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Syracuse - EEE 370 - Study Guide - Midterm

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Syracuse - EEE 370 - Study Guide - Midterm

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background image STUDY GUIDE EEE 370 - MIDTERM WEEK 1 - The Entrepreneur is a risk taker
- What makes a business: a paying customer
- Two elements for Entrepreneurship to exist: Individual, Business 
opportunity - Entrepreneurship: The process of creating value by bringing together a  unique combination of resources to exploit an opportunity  - Process can be learned, taught, repeated and measured
- Create value where there was none before
- Unique combination: new products, new technology, new resources
- Opportunity has potential to generate value and makes the people 
want to buy it - SIX STAGES OF THE ENTREPENURIAL PROCESS:  o Identify an opportunity
o Build a business model
o Assess the necessary resources
o Acquire the necessary resources 
o Implement
o Harvest and manage 
- Types of startup: o Survival business
o Lifestyle firm
o Managed growth venture
o High growth potential venture 
o Gazelle
- Dimension of Entrepreneurial Intensity  o Innovativeness
o Risk-taking
o Proactiveness
WEEK 2 - Entrepreneurial Intensity o Environmental infrastructure (if they were high levels of  Entrepreneurship) 1. Economic – Free enterprise
2. Political – Democracy
3. Legal – Limited liability
4. Financial - Decentralized
5. Logistical – Well developed
6. Social - Individualistic
o Environmental Turbulence (if they were high levels of  Entrepreneurship)
background image 1. Technological – Rapidly changing
2. Economic – Widely changing 
3. Customer – Heterogeneous 
4. Competitor - Threatening
5. Legal - Aggressive
6. Resource - Unpredictable
7. Social – Experimental
o Life experiences (if they were high levels of entrepreneurship)  1. Family experience - Authoritarian
2. Educational Experience - Creative
3. Peer group experience - Bold
4. Work Experience – Unsatisfactory
- The Laffer curve: The government can make a profit by increasing tax  to it’s revenue maximizing point. If the tax is increased to much than 
the revenue will go down as a result of people refusing to pay that high
- Quality of life – Functional and Disfunctional o Economic 
o Health 
o Social 
o Technological
o Work 
o Institutional 
o Ecological
WEEK 3  What makes a business? - A buying customer – Someone who’s willing to buy your product or  service Morris - Entrepreneurship is a bottom up process meaning that it all starts from the individual and from there it gets bigger. - It doesn’t start from the government policy or corporate strategy The entrepreneur is the one who takes responsibility for a profit 
seeking business venture
Characteristics: - Achievement motivator – A doer instead of just a dreamer
- Internal locus of control – Faith in overcoming everything that gets in 
your way. This can be both considered as a pro as well as a con.  - Calculated risk taking – mitigate risk, understand the amount to invest  and the amount needed to get out.  - Tolerance for ambiguity – There the business world there is no right or  wrong answer, there is just risking and trying. 

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School: Syracuse University
Department: Entrepreneurship
Course: Intro To Entrepreneurial
Professor: El-Java Abdul-Qadir
Term: Fall 2018
Name: Midterm Study Guide EEE 370
Description: These are the bullet points that the Midterm will definitely ask
Uploaded: 10/08/2018
6 Pages 204 Views 163 Unlocks
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