Lecture 1: Entrepreneurial Concepts

1) What factors contribute to a growing interest in entrepreneurship?

2 factors:
- Pull: Independence, Explore new things, Turn hobbies into businesses,
Financial Incentive
- Push: Redundancy, Without Job, Unemployment, Bad relations at work)

a) unemployment levels (push influence: redundancy, without a job,

unemployment, uncomfortable relations at work)

b) low job turnover rates

c) increasing levels of creativity

d) decreasing rates of discrimination

2) Angel investors (such as Shark Tank) contribute to the entrepreneurial

world by ________.

a) outpacing venture capitalists in access to startup funds

b) directly investing in entrepreneurial startups

c) holding seminars to teach people how to become an entrepreneur

d) forming groups of other investors to supply greater quantities of investment

funds to entrepreneurs.

3) An entrepreneur is someone who ________.

- Action-oriented, highly motivated, takes risks
- Solutions in problems, opportunities in challenges, possibilities in wants
- Take initiative, take the first action in some field that no one has # small
business owner: create based on existing businesses

a) creates a small business based on other existing businesses

b) creates a home-based business that sells products available through other

retailers
 c) creates a business around the idea of solving a problem (3rd hyphen)

d) is highly creative

4) Roxanne Quimby of Burt’s Bees is an example of an entrepreneur

primarily for which of the following reasons?

a) She saw available resources and recognized the resources could be

used to create a business.

b) She acted on her passions.

c) She solved a significant societal problem.

d) She had the time and energy to dedicate to starting businesses.

5) In the early stages of developing an entrepreneurial venture, the

entrepreneur might seek funding from which group?

a) venture capitalists

b) the local bank

c) friends and family

d) shark tank

6) The acronym SMART for goal setting stands for ________.

a) short-term, measurable, accurate, relevant, and timely (short-term sai)

b) specific, measurable, accurate, relevant, and timely (accurate sai)

c) specific, measurable, achievable, realistic, and time-oriented

d) specific, measurable, achievable, results, and time-oriented (phải là result-

based mới chính xác)

7) A vision statement does not include ________.

Vision: picture of the venture may grow in 5-to-10-year time
a) a picture of the future described in words

b) concepts and ideas that inspire and focus people’s actions toward a united
outcome

c) both creative and exploratory processes in creating the vision

d) the scope of the venture

8) Which one of the following is not a quantifiable result?
Quantifiable manner: measure to see if it reaches goals or not
Quantifiable result: results measured to check if goals are met

a) 5 percent annual growth in sales

b) increase market share by 2 percent

c) decrease collection of accounts receivable by €5072.10

d) increase creativity throughout the venture

9) Which of the following is not a creativity building technique or tool?

a) Conducting a case study

b) brainstorming activities

c) mind map creation

d) brain writing
10) Disruptive technologies include all but which of the following?

a) new methods or approaches that make established methods obsolete

b) self-booking of air travel

c) restaurant food delivery services

d) a change from ownership of resources to the ability to have access to

resources
11) The entrepreneurial mindset includes ________.
- 6 characteristics: vision-oriented, achievement-oriented, undertake moderate
risks so requires high earnings, do not rely on fate, deal with ambiguous
 situations since they work ahead of time, efficient and productive in a given
period of time
- 11 traits: risk taker, flexible, knowledgeable, creative, energetic, responsive
to suggestions and criticisms, initiator, dynamic leader, resourceful,
persistent, independent

a) a willingness to develop ideas that are not always initially popular

b) a willingness to wait for an idea to become popular before moving forward

with that idea (not wait but action-oriented)

c) an ability to focus on past successes (moving forward)

d) a belief in the following tradition and established patterns (advaced idea)

12) In contemporary markets, entrepreneur act as the _______ & innovators.

a) developers

13) Entrepreneurs recognise opportunities, where others see chaos & _______.

b) Contradiction

14) Entrepreneurs are _______ oriented people.

a. Vision-oriented

15) The word entrepreneur is derived from the _______ word “entreprendre”.

b. French

16) Entrepreneurs often take _____ and look for high earnings on their
investments.

c. Moderate risks

17) Creative & _______ are common traits of entrepreneurs

d. Initiators

18) Entrepreneurs are principally characterized by __ and use strategic

management practices in their business.

C. Innovative Behaviour
19) _______ is the creation of new organisations.

D. Entrepreneurship

20) An entrepreneurial firm pursues opportunities, regardless of the _______

currently controlled

D. Resources

21) _______ entrepreneurs are associated with the desire to achieve

D. Achievement

22) _______ entrepreneurs are usually idea developers who create innovative
process & new products.

D. Technology

23) Entrepreneurship is considered _______, and it differs between nations and

amongst people.

D. Situational

24) _______ is the main drawback for entrepreneurial ventures.

- 7 Drawbacks: lack of resources, lack of experience, uncertainty of income,

disagreement between team members, risks, lower life quality before
businesses establish, hold complete responsibility

B. Undercapitalization

25) Entrepreneurial situations can be innately unstructured & _______ in several

cases

D. Uncertain

26) Entrepreneurs can create new opportunities to create _______.

C. New prospects

27) Entrepreneurs can identify opportunities where other people see hurdles &
_______.

C. Impossibilities
28) Entrepreneurs create a vision for the business by visualizing them through their
optimism & _______.

B. Plots

29) Accounting systems & _______ in several countries can offer challenges for
entrepreneurship.

- Entrepreneurship challenges:
+ Gap between different development levels of countries
+ Different in accounting system
+ Variable rates of return
+ Non-convertibility of currencies
+ Language barriers
+ Communication gaps
+ Cultural differences
+ Political unrest and legal concerns
+ Difference in tech use
+ Market complexity
+ Supply chain concerns
+ Lack of infrastructure of countries
+ Financial market and their volatility

B. Supply chain concerns

30) _______ & cultural differences can also offer some challenges for export or
import oriented entrepreneurs.

a. Language barriers

31) _______ & payment methods can affect buying or selling activities of both
export or import- oriented businesses.

a. Currency exchange rates

Lecture 2: Entrepreneurial Journey

General Entrepreneurial Process:

- Evaluate opportunities
- Gather resources
- Produce product
- Marketing
- Build company
- Marketing and timing

Business Life Cycle:

- Startup
- Development
- Resourcing
- Market Entry
- Growth
- Maturity
- Harvest
- Exit
- Rebirth

How to discover startup ideas:

- Spot problem
- Asking questions: WHW
- Find mentors
- Develop Prob-Solu perspective
- Gain expertise in your interest
- Observe social dialogue
- Look at future trends
- Detect inefficiencies
- Skip middleman
- Copy competitors and improve
- Passion

1. Why is interest in entrepreneurship growing among those entering or

re-entering the workforce?
 - Because they want to use their skills and abilities to build something for the
future, be their own boss, see their ideas realized and earn big money

2. What is an entrepreneurial mindset?

- Entre mindset = skillset + mindset
- Skillset: a set of trained skills to solve problems
- Mindset: attitude + characteristics towards problems

3. What is an entrepreneurial venture?

- An organization places innovation and opportunism at its heart in order to
produce economic or social value
- 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

4. What does the process of "cash management" entail for a business?

- Involves collecting and managing cash flows from operating, investing, and
financing activities of a company
- Management of cash inflows and outflows to support cash needs of the
venture

5. Why is the entrepreneurial process considered a fluid process rather

than a rigid step-by-step guide?
- Because it's an ongoing process that will grow and change with market
demands

6. What does the term “creative destruction” mean?

- Entrepreneurial innovation is the disruptive force that creates and sustains
economic growth, though, in the process, it destroys established companies
and disrupts employment (đột biến tạo ra cái mới và thay thế hết cái cũ. Ví
dụ: Grab bike ra đá xe ôm truyền thống ra chuồng gà)

7. What is the difference between a corporate entrepreneur and an

intrapreneur?
- Corporate entre:
- creates a new business model
- use own resources
- independent
- Intrapreneur:
- improves on the existing business model
 - uses resources within the organization
- dependant

8. What does an entrepreneurial journey entail?

- An exploration to discover whether entre is fit for you

9. Under which circumstances might a person choose to bootstrap a

venture (start with very little money and no outside investments to build
their business)?
- lack exp in creating business plans and in entrepreneurship
- lack skills for product promotion and contacts with suppliers
- don't know how to raise financing, call investors
- want to be their own business, no stakeholders involve

10. What is an independent contractor?

- self-employed or work as contracted for another person
- pay their own social security and medicare taxes

11. What does the term “framework” mean in terms of entrepreneurship?

- a process to guide a business or organization

12. Framework vs action plan?

- a framework that is more flexible in adapting to marketplace changes, and is an
outlined process
- an action plan describes the way your organization will its goals through detailed
action steps of how and when

13. Why are action plans useful in the development or improvement of a

venture?
- Action plans can help people turn their visions into reality and increase
efficiency
- Organized, step-by-step outline or guide that pulls together the ideas,
thoughts, and key steps necessary to help set the stage for entrepreneurial
success

14. What are the characteristics associated with traditional

entrepreneurship?
- Commitment
- Leadership
- Opportunity obsession
 - Not afraid of risk
- Motivation to excel

15. What are some biases that minorities and women face in acquiring
funding?
- Gender bias
- Color bias

Lecture 3: Creativity, Innovation, Entrepreneurship

Ways to create problem-solving methods:
- Human-centric design thinking
- Show empathy
- Define problems
- Brainstorming
- Prototyping
- Testing
- Six Thinking Hat method:
- White: Research facts
- Red: Emotions
- Black: Logic
- Yellow: Encouragement
- Green: Creative
- Blue: Enforcement
- Statement Starters method: there is at least 1 solution for every problem
- How might we __?
- What if we __?
- Ask questions to open up new possibilities

5 key qualities of an innovative product (DICEE)

- Deep: users’ needs research
- Indulgent: high exp, quality
- Complete: service wrapped around
- Elegant: intuitive design
- Emotive: admired customer

1. The question “How might we find a way to make use of DVDs and other
physical media as users adopt streaming services for films and television over
time?” is an example of which form of ideation?
A. statement starter
B. open innovation
C. design thinking
D. brainstorming

2. The creative process that begins with empathy is known as ________.

A. Stanford’s model of human-centric design
B. build-measure-learn
C. open innovation
D. disruptive innovation
3. In the Six Hats exercise, new ideas are the purview of the ________.
A. Black Hat
B. Blue Hat
C. Green Hat
D. Red Hat

4. ________ is thinking strategically, often to create human-centered products.

A. Creativity
B. Innovation
C. Invention
D. Design thinking

5. An innovation that is not developed in tandem with consumers but that is

introduced in a society or in a targeted market as completed and “finished” is often
referred to as a “________.”
A. design thinking
B. iterative development
C. black box
D. corporate narrative

6. If linear thinking is the idea that progress follows or should follow a set of
established, logical steps, ________ is free and open thinking where established
patterns of logical thought are purposefully ignored or even challenged.
A. design thinking
B. iterative development
C. corporate narrative
D. lateral thinking

7. The model for building ________ also includes steps for team building,
suggesting that the most complex developments require more than the lone mad
scientist in a lab, despite what is often depicted in popular culture.
A. creativity in an individual
B. innovations
C. inventions

8. Problem-solving is part of but not the entire model for building innovations.
True or False?
Innovation: Problem-solving, prevention, continuous improvement, enterprise
formation
A. true
B. false
9. DICEE is a model for ________ that focuses on going beyond problem solving
to get at the underlying qualities of what makes certain new products “sticky” in
ways that make people true fans.
A. creativity in practice
B. innovative products
C. inventions
D. building creative teams

Lecture 4: Entrepreneurial Opportunity

- 2 methods to do competitive analysis:
- Competitive analysis grid: Strengths, Weaknesses, Product Quality,
Price Point, Location, Promotion
- SWOT analysis: Strengths, Weaknesses, Opportunities, Threats
 - 3 circle method: Company’s offerings, Customers’ need, Competitor’s
offerings

1. What is the entrepreneurial opportunity?

- Identifying consumer demand meets the feasibility of satisfying the
requested product or service
- When 3 factors meet: significant market demand, significant market
structure and size, significant margins and resources to support venture’s
success
2. What are five methods through which an entrepreneur can create new economic
opportunities, according to Joseph Schumpeter?
(i) a new good
(ii) a new method of production
(iii) a new market
(iv) a new source of supply of raw materials
(v) (the carrying out of) a new organization of any industry (or market).

3. What are some factors that might indicate it is a good time to start a business?
1. A Business Idea
2. Knowledge or Expertise
3. Market or Demand
4. Start-up Costs
5. Capital and Finance
6. Competition
7. Location
8. Staff
9. Technology

4. When should an entrepreneur explore opportunities?

When 3 factors meet:
- Significant market demand
- Significant market size and structure
- Significant margins and resources to support the venture’s success

5. What should potential entrepreneur research before starting a business?

- Spotting problem
- Starting asking: WHW
- Find mentors
 - Develop a Problem-Solution perspective
- Gain expertise of your interest
- Observe social dialogue
- Look at future trends
- Detect inefficiencies
- Skip middlemen
- Research about their competitors
- Let your passion lead you

6. What kind of information is available in census data and how might that data be
useful?
7. Compare and contrast supply-based opportunities and demand-based
opportunities.
8. How can using a PEST analysis contribute to discovering new patterns of trends
for recognizing entrepreneurial opportunities?
9. What is a SWOT analysis and how is it useful?
- The strategic analytical tool used to help a potential venture or existing
company identify its strengths, weaknesses, opportunities, and threats
related to business competition
10. What is a unique selling proposition?
- Marketer’s rationale as to why a product or service is different/better than
the competitor’s products
11. What is a business model?
- Plan for how the venture will be funded; how the venture creates value for
its stakeholders, including customers; how the venture’s offerings are made
and distributed to the end users; and how income will be generated through
this process

Lecture 5:
1. What are the differences between traditional and entrepreneurial marketing?
2. What is a target market? Why is it important to know the target before creating the
marketing mix?
3. What are the components of the marketing mix? Explain each component.
4. What is the difference between pricing a product based on what a competitors charge
and pricing a product based on the company’s costs?
5. Check out the website http://www.flyzipline.com/. Who is the target market? What are
their 7Ps?
6. What is market research? Why is it important to do research before you start a
business?
7. How does primary data differ from secondary data?
8. How does STP help entrepreneurs?
9. How does guerrilla marketing differ from viral marketing?
10. What types of activities are involved in digital marketing? Choose one and explain.
11. What is a brand? Why is it important to work toward gaining recognition for the
brand, especially for a start-up brand?
12. How does a tagline help with positioning?
13. How does a marketing plan help an entrepreneur?
14. What is the difference between a marketing objective and a marketing strategy?
15. What are the steps in the sales process?
16. How does customer service impact sales of a new business?