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Entrepreneurship 1st Edition OpenStax - Solutions
One of your friends has recently opened a 24-hour gym for women ages 18–45. She is excited about the opening but wants to ensure that she is providing the right services to her customers and is wondering whether she did enough research up front to really figure it out. She comes to you for
What is the lean startup process?
If you were starting a business and had to create an MVP, what would that MVP be?
Take a look at the GEM page http://www.gemconsortium.org/country-profiles and click on the US link. Determine how the United States ranks in several measures on its profile. How does its entrepreneurial ecosystem compare to that of another country, such as Mexico or Canada?
What are some examples of an MVP?
Are there any downsides to the lean startup method? If so, what might they be and what sorts of products or companies might fall prey to them?
Your best friend is a kindergarten teacher who has decided to open a new learning center where toddlers and young children can play in an interactive environment to enhance their motor skills, cognitive development, and leadership skills. She is very excited about her new entrepreneurial
You and a team of students from your university are interested in creating a virtual agent (chatbot) that can interact with humans online. You have noticed that small businesses could benefit from adding a chatbot to provide great customer service at all times of the day at a fraction of the cost.
What is the success rate of businesses in the first two to ten years of life in the United States?
If you were conducting a lean pitch to investors, which steps of the pitch would you find most difficult and why?
You and your business partner have been in business for five years selling cellphones and other accessories. Recently, you noticed that the market is quite saturated, and your competition is very high. Your sales have been flat for the last year and a half, and no matter what promotions or
How can an entrepreneur learn from failures?
Discuss how you could identify and manage your fears as you start your own business.
Which gender experiences more fear about opening a business? Why do you think it they are more fearful?
What strategies do you think can help women overcome their fear of failure? Relate your answers, if applicable, to a woman you know who has such fear and describe strategies she uses to overcome it.
What are some of the realities of business ownership?
Discuss how minorities and women can use resources and strategies to deal with their additional challenges as entrepreneurs.
How can entrepreneurs deal with these negative realities?
Pick three cons of business ownership and strategize how to turn them into pros.
Now choose three of the pros of business ownership and consider whether any of them could be cons in certain situations.
What percentage of businesses last five years or more?
Is now a good time to start a business? Why or why not?
Problem solving is part of but not the entire model for building innovations.A. TrueB. False
What is the relationship between entrepreneurial thinking and problem solving?
Which method do you think applies more to entrepreneurship, the innovative or adaptive problem-solving method? Do you see yourself as using one method more than the other in your entrepreneurial endeavors? If so, which one and why?
The team at AMD, the manufacturer of a chip processor, has a good grasp on how software giants build products around its processors. The teams at AMD design processors to feature attractive capabilities to the software giants by seeking input from researchers and designers on the AMD team who
What are the key aspects of the two types of problem-solving methods the entrepreneur uses to problem solve?
Do you think it is important for the entrepreneur to understand and develop all the problem-solving skills to manage a successful startup? Why or why not?
What are the key skills entrepreneurs need to arrive at innovative solutions?
________ is like the origin story for a brand.A. problem-solution narrativeB. purposeC. mission statementD. vision statement
What are the pitfalls in crafting a vision statement that is too broad or too narrow?
Princeton University professor, president, and CEO of New America, a think tank dedicated to “renewing America in the Digital Age,” Anne-Marie Slaughter wrote an article for The Atlantic in 2012 called “Why women still can’t have it all.” Slaughter starkly and personally lays out the
Identify the correct terms used in this text for setting SMART goals.1. Specific, measurable, attainable, relevant, time-bound2. Specific, marketable, attainable, relevant, time-bound3. Specific, measurable, achievable, relevant, timely4. Specific, measurable, attractive, relevant, time-bound
When someone supports your products and your brand so much that they begin speaking on your behalf in person and on social media, they are known as a/an ________.A. Brand advocateB. Corporate narrative sponsorC. ImpetusD. Entrepreneurial drive
What are some biases that minorities and women face in acquiring funding?
In the fall of 2016, Samsung Electronics experienced a massive public relations disaster when its Galaxy Note 7 smartphones started exploding due to faulty batteries and casings. Initially, the company denied there were any technical problems. Then, when it became obvious the exploding phones posed
You have learned about B-corporations. If you started a new business, would you commit to the rather stringent audit process necessary to become a B-corporation? Why or why not?
Explain why diversity is something that should matter to an owner. What would you do to try to achieve it?
Some small entrepreneurs do not have the budget for a full-fledged human resources department; however, that makes compliance with employment laws challenging. What steps would you take to comply with federal and state employment law if you do not have a full-time attorney or human resources
The question “How might we find a way to make use of DVDs and other physical media as users adopt streaming services for films and television over time?” is an example of which form of ideation?A. Statement starterB. Open innovationC. Design thinkingD. Brainstorming
Open innovation can be criticized for being vague and encouraging corporations to attempt to commit corporate espionage to look for solutions to problems shared by multiple firms in the same field. Is open innovation all it is cracked up to be? Is it truly new? Does it encourage intellectual
Open innovation means more than searching online for others who are attempting to solve the same problems you are and trying to take inspiration from other corporations and other entrepreneurs. It also involves forming partnerships, supporting new ventures, investing in business accelerators, and
The creative process that begins with empathy is known as ________.A. Stanford’s model of human-centric designB. Build-measure-learnC. Open innovationD. Disruptive innovation
At what point is a product truly inventive? Can you think of products that some people think are inventions but that other people consider mere variations of previous products?
Read this article to prepare for answering this question: https://www.brookings.edu/blog/brookings-now/2018/05/23/artificial-intelligence-will-disrupt-the-future-of-work-are-we-ready/. (Brennan Hoban. “Artificial Intelligence Will Disrupt the Future of Work. Are We Ready?” Brookings. May 23,
In the Six Hats exercise, new ideas are the purview of the ________.A. Black HatB. Blue HatC. Green HatD. Red Hat
What is the value of creative efforts that are not meant for sale and that are never turned into products for the marketplace?
________ is thinking strategically, often to create human-centered products.A. CreativityB. InnovationC. InventionD. Design thinking
Critics of contemporary society suggest that there is something akin to a “technology cult” around the world. Some people treat innovation and inventiveness as cure-alls even as social conditions such as poverty, environmental degradation, and hunger persist. Can innovation cure all of
An innovation that is not developed in tandem with consumers but that is introduced in a society or in a targeted market as completed and “finished” is often referred to as a “________.”A. Design thinkingB. Iterative developmentC. Black boxD. Corporate narrative
Can you think of a product you or someone you know adopted early only to watch it fall into the diffusion chasm between early adopters and early majority adopters? What was that product, and why do you think it failed to make it across that gap?
If linear thinking is the idea that progress follows or should follow a set of established, logical steps, ________ is free and open thinking where established patterns of logical thought are purposefully ignored or even challenged.A. Design thinkingB. Iterative developmentC. Corporate narrativeD.
What makes a model for creativity necessary? Isn’t creativity the opposite or the absence of structure?
The model for building ________ also includes steps for team building, suggesting that the most complex developments require more than the lone mad scientist in a lab, despite what is often depicted in popular culture.A. Creativity in an individualB. InnovationsC. Inventions
Why does the model for innovation stress that it does not end with problem solving?
Why does the section on invention focus so much on building a team? Aren’t most inventors and truly creative people famous for working solo?
DICEE is a model for ________ that focuses on going beyond problem solving to get at the underlying qualities of what makes certain new products “sticky” in ways that make people true fans.A. Creativity in practiceB. Innovative productsC. InventionsD. Building creative teams
What is entrepreneurial opportunity?
Explain the difference between an idea and an entrepreneurial opportunity. Why is it important to recognize if your idea is truly an entrepreneurial opportunity or only an idea?
Mandy Tillman was a high school student who lived in a rural area of Oklahoma. Mandy was only fourteen years old but wanted to make some extra money for her family’s trip to the Grand Canyon the following summer. While shopping with her parents, she noticed there was only one place in town to buy
What are five methods through which an entrepreneur can create new economic opportunities, according to Joseph Schumpeter?
Research the eyeglass company Warby Parker.A. What is Warby Parker’s business model?B. What is the value proposition offered by Warby Parker?C. Describe Warby Parker’s target market? What resources did you use to identify their target market?D. If Warby Parker did not exist and you decided that
What are some factors that might indicate it is a good time to start a business?
If you were thinking about starting a clothing store for teens and young women in your hometown, what census information do you think would be useful to you?
Travis and Katelyn loved backpacking and had hiked the Appalachian Trail twice. Although they had been backpacking for several years, each time they went out on the trail, they learned something new. Almost every backpacker they met was quick to offer a good tip on the best clothing or equipment
When should an entrepreneur explore opportunities?
What new patterns or behaviors have you noticed within your society or the country’s society?
What should a potential entrepreneur research before starting a business?
What unused resources are present in your own life that could be translated into a shared economy idea for a new venture?
What kind of information is available in census data and how might that data be useful?
What spin-off ideas can you think of that support a gig economy? For example, what services or products might gig employees value or gig employers value?
Compare and contrast supply-based opportunities and demand-based opportunities.
What are some of the reasons for business failures? If you were starting a business, what are some actions you could take to increase your potential for success?
What is a SWOT analysis and how is it useful?
Many entrepreneurs like Chris Johnson, who invented the ramen noodle cooker and Palms Barber had ordinary problems they were trying to solve. What are some examples of ordinary problems you could solve if you could invent a product?
How can using a PEST analysis contribute to discovering new patterns of trends for recognizing entrepreneurial opportunities?
How do social enterprises like Bee Love help the community? What problem was Palms Barber trying to solve? What problems did the company end up solving?
What is a unique selling proposition?
Tamika, a young entrepreneur, has been purpose-driven toward social change in her rural community. She has created solutions for pesticide runoff, erosion problems, and toxic well water. She has decided to focus more on energy conservation and local air quality. Her first client is interested in
Which of the three types of entrepreneurs relies more on the innate skill of the entrepreneur?
Based on input from his second-grade students, New York teacher Michael Schurr was able to redesign his classroom to better serve the students’ needs. In the book Design Thinking for Educators, he redesigned the cubby space to make the room semi-private and lowered the boards so that students
What are the differences in the three major types of entrepreneurs?
How does the fishbone process aid entrepreneurs in finding the root cause to problems worth solving?
List and describe the steps an entrepreneur uses in the specific and logical process of creativity?
Discuss the different methodologies an entrepreneur might use when experiencing creativity block.
What are the key aspects of the brainstorming process?
Discuss the crowdsourcing process, including how contributors to the solution are rewarded and how different platforms fit with different types of businesses.
What is the main advantage of using teams to create a solution?
Why is empathy needed in defining problems?
Discuss the advantages of storyboarding.
Why is it important to continuously ask for feedback and improve the current design?
What are the differences between the design thinking process and the problem-solving process and why are they important?
What are some ways you can determine the true root cause of a problem and not just its symptoms?
What are the steps in human-centered design thinking? Briefly describe each.
What are the best ways to implement lean thinking in your company?
What is human-centered design?
Observation is the phase in which entrepreneurs explore problems that requires solution. Which is not a step in this phase?A. Talk to clients and conduct research for potential solutionB. Determine if change is neededC. Experiment and analyze potential solutionD. None of these options is correct.
What are some advantages of the lean process?
After a search, give examples of companies with clear vision but poorly defined mission statements.
The John Deere Company has one of the most enduring corporate narratives in the world. John Deere was a real person who developed an early, successful steel plow that in some ways contributed to the agricultural revolution the world over. Research and re-tell the John Deere story. What drove John
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