Entrepreneurs

CHAPTER 1.

1. What are the three types of entrepreneurs? With which do you most identify?

The three types of entrepreneurs are: Aspiring entrepreneurs, lifestyle entrepreneurs, and Growth entrepreneurs.

The most I identify myself is Aspiring entrepreneurs because I hope one day in starting my own business but I haven’t made the decision yet.

2. What is the difference between technology and social entrepreneurs?

The difference is that social entrepreneur’s innovative ideas are basically focused in people needs, in finding solutions to social problems, and encouraging communities to take new steps forward a social change. In contrast to this, technology entrepreneur ideas are based about new technology. They focus providing technical solutions which in some cases can be difficult to satisfy society needs.

3. Describe five common entrepreneurial personal attributes.

- They are often creative and highly imaginative.

- They passionately seek new opportunities and always looking for the chance to profit from change.

- They focus on execution- specifically, adaptive execution.

- They tolerate risk, but they temper risk with reality.

- They are very persuasive leaders, people-oriented, natural networkers, and great communicators.

4. If you start a company, will you expect to always be in control, or will you be willing to share control with others if that will help the company grow and make all the participants wealthier? Describe your reasons for your choices.

I will definitely be sharing control. First of all, I would like to have some flexible time to spend with my family. Plus I believe that having an experienced manager run the business can be very helpful and can determine the success because besides supervising the person can add important knowledge and skills, something that I might be lacking. I’m not sure about having a partner because decisions conflicts could be arisen but in case monetary help is needed to expand to a higher level I might consider this option.

5. What is the spiderweb model? How does it apply to start-up companies?

The spiderweb model are the skills needed to run a small company with few resources. Since a business has various compartments that demands attention, and there is no specific people to take care all of them, entrepreneurs have to step in and multitask doing sort of things in order business keep efficiently running.

6. What are the five stages of the entrepreneurial process?

- Stage 1: Conducting Opportunity Analysis

- Stage 2: Developing the Plan and setting up the company

- Stage 3: Acquiring Financial Partners/Sources of Funding

- Stage 4: Determining the Resources required and implementing the plan

- Stage 5: Scaling and harvesting the venture

7. What are the growth issues entrepreneurial companies face?

One reason for the company not to grow is because the business owner has decided to limit the expansion. Also, a challenge for the owners is to avoid burnout from the daily operations and keep the entrepreneurial spirit that drove them to open up the business.

CHAPTER 2.

1. Why is innovation important, and how is it changing?

2. What are the main two types of innovation? Give two examples of each type.

The two major types of innovation are: the incremental and radical.

Incremental innovations are continual improvements on an existing product or service or in the ways that products are manufactured and delivered. And Radical innovations are the result of major changes in the ground rules of competition, culminating in either a customer satisfying her needs in an entirely new way or in a totally new need being created through innovation.

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