ENTP 3301 Exam 1 Study Guide
FG FG FG FG FG
WhatFGisFGentrepreneurship?FG-FGcorrectFGanswer✔ ✔
It'sFGaFGmethod.FGItFGincludesFGtrialFGandFGerror;FGrequiresFGinteractiveFGlea
rning,FGpractice,FGandFGreflection.
EntrepreneurshipFGcanFGbeFGtaughtFGandFGisFGaFGlifeFGskill
WhatFGmotivatesFGentrepreneurship?FG-FGcorrectFGanswer✔ ✔ Salary-
SubstituteFGFirms
-
FirmsFGthatFGbasicallyFGprovideFGtheirFGowner/sFGaFGsimilarFGlevelFGofFGinco
meFGtoFGwhatFGthey'dFGbeFGableFGtoFGearnFGatFGaFGconventionalFGjob.
LifestyleFGFirms
-
FirmsFGthatFGprovideFGtheirFGowner/sFGtheFGopportunityFGtoFGpursueFGaFGparti
cularFGlifestyle,FGandFGmakeFGaFGlivingFGatFGit.
EntrepreneurialFGFirms
-
FirmsFGthatFGbringFGnewFGproductsFGandFGservicesFGtoFGtheFGmarketFGbyFGcre
atingFGandFGseizingFGopportunitiesFGregardlessFGofFGtheFGresourcesFGtheyFGcu
rrentlyFGcontrol.
,WhatFGareFGvariousFGformsFGofFGentrepreneurship?FG-FGcorrectFGanswer✔
✔ CorporateFGEntrepreneurshipFG(intrapreneurship)
-ProcessFGofFGcreatingFGnewFGproductsFGwithinFGaFGlargeFGorganization
EntrepreneursFGinside
-
GeneralFGdescriptionFGforFGpeopleFGwhoFGthink/act/isFGtheirFGtaskFGtoFGbeFGe
ntrepreneurialFGinFGanFGorganization
Franchise
-
AFGtypeFGofFGlicenseFGpurchasedFGbyFGanFGindividualFG(franchisee)FGfromFGa
nFGexistingFGbusinessFG(franchisor)FGtoFGallowFGtradeFGunderFGtheFGnameFGofF
GthatFGbusiness.FGEx:FGChick-fil-a,FG7-11,FGMcDonald's
BuyingFGanFGexistingFGbusiness
SocialFGentrepreneurship
-
ProcessFGofFGcreatingFGsolutionsFGtoFGaddressFGsocialFGandFGenvironmentalFG
problems-profitFGorFGnon-
profit.FG(501C3FGmeansFGthey'reFGregisteredFGasFGaFGnon-profit)
, BenefitsFGcorporationsFG(BFGCorp)FGcertificationFGfromFGBFGlab.FGCreatedFGt
oFGcertifyFGaFGcompanyFGandFGthatFGtheyFGareFGdoingFGgoodFGforFGsociety.FG(
Ex:FGPatagonia,FGBenFG&FGJerry's
FamilyFGEnterprise
-
AccountsFGforFG60%FGofFGemploymentFGinFGtheFGU.S.FGFamilyFGownsFGatFGle
astFG50%FGsharesFGofFGaFGprivateFGfirmFGorFGatFGleastFG32%FGofFGaFGpublicFGfir
m.FGEx:FGWalmartFGandFGMaryFGKay
SerialFGEntrepreneurs
-EntrepreneursFGwhoFGstartFGseveralFGbusinessesFGseriallyFGorFGconcurrently
WhyFGisFGentrepreneurshipFGaboutFG"practicing"?FGPracticingFGwhat?FG-
FGcorrectFGanswer✔ ✔
RecognizeFGopportunitiesFG→FGproblemsFGyouFGseeFGthatFGcanFGbeFGsolved
.
IdentifyingFGvalueFG(toFGwhom)FG→FGWhoFGwouldFGactuallyFGvalueFGmyFGid
ea?
GatheringFGandFGManagingFGresourcesFG(toFGconvertFGusefulFG(valued)FGand
FGnovelFGideasFGintoFGcommerciallyFGsustainableFGforFGprofitFGandFGnon-
FG FG FG FG FG
WhatFGisFGentrepreneurship?FG-FGcorrectFGanswer✔ ✔
It'sFGaFGmethod.FGItFGincludesFGtrialFGandFGerror;FGrequiresFGinteractiveFGlea
rning,FGpractice,FGandFGreflection.
EntrepreneurshipFGcanFGbeFGtaughtFGandFGisFGaFGlifeFGskill
WhatFGmotivatesFGentrepreneurship?FG-FGcorrectFGanswer✔ ✔ Salary-
SubstituteFGFirms
-
FirmsFGthatFGbasicallyFGprovideFGtheirFGowner/sFGaFGsimilarFGlevelFGofFGinco
meFGtoFGwhatFGthey'dFGbeFGableFGtoFGearnFGatFGaFGconventionalFGjob.
LifestyleFGFirms
-
FirmsFGthatFGprovideFGtheirFGowner/sFGtheFGopportunityFGtoFGpursueFGaFGparti
cularFGlifestyle,FGandFGmakeFGaFGlivingFGatFGit.
EntrepreneurialFGFirms
-
FirmsFGthatFGbringFGnewFGproductsFGandFGservicesFGtoFGtheFGmarketFGbyFGcre
atingFGandFGseizingFGopportunitiesFGregardlessFGofFGtheFGresourcesFGtheyFGcu
rrentlyFGcontrol.
,WhatFGareFGvariousFGformsFGofFGentrepreneurship?FG-FGcorrectFGanswer✔
✔ CorporateFGEntrepreneurshipFG(intrapreneurship)
-ProcessFGofFGcreatingFGnewFGproductsFGwithinFGaFGlargeFGorganization
EntrepreneursFGinside
-
GeneralFGdescriptionFGforFGpeopleFGwhoFGthink/act/isFGtheirFGtaskFGtoFGbeFGe
ntrepreneurialFGinFGanFGorganization
Franchise
-
AFGtypeFGofFGlicenseFGpurchasedFGbyFGanFGindividualFG(franchisee)FGfromFGa
nFGexistingFGbusinessFG(franchisor)FGtoFGallowFGtradeFGunderFGtheFGnameFGofF
GthatFGbusiness.FGEx:FGChick-fil-a,FG7-11,FGMcDonald's
BuyingFGanFGexistingFGbusiness
SocialFGentrepreneurship
-
ProcessFGofFGcreatingFGsolutionsFGtoFGaddressFGsocialFGandFGenvironmentalFG
problems-profitFGorFGnon-
profit.FG(501C3FGmeansFGthey'reFGregisteredFGasFGaFGnon-profit)
, BenefitsFGcorporationsFG(BFGCorp)FGcertificationFGfromFGBFGlab.FGCreatedFGt
oFGcertifyFGaFGcompanyFGandFGthatFGtheyFGareFGdoingFGgoodFGforFGsociety.FG(
Ex:FGPatagonia,FGBenFG&FGJerry's
FamilyFGEnterprise
-
AccountsFGforFG60%FGofFGemploymentFGinFGtheFGU.S.FGFamilyFGownsFGatFGle
astFG50%FGsharesFGofFGaFGprivateFGfirmFGorFGatFGleastFG32%FGofFGaFGpublicFGfir
m.FGEx:FGWalmartFGandFGMaryFGKay
SerialFGEntrepreneurs
-EntrepreneursFGwhoFGstartFGseveralFGbusinessesFGseriallyFGorFGconcurrently
WhyFGisFGentrepreneurshipFGaboutFG"practicing"?FGPracticingFGwhat?FG-
FGcorrectFGanswer✔ ✔
RecognizeFGopportunitiesFG→FGproblemsFGyouFGseeFGthatFGcanFGbeFGsolved
.
IdentifyingFGvalueFG(toFGwhom)FG→FGWhoFGwouldFGactuallyFGvalueFGmyFGid
ea?
GatheringFGandFGManagingFGresourcesFG(toFGconvertFGusefulFG(valued)FGand
FGnovelFGideasFGintoFGcommerciallyFGsustainableFGforFGprofitFGandFGnon-
