Entrepreneurship and Creativity Exam Essay

1. What is the difference between an idea or invention and a business opportunity? 2.

What are the common characteristics that successful entrepreneurs share? 3. Define and describe the differences between salary-startups, lifestyle startups and entrepreneurial startups. 4.

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What are the five career paths in the entrepreneurial ecosystem? 5. What are the different types of environmental trends that entrepreneurs study? 6. What are the ways that entrepreneurs identify and recognize opportunities?7. What is the term for introducing a product at the right time into the market? 8. Define and state the advantages and disadvantages of the various corporate structures: sole proprietorship, general partnership, limited partnership, C Corporation, Subchapter S corporation, LLC.

9. What are the important questions you must answer in creating an effective elevator pitch? 10. How long should a typical elevator pitch be? 11. What are the five categories used for a “first screen,” or overview analysis of a business opportunity? 2. What are the criteria used to assess product (or service) feasibility? 13.

What are the four elements of a Product Concept Statement? 14. What are the five competitive forces in Michael Porter’s model? 15. What do the five competitive forces determine or impact? 16. What are the six common barriers to entry used to reduce the effect of the Threat of New Entrants? 17. What are some non-traditional barriers to entry that entrepreneurial firms can use?18.

What are the four factors that determine the strength of the Rivalry among Existing Firms force? 19. What are the four factors that impact the Bargaining Power of Suppliers force? 20. What are the four factors that impact the Bargaining Power of Customers force? 21.

What are typical successful strategies for firms in each stage of an industry (emerging, fragmented, mature, declining, global)? 22. What is the difference between primary and secondary research? 3. What is the principal use for primary research? For secondary research? 24. What are the sources that can be used for secondary research? 25. What are the four steps in selecting and evaluating a market position for an entrepreneurial firm? 26. What are the four P’s of the marketing mix? 27.

What is the difference between cost-based and value-based pricing? 28. What are some typical “Guerilla marketing” techniques that small, entrepreneurial firms can use?


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