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entrepreneurship theory process practice

Questions and Answers of Entrepreneurship Theory Process Practice

To which applicant would you recommend that Paul make the tenancy offer? Defend your answer.
Which of the three applicants do you think has the weakest entrepreneurial psychological profile? Explain your reasoning and why you think this profile could be unsuitable for Paul’s business
Note: depending on your university or education provider, you may need to seek ethics approval before conducting interviews.
What advice, based on your own experience, do you have for a student interested in starting a venture today?
What is your exit strategy, or do you not have one?
What are your plans for the future of the venture?
What key personal characteristics do you see in yourself that were especially critical for achieving success with this particular venture?
What would you do differently if you had it all to do over again?
Were there some critical points in the development of the venture when the venture almost failed, or when you found yourself at a critical crossroads in terms of some vital decision or issue that had
What key mistakes did you make along the way? What were some of the key lessons learned? What was your greatest moment and your worst moment?
Did you make assumptions when you first started out that subsequently proved to be wrong? What sorts of insights were gained?
Did the typical work week change as the venture grew (in terms of how much time the venture required and how you allocated your time)?
Did your need for control change as the venture grew?
Did your risk orientation change as the venture grew?
What sort of resources (not just financial) did you have when you started the venture? What sort of network did you have? Were there any especially creative things you did to come up with the needed
Did you seek to establish a ‘lifestyle’ business, a ‘rapid growth’ business or something else? Did your growth orientation change over time?
Aside from starting a for-profit business, what other pathways are there for an entrepreneurial career? Explain how these pathways and the person-career fit for these pathways differ.
Describe the factors associated with the entrepreneurial ego. How might you guard against the negative effects of ego?
What are four causes of stress among entrepreneurs? How can an entrepreneur deal with each of them?
Entrepreneurship has a dark side. What is meant by this statement?
In what way is vision important to an entrepreneur? How may it positively and negatively influence new venturing?
Explain why an entrepreneurial team is important for an entrepreneur.
Explain why entrepreneurs are not gamblers.
How do the following traits relate to entrepreneurs: desire to achieve, opportunity orientation, initiative and responsibility?
Identify two high-profile entrepreneurs from your country and research their backgrounds. Using the characteristics of entrepreneurs outlined in this chapter as a reference, construct a character
Why is it that entrepreneurs perceive risk differently to most people in deciding upon undertaking a new venture?
Many people believe that entrepreneurs think differently to non-entrepreneurs. How can this be explained in terms of entrepreneurial cognition?
According to research, what characteristics of entrepreneurs specifically support the development of a venture at the nascent, survival and growth stages?
How is the motivation for entrepreneurship influenced by the context of a person’s country?
What entrepreneurial traits did Cave exhibit in starting this business?
Cave gives meaning to the I Ching (an ancient Chinese ‘book of changes’) hexagram ‘in adversity, it furthers one to be persevering’. Give your own interpretation of this. What does Cave mean
What was the opportunity that Cave saw that allowed him to market someone else’s product without any money?
The computer salesperson and the criminal lawyer have a much higher need to achieve than does the corporate accountant.
High achievers like to do constructive things that help them improve themselves, so working on a hobby would be their first choice.
Because high achievers like to accomplish goals, the detective would have the greatest appeal for them. The politician is more interested in power and the millionaire is simply enjoying life.
High achievers like challenges but not high risks. If you are a very good poker player and you chose (b), you then can raise your score on this question from 2 to 10.
The high achiever would work out on their own. The second-best choice is to join a health club, which allows less individual freedom but gives the chance to get feedback and guidance from individuals
Monopoly allows the high achiever to use their skills. Bingo and roulette depend on luck.
Jobs was a high-achieving individual but was more interested in design and engineering than in goal accomplishment. Musk is an extremely high achiever who sets lofty goals.
High achievers like to study a situation before committing themselves to a course of action.
High achievers are moderate risk takers in important situations.
High achievers take personal responsibility for their actions. They do not like to rely on luck. Option (c)assumes the class time saved by not having to study for exams will be used to study for
Which one of these occupations has the greatest career appeal for you?a Computer salesperson b Corporate accountant c Criminal lawyer
Which one of these activities would you prefer to do on an evening off?a Visit a friend b Work on a hobby c Watch television
Which one of these people would you most like to be?a A detective solving a crime b A politician giving a victory statement c A millionaire sailing on their yacht
With which one of these groups would you most enjoy playing poker?a Friends b High-stakes players c Individuals who can challenge me
You have decided to become more physically active. Which one of these approaches has the greatest attraction for you?a Join a neighbourhood sports team b Work out on my own c Join a local health club
Which one of these games would you most like to play?a Monopoly b Bingo c Roulette
Which one of these people would you most like to be?a Steve Jobs, founder of Apple Computers b Elon Musk, of PayPal, SpaceX, Tesla, SolarCity, Hyperloop, and Neuralink fame c Richard Branson, Virgin
You have just been asked by your boss to take on a new project in addition to the many tasks you are already doing. What would you tell your boss?a ’Since I’m already snowed under, I can’t
How would you describe yourself as a risk taker?a High b Moderate c Low
An instructor in one of your classes has asked you to vote on three grading options. Which of these options would you choose?a Study the course material, take the exams and receive the grade I earn b
subtract your answers to 2, 4, 5, 6, 7 and 10 from 11 and enter the results.
enter your answers to numbers 1, 3, 8 and 9 just as they appear
Most successful entrepreneurs do well in their first venture, which encourages them to continue; failures tend to come later on as the enterprise grows.Put your answers in the table below in this way:
Successful entrepreneurship is more a matter of preparation and desire than luck.
Research shows that although it is important to have adequate financing before beginning an entrepreneurial venture, it is often more important to have managerial competence and proper planning.
Because they are unique and individualistic in their approach to business, most successful entrepreneurs find it hard to socialise with others; they just do not fit in.
Most successful entrepreneurs admit that dropping out of school was the best thing they ever did.
Highly successful entrepreneurs tend to have very little formal schooling.
The most successful entrepreneurs are those who invent a unique product or service.
Many of the characteristics needed for successful entrepreneurship can be learned through study and experience.
The most successful entrepreneurs are born with special characteristics, such as a high achievement drive and a winning personality, and these traits serve them well in their entrepreneurial
Successful entrepreneurs are often methodical and analytical individuals who carefully plan out what they are going to do and then do it.
Stay in touch with your potential customers who are willing to give advice, particularly on new products or services.
Always be on the lookout for fellow travellers who, like you, are pursuing venture-oriented professions, such as lawyers, accountants and market and technical consultants.
Subscribe to, or become a member of, formal or informal groups that link entrepreneurs in the country or region and diaspora networks – in particular, high-achieving expatriates.
Think about relocating yourself to a geographic location that has a concentration of people who think like you do. This might be close to universities, training institutions, suppliers, consulting
Pay attention to the public infrastructure you will need, such as transportation (roads, airports, railways, container shipping) and communication (digital, broadband, mobile).
Locate educational institutions (or even online tutorials) that teach financial literacy and entrepreneurship.
Find mentoring organisations and industry associations that help investors and entrepreneurs network and learn from one another.
Identify knowledgeable people who have experience in creating organisations; hiring; and building structures, systems and controls.
Within your own culture, find those success stories and role models who tolerate honest mistakes, take honourable failure in their stride, permit risk taking and cultivate contrarian thinking. Who is
Is entrepreneurship really another word for ‘human freedom’?
What are the generational differences in entrepreneurial activity?
What is the difference between entrepreneurs and small-business managers?
What is the difference between social entrepreneurs and business entrepreneurs?
Why is a framework of frameworks useful in entrepreneurship theory?
Name four major schools of thought in entrepreneurship theory, describe them and explain how they differ.
When was the word ‘entrepreneur’ first used in economic literature?
In your culture, what is the history of enterprise and entrepreneurship?
How were entrepreneurs historically viewed? What challenges did they face throughout history?
Is there a distinction between ‘enterprising’ and ‘entrepreneurial’ in your language? If so, what is it?
Why do we use the French word ‘entrepreneur’ instead of an English equivalent?
Briefly describe what is meant by the term ‘entrepreneurship’.
What is transformative innovation and what role do entrepreneurs play in solving wicked problems?
Why is entrepreneurship considered important in today’s context? Explain how entrepreneurship addresses some of today’s major challenges.
Create a PERT chart for your organization to make your plans clear to potential investors.
How will investors get paid back/out? Public offering? Employee buyout? Merger or acquisition? Liquidation? Stock buyback?B. When will this happen?C. Do you plan to franchise your business, or
Create an organizational chart for your business.B. Will you be hiring employees? If so, describe what their qualifications should be, what you intend to pay them, and how they will help your
Where are you purchasing the products you plan to sell, or the parts you will use to manufacture those products? Illustrate your supply chain.B. Do you intend to manufacture your product? If so,
Describe the actual physical place in greater detail than above.B. What are the zoning laws in your area? Does your business comply?
Where do you intend to sell your product? Describe the advantages and disadvantages of your location(s).B. What are the surrounding businesses? Access routes?C. If vehicular traffic is important to
Describe the actual physical place in greater detail than above.B. What are the zoning laws in your area? Does your business comply?D. Have you developed and/or adopted any innovations in production,
What type of research are you doing? What kind do you intend to do?B. What are others in the industry doing?C. How will you protect your intellectual property?
What is the name of your organization?K. If there is more than one owner, describe how the ownership will be shared.E. What is your organization's legal structure (sole proprietorship, partnership,
Clearly state how much money you are requesting in this plan and the terms under which you anticipate obtaining those funds.B. Do you intend to use debt to finance your business? Explain.C. Do you
List and describe your monthly fixed costs and add a cash reserve that covers three months of fixed costs.B. Create a projected cash flow statement for your business for the first four quarters and
List the risks and assumptions that underlie your financial projections.B. Identify any external factors that you feel should be disclosed as substantial risks.
Create a projected income statement for your business for the first four quarters and the second and third years of operation.B. Create a bar graph showing your gross revenues, gross profit, and net

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