[Week 1-12] NPTEL Entrepreneurship Assignment Answers 2023

NPTEL Entrepreneurship Assignment Answers

NPTEL Entrepreneurship Assignment Answers 2023 : This article is related to the Quiz Assignment answers of NPTEL of Entrepreneurship Course run by Prof. C Bhaktavatsala Rao IIT Madras.

Table of Contents

NPTEL Entrepreneurship Week 12 Assignment Answers 2023

Q1. Chennai Business School was established by senior working executives and became successful despite competition. It demonstrates: Opportunity Entrepreneurship Replicative Entrepreneurship Employee Entrepreneurship Necessity Entrepreneurship

Q2. Strategically, marketing is all about: Selling products to consumers as much as possible Pricing products at the highest possible level Matching new company capabilities and new consumer needs Convincing others

Q3. Digital commerce has led to Enhanced choice to consumers Ability to buy based on reviews Instant digital payment All of the above

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NPTEL Entrepreneurship Week 11 Assignment Answers 2023

1. As industries mature: Employment accelerates Employment decelerates Junior employees become less important None of the above

2. Food delivery companies such as Zomato and Swiggy brought this change to the employment scenario: Huge formal employment on fulltime rolls Huge informal employment, all on contract A mix of huge formal and informal employment, on a mix of fulltime and part-time rolls None of the above

3. One of the biggest drivers of entrepreneurial employment, direct and indirect, of all types in recent years has been: Auto component entrepreneurship Mining entrepreneurship Movie entrepreneurship Digital entrepreneurship

4. E-Commerce start-up sector’s growth has triggered huge corresponding growth in: Malls Kirana stores Logistics Advertising

5. India’s start-up employment experience indicates that the maximum employment was in: Pharma start-ups Logistics start-ups Healthcare start-ups Cloud start-ups

6. Which of the following is not a genomic or genetics related biology start-ups? CAR-T domain CRISPR domain mRNA domain Prosthetics domain

7. Which of the following statements is true, with reference to a company? The Board of Directors is not responsible for Corporate Governance The CEO is not responsible but the Board of Directors is responsible for Corporate Governance Corporate Governance is the responsibility of shareholders The Board of Directors and the CEO are responsible for Corporate Governance

8. In most listed Indian companies, the following board committee plays a major role in ensuring corporate governance in India: Audit Committee Shareholders Grievance Committee CSR Committee Remuneration Committee

9. Village industries (for example, pottery, carpentry, honey extraction) give self-employment to: Farmers ITI diploma holders Skilled artisans, whether formally educated or not Migrant labour

10. The lowest level (by percentage) of the number of start-ups recognised by the Government of India is in the domain of: IT services Healthcare and life sciences Technology hardware Education

NPTEL Entrepreneurship Week 10 Assignment Answers 2023

Q1. India’s advantage in entrepreneurship has to lie in its national entrepreneurial culture which should holistically comprise: Individual passion Family support Social collectivism All of the above

Q2. Corporations can improve national entrepreneurship culture by a set of measures: Investing in entrepreneurial companies Directing CSR for social entrepreneurship Setting up incubators and accelerators All the above

Q3. To embed entrepreneurship in curriculum one way could be to establish national educational missions that holistically involve: Academic institutions and Industrial undertakings Academic research cum entrepreneurial parks Courses dedicated for entrepreneurship (by theory and practice) All of the above

Q4. Which of the following is a socially responsive entrepreneurship programme if an employee is encouraged to set up a start-up for (Hint: More than one right answer exists): Simple water purification system for rural areas Helping improve farm yields Supporting community school students with nutrition and schooling All of the above

Q5. The most common type of organisation for a start-up in the initial years is: Functional organisation Product organisation SBU organisation Matrix organisation

Q6. Matrix organization is usually resorted to by: Domestic companies Multinational corporations Academic institutions Research laboratories

Q7. Which management expert enunciated 14 principles of management? Frederick Taylor Elton Mayo Henry Fayol Abraham Maslow

Q8. Entrepreneurs are rendered more distinctive by: Only passion without energy Only energy without passion Fusion of passion and energy None of the above

Q9. Entrepreneurial organisations, when compared to bureaucratic organisations, have: Higher entropy Lower entropy Equal entropy Zero entropy

Q10. Which of the following avocations is more entrepreneurial in nature? Classroom teaching Assisting the CEO Directing a movie Planning a wedding event

NPTEL Entrepreneurship Week 9 Assignment Answers 2023

1. There is probably no hard and fast rule when founders should hand over their start-ups to professional CEOs. The key metrics would be:

  • Government policy on founders
  • The evolutionary stage of the start-up
  • A co m parison with what other start-ups do
  • Supply and demand for CEO candidates in the external market

2. For Founder to CEO transition to be successful in a start-up, the CEO must possess, beyond, technical and business skills:

  • Ability to invest in the start-up
  • Ability to q ui t at any time
  • Cultural skills and fit
  • Constantly questioning attitude

3. An effective CEO is one who has

  • Operational skills
  • Strate g ic skills
  • Cultural skills
  • All of the above

4. One of the important CEO characteristics even if for an all-powerful CEO is to have:

  • The humility of advocacy
  • The consens u s from all stakeholders
  • Both (a) and (b)
  • Neither (a) nor (b)

5. In terms of ensuring good corporate governance, a start-up must have the following from the very beginning:

  • A board comprisin g independent experts and leaders, including the founder and co-founder
  • An organisation structure
  • A recruitment procedure
  • A hire and fire policy

6. Tata Motors making a giant global acquisition of JLR may be seen as reflecting:

  • Bureaucratic approach
  • Administrative ap p roach
  • Entrepreneurial approach
  • Tactical approach

7. As per Global Entrepreneurship Monitor 2019, among 54 countries who participated in the survey, India has the top ranking in:

  • Government policy support for entrepreneurship
  • Cultu r al and social norms towards entrepreneurship
  • School level educational programmes on entrepreneurship
  • Governmental tax policies and bureaucracy

8. If one were to go by The Illinois University Model (2019 University Entrepreneurship Index), Indian start-ups have to do a lot more in the following area:

  • Biopharmaceutical technology
  • Retail and e-co m merce
  • Travel and hospitality

9. Increase in entrepreneurship is proportional to increase in the following, fundamentally:

  • Liberal education
  • STEM e ducation
  • Non-STEM education

10. Structurally, the Japanese industrial ecosystem enables technological innovation:

  • In select pockets of the value chain
  • All across the val u e chain
  • Only where large companies need
  • Only by large firms

NPTEL Entrepreneurship Week 8 Assignment Answers 2023

1. The largest pool of STEM graduates resides in:

India and China USA and UK Japan and K o rea Russia and CIS

2. Indian Government’s Make In India thrust is expected to benefit from India’s capabilities in:

  • Frugal engineering
  • None of the above

3. Entrepreneurship is closely related to:

  • Technology and Management
  • Arts and His t ory
  • Geography and Geology
  • Literature and Arts

4. Start-ups have a great opportunity to contribute to the ushering in of:

  • Circular economy
  • Declining economy
  • Volatil e economy

5. For effective pursuit of indigenous scientific and technological development, India needs:

  • Only public research
  • Only private research
  • Strong public-priv a te partnership in research
  • Neither public nor private research but only imports

6. Innovation led companies, such as global big pharma, invest the following percentage of sales on R&D:

7. The succession sagas at Tata Group and Infosys emphasise that for harmonious transition when founders are still the investors or statured leaders, harmony is ensured by:

  • A complete break with the past
  • Having all key decisions formally vetted by the founders
  • Change w i th Continuity

8. A start-up for soil sensers may be seen as a:

  • GPS based start-up
  • Satellite based start-up
  • Engineering b ased start-up
  • NLP based start-up

9. Super-specialist experts in science and technology will be helpful, as mentors, advisors and board members, for start-up founders in the following type of domains:

  • Genetics, Artificial Intelligence, Biopharma, and Personal Medicine
  • Road transportation a nd Ride handling
  • Software and Gaming
  • Textiles and Apparel

10. When promoters and professionals co-exist in senior leadership roles in a start-up, it is better for them to govern their conduct and decision making in the start-up in terms of:

  • Completely independent roles
  • Collaboratively through a clear role charter
  • Working informa l ly without any expectations
  • Questioning each other

NPTEL Entrepreneurship Week 7 Assignment Answers 2023

1. Which of the following is a financial strategy decision?

  • Diversification strategy decision
  • Integration strategy decision
  • Dividend d e cision
  • Recruitment strategy decision

2. Besides corporate performance and wealth maximisation, financial strategy is linked holistically to:

  • Corporate governance
  • Ethics and c o mpliance
  • Business continuity and Risk management

3. Which of the following statements is true?

  • Over the last few years, there has been an increased investor interest in the Indian start-ups
  • Over the la s t few years, there has been a decreased increased investor interest in the Indian start-ups
  • Over the last few years, there has been a decline in the number of Unicorn Indian start-ups
  • Over the last few years, there has been no diversification in the Indian start-up domains

4. A firm’s ability to meet current financial obligations is assessed by the firm’s:

  • Leverage ratios
  • Liquidity r a tios
  • Dividend ratios
  • Project ratios

5. The following is important for smooth and prudential conduct of a company’s operations:

  • Periodic equity infusion
  • Debt on tap
  • Net positi v e cash flow from operations

6. In the early phases of a start-up (say, ideation and prototyping), a start-up usually receives:

  • Angel funding (also seed funding)
  • Venture capital funding
  • Private e quity funding
  • Public issue funding

7. Which of the following statements is generally true on start-up investments?

  • Seed investors invest small amounts and expect big returns even if wanting to exit early
  • Private eq u ity investors invest along with seed investors
  • Seed investors invest small amounts and accept low returns even while wanting to exit early
  • Private equity investors will never want to invest in start-ups

8. Traditionally, many native ethnic start-ups are based on:

  • Institutionalized craftsmanship of individuals
  • Imported technologies
  • High throughput e q uipment
  • Intensive sales and marketing

9. IIT Madras Research Park is primarily a:

  • Leading plug and play incubator
  • Leading accelerator
  • Leading angel investor
  • Leading R &D laboratory

10. Which of the following forms of start-up financing is not legally supported in India:

  • Alternative Investment Funds
  • Crowdfunding
  • Venture capital fin a ncing
  • Start-up stock exchanges

NPTEL Entrepreneurship Week 6 Assignment Answers 2023

1. When a start-up has high innovation and high perfection in its products and processes, it would be able to develop:

  • Highly delayed products
  • Interesting pro d ucts
  • Uninteresting products
  • Blockbuster products

2. Innovation and perfection are:

  • Only for large companies
  • Iterative and have no boundaries
  • Become halted a t s o me point of time
  • Counter to each other

3. Which industry in India has several hundreds of brands for the same generic product?

  • Cycle industry
  • Automobile industry
  • Pharmaceut i cal industry

4. Which of the following statements is relatively true?

  • Design is only an integrator of different functionalities into one product
  • Design is only a tool to promote dif fe rent products with different functionalities
  • Design can integrate as well as differentiate functionalities in one or m ore products

5. Which of the following statements is true because of automobile electrification and autonomous driving?

  • There would be opportunities for several technology led startups in t h e new generation components
  • Automobile electrification and auton o my are hyped up and offer little opportunity to start-ups
  • New gen e ration components can be easily done in the facilities of existing auto component makers

6. Which of the following is not a business model but is a busi n ess strategy?

  • Diversifi c ation
  • Cash on delivery

7 . In the automobile industry, business definition is now expressed in the broadest sense as:

  • Manufacture of specific automobiles, for eg., cars
  • Specific activity, for eg., road transportation
  • Generic customer ne ed , for eg., mobility

8. Which of the following is not a methodology that supports business strategy development?

  • SWOT Analysis
  • Five Forces M o del
  • PESTEL Analysis

9. ERP (for example, the one offered by SAP) is expanded as:

  • Entrepreneurship Resource Planning
  • Entrepreneurship Record Planning
  • Enterprise Record Pla n ning
  • Enterprise Resource Planning

10. Start-ups’ business strategy is more aligned to:

  • Red ocean strategy
  • Clear sky s trategy
  • Blue ocean strategy
  • On ground strategy

NPTEL Entrepreneurship Week 5 Assignment Answers 2023

1. India ranking in start-up unicorn system is driven by:

  • Artific ia l Intelligence
  • E-Comme r ce, Fintech, Supply Chain and Logistics

2. The new main spaces for disruptive technolo g ies that are prototyped for commercialisation are:

  • Established mature companies
  • Established mature research laboratories
  • Establishe d mature universities
  • Technology-driven new generation st a rt-ups

3. Personal and robotic medicine that is po w ered by genetics, robotics and artificial intelligence is reflective of:

  • Third in d ustrial revolution
  • Fourth industrial revolution
  • Fifth industrial revolution
  • None of t h e above

4. If a company is consistently high on both innovation intensity and product profitability, such a company may be called:

  • Outstanding
  • Ta c tically Outstanding
  • Strategically Ou t standing
  • Operationally outstanding

5. The pace of technology development in mod e rn times is characterised as:

  • Progressive
  • Non-li n ear

6. Just as chips revolutionised computing in the p a st (and will continue to), in future one of the following will revolutionise a whole spectrum of industries.

  • Smart Sensors

7. One of the ultimate challenges that a start-up can tackle is:

  • Customised product design
  • Provi d ing high quality at low costs
  • Creating disruptive technologies

8. Within the five technology forces, the power of ope r ating systems is illustrated strikingly by the:

  • Mobile phone industry
  • Renewable energy industry
  • Textile indu st ry
  • Mining industry

9. If Radio was a commoditized product, it w a s brought out in a contemporary format as Caravan branded product by the following:

  • Contemporary redesigning
  • New value-adding functions
  • Retro-fu t urism

10. Digitisation provides the following adva n tages:

  • Big data and analytics
  • Precision and customisation
  • 24X7 oper a tion

NPTEL Entrepreneurship Week 4 Assignment Answers 2023

Q1. In which of the following industries, public policy (government policy) is triggering technology-led disruption?

  • Textile industry
  • Sugar industry
  • Jewelry industry

Q2. Computer software gets typically commercialised as:

  • Both B2B and B2C

Q3. Which of the following is a B2C company?

  • Inmobi even without profits

Q4. Startups become unicorns with their focus on:

  • Stable profits even at low scale
  • Rapid revenue growth and high market share
  • High pricing

Q5. Successful commercialisation for a start-up rests on:

  • Demand creation
  • Demand fulfillment
  • Customer loyalty

Q6. Many of the Indian unicorns are based on:

  • Contract manufacture
  • Contract research
  • Digital business models
  • Franchising overseas rights

Q7. What is not common between Amazon.com and Flipkart?

  • Both started with online book selling in the respective starting jurisdictions
  • Both are now in India as private companies
  • Both now cater to e-commerce in India

Q8. JustDial brought digital innovation to its own model of:

  • Air travel booking
  • Classified listing
  • Rail travel booking
  • Hotel booking

Q9. Companies can respond to varying global trade trends by:

  • Foreign exchange hedging
  • Global testing and homologation of products
  • Avoiding select countries, despite huge market size
  • Stopping international trade

Q10. Rationale for rapid rise of Unicorns in India:

  • India’s huge market base
  • Private VC and PE Investments into start-ups
  • Capturing market share even at a loss

NPTEL Entrepreneurship Week 3 Assignment Answers 2023

Q1. For an ideation workshop to be effective, the following is not advised as a requirement:

  •  Participants
  •  Understanding of the ideation methodology
  •  Analyti c s
  •  A pre-decided problem definition and problem solution.

Q2. The immediate next phase after a successful ideation phase is:

  •  Pilot marketing phase
  •  Validation phase
  •  Testing phase
  •  Prototyping phase.

Q3. Which of the following is not an essential requirement for prototyping of a product?

  •  Compon e nts
  •  Test facilities
  •  Assembly facilities
  •  Computer coding.

Q4. What is a holistic value proposition by a start-up?

  •  The operating life of a product
  •  The real and unreal advertising message from the start-up
  •  The short-te r m price advantage
  •  The set of gains and benefits from the product for the customer, both in the short-term and long-term

Q5. For the performance testing of a prototype to happen, which of the following is not required as much as the others?

  •  Product specifications
  •  Testing methods
  •  Testing e q uipment
  •  External look and feel of the product.

Q6. Which of the following is a variable experience product?

  •  Smart phone
  •  Viewing movies from a movie library
  •  Drinking w a ter from a purifier
  •  A luxury fashion accessory

Q7. The Minimum Viable Product (MVP) version of a smart watch in healthcare, beyond its timekeeping function, must be:

  •  Its colour scheme
  •  Its strap
  •  Its dial face
  •  Its health parameter tracking

Q8. Field testing of a product should be based on:

  •  Repe a t of lab testing
  •  Simulated operating conditions
  •  Destruction testing
  •  Lifelong testing

Q9. For a post-testing validation exercise, which is a techno-marketing exercise, it is useful to have an evaluator panel that has:

  •  Only internal experts
  •  Only external experts
  •  A mix of i nternal and external experts
  •  Only the CEO and CXOs

Q10. One of the components of an ideation workshop is:

  •  Clustering of ideas based on common threads
  •  Creation of prototypes
  •  Testing of prototypes
  •  None of t h e above

NPTEL Entrepreneurship Week 2 Assignment Answers 2023

1. The value chain of a start-up firm tends to get built in reality based on:

  • Aspirations that the firm would like to have
  • Competencies that the firm builds
  • Emotions that bin d the founders
  • The perceptions of investors

2. Holistic prototype development requires:

  • A clear understanding of the problem that is being solved
  • A creative solution to a ddress the problem
  • Design and manufacturing capability

3. BDC entrepreneurial potential self-assessment considers:

  • Only motivations
  • Only apt i tudes
  • Only Attitudes
  • All the above three

4. In MBTI personality typology, every participating person is assessed on:

  • 16 opposing pairs of personality traits
  • 4 opposing pairs of personality traits
  • 2 opposing pairs of personality traits
  • 8 opposing pairs of personality tra i ts

5. The success of many start-ups such as RedBus, Swiggy, Airbnb, Uber and ‘make my trip’ was based on:

  • Treating demand and supply separately
  • Focuss i ng only on demand
  • Focussing only on supply
  • Aggregating and linking demand and supply digitally

6. What would turn out to be the risks of prototype development?

  • Improper identification of t h e problem
  • A solution misaligned to the problem
  • Dependence on obsolete technologies and components
  • Any or all of the above

7. Paperboat is an Indian startup that succeeded with a thematic grid that combined:

  • Ethnic Indian beverages with Ethnic Indian packaging
  • Global beverages with Ethnic Indian packaging
  • Ethnic Indian bev e rages with Contemporary modern packaging
  • Global beverages with Global packaging

8. The fundamental and the first step of design thinking is :

  • Designing a product or service
  • Empathising with the customer
  • Prototyping
  • Coming up with a solution independent of customer

9. A true design thinking and ideation exercise involves:

  • Accepting the status quo
  • Questioning the basics
  • Relying on experts

10. For any start-up idea to fully succeed the following must be fulfilled :

  • Desirability f o r the customer
  • Feasibility for the company
  • Viability for the customer and the company

NPTEL Entrepreneurship Week 1 Assignment Answers 2023

1. Which of the following is an example of industrial transformation?

  • High-speed rail
  • Electric vehicles
  • Lead-fre e fuel

2. An entrepreneur who revels in creating new b usinesses continuously may be called:

  • Creator of serial entrepreneurial ventures
  • Destroyer of existing businesses
  • Continuous investor

3. Which of the following industries has seen mortality of start-ups or entrepreneurial firms over the last two decades?

  • Telecommunications

4. A start-up typically starts with:

  • Putting a product in the marke t
  • Discovering a problem and defining a solution
  • Ch a nging a business model

5. Having a co-founding team provides the advantages of:

  • Complementary skills
  • Shared responsibilities
  • Potential leadership transition s

6. Entrepreneurship is common with start-up in terms of:

  • Starting with meagre resources
  • Taking risks
  • Both (a) an d (b)

7. Entrepreneurial firms seek to:

  • Create new products and/or market s
  • Create market wealth
  • Disrupt e x isting businesses

8. An entrepreneur who enters the market to create a firm, leaving formal employment is called:

  • Innovative entrepreneur
  • Replicative entrepreneur
  • Opportunity entrepreneu r
  • Necessity entrepreneur

9. As per the MSME classification of Government of India, a product firm with an investment less than or equal to Rs 25 lakhs in plant and machinery is called

  • Micro enterprise
  • Small enterprise
  • Med i um enterprise
  • Nano enterprise

10. An infrastructure that helps entrepreneurs in their early stage of the startup life cycle with plug and play facilities and other common services is called:

  • Accelerator
  • Angel investment pl a tform
  • Venture capital platform

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1.1: Chapter 1 – Introduction to Entrepreneurship

  • Last updated
  • Save as PDF
  • Page ID 21253

  • Lee A. Swanson
  • University of Saskatchewan

Whilst there is no universally accepted definition of entrepreneurship, it is fair to say that it is multi-dimensional. It involves analyzing people and their actions together with the ways in which they interact with their environments, be these social, economic, or political, and the institutional, policy, and legal frameworks that help define and legitimize human activities. – Blackburn (2011, p. xiii)

Entrepreneurship involves such a range of activities and levels of analysis that no single definition is definitive. – Lichtenstein (2011, p. 472)

It is complex, chaotic, and lacks any notion of linearity. As educators, we have the responsibility to develop our students’ discovery, reasoning, and implementation skills so they may excel in highly uncertain environments. – Neck and Greene (2011, p. 55)

Learning Objectives

  • Examine the challenges associated with defining the concepts of entrepreneur and entrepreneurship
  • Discuss how the evolution of entrepreneurship thought has influenced how we view the concept of entrepreneurship today
  • Discuss how the list of basic questions in entrepreneurship research can be expanded to include research inquiries that are important in today’s world
  • Discuss how the concepts of entrepreneurial uniqueness, entrepreneurial personality traits, and entrepreneurial cognitions can help society improve its support for entrepreneurship
  • Apply the general venturing script to the study of entrepreneurship

This chapter provides you with an overview of entrepreneurship and of the language of entrepreneurship. The challenges associated with defining entrepreneur and entrepreneurship are explored, as is an overview of how entrepreneurship can be studied.

The objective is to enable you to apply current concepts in entrepreneurship to the evaluation of entrepreneurs, their ventures, and the venturing environment. You will develop skills, including the capability to add value in the new venture sector of the economy. You will acquire and practice evaluation skills useful in consulting, advising, and making new venture decisions.

Entrepreneurs and Entrepreneurship

Considerations influencing definitions of entrepreneur and entrepreneurship.

It is necessary to be able to determine exactly who entrepreneurs are before we can, among other things, study them, count them, provide special loans for them, and calculate how and how much they contribute to our economy.

  • Does someone need to start a business from scratch to be called an entrepreneur?
  • Can we call someone an entrepreneur if they bought an ongoing business from someone else or took over the operations of a family business from their parents?
  • If someone starts a small business and never needs to hire employees, can they be called an entrepreneur?
  • If someone buys a business but hires professional managers to run it so they don’t have to be involved in the operations, are they an entrepreneur?
  • Is someone an entrepreneur if they buy into a franchise so they can follow a well-established formula for running the operation?
  • Is someone an entrepreneur because of what they do or because of how they think?
  • Can someone be an entrepreneur without owning their own business?
  • Can a person be an entrepreneur because of the nature of the work that they do within a large corporation?

It is also necessary to fully understand what we mean by entrepreneurship before we can study the concept.

Gartner (1990) identified 90 attributes that showed up in definitions of entrepreneurs and entrepreneurship provided by entrepreneurs and other experts in the field. The following are a few of these attributes:

  • Innovation – Does a person need to be innovative to be considered an entrepreneur? Can an activity be considered to be entrepreneurial if it is not innovative?
  • Activities – What activities does a person need to do to be considered an entrepreneur?
  • Creation of a new business – Does someone need to start a new business to be considered to be an entrepreneur, or can someone who buys a business, buys into a franchise, or takes over an existing family business be considered an entrepreneur?
  • Starts an innovative venture within an established organization – Can someone who works within an existing organization that they don’t own be considered an entrepreneur if they start an innovative venture for their organization?
  • Creation of a not-for-profit business – Can a venture be considered to be entrepreneurial if it is a not-for-profit, or should only for-profit businesses be considered entrepreneurial?

After identifying the 90 attributes, Gartner (1990) went back to the entrepreneurs and other experts for help in clustering the attributes into themes that would help summarize what people concerned with entrepreneurship thought about the concept. He ended up with the following eight entrepreneurship themes:

1. The Entrepreneur – The entrepreneur theme is the idea that entrepreneurship involves individuals with unique personality characteristics and abilities (e.g., risk-taking, locus of control, autonomy, perseverance, commitment, vision, creativity). Almost 50% of the respondents rated these characteristics as not important to a definition of entrepreneurship (Gartner, 1990, p. 21, 24).

  • “The question that needs to be addressed is: Does entrepreneurship involve entrepreneurs (individuals with unique characteristics)?” (Gartner, 1990, p. 25).

2. Innovation – The innovation theme is characterized as doing something new as an idea, product, service, market, or technology in a new or established organization. The innovation theme suggests that innovation is not limited to new ventures, but recognized as something which older and/or larger organizations may undertake as well (Gartner, 1990, p. 25). Some of the experts Gartner questioned believed that it was important to include innovation in definitions of entrepreneurship and others did not think it was as important.

  • “Does entrepreneurship involve innovation?” (Gartner, 1990, p. 25).

3. Organization Creation – The organization creation theme describes the behaviors involved in creating organizations. This theme described acquiring and integrating resource attributes (e.g., Brings resources to bear, integrates opportunities with resources, mobilizes resources, gathers resources) and attributes that described creating organizations (new venture development and the creation of a business that adds value). (Gartner, 1990, p. 25)

  • “Does entrepreneurship involve resource acquisition and integration (new venture creation activities)?” (Gartner, 1990, p. 25)

4. Creating Value – This theme articulated the idea that entrepreneurship creates value. The attributes in this factor indicated that value creation might be represented by transforming a business, creating a new business growing a business, creating wealth, or destroying the status quo.

  • “Does entrepreneurship involve creating value?” (Gartner, 1990, p. 25).

5. Profit or Nonprofit

  • “Does entrepreneurship involve profit-making organizations only” (Gartner, 1990, p. 25)?
  • Should a focus on growth be a characteristic of entrepreneurship?

7. Uniqueness – This theme suggested that entrepreneurship must involve uniqueness. Uniqueness was characterized by attributes such as a special way of thinking, a vision of accomplishment, ability to see situations in terms of unmet needs, and creates a unique combination.

  • “Does entrepreneurship involve uniqueness?” (Gartner, 1990, p. 26).

8. The Owner-Manager – Some of the respondents questioned by Gartner (1990) did not believe that small mom-and-pop types of businesses should be considered to be entrepreneurial. Some respondents felt that an important element of a definition of entrepreneurship was that a venture be owner-managed.

  • To be entrepreneurial, does a venture need to be owner-managed?

Examples of Definitions of Entrepreneur

An entrepreneur can be described as “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” (Zimmerer & Scarborough, 2008, p. 5).

An entrepreneur is “one who organizes, manages, and assumes the risks of a business or enterprise” (Entrepreneur, n.d.).

Examples of Definitions of Entrepreneurship

Entrepreneurship can be defined as a field of business that

seeks to understand how opportunities to create something new (e.g., new products or services, new markets, new production processes or raw materials, new ways of organizing existing technologies) arise and are discovered or created by specific persons, who then use various means to exploit or develop them, thus producing a wide range of effects (Baron, Shane, & Reuber, 2008, p. 4)

A concise definition of entrepreneurship “is that it is the process of pursuing opportunities without limitation by resources currently in hand” (Brooks, 2009, p. 3) and “the process of doing something new and something different for the purpose of creating wealth for the individual and adding value to society” (Kao, 1993, p. 70)

The Evolution of Entrepreneurship Thought

This section includes an overview of how entrepreneurship has evolved to the present day.

The following timeline shows some of the most influential entrepreneurship scholars and the schools of thought (French, English, American, German, and Austrian) their perspectives helped influence and from which their ideas evolved. Schools of thought are essentially groups of people who might or might not have personally known each other, but who shared common beliefs or philosophies.

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Figure 1 – Historical and Evolutionary Entrepreneurship Thought (Illustration by Lee A. Swanson)

The Earliest Entrepreneurship

The function, if not the name, of the entrepreneur is probably as old as the institutions of barter and exchange. But only after economic markets became an intrusive element of society did the concept take on pivotal importance. Many economists have recognized the pivotal role of the entrepreneur in a market economy. Yet despite his central importance in economic activity, the entrepreneur has been a shadowy and elusive figure in the history of economic theory (Hebert & Link, 2009, p. 1).

Historically those who acted similarly to the ways we associate with modern day entrepreneurs – namely those who strategically assume risks to seek economic (or other) gains – were military leaders, royalty, or merchants. Military leaders planned their campaigns and battles while assuming significant risks, but by doing so they also stood to gain economic benefits if their strategies were successful. Merchants, like Marco Polo who sailed out of Venice in the late 1200s to search for a trade route to the Orient, also assumed substantial risks in the hope of becoming wealthy (Hebert & Link, 2009).

The entrepreneur, who was also called adventurer , projector , and undertaker during the eighteenth century, was not always viewed in a positive light (Hebert & Link, 2009).

Development of Entrepreneurship as a Concept

Risk and uncertainty.

Richard Cantillon (1680-1734) was born in France and belonged to the French School of thought although he was an Irish economist. He appears to be the person who introduced the term entrepreneur to the world. “According to Cantillon, the entrepreneur is a specialist in taking on risk, ‘insuring’ workers by buying their output for resale before consumers have indicated how much they are willing to pay for it” (Casson & Godley, 2005p. 26). The workers’ incomes are mostly stable, but the entrepreneur risks a loss if market prices fluctuate.

Cantillon distinguished entrepreneurs from two other classes of economic agents; landowners, who were financially independent, and hirelings (employees) who did not partake in the decision-making in exchange for relatively stable incomes through employment contracts. He was the first writer to provide a relatively refined meaning for the term entrepreneurship . Cantillon described entrepreneurs as individuals who generated profits through exchanges. In the face of uncertainty, particularly over future prices, they exercise business judgment. They purchase resources at one price and sell their product at a price that is uncertain, with the difference representing their profit (Chell, 2008; Hebert & Link, 2009).

Farmers were the most prominent entrepreneurs during Cantillon’s lifetime, and they interacted with “arbitrageurs” – or middlemen between farmers and the end consumers – who also faced uncertain incomes, and who were also, therefore, entrepreneurs. These intermediaries facilitated the movement of products from the farms to the cities where more than half of the farm output was consumed. Cantillon observed that consumers were willing to pay a higher price per unit to be able to purchase products in the smaller quantities they wanted, which created the opportunities for the intermediaries to make profits. Profits were the rewards for assuming the risks arising from uncertain conditions. The markets in which profits were earned were characterized by incomplete information (Chell, 2008; Hebert & Link, 2009).

Adolph Reidel (1809-1872), form the German School of thought, picked up on Cantillon’s notion of uncertainty and extended it to theorize that entrepreneurs take on uncertainty so others, namely income earners, do not have to be subject to the same uncertainty. Entrepreneurs provide a service to risk-averse income earners by assuming risk on their behalf. In exchange, entrepreneurs are rewarded when they can foresee the impacts of the uncertainty and sell their products at a price that exceeds their input costs (including the fixed costs of the wages they commit to paying) (Hebert & Link, 2009).

Frank Knight (1885-1972) founded the Chicago School of Economics and belonged to the American School of thought. He refined Cantillon’s perspective on entrepreneurs and risk by distinguishing insurable risk as something that is separate from uncertainty, which is not insurable. Some risks can be insurable because they have occurred enough times in the past that the expected loss from such risks can be calculated. Uncertainty, on the other hand, is not subject to probability calculations. According to Knight, entrepreneurs can’t share the risk of loss by insuring themselves against uncertain events, so they bear these kinds of risks themselves, and profit is the reward that entrepreneurs get from assuming uninsurable risks (Casson & Godley, 2005).

Distinction Between Entrepreneur and Manager

Jean-Baptiste Say (1767-1832), also from the French School, advanced Cantillon’s work, but added that entrepreneurship was essentially a form of management. Say “put the entrepreneur at the core of the entire process of production and distribution” (Hebert & Link, 2009, p. 17). Say’s work resulted in something similar to a general theory of entrepreneurship with three distinct functions; “scientific knowledge of the product; entrepreneurial industry – the application of knowledge to useful purpose; and productive industry – the manufacture of the item by manual labour” (Chell, 2008, p. 20).

Frank Knight made several contributions to entrepreneurship theory, but another of note is how he distinguished an entrepreneur from a manager. He suggested that a manager crosses the line to become an entrepreneur “when the exercise of his/her judgment is liable to error and s/he assumes the responsibility for its correctness” (Chell, 2008, p. 33). Knight said that entrepreneurs calculate the risks associated with uncertain business situations and make informed judgments and decisions with the expectation that – if they assessed the situation and made the correct decisions – they would be rewarded by earning a profit. Those who elect to avoid taking these risks choose the relative security of being employees (Chell, 2008).

Alfred Marshall (1842-1924), from the English School of thought, was one of the founders of neoclassical economics. His research involved distinguishing between the terms capitalist, entrepreneur, and manager. Marshall saw capitalists as individuals who “committed themselves to the capacity and honesty of others, when he by himself had incurred the risks for having contributed with the capital” (Zaratiegui & Rabade, 2005, p. 775). An entrepreneur took control of money provided by capitalists in an effort to leverage it to create more money; but would lose less if something went wrong then would the capitalists. An entrepreneur, however, risked his own reputation and the other gains he could have made by pursuing a different opportunity.

Let us suppose that two men are carrying on smaller businesses, the one working with his own, the other chiefly with borrowed capital. There is one set of risks which is common to both; which may be described as the trade risks of the particular business … But there is another set of risks, the burden of which has to be borne by the man working with borrowed capital, and not by the other; and we may call them personal risks (Marshall, 1961, p. 590; Zaratiegui & Rabade, 2005, p. 776).

Marshall recognized that the reward capitalists received for contributing capital was interest income and the reward entrepreneurs earned was profits. Managers received a salary and, according to Marshall, fulfilled a different function than either capitalists or entrepreneurs – although in some cases, particularly in smaller firms, one person might be both an entrepreneur and a manager. Managers “were more inclined to avoid challenges, innovations and what Schumpeter called the ‘perennial torment of creative destruction’ in favour of a more tranquil life” (Zaratiegui & Rabade, 2005, p. 781). The main risks they faced from firm failure were to their reputations or to their employment status. Managers had little incentive to strive to maximize profits (Zaratiegui & Rabade, 2005).

Amasa Walker (1799-1875) and his son Francis Walker (1840-1897) were from the American School of thought, and they helped shape an American perspective of entrepreneurship following the Civil War of 1861-1865. These scholars claimed that entrepreneurs created wealth, and thus played a different role than capitalists. They believed that entrepreneurs had the power of foresight and leadership qualities that enabled them to organize resources and inject energy into activities that create wealth (Chell, 2008).

Entrepreneurship versus Entrepreneur

Adam Smith (1723-1790), from the English School of thought, published An Inquiry into the Nature and Causes of the Wealth of Nations in 1776. In a departure from the previous thought into entrepreneurship and economics, Smith did not dwell on a particular class of individual. He was concerned with studying how all people fit into the economic system. Smith contended that the economy was driven by self-interest in the marketplace (Chell, 2008).

Also from the English School, David Ricardo (1772-1823) was influenced by Smith, Say, and others. His work focused on how the capitalist system worked. He explained how manufacturers must invest their capital in response to the demand for the products they produce. If demand decreases, manufacturers should borrow less and reduce their workforces. When demand is high, they should do the reverse (Chell, 2008).

Carl Menger (1840-1921), from the Austrian School of thought, ranked goods according to their causal connections to human satisfaction. Lower order goods include items like bread that directly satisfy a human want or need like hunger. Higher order goods are those more removed from satisfying a human need. A second order good is the flour that was used to make the bread. The grain used to make the flour is an even higher order good. Entrepreneurs coordinate these factors of production to turn higher order goods into lower order goods that more directly satisfy human wants and needs (Hebert & Link, 2009).

Menger (1950 [1871], p. 160) established that entrepreneurial activity includes: (a) obtaining information about the economic situation, (b) economic calculation – all the various computations that must be made if a production process is to be efficient, (c) the act of will by which goods of higher order are assigned to a particular production process, and (d) supervising the execution of the production plan so that it may be carried through as economically as possible (Hebert & Link, 2009, p. 43).

Entrepreneurship and Innovation

Jeremy Bentham (1748-1832), from the English School of thought, considered entrepreneurs to be innovators. They “depart from routine, discover new markets, find new sources of supply, improve existing products and lower the costs of production” (Chell, 2008).

Joseph Schumpeter’s (1883-1950) parents were Austrian, he studied at the University of Vienna, conducted research at the University of Graz, served as Austria’s Minister of Finance, and was the president of a bank in the country. Because of the rise of Hitler in Europe, he went to the United States and conducted research at Harvard until he retired in 1949. Because of this, he is sometimes associated with the American School of thought on entrepreneurship (Chell, 2008).

Whereas Menger saw entrepreneurship as occurring because of economic progress, Schumpeter took the opposite stance. Schumpeter saw economic activity as leading to economic development (Hebert & Link, 2009). Entrepreneurs play a central role in Schumpeter’s theory of economic development, and economic development can occur when the factors of production are assembled in new combinations .

Schumpeter (1934) viewed innovation as arising from new combinations of materials and forces. He provided the following five cases of new combinations.

  • The introduction of a new good – that is one with which consumers are not yet familiar – or of a new quality of good.
  • The introduction of a new method of production, that is one not yet tested by experience in the branch of manufacture concerned, which need by no means be founded upon a discovery scientifically new, and can also exist in a new way of handling a commodity commercially.
  • The opening of a new market, that is a market into which the particular branch of manufacture of the country in question has not previously entered, whether or not this market has existed before.
  • The conquest of a new source of supply of raw materials or half-manufactured goods, again irrespective of whether this source already exists or whether it has first to be created.
  • The carrying out of the new organisation of any industry, like the creation of a monopoly position … or the breaking up of a monopoly position (Schumpeter, 1934, p. 66).

Another concept popularized by Schumpeter – in addition to the notion of new combinations – was creative destruction . This was meant to indicate that the existing ways of doing things need to be dismantled – to be destroyed – to enable a transformation through innovation to a new way of doing things. Entrepreneurs use innovation to disrupt how things are done and to establish a better way of doing those things.

Basic Questions in Entrepreneurship Research

According to Baron (2004a), there are three basic questions of interest in the field of entrepreneurship:

  • Why do some persons but not others choose to become entrepreneurs?
  • Why do some persons but not others recognize opportunities for new products or services that can be profitably exploited?
  • Why are some entrepreneurs so much more successful than others (Baron, 2004a, p. 221)?

To understand where these foundational research questions came from and what their relevance is today, it is useful to study what entrepreneurship research has uncovered so far.

Entrepreneurial Uniqueness

Efforts to teach entrepreneurship have included descriptions of entrepreneurial uniqueness based on personality, behavioural, and cognitive traits (Chell, 2008; Duening, 2010).

  • Need for achievement
  • Internal locus of control (a belief by an individual that they are in control of their own destiny)
  • Risk-taking propensity
  • Behavioural traits
  • Cognitive skills of successful entrepreneurs

Past studies of personality characteristics and behavioural traits have not been overly successful at identifying entrepreneurial uniqueness.

As it turned out, years of painstaking research along this line has not borne significant fruit. It appears that there are simply not any personality characteristics that are either essential to, or defining of, entrepreneurs that differ systematically from non-entrepreneurs…. Again, investigators proposed a number of behavioural candidates as emblematic of entrepreneurs. Unfortunately, this line of research also resulted in a series of dead ends as examples of successful entrepreneurial behaviours had equal counterparts among samples of non-entrepreneurs. As with the personality characteristic school of thought before it, the behavioural trait school of thought became increasingly difficult to support (Duening, 2010, p. 4-5).

This shed doubt on the value of trying to change personality characteristics or implant new entrepreneurial behaviours through educational programs in an effort to promote entrepreneurship.

New research, however, has resurrected the idea that there might be some value in revisiting personality traits as a topic of study. Additionally, Duening (2010) and has suggested that an important approach to teaching and learning about entrepreneurship is to focus on the “cognitive skills that successful entrepreneurs seem uniquely to possess and deploy” (p. 2). In the next sections we consider the new research on entrepreneurial personality traits and on entrepreneurial cognitions.

Entrepreneurial Personality Traits

While acknowledging that research had yet to validate the value of considering personality and behaviour traits as ways to distinguish entrepreneurs from non-entrepreneurs or unsuccessful ones, Chell (2008) suggested that researchers turn their attention to new sets of traits including: “the proactive personality, entrepreneurial self-efficacy, perseverance and intuitive decision-making style. Other traits that require further work include social competence and the need for independence” (p. 140).

In more recent years scholars have considered how the Big Five personality traits – extraversion, agreeableness, conscientiousness, neuroticism (sometimes presented as emotional stability ), and openness to experience (sometimes referred to as intellect) – might be used to better understand entrepreneurs. It appears that the Big Five traits might be of some use in predicting entrepreneurial success. Research is ongoing in this area, but in one example, Caliendo, Fossen, and Kritikos (2014) studied whether personality constructs might “influence entrepreneurial decisions at different points in time” (p. 807), and found that “high values in three factors of the Big Five approach—openness to experience, extraversion, and emotional stability (the latter only when we do not control for further personality characteristics)—increase the probability of entry into self-employment” (p. 807). They also found “that some specific personality characteristics, namely risk tolerance, locus of control, and trust, have strong partial effects on the entry decision” (p. 807). They also found that people who scored higher on agreeableness were more likely to exit their businesses, possibly meaning that people with lower agreeableness scores might prevail longer as entrepreneurs. When it came to specific personality traits, their conclusions indicated that those with an external locus of control were more likely to stop being self-employed after they had run their businesses for a while. There are several implications for research like this, including the potential to better understand why some entrepreneurs behave as they do based upon their personality types and the chance to improve entrepreneurship education and support services.

Entrepreneurial Cognitions

It is only fairly recently that entrepreneurship scholars have focused on cognitive skills as a primary factor that differentiates successful entrepreneurs from non-entrepreneurs and less successful entrepreneurs. This approach deals with how entrepreneurs think differently than non-entrepreneurs (Duening, 2010; Mitchell et al., 2007).

Entrepreneurial cognitions are the knowledge structures that people use to make assessments, judgments or decisions involving opportunity evaluation and venture creation and growth. In other words, research in entrepreneurial cognition is about understanding how entrepreneurs use simplifying mental models to piece together previously unconnected information that helps them to identify and invent new products or services, and to assemble the necessary resources to start and grow businesses (Mitchell, Busenitz, et al., 2002, p. 97).

Mitchell, Smith, et al. (2002) provided the example of how the decision to create a new venture (dependent variable) was influenced by three sets of cognitions (independent variables). They described these cognitions as follows:

Arrangements cognitions are the mental maps about the contacts, relationships, resources, and assets necessary to engage in entrepreneurial activity; willingness cognitions are the mental maps that support commitment to venturing and receptivity to the idea of starting a venture; ability cognitions consist of the knowledge structures or scripts (Glaser, 1984) that individuals have to support the capabilities, skills, norms, and attitudes required to create a venture (Mitchell et al., 2000). These variables draw on the idea that cognitions are structured in the minds of individuals (Read, 1987), and that these knowledge structures act as “scripts” that are the antecedents of decision making (Leddo & Abelson, 1986, p. 121; Mitchell, Smith, et al., 2002, p. 10)

Cognitive Perspective to Understanding Entrepreneurship

According to Baron (2004a), by taking a cognitive perspective, we might better understand entrepreneurs and the role they play in the entrepreneurial process.

The cognitive perspective emphasizes the fact that everything we think, say, or do is influenced by mental processes—the cognitive mechanisms through which we acquire store, transform, and use information. It is suggested here that this perspective can be highly useful to the field of entrepreneurship. Specifically, it can assist the field in answering three basic questions it has long addressed: (1) Why do some persons but not others choose to become entrepreneurs? (2) Why do some persons but not others recognize opportunities for new products or services that can be profitably exploited? And (3) Why are some entrepreneurs so much more successful than others (Baron, 2004a, p. 221-222)?

Baron (2004a), illustrated how cognitive differences between people might explain why some people end up pursuing entrepreneurial pursuits and others do not. For example, prospect theory (Kahneman & Tversky, 1977) and other decision-making or behavioural theories might be useful in this regard. Research into cognitive biases might also help explain why some people become entrepreneurs.

Baron (2004a) also revealed ways in which cognitive concepts like signal detection theory, regulation theory, and entrepreneurial might help explain why some people are better at entrepreneurial opportunity recognition. He also illustrated how some cognitive models and theories – like risk perception, counterfactual thinking, processing style, and susceptibility to cognitive errors – might help explain why some entrepreneurs are more successful than others.

Cognitive Perspective and the Three Questions

  • Prospect Theory
  • Cognitive Biases
  • Signal Detection Theory
  • Regulation Theory
  • Entrepreneurial Alertness
  • Risk Perception
  • Counterfactual Thinking
  • Processing Style
  • Susceptibility to Cognitive Errors

Entrepreneurial Scripts

  • “Cognition has emerged as an important theoretical perspective for understanding and explaining human behavior and action” (Dutta & Thornhill, 2008, p. 309).
  • Cognitions are all processes by which sensory input is transformed, reduced, elaborated, stored, recovered, and used (Neisser, 1976).
  • Cognitions lead to the acquisition of knowledge, and involve human information processing.
  • Is a mental model, or information processing short-cut that can give information form and meaning, and enable subsequent interpretation and action.
  • The subsequent interpretation and actions can result in expert performance … they can also result in thinking errors.
  • the processes that transfer expertise, and
  • the actual expertise itself.
  • Scripts are generally framed as a linear sequence of steps, usually with feedback loops, that can explain how to achieve a particular task – perhaps like developing a business plan.
  • Sometimes scripts can be embedded within other scripts. For example, within a general venturing script that outlines the sequences of activities that can lead to a successful business launch, there will probably be sub-scripts describing how entrepreneurs can search for ideas, screen those ideas until one is selected, plan how to launch a sustainable business based upon that idea and including securing the needed financial resources, setting up the business, starting it, effectively managing its ongoing operations, and managing the venture such that that entrepreneur can extract the value that they desire from the enterprise at the times and in the ways they want it.
  • The most effective scripts include an indication of the norms that outline performance standards and indicate how to determine when any step in the sequence has been properly completed.

General Venturing Script

Generally, entrepreneurship is considered to consist of the following elements, or subscripts (Brooks, 2009; Mitchell, 2000).

  • Idea Screening
  • Planning and Financing
  • Ongoing Operations

Searching (also called idea formulation or opportunity recognition)

  • This script begins when a person decides they might be a potential entrepreneur (or when an existing entrepreneur decides they need more ideas in their idea pool ).
  • This script ends when there are a sufficient number of ideas in the idea pool.
  • overcome mental blockages to creativity which might hinder this person’s ability to identify viable ideas;
  • implement steps to identify a sufficient number of ideas (most likely 5 or more) which the person is interested in investigating to determine whether they might be viable given general criteria such as this person’s personal interests and capabilities;

Idea Screening (also called concept development)

  • This script begins when the person with the idea pool is no longer focusing on adding new ideas to it; but is instead taking steps to choose the best idea for them given a full range of specific criteria .
  • This script ends when one idea is chosen from among those in the idea pool.
  • Evaluate the political, economic, social, technological, environmental, and legal climates
  • Evaluate the degree of competitiveness in the industry, the threat of substitutes emerging, the threat of new entrants to the industry, the degree of bargaining power of buyers, and the degree of bargaining power of suppliers.
  • Do a market profile analysis to assess the attractiveness of the position within the industry that the potential venture will occupy.
  • Formulate and evaluate potential strategies to leverage organizational strengths, overcome/minimize weaknesses, take advantage of opportunities, and overcome/minimize threats;
  • Complete financial projections and analyze them to evaluate financial attractiveness;
  • Assess the founder fit with the ideas;
  • Evaluate the core competencies of the organization relative to the idea;
  • Assess advice solicited from trusted advisers

Planning and Financing (also called resource determination and acquisition)

  • This script begins when the idea screening script ends and when the person begins making the plans to implement the single idea chosen from the idea pool, which is done in concert with securing financing to implement the venture idea.
  • This script ends when sufficient business planning has been done and when adequate financing has been arranged.
  • The scripting process involves a logical flow of steps to develop a business plan and secure adequate financing to start the business.

Set-Up (also called launch)

  • This script begins when the planning and financing script ends and when the person begins implementing the plans needed to start the business.
  • This script ends when the business is ready to start-up.
  • The scripting process involves a logical flow of steps, including purchasing and installing equipment, securing the venture location and finishing all the needed renovations, recruiting and hiring any staff needed for start-up, and the many other steps needed to prepare for start-up.
  • Start-Up (also called launch)
  • This script begins when the set-up script ends and when the business opens and begins making sales.
  • This script ends when the business has moved beyond the point where the entrepreneur must continually fight for the business’s survival and persistence. It ends when the entrepreneur can instead shift emphasis toward business growth or maintaining the venture’s stability.
  • The scripting process involves a logical flow of steps needed to establish a new venture.

Ongoing Operations (also called venture growth)

  • This script begins when the start-up script ends and when the business has established persistence and is implementing growth (or maintenance) strategies.
  • This script ends when the entrepreneur chooses to harvest the value they generated with the venture.
  • The scripting process involves a logical flow of steps needed to grow (or maintain) a venture.

Studying Entrepreneurship

The following quotations from two preeminent entrepreneurship and entrepreneurship education researchers indicate the growing interest in studies in this field.

Entrepreneurship has emerged over the last two decades as arguably the most potent economic force the world has ever experienced. With that expansion has come a similar increase in the field of entrepreneurship education. The recent growth and development in the curricula and programs devoted to entrepreneurship and new-venture creation have been remarkable. The number of colleges and universities that offer courses related to entrepreneurship has grown from a handful in the 1970s to over 1,600 in 2005 (Kuratko, 2005, p. 577).

Interest in entrepreneurship has heightened in recent years, especially in business schools. Much of this interest is driven by student demand for courses in entrepreneurship, either because of genuine interest in the subject, or because students see entrepreneurship education as a useful hedge given uncertain corporate careers (Venkataraman, 1997, p. 119).

Approaches to Studying Entrepreneurship

Entrepreneurship is a discipline, which means an individual can learn about it, and about how to be an effective entrepreneur. It is a myth that people are born entrepreneurs and that others cannot learn to become entrepreneurs (Drucker, 1985). Kuratko (2005) asserted that the belief previously held by some that entrepreneurship cannot be taught has been debunked, and the focus has shifted to what topics should be taught and how they should be covered.

Solomon (2007) summarized some of the research on what should be covered in entrepreneurship courses, and how it should be taught. While the initial focus was on actions like developing business plans and being exposed to real entrepreneurs, more recently this approach has been supplemented by an emphasis on technical, industry, and personal experience. “It requires critical thinking and ethical assessment and is based on the premise that successful entrepreneurial activities are a function of human, venture and environmental conditions” (p. 172). Another approach “calls for courses to be structured around a series of strategic development challenges including opportunity identification and feasibility analysis; new venture planning, financing and operating; new market development and expansion strategies; and institutionalizing innovation” (p. 172). This involves having students interact with entrepreneurs by interviewing them, having them act as mentors, and learning about their experiences and approaches through class discussions.

Sources of Information for Studying Entrepreneurship

According to Kuratko (2005), “three major sources of information supply the data related to the entrepreneurial process or perspective” (p. 579).

  • Academic journals like Entrepreneurship Theory and Practice , Journal of Business Venturing , and Journal of Small Business Management
  • Proceedings of conferences like Proceedings of the Academy of Management and Proceedings of the Administrative Sciences Association of Canada
  • Textbooks on entrepreneurship
  • Books about entrepreneurship
  • Biographies or autobiographies of entrepreneurs
  • News periodicals like Canadian Business and Profit
  • Trade periodicals like Entrepreneur and Family Business
  • Government publications available through sources like the Enterprise Saskatchewan and Canada-Saskatchewan Business Service Centre (CSBSC) websites and through various government resource centers
  • Data might be collected from entrepreneurs and about entrepreneurs through surveys, interviews, or other methods applied by researchers.
  • Speeches and presentations by practicing entrepreneurs
  • 1.1 Entrepreneurship Today
  • Introduction
  • 1.2 Entrepreneurial Vision and Goals
  • 1.3 The Entrepreneurial Mindset
  • Review Questions
  • Discussion Questions
  • Case Questions
  • Suggested Resources
  • 2.1 Overview of the Entrepreneurial Journey
  • 2.2 The Process of Becoming an Entrepreneur
  • 2.3 Entrepreneurial Pathways
  • 2.4 Frameworks to Inform Your Entrepreneurial Path
  • 3.1 Ethical and Legal Issues in Entrepreneurship
  • 3.2 Corporate Social Responsibility and Social Entrepreneurship
  • 3.3 Developing a Workplace Culture of Ethical Excellence and Accountability
  • 4.1 Tools for Creativity and Innovation
  • 4.2 Creativity, Innovation, and Invention: How They Differ
  • 4.3 Developing Ideas, Innovations, and Inventions
  • 5.1 Entrepreneurial Opportunity
  • 5.2 Researching Potential Business Opportunities
  • 5.3 Competitive Analysis
  • 6.1 Problem Solving to Find Entrepreneurial Solutions
  • 6.2 Creative Problem-Solving Process
  • 6.3 Design Thinking
  • 6.4 Lean Processes
  • 7.1 Clarifying Your Vision, Mission, and Goals
  • 7.2 Sharing Your Entrepreneurial Story
  • 7.3 Developing Pitches for Various Audiences and Goals
  • 7.4 Protecting Your Idea and Polishing the Pitch through Feedback
  • 7.5 Reality Check: Contests and Competitions
  • 8.1 Entrepreneurial Marketing and the Marketing Mix
  • 8.2 Market Research, Market Opportunity Recognition, and Target Market
  • 8.3 Marketing Techniques and Tools for Entrepreneurs
  • 8.4 Entrepreneurial Branding
  • 8.5 Marketing Strategy and the Marketing Plan
  • 8.6 Sales and Customer Service
  • 9.1 Overview of Entrepreneurial Finance and Accounting Strategies
  • 9.2 Special Funding Strategies
  • 9.3 Accounting Basics for Entrepreneurs
  • 9.4 Developing Startup Financial Statements and Projections
  • 10.1 Launching the Imperfect Business: Lean Startup
  • 10.2 Why Early Failure Can Lead to Success Later
  • 10.3 The Challenging Truth about Business Ownership
  • 10.4 Managing, Following, and Adjusting the Initial Plan
  • 10.5 Growth: Signs, Pains, and Cautions
  • 11.1 Avoiding the “Field of Dreams” Approach
  • 11.2 Designing the Business Model
  • 11.3 Conducting a Feasibility Analysis
  • 11.4 The Business Plan
  • 12.1 Building and Connecting to Networks
  • 12.2 Building the Entrepreneurial Dream Team
  • 12.3 Designing a Startup Operational Plan
  • 13.1 Business Structures: Overview of Legal and Tax Considerations
  • 13.2 Corporations
  • 13.3 Partnerships and Joint Ventures
  • 13.4 Limited Liability Companies
  • 13.5 Sole Proprietorships
  • 13.6 Additional Considerations: Capital Acquisition, Business Domicile, and Technology
  • 13.7 Mitigating and Managing Risks
  • 14.1 Types of Resources
  • 14.2 Using the PEST Framework to Assess Resource Needs
  • 14.3 Managing Resources over the Venture Life Cycle
  • 15.1 Launching Your Venture
  • 15.2 Making Difficult Business Decisions in Response to Challenges
  • 15.3 Seeking Help or Support
  • 15.4 Now What? Serving as a Mentor, Consultant, or Champion
  • 15.5 Reflections: Documenting the Journey
  • A | Suggested Resources

Learning Objectives

By the end of this section, you will be able to:

  • Define entrepreneur and entrepreneurship
  • Describe types of entrepreneurial careers and lifestyles
  • Understand entrepreneurs as problem solvers
  • Explain current factors driving the growth of entrepreneurship
  • Compare differences in entrepreneurial opportunities around the globe

As we delve into the study of entrepreneurship, let’s define what we mean by the word entrepreneur . An entrepreneur is someone who identifies and acts on an idea or problem that no one else has identified or acted on. This combination of recognizing an opportunity to bring something new to the world and acting on that opportunity is what distinguishes an entrepreneur from a small business owner. A small business owner is someone who owns or starts a business that already has an existing model, such as a restaurant, whereas an entrepreneur is someone who creates something new. This new creation can be a new process or product, a business that identifies a new or unique target market, or a combination of ideas that creates a new approach or method, for example.

In a broader sense, what people consider an entrepreneur can vary. Some scholars strictly differentiate between entrepreneurs and small business owners. 5 Others acknowledge that a small business owner may also be an entrepreneur—they are not mutually exclusive. Someone may start a venture that is not a completely new idea, but that introduces a product or service to a new region or market. Where does a franchise fall in this discussion? Again, there is not complete agreement, with some claiming that a franchisee and entrepreneur cannot be the same, and others arguing that a franchise is, indeed, an entrepreneurial venture. According to an article in Forbes , “In the for-profit world, an entrepreneur is someone who creates and runs a new business where one did not exist before. And, no, the McDonald’s franchisee didn’t create McDonald’s. But he certainly created a McDonald’s where there never was one before. Franchisees are entrepreneurs.” 6 The point is that small business owners and franchisees can be considered entrepreneurs. For the purposes of this course, you will learn the key principles of entrepreneurship alongside the concepts, strategies, and tools needed to succeed as a small business owner or franchisee.

Entrepreneurs have many different talents and focus on a variety of different areas, taking advantage of many opportunities for entrepreneurial ventures. An entrepreneurial venture is the creation of any business, organization, project, or operation of interest that includes a level of risk in acting on an opportunity that has not previously been established. For some entrepreneurs, this could be a for-profit venture; for other entrepreneurs, this could be a venture focused on social needs and take the form of a nonprofit endeavor. Entrepreneurs might take a variety of approaches to their entrepreneurial venture, such as those shown in Table 1.1 .

In this course, you will explore these myriad avenues toward entrepreneurship.

Are You Ready?

How do you define success.

What is your personal definition of success? How would you define success for your venture idea? Take time to consider these questions carefully.

  • Write your answers to both questions as formal descriptions of your definition of success.
  • After completing your definitions, meet with your family members or your personal support group (the important people whose support you need to achieve the defined success statement) to discuss your personal definition of success.
  • After hearing their input, you might want to revise your personal success statements.

Follow through with this activity by talking to your startup team or other supporting people about your venture’s success definition. This activity may help guide you in decision-making throughout your life journey and the journey of starting your venture. It will also be helpful when you and your startup team create a vision statement for your venture.

The Entrepreneurial Lifestyle and Career

People often have thought of entrepreneurs as corporate rebels, nonconformists, or activists. Being an entrepreneur has become synonymous with being an innovator, a change agent, or a risk taker. Regardless of job titles or descriptive characteristics, entrepreneurship has a universal appeal for how people think and engage with the world.

Choosing the path of entrepreneurship requires a willingness to take on calculated risks. The difference between risk and calculated risk is due diligence , or conducting the necessary research and investigation to make informed decisions that minimize risk. Not everyone is comfortable letting go of a steady paycheck, especially when we know that there is no long-term guarantee that the paycheck will continue into the future. In one approach to minimizing personal financial risk, some startup entrepreneurs continue with their current employment while working on the side to develop their idea into a venture that eventually will generate an income. Until the venture requires near full-time work and generates income, maintaining an outside income works well for many entrepreneurial teams.

Consider the eyeglass startup Warby Parker ( Figure 1.2 ). Dave Gilboa and Neil Blumenthal , lead entrepreneurs for Warby Parker, were still working their normal jobs when they approached an angel investor with their idea. The angel investor asked a few questions and wasn’t impressed. This investor believed that Gilboa and Blumenthal should demonstrate their solid commitment to the venture by quitting their day jobs to dedicate more time and energy to Warby Parker. Instead of following that advice, Gilboa and Blumenthal kept their day jobs while they continued to work toward building their venture, and Warby Parker eventually became highly successful. There are many paths to becoming an entrepreneur, and many paths to creating a successful venture (see Entrepreneurial Journey and Pathways ). It is important to identify the path that works best in your life—and for the venture—and that supports your goals and your unique situation and visions.

Within the entrepreneurial world, the idea of a lifestyle venture has evolved to mean a business in which the founders’ primary focus is the lifestyle they will attain through becoming entrepreneurs, rather than a primary interest in financial rewards through the selling of the business. Within the entrepreneurial world, harvesting is the typical exit strategy. The harvest is the point at which the investors and entrepreneurial team receive their return on creating and building the venture.

For a lifestyle venture, the entrepreneur is more likely to be a solo entrepreneur, someone who moves forward in starting a new venture without the support of a team or group of likeminded individuals who recognize the value or potential of an entrepreneurial idea that could potentially result in significant returns. A lifestyle venture is also more likely to be funded through family and friends, and more traditional methods such as a bank loan or a small business loan. This lifestyle includes greater freedom to decide areas of responsibilities, hours of contribution to the venture, and other decisions that support the desired lifestyle. An example of a startup lifestyle venture is The Wander Girls , a company that identified the unique concerns of women traveling alone. 7 The Wander Girls organizes trips and events for groups of women traveling in India. A team member organizes the trip, travels with the female tourists, and handles daily interactions and transactions.

Another example of a lifestyle venture is based on how an entrepreneur aligns values, interests, and passions to create a balance between enjoying life and earning enough money to support those passions. Roxanne Quimby had a passion for living off the grid, creating her own life in the woods of Maine, and not being restricted by the rules and regulations required when working as an employee. After becoming a parent, Quimby faced the challenges presented by her lifestyle choices and started making candles to earn enough money to support her family. Eventually, Quimby’s lifestyle candle-making business expanded into the highly successful Burt’s Bees Corporation , moving her lifestyle business into a career as the CEO of Burt’s Bees ( Figure 1.3 ). After selling Burt’s Bees to Clorox Co. , Quimby continued her passion for the north woods of Maine by donating land and money to create a wildlife sanctuary and preserve that land from development.

Quimby’s latest endeavors include creating a pasta company, My Pasta Art , focused on increasing employment opportunities for people in northern Maine, 8 and building the tourist industry to encourage people to enjoy the region’s beautiful habitat and scenery. Although she is highly successful from a financial perspective, money was never the motivation for her ventures. As you can see, there are many paths to finding your career in entrepreneurship, and multiple trigger points at which you might make the decision to become an entrepreneur.

What Can You Do?

How can you put your strengths to work.

Create a list of ten strengths that you currently possess. If you need help creating your list, ask your friends or family what they believe you are good at doing. Think about what achievements you have accomplished, what compliments you have received, and what people say about you. The answers to these questions will help you identify your strengths.

  • Create a list of ideas that build off your strengths or are related to your strengths.
  • Then analyze this list to create another list of possible businesses that you could start that relate to your strengths.

The Entrepreneur as a Problem Solver

What are some challenges you face in your life? Have you ever actively thought about how you could solve those problems? Or have you actively identified exactly what the problem is from an analytical perspective? We often have a tendency to jump quickly from noticing a problem to selecting a solution, with little understanding of whether we have even correctly identified the problem. Identifying the problem—and testing the potential, novelty, and feasibility of your solution—is an important part of resolving the problem. Often, when we start to explore the problem, we find that it has multiple causes. Among them are:

  • The need for something to be better, faster, or easier
  • The effects of changes in world on your industry, product, or service
  • Market trends based on geography, demographics, or the psychology of the customers

You will learn more about identifying opportunities in Identifying Entrepreneurial Opportunity and Problem Solving and Need Recognition Techniques .

One characteristic of a savvy entrepreneur is recognizing the ability to identify a problem from an opportunity-identification perspective. We might identify feeling hungry as a problem, but an entrepreneur would identify the problem using an opportunity-identifying perspective by determining how the problem could be translated into an opportunity to create a new venture—perhaps combining the problem of feeling hungry between meals into a street kiosk or a vending machine with food choices or creating a new snack that is nutritious, satisfying, and portable. People need to eat, and they get hungry, but during a busy day with no open time or convenient food, people end up hungry. Rephrasing the problem, or need, from an opportunity viewpoint opens the search for a sustainable solution beyond the simple awareness of feeling hungry. We might solve this problem by opening a snack bar with offerings that contain essential vitamins and proteins, and is easy to transport with a long shelf life. Understanding the problem from the perspective of how to solve it for one person into how to solve it for multiple people rephrases the problem into an opportunity-identification perspective.

You might also have an interest in solving food-related problems on a larger scale. People trapped in a war-torn region may not be able to leave the safety of their shelters to find food, grow food, or barter for food, or they may not have the money to buy food. How could you reach your target market within a war-torn area? Red Cross emergency response vehicles traveled 2.5 million miles to deliver food, relief supplies, and support to communities affected by disasters during 2017. 9 That’s the equivalent of driving around the globe 103 times. Could your idea of creating a snack bar fit into a partnership with the Red Cross?

Although this might seem like a simple problem with a simple solution, persevering from the recognition of a problem to finding a realistic solution, then moving that solution forward into a successful venture, requires an entrepreneurial mindset. Every day, people become entrepreneurs as they identify and solve problems, or face new challenges or frustrations, and resolve them in creating products or services to address these issues.

Recognizing Problems

In your daily life, what problems do you encounter? What would make your life easier? How would you finish this sentence: “If only ________ existed, my life would be better or easier”? To spur your creativity, you might research global problems to find an area that interests you, that sparks your passion for living a fulfilling life. When identifying a problem, consider process-related problems as well as service-related problems.

For more ideas like Chloe Huang ’s, visit the UNESCO Global Action Programme on Education for Sustainable Development (https://en.unesco.org/gap) and review other submissions that may activate your own creativity in thinking about how you want to contribute your skills and knowledge to improve our world.

  • What problem have you identified?
  • What can you do to resolve that problem?

Factors Driving the Growth of Entrepreneurship

Do you know anyone who has lost their job? Or who has been rejected or mistreated at work? Or had their income reduced, or benefits removed? Research shows that 47 percent of all US employment is at risk through artificial intelligence and other technologies, although there will also be new opportunities for jobs that currently don’t exist. 10 These types of experiences and outlooks have provided the impetus for many people to start their own businesses. When we work for someone else, we are at the mercy of their decisions and actions, but we get paid and don’t carry the full risk of their decisions. When we work for ourselves, we get to make the decisions (not that making decisions is easy). But when we have our own business, we have greater control—in exchange, we also carry the risk for all decisions we make. This control over decision-making is one reason that some people find the world of entrepreneurship attractive.

Another contributing factor to the desire to become an entrepreneur is the excitement and fun of creating something new. Many entrepreneurs are excited at the idea of moving the concept through to the materialization of the idea.

A third factor that supports the growth in entrepreneurship is the combination of retirement and longer life expectancies. Many people enjoy working. For them, retirement consists of too much open time and not enough activities or the type of engagement with the outside world that fulfilled their needs during their working lives. Retirement also presents unique financial considerations, depending on an individual’s lifetime savings and planning. The combination of having available time and a desire for continued earnings encourages some older adults to explore their own entrepreneurial opportunities.

A fourth factor driving the growth of entrepreneurship is the expanding awareness and support of entrepreneurship as a viable career choice. In much of the twentieth century, families encouraged their children to find a stable career with a large corporation. During this era, there was a certain expectation of reciprocal loyalty between the employer and the employee based on some traditional employee-employer roles in that century. The general, informal agreement was that if employees came to work every day and fulfilled their responsibilities, they would have long-term employment with that corporation. But as competition increased and new business practices evolved, this unspoken guarantee no longer held true. The model of certainty of employment gradually disappeared. As people acquired a new perspective on their careers and income, they increasingly realized that we are all responsible for our own paths. Most studies suggest that people change their careers between three and seven times. 11 Note that this is not how often people change jobs, but how often they change their careers, moving from one industry to another, or moving from one type of work to a different type of work. The older model of stability through working hard for someone else has vanished. This awareness and acceptance have encouraged recent generations to consider creating their own futures through entrepreneurial ventures.

Just as individuals have become aware of the benefits of entrepreneurship, communities and organizations have also become aware of how entrepreneurial ventures add economic development and enhancements worth supporting, bolstering opportunities for those who decide on this path.

Entrepreneurship around the Globe

In the United States, entrepreneurial opportunities abound, relatively speaking. Between 1990 and 2014, the number of campus-based entrepreneurship education programs increased from 180 to over 2,000. 12 Comparing globally, the United States has the greatest number of entrepreneurial ventures, with Switzerland, Canada, Sweden, Denmark, and Australia following in order, according to Global Entrepreneurship Index , a global consulting firm ( Figure 1.4 ).

Why is the United States leading with the greatest number of entrepreneurial ventures? What does it take to become an entrepreneur? In addition to having an entrepreneurial mindset (see The Entrepreneurial Mindset ), entrepreneurs also need education and funding to support their new ventures.

You will learn more about funding in Entrepreneurial Finance and Accounting , but as an introduction, you should know there are three primary sources of outside funding: family and friends, angel investors, and venture capitalists. Some family members and friends are willing and able to invest money in helping the entrepreneurial team. An angel investor is someone who has available funds and an interest in supporting a new venture. They are often entrepreneurs who have successfully launched and harvested their own ventures, and who have an interest in helping other entrepreneurs in their startups, staying active in the entrepreneurial world, and a desire to receive a return on their investment in the venture. Angel investors often provide funding early in the life of a venture. As the venture grows, it typically requires more funding, at which time venture capitalists may invest in the venture. A venture capitalist (VC) is a group of people (or organizations) who pool resources to invest in entrepreneurial ventures, contributing larger sums of funds than are available through angel investors. In each funding round, investors receive an equity stake in the venture with expectations that at some point in the future, the venture will be sold, or harvested, at which time the investors will receive a return on their investment. Because they tend to be in larger groups, VCs typically have access to larger amounts of money and resources than individual angel investors. (You will also learn about other types of financing, such as bank loans and bootstrapping, in Entrepreneurial Finance and Accounting .)

In the United States, VCs contributed $72.3 billion in 2015 for 3,916 deals, or funding rounds. In China that same year, $49.2 billion were invested in 1,611 ventures. 13 European VC investment totaled $14.4 billion and 1,598 deals. Tracking these numbers over time shows steady increases in VC funding as entrepreneurial ventures have become more common ( Figure 1.5 ).

Other factors that can affect entrepreneurial opportunity include employment rates, government policies, and trade issues. For example, in the Middle Eastern kingdom of Saudi Arabia, a newer driver of entrepreneurship includes a high unemployment rate with a large percentage of the population in its prime earning years. In the past, employment was less of a concern because of dependency on state support from oil revenue. The population received monthly allotments to cover expenses from state-owned oil production. More recently, the population has become restless, with a desire to become productive and have greater control over their own resources. And the rulers recognize that oil production income is volatile and unsustainable. Today, with more future-oriented leaders, countries in the Middle East desire to encourage their citizens to consider starting their own businesses. 14 The example of entrepreneurship in the United States has spread around the globe, with other countries taking an interest in developing support systems to encourage their populations to become entrepreneurs.

As noted, the United States is a world leader in entrepreneurial innovation. Perhaps because the United States is, in large part, a nation of immigrants, with people arriving from all over the world, Americans have few prescribed traditions that encourage conformity. America’s longstanding traditions and reputation for individualism, ingenuity, and self-reliance have reinforced this mindset. However, the governments of other nations have discouraged their citizens from independent or innovative thinking. Some cultures emphasize political, cultural, and economic unity, and place a strong value on not being noticed, blending in, and following prescribed habits and traditions. Countries like Japan, France, Russia, China, and others continue to reflect these norms. Other countries have complex bureaucracies that prevent quick responses and place barriers to entrepreneurial activities. Parts of worldwide economic structures (banking, investments, and technology) are not accessible or even explicitly exclude some nations and the poor. Systems like this discourage people from coming forward with entrepreneurial ideas because the culture and bureaucracy prevent people from finding access to information necessary for the successful advancement of an idea. In contrast, other countries are noticing the benefits of encouraging their populations to become more open-minded and creative through new ventures.

Link to Learning

Transparency International is an organization that tracks corruption, which can be an inhibitor to entrepreneurship. The Transparency International website provides information to rank 180 countries in identifying the abuse of entrusted power for private gain. 15

Key characteristics that encourage entrepreneurship include support for freedom to create and innovate. What conditions encourage creativity and innovation? Acceptance of failure is a key characteristic for success as an entrepreneur. Many of the great inventions in the United States resulted after dozens of failures, as when Thomas Edison eventually developed a working light bulb. Edison identified a problem: Once the sun set, working hours were restricted, as were daily activities such as reading a book or washing dishes. Edison, along with many other inventors, recognized the need for an artificial light source. Consider how complex this idea was and how many failures must have occurred before creating a product that emitted light.

Another condition that encourages entrepreneurial behavior is the ability and opportunity to connect with other people to discuss ideas, problems, challenges, and solutions. This connection with other people, in an open environment that supports the exchange of ideas, is essential for encouraging creativity and innovation.

With the advent of the Internet, people around the planet are becoming increasingly aware of geopolitical and environmental situations across the globe. As more people observe these changes and situations, more people exchange ideas. These discussions can generate new opportunities for people to discover methods for solving problems. Any one of us could be living in one country but identifying a problem in another country. Given our interests and backgrounds, we could actively choose to develop a solution for that problem. What we need, as a general approach, is an efficient and transparent way to form companies and enable constructive competition, along with continued free and fair trade.

These are just some of the areas that many nations and organizations consider as they seek to encourage a transition away from group-prescribed thinking toward uniquely individual entrepreneurial ideas. Each of us encounters life from a different perspective. Although we all might recognize the restrictions presented by the sun setting every night, only a few people might question why we couldn’t change that situation by creating our own light. Similarly, someone in another country may observe our country (or vice versa) and ask why that country has a particular problem. Meanwhile, people living with that problem may have become so accustomed to it that they might not recognize the opportunity to seek solutions.

Increasing opportunities in entrepreneurial education are also driving growth. More colleges and universities are teaching entrepreneurial studies and opening entrepreneurial centers that encourage students from every discipline to become entrepreneurs. 16 , 17 As the employment and entrepreneurial landscape continue to evolve, some institutions have started offering courses to prepare students for work in the gig economy. 18 In fact, some of the best new entrepreneurial ideas come from groups of students in different majors who collaborate to create new, innovative business ideas that meet specific needs and challenges in today’s world. In some cases, students from different universities around the globe are connecting to come up with business ideas to solve global problems, such as the lack of clean drinking water and the need for medical vaccination programs. Technology and global travel have made such partnerships more common and very productive.

The world of entrepreneurship opens doors for each of us to look beyond our own self-created barriers and explore opportunities around the world. Consider the creation of Starbucks , borne from the realization of how pleasant it can be to sit at a European café and drink excellent coffee. Awareness of an idea that is commonplace in one country, but new to a different country, presents the possibility of introducing that idea to another nation. In the Starbucks example, was there a problem that needed to be solved? Not necessarily, but the founder, Howard Schultz , had a desire to bring a specific quality-of-life element from one country to another, a business idea with an entrepreneurial aspect. One of the entrepreneurial aspects of creating Starbucks was the idea of mass expansion of coffee shops. Prior to Starbucks, the idea of creating a high-quality coffee drink hadn’t been developed. Even more significant was the idea of expanding the business across the United States and then around the world.

Given the growth of coffee shops throughout the United States, we might not think that this idea is innovative, but before Starbucks, coffee typically was served at a diner, and it was served out of habit, rather than as the main attraction. With Starbucks, people changed their ideas about coffee and their coffee-drinking habits. Although businesses like Dunkin’ Donuts served coffee, their focus was on selling donuts, not coffee. As Starbucks grew through repositioning coffee as their main product, other companies like Dunkin’ Donuts and McDonalds realized the missed opportunity in not reinventing the coffee market with multiple choices of high-quality coffee. In fact, Dunkin’ Donuts has changed its name to just “ Dunkin ,” removing the emphasis on doughnuts. 19

Social and Environmental Issues and Opportunities

A social entrepreneur has an interest in solving a social, environmental, or economic problem. A social entrepreneur identifies a problem with a social or community focus, a concern for quality of life, or concern for our entire planet’s health (you will learn more about social entrepreneurship in The Ethical and Social Responsibilities of Entrepreneurs ). One such person is Angad Daryani , a young serial inventor. Daryani left school in the ninth grade to join the Media Lab at the Massachusetts Institute of Technology (MIT), where he worked on an industrial-scale air filter to clean pollutants and carcinogens out of our planet’s air. Daryani’s home country of India is the world’s third largest emitter of carbon dioxide, according to Global Carbon Atlas, behind China and the United States ( Figure 1.6 ). 20

Social Entrepreneurship

Consider a social issue that you might feel compelled to take on as a passion project. Some social issues include childhood hunger, access to clean water, access to education, or opioid abuse. Watch Johann Hari’s Ted Talk on addiction to learn more.

  • Do you have any ideas for creating an entrepreneurial venture around the idea of building quality relationships and communities?
  • How would you balance a passion project with an entrepreneurial purpose?

Not only is Daryani interested in solutions for air pollution, but his product will also provide financial gains and add to his personal credibility as a serial entrepreneur , or someone who starts and harvests multiple entrepreneurial ventures. Darvani describes himself as an inventor and social entrepreneur, combining his interest in improving lives through a variety of entrepreneurial ventures including products like Sharkits (a do-it-yourself-kit company that teaches children how to build technology), the SharkBot 3D Printer (an attractive, low-cost, and reliable 3D printer), and several other projects that combine technology and human needs. As each of these products advances to commercialization, the products and technology are becoming more applicable for other uses as well. For more examples of projects that Darvani is working on, take a look at his website (http://www.angadmakes.com), which includes videos and articles, and highlights the international recognition he has received for his innovative work.

Entrepreneur In Action

Angad daryani.

Research Angad Daryani and his technology to remove air pollution (https://www.cnn.com/2018/03/28/health/angad-daryani-tomorrows-hero/index.html).

  • What other products could this technology or methodology be used for, besides the originally intended application of improving air quality?
  • What critical decisions would you anticipate that Angad will face in creating and commercializing his product?
  • How would you define success for Angad or this air-cleaning company?
  • 5 Hamid Bouchikhi. “A Constructivist Framework for Understanding Entrepreneurship Performance.” Organization Studies . July 1, 1993. doi.org/10.1177/017084069301400405; William D. Bygrave and Charles W. Hofer. “Theorizing about Entrepreneurship.” Entrepreneurship Theory and Practice 16, no. 2 (1991): 13–22.; Michael A. Hitt, R. Duane Ireland, S. Michael Camp, and Donald L. Sexton. Strategic Entrepreneurship: Creating a New Mindset . (Hoboken, NJ: Wiley-Blackwell, 2002).; Jeffry A. Timmons. New Venture Creation: Entrepreneurship for the 21st Century . (Irwin Press, Burr Ridge, IL: Irwin Press, 1994).
  • 6 Paul B. Brown. “Franchisees Are Entrepreneurs (Let the Debate Begin).” Forbes . September 19, 2012. https://www.forbes.com/sites/actiontrumpseverything/2012/09/19/franchisees-are-entrepreneurs-let-the-debate-begin/#55c9fb8f2bf3
  • 7 The Wander Girls. n.d. http://thewandergirls.com/
  • 8 Mary Pols. “Making Pasta’s the New Focus for Roxanne Quimby.” Portland Press Herald . August 13, 2017.
  • 9 American Red Cross. “2017 in Review: Red Cross Delivers More Food, Relief Items, and Shelter Stays Than Last 4 Years Combined.” December 18, 2017. https://www.redcross.org/local/georgia/about-us/news-and-events/news/2017-in-Review-Red-Cross-Delivers-More-Food-Relief-Items-and-Shelter-Stays-than-Last-4-Years-Combined.html
  • 10 Carl Benedikt Frey and Michael A. Osborne. “The Future of Employment: How Susceptible Are Jobs to Computerization?” Technological Forecasting and Social Change 114 (2013): 254–280. https://www.oxfordmartin.ox.ac.uk/downloads/academic/The_Future_of_Employment.pdf
  • 11 Dawn Rosenberg McKay. “How Often Do People Change Careers?” The Balance . September 20, 2019. https://www.thebalancecareers.com/how-often-do-people-change-careers-3969407
  • 12 Infographic.ly Team. “Infograpic: The Growth of Entrepreneurship around the Globe.” Entrepreneur Middle East . January 26, 2017. https://www.entrepreneur.com/article/288286
  • 13 Infographic.ly Team. “Infographic: The Growth of Entrepreneurship around the Globe.” Entrepreneur Middle East . January 26, 2017. https://www.entrepreneur.com/article/288286
  • 14 Infographic.ly Team. “Infographic: The Growth of Entrepreneurship around the Globe.” Entrepreneur Middle East . January 26, 2017. https://www.entrepreneur.com/article/288286
  • 15 Transparency International. n.d. www.transparency.org
  • 16 National Survey of Entrepreneurship Education. n.d. www.nationalsurvey.org
  • 17 “The Princeton Review & Entrepreneur Name the Top Undergraduate & Graduate Schools for Entrepreneurship Studies for 2020.” Cision PR Network. November 12, 2019. https://www.prnewswire.com/news-releases/the-princeton-review--entrepreneur-name-the-top-undergraduate--graduate-schools-for-entrepreneurship-studies-for-2020-300955876.html
  • 18 Diane Mulcahy. “Universities Should Be Preparing Students for the Gig Economy.” Harvard Business Review . October 3, 2019. https://hbr.org/2019/10/universities-should-be-preparing-students-for-the-gig-economy
  • 19 Kate Taylor. “Dunkin’ Donuts Is Officially Dropping the ‘Donuts’ from Its Name Despite Earlier Backlash.” Business Insider . September 25, 2018. https://www.businessinsider.com/dunkin-donuts-changes-name-no-donuts-2018-9
  • 20 “Fossil Fuel Emissions.” Global Carbon Atlas. 2017. http://www.globalcarbonatlas.org/en/CO2-emissions

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  • Authors: Michael Laverty, Chris Littel
  • Publisher/website: OpenStax
  • Book title: Entrepreneurship
  • Publication date: Jan 16, 2020
  • Location: Houston, Texas
  • Book URL: https://openstax.org/books/entrepreneurship/pages/1-introduction
  • Section URL: https://openstax.org/books/entrepreneurship/pages/1-1-entrepreneurship-today

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Dear Learners, The lecture videos for  Week 4  have been uploaded for the course " Understanding Incubation and Entrepreneurship " The lectures can be accessed using the following link: Link:  https://onlinecourses.nptel.ac.in/noc24_de06/unit?unit=37&lesson=39 The other lectures in this week are accessible from the navigation bar to the left. Please remember to login into the website to view contents (if you aren't logged in already). Assignment-4  for  Week-4  is also released and can be accessed from the following link Link:  https://onlinecourses.nptel.ac.in/noc24_de06/unit?unit=37&assessment=168 The assignment has to be submitted on or before  Wednesday, [21-02-2024], 23:59 IST. Note  : Please check the due date of the assignments in the announcement and assignment page if you see any mismatch write to us immediately. As we have done so far, please use the discussion forums if you have any query. Please do spare some time to give your feedback should not take more than a minute, but makes a lot of difference for us as we know what the learners feel.  Week 4 :  https://onlinecourses.nptel.ac.in/noc24_de06/unit?unit=37&lesson=43 Thanks and Regards, -NPTEL Team

Understanding Incubation and Entrepreneurship : Reminder for Assignments 1 and 2

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Understanding Incubation and Entrepreneurship - Week 3 content is live now!!

Dear Learners, The lecture videos for  Week 3  have been uploaded for the course " Understanding Incubation and Entrepreneurship " The lectures can be accessed using the following link: Link:  https://onlinecourses.nptel.ac.in/noc24_de06/unit?unit=29&lesson=31 The other lectures in this week are accessible from the navigation bar to the left. Please remember to login into the website to view contents (if you aren't logged in already). Assignment-3  for  Week-3  is also released and can be accessed from the following link Link:  https://onlinecourses.nptel.ac.in/noc24_de06/unit?unit=29&assessment=169 The assignment has to be submitted on or before  Wednesday, [14-02-2024], 23:59 IST. Note  : Please check the due date of the assignments in the announcement and assignment page if you see any mismatch write to us immediately. As we have done so far, please use the discussion forums if you have any query. Please do spare some time to give your feedback should not take more than a minute, but makes a lot of difference for us as we know what the learners feel.  Week 3 :  https://onlinecourses.nptel.ac.in/noc24_de06/unit?unit=29&lesson=35 Thanks and Regards, -NPTEL Team

Reminder: NPTEL: Exam Registration is open now for Jan 2024 courses!

Dear Learner, 

Here is the much-awaited announcement on registering for the Jan 2024 NPTEL course certification exam. 

1. The registration for the certification exam is open only to those learners who have enrolled in the course. 

2. If you want to register for the exam for this course, login here using the same email id which you had used to enroll to the course in Swayam portal. Please note that Assignments submitted through the exam registered email id ALONE will be taken into consideration towards final consolidated score & certification. 

3 . Date of exam: Apr 21, 2024 

CLICK HERE to register for the exam.

Choose from the Cities where exam will be conducted: Exam Cities

4. Exam fees: 

If you register for the exam and pay before Feb 12, 2024 - 5:00 PM, Exam fees will be Rs. 1000/- per exam .

5. 50% fee waiver for the following categories: 

Students belonging to the SC/ST category: please select Yes for the SC/ST option and upload the correct Community certificate.

Students belonging to the PwD category with more than 40% disability: please select Yes for the option and upload the relevant Disability certificate. 

6. Last date for exam registration: Feb 16, 2024 - 5:00 PM (Friday). 

7. Between Feb 12, 2024 - 5:00 PM & Feb 16, 2024 - 5:00 PM late fee will be applicable.

8. Mode of payment: Online payment - debit card/credit card/net banking/UPI. 

9. HALL TICKET: 

The hall ticket will be available for download tentatively by 2 weeks prior to the exam date. We will confirm the same through an announcement once it is published. 

10. FOR CANDIDATES WHO WOULD LIKE TO WRITE MORE THAN 1 COURSE EXAM:- you can add or delete courses and pay separately – till the date when the exam form closes. Same day of exam – you can write exams for 2 courses in the 2 sessions. Same exam center will be allocated for both the sessions. 

11. Data changes: 

Last date for data changes: Feb 16, 2024 - 5:00 PM :  

We will charge an additional fee of Rs. 200 to make any changes related to name, DOB, photo, signature, SC/ST and PWD certificates after the last date of data changes.

The following 6 fields can be changed (until the form closes) ONLY when there are NO courses in the course cart. And you will be able to edit those fields only if you: - 

REMOVE unpaid courses from the cart And/or - CANCEL paid courses 

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Note: Once you remove or cancel a course, you will be able to edit these fields immediately. 

But, for cancelled courses, refund of fees will be initiated only after 2 weeks. 

12. LAST DATE FOR CANCELLING EXAMS and getting a refund: Feb 16, 2024 - 5:00 PM  

13. Click here to view Timeline and Guideline : Guideline

Domain Certification

Domain Certification helps learners to gain expertise in a specific Area/Domain. This can be helpful for learners who wish to work in a particular area as part of their job or research or for those appearing for some competitive exam or becoming job ready or specialising in an area of study.  

Every domain will comprise Core courses and Elective courses. Once a learner completes the requisite courses as per the mentioned criteria, you will receive a Domain Certificate showcasing your scores and the domain of expertise. Kindly refer to the following link for the list of courses available under each domain: https://nptel.ac.in/domains

Outside India Candidates

Candidates who are residing outside India may also fill the exam form and pay the fees. Mode of exam and other details will be communicated to you separately.

Thanks & Regards, 

Understanding Incubation and Entrepreneurship - Week 2 content is live now!!

Dear Learners, The lecture videos for  Week 2  have been uploaded for the course " Understanding Incubation and Entrepreneurship " The lectures can be accessed using the following link: Link:  https://onlinecourses.nptel.ac.in/noc24_de06/unit?unit=23&lesson=25 The other lectures in this week are accessible from the navigation bar to the left. Please remember to login into the website to view contents (if you aren't logged in already). Assignment-2  for  Week-2  is also released and can be accessed from the following link Link:  https://onlinecourses.nptel.ac.in/noc24_de06/unit?unit=23&assessment=160 The assignment has to be submitted on or before  Wednesday, [7-02-2024], 23:59 IST. Note  : Please check the due date of the assignments in the announcement and assignment page if you see any mismatch write to us immediately. As we have done so far, please use the discussion forums if you have any query. Please do spare some time to give your feedback should not take more than a minute, but makes a lot of difference for us as we know what the learners feel.  Week 2 :  https://onlinecourses.nptel.ac.in/noc24_de06/unit?unit=23&lesson=27 Thanks and Regards, -NPTEL Team

Understanding Incubation and Entrepreneurship : Assignment 1 is live now !!

Dear Learner, Assignment-1  for  Week-1  is also released and can be accessed from the following link Link:  https://onlinecourses.nptel.ac.in/noc24_de06/unit?unit=17&assessment=159 The assignment has to be submitted on or before  Wednesday, [07-02-2024], 23:59 IST . As we have done so far, please use the discussion forums if you have any query. Please do spare some time to give your feedback should not take more than a minute, but makes a lot of difference for us as we know what the learners feel. Week 1 :  https://onlinecourses.nptel.ac.in/noc24_de06/unit?unit=17&lesson=21 Note  : Please check the due date of the assignments in the announcement and assignment page if you see any mismatch write to us immediately. Thanks and Regards, -NPTEL Team

Understanding Incubation and Entrepreneurship : Week 1 content is live now!!

entrepreneurship assignment answers

Understanding Incubation and Entrepreneurship - Assignment 0 is live now!!

Dear Learners, Assignment-0  for  Week-0  is also released and can be accessed from the following link Link:  https://onlinecourses.nptel.ac.in/noc24_de06/unit?unit=16&assessment=158 The assignment 0 marks won’t be counted towards the final score. ( As it is non-graded assignment ) Please use the discussion forums if you have any questions on this module. Thanks and Regards, -NPTEL Team

NPTEL: Exam Registration is open now for Jan 2024 courses!

Understanding incubation and entrepreneurship: welcome to nptel online course - jan 2024.

  • Every week, about 2.5 to 4 hours of videos containing content by the Course instructor will be released along with an assignment based on this. Please watch the lectures, follow the course regularly and submit all assessments and assignments before the due date. Your regular participation is vital for learning and doing well in the course. This will be done week on week through the duration of the course.
  • Please do the assignments yourself and even if you take help, kindly try to learn from it. These assignments will help you prepare for the final exams. Plagiarism and violating the Honor Code will be taken very seriously if detected during the submission of assignments.
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  • The discussion forum (Ask a question tab on the portal) - is for everyone to ask questions and interact. Anyone who knows the answers can reply to anyone's post and the course instructor/TA will also respond to your queries.
  • Please make maximum use of this feature as this will help you learn much better.
  • If you have any questions regarding the exam, registration, hall tickets, results, queries related to the technical content in the lectures, any doubts in the assignments, etc can be posted in the forum section
  • The course is free to enroll and learn from. But if you want a certificate, you have to register and write the proctored exam conducted by us in person at any of the designated exam centres.
  • The exam is optional for a fee of Rs 1000/- (Rupees one thousand only).
  • Date and Time of Exams: April 21, 2024 Morning session 9am to 12 noon; Afternoon Session 2 pm to 5 pm.
  • Registration URL: Announcements will be made when the registration form is open for registrations.
  • The online registration form has to be filled and the certification exam fee needs to be paid. More details will be made available when the exam registration form is published. If there are any changes, it will be mentioned then.
  • Please check the form for more details on the cities where the exams will be held, the conditions you agree to when you fill the form etc.
  • Once again, thanks for your interest in our online courses and certification. Happy learning.

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NPTEL Entrepreneurship Week 1 Assignment Answers 2023

In this post, We have provided answers of the NPTEL Entrepreneurship Week 1 Assignment. We provided answers here only for reference. Plz, do your assignment at your own knowledge.

1. Which of the following is an example of industrial transformation?

  • High-speed rail
  • Electric vehi c les
  • Lead-free fuel
  • None of the above

2. An entrepreneur who revels in creating new businesses continuously may be called:

  • Creator of serial entre p reneurial ventures
  • Destroyer of existing businesses
  • Continu o us investor

3. Which of the following industries has seen mortality of start-ups or entrepreneurial firms over the last two decades?

  • Telecommunications
  • Both (a) and (b)
  • Neither (a) nor ( b)

4. A start-up typically starts with:

  • Putting a product in the market
  • Discovering a problem and defining a solution
  • Changing a business model

5. Having a co-founding team provides the advantages of:

  • Complementary skills
  • Shared responsibiliti e s
  • Potential leadership transitions
  • All of the above

6. Entrepreneurship is common with start-up in terms of:

  • Starting with meagre resources
  • Taking risks
  • Neither (a) nor (b)
  • Both (a) and ( b)

7. Entrepreneurial firms seek to:

  • Create new products and/or markets
  • Create market wealth
  • Disrupt existing businesses
  • Any or all of the above

8. An entrepreneur who enters the market to create a firm, leaving formal employment is called:

  • Innovative entrepreneur
  • Replicative entrepreneur
  • Opportunity en t repreneur
  • Necessity entrepreneur

9. As per the MSME classification of Government of India, a product firm with an investment less than or equal to Rs 25 lakhs in plant and machinery is called

  • Micro enterprise
  • Small enterprise
  • Medium enterprise
  • Nano enterpr i se

10. An infrastructure that h e lps entrepreneurs in their early stage of the startup life cycle with plug and play facilities and other common services is called:

  • Accelerator
  • Angel investment platform
  • Venture cap i tal platform

NPTEL Entrepreneurship Week 1 Assignment Answers 2022 [July-Dec]

1. Most successful new-age start-ups in India deploy the following: a. Imported technologies. b. Vintage technologies. c. Social technologies. d. Digital technologies.

2. Government of India has the following qualification criterion for an entity to be called as ‘startup’ in India, reckoned from the date of inception . a. Age of the start-up b. Age of the founders c. Age of the investors d. None of the above

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NPTEL Entrepreneurship Week 1 Assignment Answers 2023

3. An entrepreneur who enters the market with a product or service which is based on a similar or improved product that is already existing is called: a. Innovative entrepreneur b. Replicative entrepreneur c. Opportunity entrepreneur d. Necessity entrepreneur

4. Most start-ups when established fall under the following industry classification: a. Mega b. MSME c. PLI d. Mainstream

5. Dedicated incubation infrastructure that supports a start-up in the early stage of the startup life cycle is found in an Institution such as: a. IIT Madras b. Research Park c. Genome Valley d. CSIRDRDO

6. Which of these startups witnessed rapid growth in the Covid – 19 pandemic times? a. Food Delivery b. E-Commerce c. Edutech d. All the above

👇 For Week 02 Assignment Answers 👇

7. Which of the following is an example of industry undergoing product transformation? a. Highway construction b. Automobile industry c. Rail transport d. Air transport

8. Which of the following represents a transformative convergence of finance and digital technologies, which is yet to see endorsement by the national government as legal tenor? a. Microfinance b. Credit Cards c. Payment gateways d. Cryptocurrency

9. To achieve customer acceptance, the entrepreneur must: a. Identify the problem faced in the marketplace and find a creative solution . b. Identify the problem faced in financing for the project and raise finance c. Identify ideas that qualify for government support and implement them d. Identify good talent and build an organisation

10. What is the fundamental starting stage of an entrepreneurial journey? a. Ideation b. Testing c. Validation d. Prototyping

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About Entrepreneurship

This course provides a detailed overview of entrepreneurship as the foundation of business growth and value creation in the national economy. It provides multiple constructs for entrepreneurs to be successful, and pathways for their companies to achieve sustainable growth. Each week/module of the course will cover one specific theme/topic with conceptual perspectives as well as practical examples.

Upon successful completion of the course, the student will gain an expansive and deep appreciation of entrepreneurship and its pivotal role in the economy. The student or aspiring entrepreneur will be able to approach entrepreneurship with clarity and focus, and an enhanced understanding of the key success factors as well as possible risks and potential mitigation strategies. A practising entrepreneur is likely to be able to navigate the opportunities and challenges of entrepreneurship more effectively with the additional insights available. 

COURSE LAYOUT

The course structure and content covers, over a period of 12 weeks, the following 15 modules.

  • Module 1:  Entrepreneurial Journey
  • Module 2:  Entrepreneurial Discovery
  • Module 3:  Ideation and Prototyping
  • Module 4:  Testing, Validation and Commercialisation
  • Module 5:  Disruption as a Success Driver
  • Module 6:  Technological Innovation and Entrepreneurship – 1
  • Module 7:  Technological Innovation and Entrepreneurship – 2
  • Module 8:  Raising Financial Resources
  • Module 9:  Education and Entrepreneurship
  • Module 10:  Beyond Founders and Founder-Families
  • Module 11:  India as a Start-up Nation
  • Module 12:  National Entrepreneurial Culture
  • Module 13:  Entrepreneurial Thermodynamics
  • Module 14:  Entrepreneurship and Employment
  • Module 15:  Start-up Case Studies

CRITERIA TO GET A CERTIFICATE

Average assignment score = 25% of average of best 8 assignments out of the total 12 assignments given in the course. Exam score = 75% of the proctored certification exam score out of 100

Final score = Average assignment score + Exam score

YOU WILL BE ELIGIBLE FOR A CERTIFICATE ONLY IF AVERAGE ASSIGNMENT SCORE >=10/25 AND EXAM SCORE >= 30/75. If one of the 2 criteria is not met, you will not get the certificate even if the Final score >= 40/100.

7 thoughts on “NPTEL Entrepreneurship Week 1 Assignment Answers 2023”

where is answers …?

It will be updated shortly….

when will you update the ans

Answers are updated on site, take it as a reference and do your assignment at your own knowledge. Thanks Unique Jankari

Bro week 2 assignment answer?

week 2 answers are where

Hi kindly update answer for week 3 :assignment 3 for entrepreneurship

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Top 30 Entrepreneurship Interview Questions and Answers in 2024

Editorial Team

Entrepreneurship-Interview-Questions-and-Answers

An entrepreneur is a person who creates, launches, and begins a new business, typically in response to a market demand that has not been met. Entrepreneurs are often imaginative, self-motivated individuals who develop full-time, successful, and sustainable businesses. Successful entrepreneurs frequently have pertinent insights, expertise, and advice they may offer aspiring entrepreneurs to aid them on their respective paths. Interviewing entrepreneurs might provide insight into the steps they took to achieve success. This article will examine the top 30 entrepreneur-related questions and provide sample responses.

8 Tips to Prepare for a Entrepreneurship Interview

Here are eight items that an entrepreneur should prepare for an entrepreneurship interview, including focus areas, details, and tips:

Entrepreneurship Interview Preparation

Remember to tailor your responses to the specific needs and interests of the interviewer or panel.

1. How Would You Describe An Entrepreneur?

An individual who establishes and expands their own company through innovative strategies is known as an entrepreneur. During the expansion of their companies, entrepreneurs are responsible for several important tasks in addition to cash generation. An entrepreneur perceives a commercial need in their society, develops an idea for a business, and then takes the initiative to start their firm. Suppose a business idea does not center on producing a product that fills a gap in the existing market. In that case, it most often centers on applying technical advancements to simplify the process of obtaining a product or service.

2. How Do Entrepreneurs Identify Business Prospects?

Sample Answer

Entrepreneurs routinely seek chances to expand or increase their company’s revenues. They determine which product to include and which market to enter. An entrepreneur should listen to prospective customers and look for chances to build items that meet their demands. An entrepreneur can determine what other businesses in the area are doing and how they succeed by conducting a competitive analysis. This technique may involve conducting a physical survey or reading industry-specific materials. Conversations with consumers also facilitate the identification of their frustrations and negative experiences, which they may use to enhance a firm.

3. What Roles Does An Entrepreneur Play?

Among the various entrepreneurial responsibilities are:

  • Entrepreneurs have traditionally been responsible for launching and maturing a business.
  • Entrepreneurs properly hire and assign responsibilities to their workforce.
  • Forecasting business changes: An entrepreneur’s responsibility in this regard is to foresee and rapidly address any obstacles.
  • Entrepreneurs establish or extend a business and determine which person to hire.
  • Identifying business possibilities: Entrepreneurs are consistently looking for opportunities to expand or increase their company’s sales.
  • Improving the living standard
  • Accepting and mitigating business risk
  • Developing strategic alliances

4. What Makes An Entrepreneur Successful?

As an entrepreneur, you are both your manager and the manager of others. To achieve success, you must possess a wide range of abilities. An entrepreneur must be able to manage people, a budget, operations, and in certain cases, investors. It necessitates a work style characterized by multitasking and planning for the firm’s short- and long-term goals. A successful entrepreneur must be able to spend his time wisely, regularly analyzing and prioritizing projects based on their relevance and significance. It includes engaging in short- and long-term planning, economic forecasts, and market research .

5. Describe Your Entrepreneurial Leadership Style.

As an entrepreneur, I have led effective teams throughout the years. As a leader, I possess the necessary skills, such as effective communication , teamwork, and decision-making. My leadership style is comparable to coaching. I enjoy teaching and mentoring individuals who possess the necessary skills for the position but may lack confidence in specific areas. Over the years, I’ve observed that the more confidence you have in a person’s talents, the greater the good outcomes that lead to productive work habits and accomplished objectives.

6. How Do You, As An Entrepreneur, Conduct Productive Business Meetings?

As an entrepreneur, I hold several meetings with various parties, including business partners and team members. I begin every meeting by reading the agenda items aloud to ensure that I don’t overlook any crucial pieces of business, keeping our meetings productive and offering a broad outline to follow. Then, I invite my team members to submit any questions they may have in advance so I can respond in person. If we can address important issues in the same room, we will have more time for additional initiatives and opportunities afterward.

7. How Do You Ensure That Your Team Supports The Company’s Values?

I believe that firms must hire individuals who share their values and mission. Therefore, I ensure that my team members work together harmoniously and feel valued in their positions. I’ve witnessed how having a positive corporate culture helps cut down on staff turnover and motivates people to accomplish the absolute best work they are capable of. In the past, I have incorporated education and comprehension of the company’s guiding values into the schedule for our department’s team-building activities, which I put into our department’s calendar.

8. Describe The Steps That You Take Before Making A Decision.

Before I make any important choices, I always make sure that I have a comprehensive understanding of every angle of the problem. I collect the pertinent information, consider the various possibilities, and list the pros and disadvantages. I might consult with other parties who have a stake in the outcome of the decision if I think it will significantly impact the situation. This tactic served me well in a previous capacity and was crucial in bringing together all of the department managers in my organization. They were interested in learning more details about the matter.

9. Are You A Risk-Taker?

As an entrepreneur, I am required to accept some risks when making business decisions. Nevertheless, taking a risk depends on the urgency of the matter at hand and the size of the risk’s consequences. Due to my admiration for the amount of effort required to manage a great firm, I rarely make dangerous decisions unless I am certain they are correct. If the risk is reduced, I feel more comfortable taking it. My greatest option is to have enough information to make an informed decision.

10. Where Did The Inspiration For Starting Your Business Come From?

After observing a rise in the number of establishments, including restaurants and food courts, using paper straws, I decided to start James Marketing. Many people in my area suffer from chronic diseases that make it difficult to use paper straws due to their rapid decomposition. I decided to take advantage of the opportunity to design a reusable straw that retracts and expands, making it simpler for people in my family to carry and use while moving.

11. What Methods Do You Employ To Inspire Your Team?

As an entrepreneur, I collaborate primarily with business partners and my staff. My employees must remain engaged to assist me in operating my businesses effectively. I know each employee has unique core talents, strengths, and weaknesses. Understanding the strengths of each team member enables me to delegate more successfully. When I observe a person struggle to produce results, I attempt to identify their obstacles, match them with tasks that line with their skillsets, and provide continuous feedback to assist them in reaching their full potential.

12. How Did You Obtain Finance For Your Company?

When I founded James Straw Solutions three years ago, I did so with a small amount of personal capital. However, after receiving more orders and needing more capital to fulfill orders, I realized I needed to get outside finance and attend several small business conferences connecting small firms with potential investors. After approximately four months of events, I received financial offers for production and marketing expenditures from various sources and signed contracts with investors who have helped our business expand dramatically. I believe that if an entrepreneur has the appropriate business plan , they will always be able to find investors willing to support their company.

13. What Is The Mission Statement Of Your Company?

James Straw Solutions aims to provide clients with expandable and retractable reusable straws that make the straws simple to use, clean, and travel. James Straw Solutions intends to cater to the user population that has a demand for straws but is frustrated by the limitations of single-use solutions. Because James Straw Solutions is committed to preserving the environment, our company’s goal is to assist as many households as possible in switching to reusable straws.

14. How Do You Navigate Your Entrepreneurial Endeavors With Limited Resources?

For your enterprise to be lucrative, you must be able to maximize available resources and reduce expenses as an entrepreneur. Throughout the years, I’ve been able to successfully manage a variety of entrepreneurial endeavors that are still active today. Small budgets and profit maximization have contributed to my accomplishments. I analyze predicted expenditures and make budget adjustments when working with limited funds. I search for budget-cutting opportunities, such as travel expenses and office events. Once I’ve arrived at a number I’m comfortable with, I present my budget plans to key stakeholders for approval.

15. Which Market Does Your Company Serve?

I developed James Straw Solutions to cater to the market of people who require straws due to a medical condition or chronic sickness. I am committed to sustainability because I have observed an increasing demand for reusable straws over the past few years. As a retail company, James Straw Solutions can also serve individuals interested in alternatives to single-use straws who wish to boost their household’s sustainability.

entrepreneurship assignment answers

16. Describe Your Procedure For Conveying Negative Feedback

Past employment experiences have taught me that there is always space for development. Despite my best efforts to encourage and assist my team members, there are occasions when they struggle to fulfill their performance objectives. Beyond annual performance assessments, I have sought one-on-one sessions with the entire staff in similar circumstances. I utilized these meetings as a chance to reaffirm desired outcomes and solicit questions regarding their respective roles. By doing so, I can discover any concerns staff may be reluctant to raise. I find that respect is reciprocated when one demonstrates it.

17. What Significant Obstacles Have You Encountered As An Entrepreneur? How Have You Dealt With Them?

My greatest obstacle as an entrepreneur has been operating with little resources. The budget is extremely tight and at its maximum level; therefore, there is no room for change. Nevertheless, I embrace the challenge with optimism and motivate my staff to concentrate on their primary talents and provide their best performance. I always execute my plans on time and adhere to the standards we establish for ourselves. It has taught me that it is possible to find a solution despite circumstances indicating that things are difficult. Therefore, I work with the expectation that a solution is imminent.

18. What Do You Look For As An Entrepreneur While Assembling A Team?

I prioritize team players. A person who is not a team player can destroy the team. I then search for complementary abilities. In a certain area where person A is weak, I seek out a person B who excels. And this also applies to the management. There were typically three or four individuals who could perform the team’s duties better than I could, but they were not interested in taking on the role of leader. All the teams I’ve managed required a variety of talents and knowledge, so I sought out team members with this variety. I have witnessed other teams in which everyone performed the same work. If I had a team like that, I would not want diversity of abilities and knowledge but rather the one who could complete the assignment at the lowest cost.

19. How Have You Grown Your Client Base?

When I first started James Straw Solutions, the only form of marketing we did was post updates on our various social media profiles. Because of the company’s expansion, we have begun to utilize different types of digital advertising, such as advertisements that appear on web pages and commercials that play before and after video broadcasts. However, word of mouth has proven to be the most successful method for acquiring new clients, as our pleased clients always appear to know at least one other person who might also benefit from our products.

20. What Makes Your Business Unique?

Unique to James Straw Solutions is that we are a family business that operates in the retail market. Because I founded James Straw Solutions in response to demands I observed in my own family, I prioritize consulting with them when making decisions regarding product design, logistics, and marketing techniques. In addition, due to the majority of family members on our board, we retain a degree of familiarity and respect that allows us to handle business efficiently while still enjoying our time together.

21. What Do You Appreciate Most About Becoming An Entrepreneur?

Despite the numerous obstacles I confront daily, I like my work as an entrepreneur. I can positively impact my society by offering employment opportunities and services to my community. Initially, I was required to work long hours, but I liked it. The desire for success has supplied me with additional motivation. Initially, there was not much income, but it did not matter. I was content because I knew I was on the correct path. Consequently, I would say that there is a type of self-satisfaction that keeps you happy while you work as an entrepreneur and that this is probably what people like the most.

22. How Do You Define Success In Your Company?

As James Straw Solutions derives its money from sales, the most fundamental method we measure performance is by establishing monthly sales targets and rewarding the sales and marketing teams when we achieve them. We also have a quarterly effort that encourages employees to submit public gratitude to coworkers who have assisted them with assignments or projects, intending to have at least ten by the end of the quarter. It enables us to quantify partnership accomplishments via thank-you communications.

23. How Do You Deal With Feelings Of Uncertainty?

Creating and managing businesses can be difficult. As entrepreneurs, sometimes we lack confidence in our efforts. We also confront criticism or uncertainty from others around us, or we undermine ourselves and abandon our dreams. Whether it’s my inner critic criticizing my every decision or an outdoor event, I never give in to them. I always keep in mind why I am in business: to make a living and make a difference in society by offering employment chances to people. After I consider why I started my business, I consider what would transpire if I persevere to the end. Typically, the end is quite clear, and I realize I know my goal from the beginning.

24. What Is The Most Challenging Part Of Entrepreneurship?

If asked what the most challenging aspect of entrepreneurship is, I would say making decisions and knowing when I am right or wrong. Every day, we must make decisions regarding market circumstances, prices, costs, and the acceptance or rejection of commercial proposals. Managing work-life balance is another key obstacle. It is commonly believed that becoming your boss will result in a flexible work schedule; however, I have not found this to be the case. I enjoy being an entrepreneur, but there have been times when it felt difficult to balance work and family.

25. What Advice Would You Provide To Someone Who Wants To Be An Entrepreneur?

I would advise anyone who desires to be an entrepreneur to have confidence in themselves and to launch their firm. So said, people should not limit themselves to preconceived notions about entrepreneurship. An entrepreneur is someone who forges their path. Not necessarily someone who generates thousands of profitable company ideas. However, they should evaluate the general characteristics of a successful entrepreneur: transforming thought into action, recognizing high-potential target markets, strong concentration and strategic thinking, and hard work. Therefore, in terms of advice, I would suggest they look for opportunities to save money, Network, and Learn.

26. What Inspired You To Become An Entrepreneur, And How Did You Get Started?

I was always fascinated by the idea of creating something new and making a difference in the world. I started my entrepreneurial journey by identifying a gap in the market and developing a product that could fill that gap. I was passionate about my idea and worked hard to turn it into a reality.

27. What Are Some Of The Biggest Challenges You Faced While Starting Your Business, And How Did You Overcome Them?

Starting a business is never easy, and I faced many challenges along the way. One of the biggest challenges was securing funding for my business. I overcame this challenge by networking with investors and presenting a solid business plan that demonstrated the potential for growth and profitability.

28. How Do You Stay Motivated And Focused On Your Goals During Difficult Times?

During difficult times, I remind myself of why I started my business in the first place and the impact I want to make in the world. I also surround myself with positive and supportive people who encourage me to keep going and never give up.

29. What Are Some Of The Most Important Skills That An Entrepreneur Should Possess, And How Did You Develop Them?

Some of the most important skills that an entrepreneur should possess include creativity, adaptability, resilience, and the ability to take calculated risks. I developed these skills by reading books, attending workshops, and learning from other successful entrepreneurs.

30. What Advice Would You Give To Someone Who Is Just Starting Out As An Entrepreneur?

My advice to someone who is just starting out as an entrepreneur is to be passionate about your idea, stay focused on your goals, and never give up. Surround yourself with positive and supportive people who believe in you and your vision, and don’t be afraid to take risks and learn from your mistakes.

As you have noted from the sample questions above, entrepreneurial interview questions are fairly straightforward, yet they demand a candidate to prepare. We hope you find these questions for entrepreneurs to be helpful.  Prepare for your upcoming entrepreneur interview with the aid of these sample questions and responses.

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NPTEL Entrepreneurship Assignment 9 Answers 2022

  • by QuizXp Team
  • September 27, 2022 September 27, 2022

NPTEL Entrepreneurship Assignment 9

NPTEL Entrepreneurship Assignment 9 Answers 2022 :- Hello students in this article we are going to discuss answers of Entrepreneurship Assignment 9. All the Answers are provided here to help the students as a reference, You must submit your assignment to your own knowledge.

CRITERIA TO GET A CERTIFICATE

Average assignment score = 25% of the average of the best 8 assignments out of the total 12 assignments given in the course. Exam score = 75% of the proctored certification exam score out of 100

Final score = Average assignment score + Exam score

YOU WILL BE ELIGIBLE FOR A CERTIFICATE ONLY IF THE AVERAGE ASSIGNMENT SCORE >=10/25 AND EXAM SCORE >= 30/75. If one of the 2 criteria is not met, you will not get the certificate even if the Final score >= 40/100.

NPTEL Entrepreneurship Assignment 9 Answers 2022:-

Q1. For Founder to CEO transition to be successful in a start-up, the CEO must possess, beyond, technical and business skills:

Q2. In terms of ensuring good corporate governance, the start-up must have the following from the very beginning:

Answer :– a

Q3. One of the important characteristics even if for an all-powerful CEOs is to have the

Q4. Global concerns on climate change can lead to new start-up opportunities in:

Q5. Tata Motors making a giant global acquisition of JLR may be seen as reflecting:

Q6. If one were to go by The Illinois University Model (2019 University Entrepreneurship Index), Indian start-ups have to do a lot more in the following area:

Next Week Assignment Answers

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Q7. Structurally, the Japanese industrial ecosystem enables technological innovation:

Q8. As a global trend, while the success in start-up will lead to exceptional rewards, start-ups do face:

Q9. To enable small start-ups establish themselves, Governments should ensure: (Hint: There could be more than one correct answer)

Q10. A leading automotive start-up in electric vehicle space from IITM Research Park has been:

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Disclaimer: We do not claim 100% surety of answers, these answers are based on our sole knowledge, and by posting these answers we are just trying to help students, so we urge do your assignment on your own.

if you have any suggestions then comment below or contact us at  [email protected]

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