• What is the activity of an entrepreneur according to Jean Baptiste (1803) say?: Activity of entrepreneur is to shift economic resources out of an area of lower productivity into an area of higher productivity.

    → Entrepreneur’s activity: Shift the resources to the most productive area.

  • How does Joseph Schumpeter (1911) define “entrepreneurship”?: Entrepreneurship is about new factor combinations leading to new products, production methods or new markets. It is about creative destruction.

    → Entrepreneurship: New combination of existing factors that leads to creation of something new.

  • What are the career reasons of nascent entrepreneurs? Name and explain them:

    • Independence: freedom and control of own life
    • Self realization: to achieve own life goals
    • Financial success: earn money, achieve financial security
    • Recognition: gain the status in society
    • Role: following family traditions or example of others
    • Innovation: create something new

  • What are the motives for starting a business, according to GEM 2019?:

    • To make a difference in the world
    • To build a very high income
    • To continue a family tradition
    • To earn some money for living because there are not much jobs in the area.

  • Name the two main forms of capital and give examples of each:

    • Natural Capital: raw materials, energy sources, money, bonds
    • Intellectual Capital: skills, hardware and machines, software, databases, patents, social capital.

  • Explain "Creative Destruction" in terms of entrepreneurship: old established business models are failing, new innovative firms forming and growing. Old and massive conservative companies losing the markets to young smaller companies, that are performing better. For example, the war of Walmart and Amazon in food delivery.

    • old conservative companies are dying, new innovative companies are rising and growing

  • What are the key activities of entrepreneurs according to Byers et al. (2011)?: Entrepreneurs identify opportunities, mobilize resources, execute on their vision and manage risks.

  • What is a Business Opportunity according to Dorf & Byers (2008)?: An opportunity is a timely and favorable juncture of circumstances providing a good chance for a successful venture.

    • potentially profitable juncture of circumstances

  • Name the nine categories of an opportunity according to Byers et al. (2011):

    • Increasing the value of a product or service
    • New applications of existing means or technologies
    • Creating mass markets
    • Customization for individuals
    • Increasing reach
    • Managing the supply chain
    • Convergence of industries
    • Process innovation
    • Increasing the scale of the firm

  • What are the characteristics of an attractive opportunity? Name and explain them shortly:

    • Timely - a current need exists
    • Solvable - can be solved in the near future with accessible resources
    • Important - on the priority list of the customer
    • Profitable - willingness of customers to pay
    • Context - favorable regulatory and industry situation

  • What is an entrepreneurial competence according to Tittel & Terzidis (2020)? What does competence consist of? Explain the different parts:

    Competence is an ability to generate adequate actions to responsibly solve problems in variable situations. Competence consists of knowledge, skill and attitude.

    • Knowledge is the body of facts, principles, theories and practices that is related to a field. Knowledge in computer science - I know, how does Turing Machine work.
    • Skill is the ability to apply knowledge and use know how to complete tasks. Programming skills - i know, how to write a Java program, and i am doing it often.
    • Attitude is a disposition to respond favorably or unfavorably to an object, person, institution, or event. I have a good attitude to statically typed languages.

  • Name and explain the six verbs that describe personal competence according to Tittel & Terzidis (2020):

    Be. Learn. Create. Want. Dare. Do.

    • Be - Know your values & act responsibly.
    • Learn - learn, adapt and evolve constantly.
    • Create - Solve problems with creativity & innovation.
    • Want - Act with self-efficacy, passion, & perseverance.
    • Dare - Cope with uncertainty & set-backs, and develop resilience.
    • Do - Transform ideas & insights into initiative & action.

  • What are the stages of Action Learning?:

    • Listen : Impulse
    • Do : Activity & experience
    • Reflect : what, how, why, how else
    • Internalize : Theorize & practice