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ENT 601 Final: Midterm exam study notes This includes ABSOLUTELY everything you need to study from the "Will it Fly" textbook. I wrote these notes in such a way that you don't even have to open your textbook, just study from my notes and you'll do great. I got an 'A'

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School
Ryerson University
Department
Entrepreneurship and Strategy
Course
ENT 601
Professor
Sean Wise

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Document Summary

A viable idea addresses a specific unmet need or problem. Entrepreneurs operate in environments characterized by: 1) great uncertainty 2) rapid growth 3) radical change and 4) extremely limited resources. 3 key starting questions- 1) economic feasibility- risk vs reward 2) realistic feasibility- third party evidence 3) a good fit- talent triangle. Entrepreneurship must have personal satisfaction, societal needs and economic feaisibilty. An opportunity consists of a set of ideas, beliefs and actions that enable the creation of future goods and services in the absence of current markets for them . An opportunity consists of 1) new idea 2) profitable 3) actions that generate profit through exploitation. Dispersed knowledge- not everyone has the same info. 3 types of uncertainty- level 1 u: (allocative view)future whose distribution exists and is known, decision: calculate the odds and place the bet based on analysis. Level 2 u: (discovery view)future whose distribution exists but is not known in advance.

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Related Questions

Entrepreneurial Opportunities are defined as:

A) situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost.

B) new market entry through entrepreneurial action.

C) The entrepreneur's mental processes in deciding whether or not to act on a potential opportunity.

D) a feasibility assessment.

Microeconomics

A

B

Answer

As a student of economics, when you speak of scarcity, you are referring to the ability of society to.

A. Extra benefit

What is the economic meaning of the expression that "There is no such thing as a free lunch?"

B. Entrepreneur.

Which expression is another way of saying "marginal benefit"?

C. Very limited government role in the economy

A tradeoff exists between two economic goals, X and Y. This tradeoff means that.

D. Price ceilings and the resulting product shortages.

The individual who brings together economic resources and assumes the risk of business ventures in a capitalist economy is called the

E. Explicit costs.

The Soviet Union economy of the 1980s would best be classified as

F. Easy entry, many firms, and differentiated products

The simple circular-flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through

G. Product markets

Laissez-faire capitalism is characterized by

H. Satisfy economic wants given limited resources.

Black markets are associated with

I. Oligopoly

Cash expenditures a firm makes to pay for resources are called

J. The Resource Markets

Which set of characteristics below best describes the basic features of monopolistic competition

K. A command System

Mutual interdependence would tend to limit control over price in which market model

L. Getting more of X requires getting less of Y

Markets in which firms sell their output of goods and services are called

M. It means that there is an opportunity cost when resources are used to provide "free" products

Chapters 1-3: Select a question from the list below. Cite the question number (please refrain from restating the question, as we already know what it is), then give a good answer. Explain your reasoning or provide examples. If you answer the same as a prior respondent, give a unique rationale. Use original wording. Avoid copying any material from other sources in lieu of a unique answer, as that effort merely demonstrates that you know how to copy information. (Instead, we need evidence of thought.) The minimum length is a measly 125 words, which is probably attainable almost by accident, so try not to sneeze as you write.

No replies are necessary in concept challenges, but feel free to reply to others anyway, as often as you like.

1. Joseph Schumpeter described entrepreneurship as creative destruction. People have argued about what this means. Some people think it means that the entrepreneurial process is dangerous. What do you think Schumpeter actually meant by this?

2. Richard Cantillon coined the term entrepreneur in 1755. It means “one who undertakes [something].” How is this an apt description of the entrepreneurial function? Why do you suppose he chose “undertake,” rather than some other word?

3. Note how closely in time entrepreneurship and free-market economics (Adam Smith, 1776) emerged as concepts. Indeed, both Cantillon and Smith were economists (before there even were economists). What does this say about entrepreneurship?

4. How is the entrepreneur an inventor? How is the entrepreneur more than an inventor? What does an inventor need to become an entrepreneur? What kinds of innovations can an entrepreneur contrive, which simply never occur to an inventor?

5. Gifford and Elizabeth Pinchot coined the term intrapreneurship in 1978 to describe a person with entrepreneurial talent who was content to work for someone else. What quality does an entrepreneur have, which an intrapreneur is lacking?