Entrepreneurs and Entrepreneurship Intro, Types, and Stepss

Our class definition of "Entrepreneurship" is:

• The process of buying and running a business

• The process of coming up with an innovative idea

• The process of developing a brand and producing products

• The process of starting and running a business while assuming risk.

Our class definition of "Entrepreneur" is an individual who:

• Creates a new business, bearing most risks and enjoying most of the rewards

• Buys an existing business and runs the business himself

• has a new idea and sells the idea to investors

• Buys a McDonalds franchise and runs the business

"Entrepreneur" comes from the French Verb "Entreprendre" which means:

• To sell French Fries

• To engage in risk in an attempt to profit

• To undertake

• To start a business

The four types of Entrepreneur are:

• Builder, Opportunist, Expert, Risk-Taker

• Builder, Opportunist, Innovator, Dreamer

• Builder, Opportunist, Innovator, Specialist

• None of the answers are correct

Builders seek to create scalable businesses within a short time frame

• True

• False

Opportunists have the ability to pick out opportunites and:

• Get in at the right time

• Stay on board during the time of growth

• Exit when the business hits its peak

• All answers are correct

Thomas Edison, Steve Jobs, and Mark Zuckerberg are all examples of what type of entrepreneur?

• Innovator

• Builder

• Opportunist

• Specialist

A "Specialist" has the following characteristics:

• Expert who is analytical and also risk-averse

• Looking for experts who can fill in their gaps of knowledge

• Has unique innovative ideas but is hard to manage

• None of the answers are correct

Any type of business CAN be entrepreneurship

but not all businesses ARE Entrepreneurships

• True

• False

Our Class Definition of "Innovation" is:

• New, Profitable, Scalable

• New, Useful, Applied

• Unique, New, Cost effective

• All answers are correct