EEE 2023 Exam #1, Questions with
accurate answers, rated A. 2022/2023
What is entrepreneurship? - ✔✔the process by which individuals pursue opportunities without regard
to resources they currently control
Entrepreneurship includes three things: - ✔✔• Innovation
• Risk Taking
• Proactivity
Characteristics of Successful Entrepreneurs - ✔✔1. Passion for the business
2. Product/customer focus
3. Tenacity despite failure
4. Execution intelligence
Types of Start-Up Firms - ✔✔• Salary
• Substitute
• Lifestyle
• Entrepreneurial
Salary-Substitute Firms - ✔✔Firms that basically provide their owner or owners a similar level of income
to what they would be able to earn in a conventional job
Lifestyle Firms - ✔✔Firms that provide their owner or owners the opportunity to pursue a particular
lifestyle, and make a living at it
, Entrepreneurial Firms - ✔✔Firms that bring new products and services to the market by creating and
seizing opportunities regardless of the resources they currently control
What is an Opportunity? - ✔✔A Set of favorable circumstances that creates a need for a new product,
service, or business
What is an Idea? - ✔✔A thought, impression, or notion
4 essential qualities of an opportunity - ✔✔• Attractive
• Durable
• Timely
• Anchored in a product, service, or business that creates or adds value for its buyer or end user
3 ways to identify an opportunity - ✔✔• observing trends
• solving a problem
• finding gaps in the marketplace
Techniques for Generating Ideas - ✔✔1. Brainstorming
2. Focus Groups
3. Library and Internet Research
What is brainstorming? - ✔✔• Generates lots of ideas quickly
• Typically involves a group of people
• Should be targeted to a specific topic
Rules for a brainstorming session - ✔✔No criticism.
Freewheeling is encouraged.
The session should move quickly.
Leap-frogging is encouraged.
accurate answers, rated A. 2022/2023
What is entrepreneurship? - ✔✔the process by which individuals pursue opportunities without regard
to resources they currently control
Entrepreneurship includes three things: - ✔✔• Innovation
• Risk Taking
• Proactivity
Characteristics of Successful Entrepreneurs - ✔✔1. Passion for the business
2. Product/customer focus
3. Tenacity despite failure
4. Execution intelligence
Types of Start-Up Firms - ✔✔• Salary
• Substitute
• Lifestyle
• Entrepreneurial
Salary-Substitute Firms - ✔✔Firms that basically provide their owner or owners a similar level of income
to what they would be able to earn in a conventional job
Lifestyle Firms - ✔✔Firms that provide their owner or owners the opportunity to pursue a particular
lifestyle, and make a living at it
, Entrepreneurial Firms - ✔✔Firms that bring new products and services to the market by creating and
seizing opportunities regardless of the resources they currently control
What is an Opportunity? - ✔✔A Set of favorable circumstances that creates a need for a new product,
service, or business
What is an Idea? - ✔✔A thought, impression, or notion
4 essential qualities of an opportunity - ✔✔• Attractive
• Durable
• Timely
• Anchored in a product, service, or business that creates or adds value for its buyer or end user
3 ways to identify an opportunity - ✔✔• observing trends
• solving a problem
• finding gaps in the marketplace
Techniques for Generating Ideas - ✔✔1. Brainstorming
2. Focus Groups
3. Library and Internet Research
What is brainstorming? - ✔✔• Generates lots of ideas quickly
• Typically involves a group of people
• Should be targeted to a specific topic
Rules for a brainstorming session - ✔✔No criticism.
Freewheeling is encouraged.
The session should move quickly.
Leap-frogging is encouraged.
