CEO and lead salesperson, sells the company, the vision and passion to potiental customers, investors, partners
3. Hipster - understands the customer, shape customer interface and drive right messaging to attract new customers to the platform