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Entrepreneurship 1st Edition OpenStax - Solutions
Place the SMART goals in order of importance and discuss why you chose that order.
Design plays a major role in how investors and other audiences respond to your pitch deck, but for one startup, achieving near perfection in their slide design did not create a pathway to success. Wattage Inc. was pitched as a modular electronics company that would allow users to design their own
What is defined as the thing your organization does that people will pay for or contribute to?A. Earnings statementB. Profit propositionC. Value for revenue proposalD. Value proposition
When an entrepreneur’s story becomes part of the mythology of a corporation and its purpose, this is known as a/an ________.A. Mission statementB. Vision statementC. Purpose statementD. Corporate narrative
How can telling your entrepreneurial story help build a brand?
Zappos is sometimes cited as an example of the leanest of lean startups conducting the build-measure-learn process successfully. The company started with no inventory and instead started taking orders to ship shoes to customers who ordered online. They let the market pull the inventory needs out of
In what ways is an elevator pitch an abbreviation of a longer professional pitch? In what ways does it differ?
An abbreviated pitch that you memorize is called an elevator pitch. Meant to be given in person, is should be ________.A. BriefB. MemorizedC. Connected to a request for more time to make a more complete pitchD. All of these options are correct.
Reflect on the Airbnb pitch deck. What would the elevator pitch version of that presentation sound like? What would the ask be for the new elevator pitch?
A graphic worksheet that sets forth the value proposition of any startup and allows you to identify stakeholders, and key inputs and outputs is the ________.A. Business model generatorB. Business model canvasC. Business mobility canvasD. Business meditation and creativity matrix
At what stage of product development for a manufactured good should you file for patent protection?
An agreement between an individual employee and a company that states that innovations belong to the company, even if an individual makes substantial contributions.A. Nondisclosure agreementB. Work-for-hire agreementC. Noncompete clauseD. Patent
Are noncompete clauses fair in entrepreneurial work? Why so? Are noncompete clauses always fair for employees? Why or why not?
A ________ is a license granting exclusivity, as in the exclusive rights to manufacture and sell a specific product.A. PatentB. UIC. Nondisclosure agreementD. Noncompete clause
Research the average time it takes to win a patent in an industry you are interested in. What are some factors that contribute to delays in patent seeking?
After researching Man Crates, explain how Man Crates has followed the model in Figure 2.20? Figure 2.20 provides an overview of each stage and the associated decisions that you might consider or encounter for the entrepreneurial process. Sales Pre-Launch Discovery . Research . •
Using the information on the steps for an entrepreneurial journey, give your own example with connections to this section’s main concepts.
Think about yourself within the context of the “nature or nurture,” “born or made” argument. How do you feel these perspectives combine in your own potential as an entrepreneur?
Review the website http://www.coastaltractor.com/ to learn more of about Coastal Tractor. What spinoff ideas could you identify using this same technology or concept as the bug vacuum?
What factors contribute to a growing interest in entrepreneurship?A. Unemployment levelsB. Low job turnover ratesC. Increasing levels of creativityD. Decreasing rates of discrimination
Why is the United States a leader in entrepreneurship?
What suggestions could you make to Angad Daryani on other products that would fit his focus on improving the lives of people?
Angel investors contribute to the entrepreneurial world by ________.A. Outpacing venture capitalists in access to startup fundsB. Directly investing in entrepreneurial startupsC. Holding seminars to teach people how to become an entrepreneurD. Forming groups of other investors to supply greater
What commonalities do the top five countries have that put them in the lead for entrepreneurial ventures?
On Angad Daryani’s website, he says he believes “that the path humanity follows, need to be pivoted for the better.” What other needs or problems do humans have? Create a list of twenty needs that would fit Angad Daryani’s belief statement.
An entrepreneur is someone who ________.A. Creates a small business based on other existing businessesB. Creates a home-based business that sells products available through other retailersC. Creates a business around the idea of solving a problemD. Is highly creative
One of Roxanne Quimby’s motivations in starting businesses included helping employ people in her community. How does or doesn’t this motivation fit in the definition of an entrepreneur as someone who identifies a problem and solves that problem?
Research Miracle Messages. Identify Miracle Messages vision statement, mission statement, and value statements. Do not copy their statements, but rather create your own statements based on what you would create if you were the lead entrepreneur for this organization.
Roxanne Quimby of Burt’s Bees is an example of an entrepreneur primarily for which of the following reasons?A. She saw available resources and recognized the resources could be used to create a business.B. She acted on her passions.C. She solved a significant societal problem.D. She had the time
What are the similarities and differences between the business ventures of Wander Girls and Roxanne Quimby?
Identify five other organizations that have services or products that you would want to partner with if you were the lead entrepreneur of Miracle Messages. What value does each of these five organizations provide to Miracle Messages’ vision, mission, and value? What services or products are not
In the early stages of developing an entrepreneurial venture, the entrepreneur might seek funding from which group?A. Venture capitalistsB. The local bankC. Friends and familyD. Shark tank
Why is knowing your vision for the future important?
The acronym SMART for goal setting stands for ________.A. Short-term, measurable, accurate, relevant, and timelyB. Specific, measurable, accurate, relevant, and timelyC. Specific, measurable, achievable, realistic, and time orientedD. Specific, measurable, achievable, results, and time oriented
Why should we create goals using the SMART method?
In reviewing Coastal Tractor’s website, what evidence of an entrepreneurial mindset is present within this company’s website?
A vision statement does not include ________.A. A picture of the future described in wordsB. Concepts and ideas that inspire and focus people’s actions toward a united outcomeC. Both creative and exploratory process in creating the visionD. The scope of the venture
What is the value in using divergent thinking when trying to solve a problem?
Do you think Coastal Tractor is using a disruptive technology? Why or why not?
Which one of the following is not a quantifiable result?A. 5 percent annual growth in salesB. Increase market share by 2 percentC. Decrease collection of accounts receivable by $5,000.00D. Increase creativity throughout the venture
How would you explain the concept of an entrepreneurial vision to your college roommate who is a history major?
Which of the following is not a creativity building technique or tool?A. Conducting a case studyB. Brainstorming activitiesC. Mind map creationD. Brain writing
What is the primary difference between divergent thinking and brainstorming?
Disruptive technologies include all but which of the following?A. New methods or approaches that make established methods obsoleteB. Self-booking of air travelC. Restaurant food delivery servicesD. A change from ownership of resources to the ability to have access to resources
Identify five disruptive technologies and the industries that these technologies impact.
The entrepreneurial mindset includes ________.A. A willingness to develop ideas that are not always initially popularB. A willingness to wait for an idea to become popular before moving forward with that ideaC. An ability to focus on past successesD. A belief in following tradition and established
In thinking about the future, and your own experiences, what opportunities are there for disruptive technologies in one or two familiar industries?
What is the difference between an entrepreneurial mindset and entrepreneurial spirit?
Describe your own level of entrepreneurial spirit.
Why is interest in entrepreneurship growing among those entering or re-entering the workforce?
Review the story of Sixto Cancel and his journey to developing the social venture Think of Us.A. Consider Sixto’s entrepreneurial journey and the development of Think of Us. What types of challenges or obstacles do you think he had to overcome to complete his journey?B. Discuss some of the
What does it mean to have an entrepreneurial mindset?
What is an entrepreneurial mindset?
Discuss the basis for defining a target market. How does a focus on a target market assist with the development or adjustment of an idea?
Explore the websites of Cratejoy and Prospurly, which are discussed in Entrepreneurship in Action: Prospurly. How did these venture founders follow the entrepreneurial journey? ENTREPRENEUR IN ACTION Prospurly Prospurly is a subscription-based company that uses Cratejoy's subscription platform to
What does the phrase “entrepreneurial venture” refer to?
Explain the importance of being self-reflective and honest before, during, and after starting an entrepreneurial journey.
What does the process of “cash management” entail for a business?
What additional ideas can you think of for starting your own business, using Man Crates as a source of inspiration? LINK TO LEARNING "Drop into" Man Crates to learn about this entrepreneurial venture. Who is their clientele? Does this company sell an experience, a product, or both? What life cycle
Why is the entrepreneurial process considered a fluid process rather than a rigid step-by-step guide?
Consider the potential questions that you might ask yourself before you launch a venture. Discuss two or three questions that resonate with you and your personal experiences. Why or how do these questions influence you more than others?
Go back to the Work It Out: Startup Ideas Feature Box. Select either an idea that you’ve created or an idea listed on either of the websites. Where could you go to gain more information about this idea? This might mean finding a business where you could shadow someone, or perhaps an internship,
What does the term “creative destruction” mean?
Return to the Work It Out: Startup Ideas Feature Box and revisit the links to business ideas, using the same idea that you identified in question 1. What are five other businesses that could be spinoff ideas from your one new idea?Question 1Review the story of Sixto Cancel and his journey to
What are situational opportunities?
Consider the historical information on entrepreneurship and innovation. How does our current economy, which is based on technology and knowledge, support entrepreneurial activity?
Why did you select this framework over another framework?
What does an entrepreneurial journey entail?
Consider the multiple pathways to entrepreneurship. How might your own current situation reflect a potential pathway to entrepreneurship?
By applying the framework to your idea, what new information did you learn and what information is lacking, or needs further development?
Under which circumstances might a person choose to bootstrap a venture?
Is there a difference between a soft launch and a soft open? Why are two different terms used?
What are the benefits of a soft launch? What are the negatives of a soft launch?
What does the term “framework” mean in terms entrepreneurship?
Outline your background and training, and then discuss the importance of connecting your background and training with a potential entrepreneurial pathway.
What is an action plan? How is it different from a framework?
How does creating an action plan help you become a successful entrepreneur?
Why are action plans useful in the development or improvement of a venture?
What is the connection between an action plan and a framework? How are they different?
What are the characteristics associated with traditional entrepreneurship?
Why are more individuals pursuing nontraditional entrepreneurship opportunities?
What is the difference between an immigrant entrepreneur and a minority entrepreneur? What are the similarities?
Full and truthful disclosure ________.a. Is often required under tort lawb. Is a matter of ethics, not a legal requirementc. Is a risky business practice because it helps the competitiond. Is a strictly personal choice
How can ethics-based concepts such as truthfulness and fairness be integrated into the fabric of the organization?
In 2017, it became apparent that Wells Fargo had created over 2 million falsified customer accounts without the customers’ consent, approval, or knowledge. John Stumpf, Wells Fargo CEO, who resigned amid this scandal, denied any leadership involvement and wrongdoing. He blamed his employees and
Common IP law-mandated periods of protection are ________.a. Copyrights are protected for twenty yearsb. Patents are protected for fifty yearsc. Trademarks are protected for renewable ten-year periodsd. Trade secrets are protected for fifteen years
How can we nurture an environment where each member of the organization develops and internalizes a moral compass?
In 2017, the US Environmental Protection Agency found that Volkswagen had installed a “defeat device”—software in the vehicle that detects that an emissions test is in progress, controls the engine, reduces emissions, and enables the vehicle to pass the test for US emissions standards. Martin
Acting ethically includes acting with which of the following?a. Integrityb. Disclosurec. Transparencyd. All of these options are correct.
Evaluate how an entrepreneurial business startup might benefit from the enforcement of antitrust laws against a large competitor.
If you were to create a top-ten list of the world’s greatest corruption scandals, the problems of Petrobras (Petróleo Brasileiro) in Brazil surely would make the list. The majority state-owned petroleum conglomerate was a party to a multibillion-dollar scandal in which company executives
Antitrust law:a. May help small entrepreneurs by ensuring big companies do not have monopoliesb. May hurt small entrepreneur by requiring them to disclose trade secretsc. Only applies to businesses with over 500 employeesd. None of these options are correct.
Discuss ways in which intellectual property, such as trademarks, can add value to a small business. How would you protect your ability to monetize intellectual property?
Patents ________.a. Are similar to trade secrets under IP lawb. Allow a temporary monopoly for an inventionc. Are protected under IP law for a period of ninety-nine yearsd. None of these options are correct.
Sometimes engaged employees go above and beyond in the interest of customer service, even if they have no “customers” to speak of. Kathy Fryman is one such employee. Fryman was a custodian for three decades at a 100-year-old school in the Augusta (KY) Independent School District. She was not
An example of a company(s) that have been fined millions of dollars for legal/ethical violations includes ________.a. Enronb. TOMSc. British Petroleumd. a and c
Can a social enterprise work on a social issue and at the same time be profitable?
Please view the video ABC Nightline-IDEO Shopping Cart (https://openstax.org/l/52IDEOShopCart) on YouTube. This video demonstrates how an entrepreneurial mindset combined along with a collaborative process can be used to deliver the most innovative products.A. After watching the IDEO YouTube video,
Referring to Table 3.3 listing cases of corporate fraud, which company example do you think is one of the worst examples of unethical conduct? Is this because it involved the most money stolen, the most people cheated, or the most devious methods? Examples of Multi-Billion Dollar Corporate
The B-corporation moniker ________.a. Requires government certificationb. Requires no certificationc. Can only be used after an audit and certification by the B-corp organizationd. Is a social media concept used primarily for marketing purposes
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