Study Guide Midterm 1 - 40 pages

Study Guide Midterm 1 - 40 pages - Introduction to...

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Introduction to Marketing in New Ventures 1. What are the challenges of the entrepreneurial environment? There exist many challenges of the entrepreneurial environment. Some include Liability of newness Low financial resources Demand for creativity and novelty Unique levels of uncertainty and ambiguity Unexpectedness New ventures as vehicle of personal values, dreams and ideas 2. What is entrepreneurship? What is an entrepreneur? Entrepreneurship is a process by which individuals pursue opportunities without regard to resource they currently control. It’s a way of thinking and acting that is opportunity obsessed, holistic in approach and leadership balanced for the purpose of value creation. It’s not a genetic trait, rather a skill that most people can learn! An entrepreneur is one who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalize on them. 3. What are the characteristics of entrepreneurs? 1. Desire and responsibility . Entrepreneurs feel a deep sense of personal responsibility for the outcome of ventures they start. They prefer to be in control of their resources, and they use those resources to achieve self-determined goals 2. Preference for moderate risk. Entrepreneurs are not wild risk takers but are instead calculating risk takers. There is no correlation between risk tolerance and entrepreneurship 3. Confidence in their ability to succeed . Entrepreneurs typically have an abundance of confidence in their ability to succeed. They tend to be optimistic about their chances for success 4. Desire for immediate feedback . Entrepreneurs enjoy the challenge of running a business, and they like to know how they are doing and are constantly looking for feedback
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5. High level of energy. Entrepreneurs are more energetic than the average person. That energy may be a critical factor, given the incredible effort required to launch a startup company. 6. Future orientation. Entrepreneurs have a well defined sense of searching for opportunities. They look ahead and are less concerned with what they did yesterday than with what they might do tomorrow. 7. Skill at organizing. Build a company from scratch is much like piecing together a giant jigsaw puzzle. Entrepreneurs know how to put the right people together to accomplish a task. Effectively combining people and jobs enables entrepreneurs to transform their visions into reality. 8. Value of achievement over money . One of the most common misconceptions about entrepreneurs is that they are driven wholly by the desire to make money. Achievement seems to be entrepreneurs primary motivating force; money is simply a way of keeping score of accomplishments—a symbol of achievement 9. High degree of commitment . Entrepreneurship is hard work, and launching a company successfully requires total commitment from an entrepreneur. 10.
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Study Guide Midterm 1 - 40 pages - Introduction to...

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