CHAPTER 3 - ENTREPRENEURSHIP & SMALL BUSINESS DEVELOPMENT

Entrepreneurship involves identifying, evaluating, and exploiting opportunities by marshaling resources, managing risk, and creating value for stakeholders.

• Joseph Schumpeter

• Peter Drucker

• Howard Stevenson

• William Bygrave & Andrew Zacharakis

Entrepreneurs is individuals who introduce new products, processes, or ways of organizing production, thereby disrupting existing markets and creating economic value.

• Joseph Schumpeter

• Peter Drucker

• Howard Stevenson

• William Bygrave & Andrew Zacharakis

Entrepreneurs is individuals who create value by bringing together a unique package of resources to exploit opportunities.

• Joseph Schumpeter

• Peter Drucker

• Howard Stevenson

• William Bygrave & Andrew Zacharakis

Creation of employment, innovation and impact on society and community development are the importance of entrepreneurship

• TRUE

• FALSE

Not afraid to do new things is what characteristic for entrepreneur?

• Risk Taker
• Human Relations Skills
• Problem-solving & Decision-making Skills
• Independent

Looking at new ways of doing things, and using the mind to conceptualize unique ideas is what characteristic of an entrepreneur?

• Goal-Oriented

• Creative

• Independent

• Responsible

The Timmons Model of Entrepreneurship Process considers opportunities, teams and resources as the three critical factors available to an entrepreneur.

• FALSE

• TRUE

What is the main focus of social entrepreneurship?

• Addressing social issues and creating positive change in society

• Maximizing profits and financial gain

• Exploiting vulnerable communities for personal gain

• Ignoring social issues and focusing solely on business growth

Which type of entrepreneurship is often associated with startups and new ventures?

• Social entrepreneurship

• Private entrepreneurship

• Traditional entrepreneurship

• Corporate entrepreneurship

Which type of entrepreneurship is often associated with large corporations and established companies?

• Corporate Entrepreneurship

• Online Entrepreneurship

• Social Entrepreneurship

• Small Business Entrepreneurship