(BUS511) Lesson 1 The Entrepreneurial Mind Assignment Answers

Introduction

The entrepreneurship revolution in America over the past 40 years has had an extraordinary impact on cultural and the economy in the United States. While there will always be opportunities for improvement and innovation, America’s opportunity-driven style of entrepreneurship has sparked an entrepreneurial revolution around the globe.

Technology has certainly played a major role in this global phenomenon. At the beginning of 2011 there were over 2 billion Internet users in the world – representing just over 30% of the total population. Even in tiny Iceland, 86 percent of the homes are connected. Sales of Apple’s iPad topped 2 million in less than 60 days of its launch in April of 2010. By the end of the year they had sold over 12 million units. Entrepreneurship and the Internet continue to flatten the world at a staggering pace. In the process, they are spawning fertile fields of opportunities that are being tilled and seized on every continent.

In our roles as students, teachers, researchers, observers, and participants in this stunning revolution, we see that global adoption of the entrepreneurial mind-set is growing exponentially larger and faster. That new venture mind-set, which increasingly places a premium on sustainable models, is now affecting strategies at global corporations and in the not-for-profit world as well. The golden age of entrepreneurial reasoning, value creation and capture, and philanthropy has arrived; and we can only guess at the positive impact it will have in the coming years.

Once you understand how winning entrepreneurs think, act, and perform, you can establish goals to emulate those actions, attitudes, habits, and strategies.

• Entrepreneurship is a truly global phenomenon, and coupled with the Internet, is flattening and democratizing the world.
• Entrepreneurs are the creators, the innovators, and the leaders who give back to society as philanthropists, directors, and trustees, and who, more than any others, change how people live, work, learn, play, and lead.
• Entrepreneurs create new technologies, products, processes, and services that become the next wave of new industries, and these in turn drive the economy.
• Entrepreneurs create value with high-potential, high-growth companies, which are the job creation engines of the U.S. economy.
• Venture capital provides the fuel for high-potential, high-growth companies.
• America and the world are at the dawn of a new age of equity creation as evidenced by a 10- to 30-fold increase in our capital markets in just 20 years.
• 15 BUS511– Entrepreneurship Course Syllabus
• Entrepreneurs are realizing the value they have created; more than 95 percent of the wealth America has today has been created since 1980.
• North America's 3.1 million millionaires are mostly self-made entrepreneurs.
• In America, the poor get richer as a result of the entrepreneurial process.
• Building an entrepreneurial society for the 21st century and beyond is the highest priority for the new and global e-generation.
• Entrepreneurs are men and women of all sizes, ages, shapes, religions, colors, and backgrounds. There is no single profile or psychological template.
• Successful entrepreneurs share seven common themes that describe their attitudes and ways of thinking and acting.
• Rather than being inborn, the behaviors inherent in these seven attributes can be nurtured, learned, and encouraged, which successful entrepreneurs model for themselves and those with whom they work.
• Entrepreneurs love competition and actually avoid risks when they can, preferring carefully calculated risks.
• Entrepreneurship can be learned; it requires an apprenticeship.
• Most entrepreneurs gain the apprenticeship over 10 years or more after the age of 21 and acquire networks, skills, and the ability to recognize business patterns.
• The entrepreneurial mind-set can benefit large, established companies today just as much as smaller firms.
• Many myths and realities about entrepreneurship provide insights for aspiring entrepreneurs.
• A word of caution: IQ tests, SATs, GMATs, LSATs, and others do not measure some of the most important entrepreneurial abilities and aptitudes.
• Most successful entrepreneurs have had a personal strategy to help them achieve their dreams and goals, both implicitly and explicitly.
• The principal task for the entrepreneur is to determine what kind of entrepreneur he or she wants to become based on his or her attitudes, behaviors, management competencies, experience, and so forth.
• Self-assessment is the hardest thing for entrepreneurs to do; but if you don't do it, you will really get into trouble. If you don't do it, who will?

16 BUS511 Entrepreneurship Course Syllabus

Lesson Learning Objectives

By the conclusion of this lesson you should be able to:

• Appraise how the entrepreneurial revolution in the United States has helped “flatten the world.” and assess why this revolution is driving future economic prosperity worldwide.
• Explain how entrepreneurs, innovators and their growing companies are the engine of wealth and job creation, innovation, and new industries, and how venture and risk capital fuels that engine.
• Determine whether being an entrepreneur would enhance your life and feed your creative energies.
• Develop concepts for evaluating a personal entrepreneurial strategy, an apprenticeship, and be able to discuss the entrepreneur’s creed.
• Utilize a framework for self-assessment and develop a personal entrepreneurial strategy.

Reading

Study Chapters 1 and 2 of the text.

View the Power Points for Chapters 1 and 2.

Web Resources

Chapter 1:

https://www.nfte.com/ - Through entrepreneurship education, the Network for Teaching Entrepreneurship (NFTE) helps young people from low-income communities build skills and unlock their entrepreneurial creativity.

www.babson.edu/eship - Arthur M. Blank Center for Entrepreneurship: Babson College.

www.gemconsortium.org – The Global Entrepreneurship Monitor (GEM) is a not-for-profit academic research consortium that has as its goal making high-quality international research data on entrepreneurial activity readily available to as wide an audience as possible. GEM is the largest single study of entrepreneurial activity in the world.

www.ncaied.org - Founded in 1969, the National Center for American Indian Enterprise Development (NCAIED) is the first national nonprofit 501 (c) 3 corporation created and directed by American Indians, solely dedicated to developing American Indian economic self-sufficiency through business ownership.17 BUS511– Entrepreneurship Course Syllabus

www.nvca.org - The National Venture Capital Association (NVCA) is a trade association that represents the U.S. venture capital industry. It is a member-based organization, which consists of venture capital firms that mange pools of risk equity capital designated to be invested in high-growth companies.

www.olin.edu - Franklin W. Olin College of Engineering

www.venturesource.com - A Dow Jones company database of research focused on the venture capital industry.

Chapter 2:

www.benlore.com - The Entrepreneur’s Mind is a Web resource that presents an array of real-life stories and advice from successful entrepreneurs and industry experts on the many different facets of entrepreneurship and emerging business.

www.blackenterprise.com - Black Enterprise is a business news and investment resource aimed at African American entrepreneurs and business owners.

www.entrepreneurs.about.com - Comprehensive media sponsored Web sites on small business and entrepreneurs.

Assignments

The following Assignments should be completed and submitted to the course faculty via the learning platform for evaluation and grading. Submit your responses to these questions in one WORD document. List the question first, and then your response.

Your response must adequately cover the question without being wordy or relying on “yes” or “no” responses.

Short Answer Questions

1. How has the number of new venture formations in the United States changed in the past 30 years? Why has this happened? Why will this pattern continue?
2. From where do the new jobs in America derive? Why?
3. It is often argued that “the rich get richer and the poor get poorer.” How and why has the entrepreneurial revolution affected this stereotype? What are its implications?
4. Who was Ewing Marion Kauffman, what did he do, and what was his philosophy of entrepreneurial leadership?
5. 18 BUS511– Entrepreneurship Course Syllabus
6. Define the seven major themes that characterize the mind-sets, attitudes, and actions of a successful entrepreneur. Which are most important, and why? How can they be encouraged and developed?
7. Explain what is meant by the apprenticeship concept. Why is it so important to young entrepreneurs?
8. Who should be an entrepreneur and who should not?
9. Entrepreneurs are made, not born. Why is this so? Do you agree, and why or why not?

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