CHAPTER 1_THE ENTREPRENEURIAL MIND

Question 1

ENTREPRENEURSHIP

Answer 1

• The Creation or extraction of economic value in ways that generally entail beyond the minimal amount of risk, and potentially involving values besides simply economic ones.
• The pursuit of starting, managing, and scaling a business with a combination of innovation, skills and vision to develop new products services that meet the market demand

Question 2

THE IMPORTANT SKILLS IN ENTREPRENEURSHIP

Answer 2

1. The Skills of Play
2. The Skills of Experimentation
3. The Skill of Empathy
4. The Skill of Creativity
5. The Skill of Reflection

Question 3

Allowing imagination to explore, expose his/her mind to opportunities

Answer 3

The Skills of Play

Question 4

Attempting to do something and learning from such attempts

Answer 4

The Skills of Experimentation

Question 5

Being sympathetic with the feeling, situation, purposes, opinions and wants of other people

Answer 5

The Skill of Empathy

Question 6

Being open-minded and letting loose ones ability to create, discover opportunities and resolve problems

Answer 6

The Skill of Creativity

Question 7

Taking time to reflect, ask and assess what is going on

Answer 7

The Skill of Reflection

Question 8

THE SKILL OF REFLECTION

Answer 8

1. Narrative
2. Emotional
3. Perceptive
4. Analytical
5. Evaluative
6. Critical

Question 9

description of what happened

Answer 9

Narrative

Question 10

centers on the feelings of the people involved

Answer 10

Emotional

Question 11

focuses on ones insights and feedbacks

Answer 11

Perceptive

Question 12

rationalizing the skills and relating to theory

Answer 12

Analytical

Question 13

assessing what went well or wrong

Answer 13

Evaluative

Question 14

considering the role played, the approach applied, lessons and queries encountered

Answer 14

Critical

Question 15

FACTS ABOUT ENTREPRENEURSHIP

Answer 15

1. Not Solely for Startups
2. Entrepreneurs don’t have Exceptional Personality Qualities
3. Can be Taught yet Entails Practice
4. Entrepreneurs are not so much Risk-Takers
5. Entrepreneurs work in partnership more than they compete
6. Entrepreneurs are more on doing than planning
7. Entrepreneurship is truly a life skill
8. Resillience
9. Agility
10. Negotiating
11. Problem Solving
12. Relationship Building

Question 16

Startups are small and primarily funded and operated by a few founders or one person

Answer 16

Not solely for Startups

Question 17

There is no required personality qualities to become entrepreneur

Answer 17

Entrepreneurs Don’t have exceptional personality qualities

Question 18

since everything is unpredictable in it, skills stated earlier must be applied. Faults and mistakes can be improved through practice

Answer 18

Can be taught yet entails practice

Question 19

they are but they usually measure the loss that may be experienced

Answer 19

Entrepreneurs are not so much Risk-Takers

Question 20

they want to learn from shared experiences and usually wants support

Answer 20

Entrepreneurs work in partnership more than they compete

Question 21

not all of them follows the formal business plan

Answer 21

Entrepreneurs are more on doing than planning

Question 22

offering methodological way of thinking, opportunity identification, prolem-solving, adaptation and governing one’s goals

Answer 22

Entrepreneurship is truly a life skill

Question 23

being able to deal with setbacks

Answer 23

Resilience

Question 24

responding speedily

Answer 24

Agility

Question 25

ensuring good relationship; setting boundaries

Answer 25

Negotiating

Question 26

creating solutions

Answer 26

Problem solving

Question 27

give and take relationship

Answer 27

Relationship building

Question 28

TYPES OF ENTREPRENEURSHIP

Answer 28

1. Intrapreneurship 2. Entrepreneurs Inside 3. Buying a Franchise 4. Buying a Small Business 5. Social Entrepreneurship 6. Family Business 7. Serial Entrepreneurs

Question 29

A system within a company allowing employees to act like entrepreneurs

Answer 29

Intrapreneurship

Question 30

A person within corporation who takes direct responsibility for turning an idea into a profitable finished product through innovation

Answer 30

Entrepreneurs Inside

Question 31

Buying license to operate and run the branded business

Answer 31

Buying a franchise

Question 32

Buying out the existing owner and takes the management and operations

Answer 32

Buying a Small Business

Question 33

Pursuing innovative applications to address the problems of community

Answer 33

Social Entrepreneurship

Question 34

Owned and managed by members of the family

Answer 34

Family Business

Question 35

Constantly crops up with fresh ideas and starts new businesses

Answer 35

Serial Entrepreneurs

Question 36

FIVE PRINCIPLES IN EFFECTUATION in ENTREPRENEURSHIP

Answer 36

1. Bird in Hand 2. Affordable Loss 3. Crazy Quilt 4. Lemonade 5. Pilot in the Plane

Question 37

Creating solutions using available resources

Answer 37

Bird in Hand

Question 38

Investing what he/she is willing and can afford to lose

Answer 38

Affordable Loss

Question 39

Entering new partnership – creating opportunities and reduces uncertainty

Answer 39

Crazy Quilt

Question 40

Turning bad outcomes/mistakes as new opportunities

Answer 40

Lemonade

Question 41

Total control on entrepreneurial activities

Answer 41

Pilot in the Plane

Question 42

COMPONENTS OF THE ENTREPRENEURSHIP METHOD

Answer 42

1. Identify Desired Impact 2. Begins w/ Means in Hand 3. Describe the Idea Today 4. Estimate Affordable Loss 5. Reflect & Be Honest 6. Take Small Action 7. Network & Enjoin Others in the Journey 8. Build & Learn from What has Been Learned

Question 43

Determining your goal

Answer 43

Identify Desired Impact

Question 44

focus on current resources

Answer 44

Begins with Means at Hand

Question 45

Desired impact and current resources will bring you this

Answer 45

Describe the Idea Today

Question 46

controlling the loss that may happen

Answer 46

Estimate Affordable Loss

Question 47

Know the real status, accept and do something

Answer 47

Reflect and Be Honest

Question 48

Taking small actions is getting going.

Answer 48

Take Small Action

Question 49

Sharing ideas and finding connections

Answer 49

Network and enjoin Others in the Journey

Question 50

evaluate and assess to improve the things needed/performance required

Answer 50

Build and Learn from What Has been Learned

Question 51

- Uses information and data for decision making - Used by big companies where goals are planned

Answer 51

Managerial Thinking

Question 52

- The ability to identify opportunities in the marketplace and discover the most fitting ways and time to take advantage of them

Answer 52

Entrepreneurial Thinking