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Exam Notes - Chapter 1 1 Describe entrepreneurial process a...

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Chapter 1 1. Describe entrepreneurial process a. Unfolds over time and moves through distinct but interrelated phases 2. Major phases a. Generation of new idea for new product recognition of opportunity b. Assembly of resources needed to launch new venture c. Launching venture d. Running/growing business e. Harvesting rewards 3. Understand sources of knowledge a. Most accurate and reliable provided by methods found to be useful for in other fields: systematic observation, experimentation, and reflection 4. Understand role of theory a. Involves efforts to explain rather than merely describe various phenomena b. Research conducted to obtain data relevant to theories – not prove them 5. Micro vs macro a. Micro – focuses on behaviour and thoughts of individuals b. Macro – focuses primarily on environmental factors 6. Role of observation a. Involves careful measurement of variables to determine correlation (if any) Chapter 3 1. Understand cognitive processes related to entrepreneurship – ideas, creativity, opportunity identification a. Idea generation – production of ideas for something new b. Creativity – generation of ideas that new and useful c. Opportunity recognition – process thu which individuals find they have identified the potential to create something new with potential future profits 2. Understand creativity
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a. Generation of ideas that are both novel and appropriate or useful 3. Distinguish between analytical, creative, and practical intelligence, explain how all 3 are combined to successful intelligence a. Analytical – involves abilities to think critically (IQ) b. Creative – involves ability to formulate new ideas and gain insights c. Practical – involves being intelligent in a practical sense (street smarts) d. Successful – need creative to come up with new ideas, practical to identify ways to develop them, analytic to evaluate the ideas 4.
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