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SAMPLE EXAM ENTREPRENEURSHIP THE ENTREPRENEURSHIP EXAM IS USED FOR THE FOLLOWING EVENTS: ENTREPRENEURSHIP SERIES ENTREPRENEURSHIP TEAM DECISION MAKING

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1.1: Chapter 1 – Introduction to Entrepreneurship

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Lee A. Swanson
University of Saskatchewan

Whilst there is no universally accepted definition of entrepreneurship, it is fair to say that it is multi-dimensional. It involves analyzing people and their actions together with the ways in which they interact with their environments, be these social, economic, or political, and the institutional, policy, and legal frameworks that help define and legitimize human activities. – Blackburn (2011, p. xiii)

Entrepreneurship involves such a range of activities and levels of analysis that no single definition is definitive. – Lichtenstein (2011, p. 472)

It is complex, chaotic, and lacks any notion of linearity. As educators, we have the responsibility to develop our students’ discovery, reasoning, and implementation skills so they may excel in highly uncertain environments. – Neck and Greene (2011, p. 55)

Learning Objectives

Examine the challenges associated with defining the concepts of entrepreneur and entrepreneurship
Discuss how the evolution of entrepreneurship thought has influenced how we view the concept of entrepreneurship today
Discuss how the list of basic questions in entrepreneurship research can be expanded to include research inquiries that are important in today’s world
Discuss how the concepts of entrepreneurial uniqueness, entrepreneurial personality traits, and entrepreneurial cognitions can help society improve its support for entrepreneurship
Apply the general venturing script to the study of entrepreneurship

This chapter provides you with an overview of entrepreneurship and of the language of entrepreneurship. The challenges associated with defining entrepreneur and entrepreneurship are explored, as is an overview of how entrepreneurship can be studied.

The objective is to enable you to apply current concepts in entrepreneurship to the evaluation of entrepreneurs, their ventures, and the venturing environment. You will develop skills, including the capability to add value in the new venture sector of the economy. You will acquire and practice evaluation skills useful in consulting, advising, and making new venture decisions.

Entrepreneurs and Entrepreneurship

Considerations influencing definitions of entrepreneur and entrepreneurship.

It is necessary to be able to determine exactly who entrepreneurs are before we can, among other things, study them, count them, provide special loans for them, and calculate how and how much they contribute to our economy.

Does someone need to start a business from scratch to be called an entrepreneur?
Can we call someone an entrepreneur if they bought an ongoing business from someone else or took over the operations of a family business from their parents?
If someone starts a small business and never needs to hire employees, can they be called an entrepreneur?
If someone buys a business but hires professional managers to run it so they don’t have to be involved in the operations, are they an entrepreneur?
Is someone an entrepreneur if they buy into a franchise so they can follow a well-established formula for running the operation?
Is someone an entrepreneur because of what they do or because of how they think?
Can someone be an entrepreneur without owning their own business?
Can a person be an entrepreneur because of the nature of the work that they do within a large corporation?

It is also necessary to fully understand what we mean by entrepreneurship before we can study the concept.

Gartner (1990) identified 90 attributes that showed up in definitions of entrepreneurs and entrepreneurship provided by entrepreneurs and other experts in the field. The following are a few of these attributes:

Innovation – Does a person need to be innovative to be considered an entrepreneur? Can an activity be considered to be entrepreneurial if it is not innovative?
Activities – What activities does a person need to do to be considered an entrepreneur?
Creation of a new business – Does someone need to start a new business to be considered to be an entrepreneur, or can someone who buys a business, buys into a franchise, or takes over an existing family business be considered an entrepreneur?
Starts an innovative venture within an established organization – Can someone who works within an existing organization that they don’t own be considered an entrepreneur if they start an innovative venture for their organization?
Creation of a not-for-profit business – Can a venture be considered to be entrepreneurial if it is a not-for-profit, or should only for-profit businesses be considered entrepreneurial?

After identifying the 90 attributes, Gartner (1990) went back to the entrepreneurs and other experts for help in clustering the attributes into themes that would help summarize what people concerned with entrepreneurship thought about the concept. He ended up with the following eight entrepreneurship themes:

1. The Entrepreneur – The entrepreneur theme is the idea that entrepreneurship involves individuals with unique personality characteristics and abilities (e.g., risk-taking, locus of control, autonomy, perseverance, commitment, vision, creativity). Almost 50% of the respondents rated these characteristics as not important to a definition of entrepreneurship (Gartner, 1990, p. 21, 24).

“The question that needs to be addressed is: Does entrepreneurship involve entrepreneurs (individuals with unique characteristics)?” (Gartner, 1990, p. 25).

2. Innovation – The innovation theme is characterized as doing something new as an idea, product, service, market, or technology in a new or established organization. The innovation theme suggests that innovation is not limited to new ventures, but recognized as something which older and/or larger organizations may undertake as well (Gartner, 1990, p. 25). Some of the experts Gartner questioned believed that it was important to include innovation in definitions of entrepreneurship and others did not think it was as important.

“Does entrepreneurship involve innovation?” (Gartner, 1990, p. 25).

3. Organization Creation – The organization creation theme describes the behaviors involved in creating organizations. This theme described acquiring and integrating resource attributes (e.g., Brings resources to bear, integrates opportunities with resources, mobilizes resources, gathers resources) and attributes that described creating organizations (new venture development and the creation of a business that adds value). (Gartner, 1990, p. 25)

“Does entrepreneurship involve resource acquisition and integration (new venture creation activities)?” (Gartner, 1990, p. 25)

4. Creating Value – This theme articulated the idea that entrepreneurship creates value. The attributes in this factor indicated that value creation might be represented by transforming a business, creating a new business growing a business, creating wealth, or destroying the status quo.

“Does entrepreneurship involve creating value?” (Gartner, 1990, p. 25).

5. Profit or Nonprofit

“Does entrepreneurship involve profit-making organizations only” (Gartner, 1990, p. 25)?
Should a focus on growth be a characteristic of entrepreneurship?

7. Uniqueness – This theme suggested that entrepreneurship must involve uniqueness. Uniqueness was characterized by attributes such as a special way of thinking, a vision of accomplishment, ability to see situations in terms of unmet needs, and creates a unique combination.

“Does entrepreneurship involve uniqueness?” (Gartner, 1990, p. 26).

8. The Owner-Manager – Some of the respondents questioned by Gartner (1990) did not believe that small mom-and-pop types of businesses should be considered to be entrepreneurial. Some respondents felt that an important element of a definition of entrepreneurship was that a venture be owner-managed.

To be entrepreneurial, does a venture need to be owner-managed?

Examples of Definitions of Entrepreneur

An entrepreneur can be described as “one who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalize on them” (Zimmerer & Scarborough, 2008, p. 5).

An entrepreneur is “one who organizes, manages, and assumes the risks of a business or enterprise” (Entrepreneur, n.d.).

Examples of Definitions of Entrepreneurship

Entrepreneurship can be defined as a field of business that

seeks to understand how opportunities to create something new (e.g., new products or services, new markets, new production processes or raw materials, new ways of organizing existing technologies) arise and are discovered or created by specific persons, who then use various means to exploit or develop them, thus producing a wide range of effects (Baron, Shane, & Reuber, 2008, p. 4)

A concise definition of entrepreneurship “is that it is the process of pursuing opportunities without limitation by resources currently in hand” (Brooks, 2009, p. 3) and “the process of doing something new and something different for the purpose of creating wealth for the individual and adding value to society” (Kao, 1993, p. 70)

The Evolution of Entrepreneurship Thought

This section includes an overview of how entrepreneurship has evolved to the present day.

The following timeline shows some of the most influential entrepreneurship scholars and the schools of thought (French, English, American, German, and Austrian) their perspectives helped influence and from which their ideas evolved. Schools of thought are essentially groups of people who might or might not have personally known each other, but who shared common beliefs or philosophies.

Figure 1 – Historical and Evolutionary Entrepreneurship Thought (Illustration by Lee A. Swanson)

The Earliest Entrepreneurship

The function, if not the name, of the entrepreneur is probably as old as the institutions of barter and exchange. But only after economic markets became an intrusive element of society did the concept take on pivotal importance. Many economists have recognized the pivotal role of the entrepreneur in a market economy. Yet despite his central importance in economic activity, the entrepreneur has been a shadowy and elusive figure in the history of economic theory (Hebert & Link, 2009, p. 1).

Historically those who acted similarly to the ways we associate with modern day entrepreneurs – namely those who strategically assume risks to seek economic (or other) gains – were military leaders, royalty, or merchants. Military leaders planned their campaigns and battles while assuming significant risks, but by doing so they also stood to gain economic benefits if their strategies were successful. Merchants, like Marco Polo who sailed out of Venice in the late 1200s to search for a trade route to the Orient, also assumed substantial risks in the hope of becoming wealthy (Hebert & Link, 2009).

The entrepreneur, who was also called adventurer , projector , and undertaker during the eighteenth century, was not always viewed in a positive light (Hebert & Link, 2009).

Development of Entrepreneurship as a Concept

Risk and uncertainty.

Richard Cantillon (1680-1734) was born in France and belonged to the French School of thought although he was an Irish economist. He appears to be the person who introduced the term entrepreneur to the world. “According to Cantillon, the entrepreneur is a specialist in taking on risk, ‘insuring’ workers by buying their output for resale before consumers have indicated how much they are willing to pay for it” (Casson & Godley, 2005p. 26). The workers’ incomes are mostly stable, but the entrepreneur risks a loss if market prices fluctuate.

Cantillon distinguished entrepreneurs from two other classes of economic agents; landowners, who were financially independent, and hirelings (employees) who did not partake in the decision-making in exchange for relatively stable incomes through employment contracts. He was the first writer to provide a relatively refined meaning for the term entrepreneurship . Cantillon described entrepreneurs as individuals who generated profits through exchanges. In the face of uncertainty, particularly over future prices, they exercise business judgment. They purchase resources at one price and sell their product at a price that is uncertain, with the difference representing their profit (Chell, 2008; Hebert & Link, 2009).

Farmers were the most prominent entrepreneurs during Cantillon’s lifetime, and they interacted with “arbitrageurs” – or middlemen between farmers and the end consumers – who also faced uncertain incomes, and who were also, therefore, entrepreneurs. These intermediaries facilitated the movement of products from the farms to the cities where more than half of the farm output was consumed. Cantillon observed that consumers were willing to pay a higher price per unit to be able to purchase products in the smaller quantities they wanted, which created the opportunities for the intermediaries to make profits. Profits were the rewards for assuming the risks arising from uncertain conditions. The markets in which profits were earned were characterized by incomplete information (Chell, 2008; Hebert & Link, 2009).

Adolph Reidel (1809-1872), form the German School of thought, picked up on Cantillon’s notion of uncertainty and extended it to theorize that entrepreneurs take on uncertainty so others, namely income earners, do not have to be subject to the same uncertainty. Entrepreneurs provide a service to risk-averse income earners by assuming risk on their behalf. In exchange, entrepreneurs are rewarded when they can foresee the impacts of the uncertainty and sell their products at a price that exceeds their input costs (including the fixed costs of the wages they commit to paying) (Hebert & Link, 2009).

Frank Knight (1885-1972) founded the Chicago School of Economics and belonged to the American School of thought. He refined Cantillon’s perspective on entrepreneurs and risk by distinguishing insurable risk as something that is separate from uncertainty, which is not insurable. Some risks can be insurable because they have occurred enough times in the past that the expected loss from such risks can be calculated. Uncertainty, on the other hand, is not subject to probability calculations. According to Knight, entrepreneurs can’t share the risk of loss by insuring themselves against uncertain events, so they bear these kinds of risks themselves, and profit is the reward that entrepreneurs get from assuming uninsurable risks (Casson & Godley, 2005).

Distinction Between Entrepreneur and Manager

Jean-Baptiste Say (1767-1832), also from the French School, advanced Cantillon’s work, but added that entrepreneurship was essentially a form of management. Say “put the entrepreneur at the core of the entire process of production and distribution” (Hebert & Link, 2009, p. 17). Say’s work resulted in something similar to a general theory of entrepreneurship with three distinct functions; “scientific knowledge of the product; entrepreneurial industry – the application of knowledge to useful purpose; and productive industry – the manufacture of the item by manual labour” (Chell, 2008, p. 20).

Frank Knight made several contributions to entrepreneurship theory, but another of note is how he distinguished an entrepreneur from a manager. He suggested that a manager crosses the line to become an entrepreneur “when the exercise of his/her judgment is liable to error and s/he assumes the responsibility for its correctness” (Chell, 2008, p. 33). Knight said that entrepreneurs calculate the risks associated with uncertain business situations and make informed judgments and decisions with the expectation that – if they assessed the situation and made the correct decisions – they would be rewarded by earning a profit. Those who elect to avoid taking these risks choose the relative security of being employees (Chell, 2008).

Alfred Marshall (1842-1924), from the English School of thought, was one of the founders of neoclassical economics. His research involved distinguishing between the terms capitalist, entrepreneur, and manager. Marshall saw capitalists as individuals who “committed themselves to the capacity and honesty of others, when he by himself had incurred the risks for having contributed with the capital” (Zaratiegui & Rabade, 2005, p. 775). An entrepreneur took control of money provided by capitalists in an effort to leverage it to create more money; but would lose less if something went wrong then would the capitalists. An entrepreneur, however, risked his own reputation and the other gains he could have made by pursuing a different opportunity.

Let us suppose that two men are carrying on smaller businesses, the one working with his own, the other chiefly with borrowed capital. There is one set of risks which is common to both; which may be described as the trade risks of the particular business … But there is another set of risks, the burden of which has to be borne by the man working with borrowed capital, and not by the other; and we may call them personal risks (Marshall, 1961, p. 590; Zaratiegui & Rabade, 2005, p. 776).

Marshall recognized that the reward capitalists received for contributing capital was interest income and the reward entrepreneurs earned was profits. Managers received a salary and, according to Marshall, fulfilled a different function than either capitalists or entrepreneurs – although in some cases, particularly in smaller firms, one person might be both an entrepreneur and a manager. Managers “were more inclined to avoid challenges, innovations and what Schumpeter called the ‘perennial torment of creative destruction’ in favour of a more tranquil life” (Zaratiegui & Rabade, 2005, p. 781). The main risks they faced from firm failure were to their reputations or to their employment status. Managers had little incentive to strive to maximize profits (Zaratiegui & Rabade, 2005).

Amasa Walker (1799-1875) and his son Francis Walker (1840-1897) were from the American School of thought, and they helped shape an American perspective of entrepreneurship following the Civil War of 1861-1865. These scholars claimed that entrepreneurs created wealth, and thus played a different role than capitalists. They believed that entrepreneurs had the power of foresight and leadership qualities that enabled them to organize resources and inject energy into activities that create wealth (Chell, 2008).

Entrepreneurship versus Entrepreneur

Adam Smith (1723-1790), from the English School of thought, published An Inquiry into the Nature and Causes of the Wealth of Nations in 1776. In a departure from the previous thought into entrepreneurship and economics, Smith did not dwell on a particular class of individual. He was concerned with studying how all people fit into the economic system. Smith contended that the economy was driven by self-interest in the marketplace (Chell, 2008).

Also from the English School, David Ricardo (1772-1823) was influenced by Smith, Say, and others. His work focused on how the capitalist system worked. He explained how manufacturers must invest their capital in response to the demand for the products they produce. If demand decreases, manufacturers should borrow less and reduce their workforces. When demand is high, they should do the reverse (Chell, 2008).

Carl Menger (1840-1921), from the Austrian School of thought, ranked goods according to their causal connections to human satisfaction. Lower order goods include items like bread that directly satisfy a human want or need like hunger. Higher order goods are those more removed from satisfying a human need. A second order good is the flour that was used to make the bread. The grain used to make the flour is an even higher order good. Entrepreneurs coordinate these factors of production to turn higher order goods into lower order goods that more directly satisfy human wants and needs (Hebert & Link, 2009).

Menger (1950 [1871], p. 160) established that entrepreneurial activity includes: (a) obtaining information about the economic situation, (b) economic calculation – all the various computations that must be made if a production process is to be efficient, (c) the act of will by which goods of higher order are assigned to a particular production process, and (d) supervising the execution of the production plan so that it may be carried through as economically as possible (Hebert & Link, 2009, p. 43).

Entrepreneurship and Innovation

Jeremy Bentham (1748-1832), from the English School of thought, considered entrepreneurs to be innovators. They “depart from routine, discover new markets, find new sources of supply, improve existing products and lower the costs of production” (Chell, 2008).

Joseph Schumpeter’s (1883-1950) parents were Austrian, he studied at the University of Vienna, conducted research at the University of Graz, served as Austria’s Minister of Finance, and was the president of a bank in the country. Because of the rise of Hitler in Europe, he went to the United States and conducted research at Harvard until he retired in 1949. Because of this, he is sometimes associated with the American School of thought on entrepreneurship (Chell, 2008).

Whereas Menger saw entrepreneurship as occurring because of economic progress, Schumpeter took the opposite stance. Schumpeter saw economic activity as leading to economic development (Hebert & Link, 2009). Entrepreneurs play a central role in Schumpeter’s theory of economic development, and economic development can occur when the factors of production are assembled in new combinations .

Schumpeter (1934) viewed innovation as arising from new combinations of materials and forces. He provided the following five cases of new combinations.

The introduction of a new good – that is one with which consumers are not yet familiar – or of a new quality of good.
The introduction of a new method of production, that is one not yet tested by experience in the branch of manufacture concerned, which need by no means be founded upon a discovery scientifically new, and can also exist in a new way of handling a commodity commercially.
The opening of a new market, that is a market into which the particular branch of manufacture of the country in question has not previously entered, whether or not this market has existed before.
The conquest of a new source of supply of raw materials or half-manufactured goods, again irrespective of whether this source already exists or whether it has first to be created.
The carrying out of the new organisation of any industry, like the creation of a monopoly position … or the breaking up of a monopoly position (Schumpeter, 1934, p. 66).

Another concept popularized by Schumpeter – in addition to the notion of new combinations – was creative destruction . This was meant to indicate that the existing ways of doing things need to be dismantled – to be destroyed – to enable a transformation through innovation to a new way of doing things. Entrepreneurs use innovation to disrupt how things are done and to establish a better way of doing those things.

Basic Questions in Entrepreneurship Research

According to Baron (2004a), there are three basic questions of interest in the field of entrepreneurship:

Why do some persons but not others choose to become entrepreneurs?
Why do some persons but not others recognize opportunities for new products or services that can be profitably exploited?
Why are some entrepreneurs so much more successful than others (Baron, 2004a, p. 221)?

To understand where these foundational research questions came from and what their relevance is today, it is useful to study what entrepreneurship research has uncovered so far.

Entrepreneurial Uniqueness

Efforts to teach entrepreneurship have included descriptions of entrepreneurial uniqueness based on personality, behavioural, and cognitive traits (Chell, 2008; Duening, 2010).

Need for achievement
Internal locus of control (a belief by an individual that they are in control of their own destiny)
Risk-taking propensity
Behavioural traits
Cognitive skills of successful entrepreneurs

Past studies of personality characteristics and behavioural traits have not been overly successful at identifying entrepreneurial uniqueness.

As it turned out, years of painstaking research along this line has not borne significant fruit. It appears that there are simply not any personality characteristics that are either essential to, or defining of, entrepreneurs that differ systematically from non-entrepreneurs…. Again, investigators proposed a number of behavioural candidates as emblematic of entrepreneurs. Unfortunately, this line of research also resulted in a series of dead ends as examples of successful entrepreneurial behaviours had equal counterparts among samples of non-entrepreneurs. As with the personality characteristic school of thought before it, the behavioural trait school of thought became increasingly difficult to support (Duening, 2010, p. 4-5).

This shed doubt on the value of trying to change personality characteristics or implant new entrepreneurial behaviours through educational programs in an effort to promote entrepreneurship.

New research, however, has resurrected the idea that there might be some value in revisiting personality traits as a topic of study. Additionally, Duening (2010) and has suggested that an important approach to teaching and learning about entrepreneurship is to focus on the “cognitive skills that successful entrepreneurs seem uniquely to possess and deploy” (p. 2). In the next sections we consider the new research on entrepreneurial personality traits and on entrepreneurial cognitions.

Entrepreneurial Personality Traits

While acknowledging that research had yet to validate the value of considering personality and behaviour traits as ways to distinguish entrepreneurs from non-entrepreneurs or unsuccessful ones, Chell (2008) suggested that researchers turn their attention to new sets of traits including: “the proactive personality, entrepreneurial self-efficacy, perseverance and intuitive decision-making style. Other traits that require further work include social competence and the need for independence” (p. 140).

In more recent years scholars have considered how the Big Five personality traits – extraversion, agreeableness, conscientiousness, neuroticism (sometimes presented as emotional stability ), and openness to experience (sometimes referred to as intellect) – might be used to better understand entrepreneurs. It appears that the Big Five traits might be of some use in predicting entrepreneurial success. Research is ongoing in this area, but in one example, Caliendo, Fossen, and Kritikos (2014) studied whether personality constructs might “influence entrepreneurial decisions at different points in time” (p. 807), and found that “high values in three factors of the Big Five approach—openness to experience, extraversion, and emotional stability (the latter only when we do not control for further personality characteristics)—increase the probability of entry into self-employment” (p. 807). They also found “that some specific personality characteristics, namely risk tolerance, locus of control, and trust, have strong partial effects on the entry decision” (p. 807). They also found that people who scored higher on agreeableness were more likely to exit their businesses, possibly meaning that people with lower agreeableness scores might prevail longer as entrepreneurs. When it came to specific personality traits, their conclusions indicated that those with an external locus of control were more likely to stop being self-employed after they had run their businesses for a while. There are several implications for research like this, including the potential to better understand why some entrepreneurs behave as they do based upon their personality types and the chance to improve entrepreneurship education and support services.

Entrepreneurial Cognitions

It is only fairly recently that entrepreneurship scholars have focused on cognitive skills as a primary factor that differentiates successful entrepreneurs from non-entrepreneurs and less successful entrepreneurs. This approach deals with how entrepreneurs think differently than non-entrepreneurs (Duening, 2010; Mitchell et al., 2007).

Entrepreneurial cognitions are the knowledge structures that people use to make assessments, judgments or decisions involving opportunity evaluation and venture creation and growth. In other words, research in entrepreneurial cognition is about understanding how entrepreneurs use simplifying mental models to piece together previously unconnected information that helps them to identify and invent new products or services, and to assemble the necessary resources to start and grow businesses (Mitchell, Busenitz, et al., 2002, p. 97).

Mitchell, Smith, et al. (2002) provided the example of how the decision to create a new venture (dependent variable) was influenced by three sets of cognitions (independent variables). They described these cognitions as follows:

Arrangements cognitions are the mental maps about the contacts, relationships, resources, and assets necessary to engage in entrepreneurial activity; willingness cognitions are the mental maps that support commitment to venturing and receptivity to the idea of starting a venture; ability cognitions consist of the knowledge structures or scripts (Glaser, 1984) that individuals have to support the capabilities, skills, norms, and attitudes required to create a venture (Mitchell et al., 2000). These variables draw on the idea that cognitions are structured in the minds of individuals (Read, 1987), and that these knowledge structures act as “scripts” that are the antecedents of decision making (Leddo & Abelson, 1986, p. 121; Mitchell, Smith, et al., 2002, p. 10)

Cognitive Perspective to Understanding Entrepreneurship

According to Baron (2004a), by taking a cognitive perspective, we might better understand entrepreneurs and the role they play in the entrepreneurial process.

The cognitive perspective emphasizes the fact that everything we think, say, or do is influenced by mental processes—the cognitive mechanisms through which we acquire store, transform, and use information. It is suggested here that this perspective can be highly useful to the field of entrepreneurship. Specifically, it can assist the field in answering three basic questions it has long addressed: (1) Why do some persons but not others choose to become entrepreneurs? (2) Why do some persons but not others recognize opportunities for new products or services that can be profitably exploited? And (3) Why are some entrepreneurs so much more successful than others (Baron, 2004a, p. 221-222)?

Baron (2004a), illustrated how cognitive differences between people might explain why some people end up pursuing entrepreneurial pursuits and others do not. For example, prospect theory (Kahneman & Tversky, 1977) and other decision-making or behavioural theories might be useful in this regard. Research into cognitive biases might also help explain why some people become entrepreneurs.

Baron (2004a) also revealed ways in which cognitive concepts like signal detection theory, regulation theory, and entrepreneurial might help explain why some people are better at entrepreneurial opportunity recognition. He also illustrated how some cognitive models and theories – like risk perception, counterfactual thinking, processing style, and susceptibility to cognitive errors – might help explain why some entrepreneurs are more successful than others.

Cognitive Perspective and the Three Questions

Prospect Theory
Cognitive Biases
Signal Detection Theory
Regulation Theory
Entrepreneurial Alertness
Risk Perception
Counterfactual Thinking
Processing Style
Susceptibility to Cognitive Errors

Entrepreneurial Scripts

“Cognition has emerged as an important theoretical perspective for understanding and explaining human behavior and action” (Dutta & Thornhill, 2008, p. 309).
Cognitions are all processes by which sensory input is transformed, reduced, elaborated, stored, recovered, and used (Neisser, 1976).
Cognitions lead to the acquisition of knowledge, and involve human information processing.
Is a mental model, or information processing short-cut that can give information form and meaning, and enable subsequent interpretation and action.
The subsequent interpretation and actions can result in expert performance … they can also result in thinking errors.
the processes that transfer expertise, and
the actual expertise itself.
Scripts are generally framed as a linear sequence of steps, usually with feedback loops, that can explain how to achieve a particular task – perhaps like developing a business plan.
Sometimes scripts can be embedded within other scripts. For example, within a general venturing script that outlines the sequences of activities that can lead to a successful business launch, there will probably be sub-scripts describing how entrepreneurs can search for ideas, screen those ideas until one is selected, plan how to launch a sustainable business based upon that idea and including securing the needed financial resources, setting up the business, starting it, effectively managing its ongoing operations, and managing the venture such that that entrepreneur can extract the value that they desire from the enterprise at the times and in the ways they want it.
The most effective scripts include an indication of the norms that outline performance standards and indicate how to determine when any step in the sequence has been properly completed.

General Venturing Script

Generally, entrepreneurship is considered to consist of the following elements, or subscripts (Brooks, 2009; Mitchell, 2000).

Idea Screening
Planning and Financing
Ongoing Operations

Searching (also called idea formulation or opportunity recognition)

This script begins when a person decides they might be a potential entrepreneur (or when an existing entrepreneur decides they need more ideas in their idea pool ).
This script ends when there are a sufficient number of ideas in the idea pool.
overcome mental blockages to creativity which might hinder this person’s ability to identify viable ideas;
implement steps to identify a sufficient number of ideas (most likely 5 or more) which the person is interested in investigating to determine whether they might be viable given general criteria such as this person’s personal interests and capabilities;

Idea Screening (also called concept development)

This script begins when the person with the idea pool is no longer focusing on adding new ideas to it; but is instead taking steps to choose the best idea for them given a full range of specific criteria .
This script ends when one idea is chosen from among those in the idea pool.
Evaluate the political, economic, social, technological, environmental, and legal climates
Evaluate the degree of competitiveness in the industry, the threat of substitutes emerging, the threat of new entrants to the industry, the degree of bargaining power of buyers, and the degree of bargaining power of suppliers.
Do a market profile analysis to assess the attractiveness of the position within the industry that the potential venture will occupy.
Formulate and evaluate potential strategies to leverage organizational strengths, overcome/minimize weaknesses, take advantage of opportunities, and overcome/minimize threats;
Complete financial projections and analyze them to evaluate financial attractiveness;
Assess the founder fit with the ideas;
Evaluate the core competencies of the organization relative to the idea;
Assess advice solicited from trusted advisers

Planning and Financing (also called resource determination and acquisition)

This script begins when the idea screening script ends and when the person begins making the plans to implement the single idea chosen from the idea pool, which is done in concert with securing financing to implement the venture idea.
This script ends when sufficient business planning has been done and when adequate financing has been arranged.
The scripting process involves a logical flow of steps to develop a business plan and secure adequate financing to start the business.

Set-Up (also called launch)

This script begins when the planning and financing script ends and when the person begins implementing the plans needed to start the business.
This script ends when the business is ready to start-up.
The scripting process involves a logical flow of steps, including purchasing and installing equipment, securing the venture location and finishing all the needed renovations, recruiting and hiring any staff needed for start-up, and the many other steps needed to prepare for start-up.
Start-Up (also called launch)
This script begins when the set-up script ends and when the business opens and begins making sales.
This script ends when the business has moved beyond the point where the entrepreneur must continually fight for the business’s survival and persistence. It ends when the entrepreneur can instead shift emphasis toward business growth or maintaining the venture’s stability.
The scripting process involves a logical flow of steps needed to establish a new venture.

Ongoing Operations (also called venture growth)

This script begins when the start-up script ends and when the business has established persistence and is implementing growth (or maintenance) strategies.
This script ends when the entrepreneur chooses to harvest the value they generated with the venture.
The scripting process involves a logical flow of steps needed to grow (or maintain) a venture.

Studying Entrepreneurship

The following quotations from two preeminent entrepreneurship and entrepreneurship education researchers indicate the growing interest in studies in this field.

Entrepreneurship has emerged over the last two decades as arguably the most potent economic force the world has ever experienced. With that expansion has come a similar increase in the field of entrepreneurship education. The recent growth and development in the curricula and programs devoted to entrepreneurship and new-venture creation have been remarkable. The number of colleges and universities that offer courses related to entrepreneurship has grown from a handful in the 1970s to over 1,600 in 2005 (Kuratko, 2005, p. 577).

Interest in entrepreneurship has heightened in recent years, especially in business schools. Much of this interest is driven by student demand for courses in entrepreneurship, either because of genuine interest in the subject, or because students see entrepreneurship education as a useful hedge given uncertain corporate careers (Venkataraman, 1997, p. 119).

Approaches to Studying Entrepreneurship

Entrepreneurship is a discipline, which means an individual can learn about it, and about how to be an effective entrepreneur. It is a myth that people are born entrepreneurs and that others cannot learn to become entrepreneurs (Drucker, 1985). Kuratko (2005) asserted that the belief previously held by some that entrepreneurship cannot be taught has been debunked, and the focus has shifted to what topics should be taught and how they should be covered.

Solomon (2007) summarized some of the research on what should be covered in entrepreneurship courses, and how it should be taught. While the initial focus was on actions like developing business plans and being exposed to real entrepreneurs, more recently this approach has been supplemented by an emphasis on technical, industry, and personal experience. “It requires critical thinking and ethical assessment and is based on the premise that successful entrepreneurial activities are a function of human, venture and environmental conditions” (p. 172). Another approach “calls for courses to be structured around a series of strategic development challenges including opportunity identification and feasibility analysis; new venture planning, financing and operating; new market development and expansion strategies; and institutionalizing innovation” (p. 172). This involves having students interact with entrepreneurs by interviewing them, having them act as mentors, and learning about their experiences and approaches through class discussions.

Sources of Information for Studying Entrepreneurship

According to Kuratko (2005), “three major sources of information supply the data related to the entrepreneurial process or perspective” (p. 579).

Academic journals like Entrepreneurship Theory and Practice , Journal of Business Venturing , and Journal of Small Business Management
Proceedings of conferences like Proceedings of the Academy of Management and Proceedings of the Administrative Sciences Association of Canada
Textbooks on entrepreneurship
Books about entrepreneurship
Biographies or autobiographies of entrepreneurs
News periodicals like Canadian Business and Profit
Trade periodicals like Entrepreneur and Family Business
Government publications available through sources like the Enterprise Saskatchewan and Canada-Saskatchewan Business Service Centre (CSBSC) websites and through various government resource centers
Data might be collected from entrepreneurs and about entrepreneurs through surveys, interviews, or other methods applied by researchers.
Speeches and presentations by practicing entrepreneurs

Entrepreneurship Past Papers Exam Questions

Guess paper 1: entrepreneurship fall – 2020 past papers.

Time Allowed: 3 hours

Total Marks: 70, Passing Marks (35)

Q.1 Differentiate the following…

Entry wedges / Industry analysis
Rivalry between firms / competitor analysis

Q.2 There are emerging fields in entrepreneurship i.e. new knowledge & change in perception. Expand these concepts.

Q.3 In competitive environment buyer power & supplier power play important role. Discuss.

Q.4 Explain the concept of financing within the resource based framework as an important element or new venture finance.

Q.5 Describe the Macro environment of International Entrepreneurship.

Q.6 Describe the organization boundaries and discuss with the help of real life example?

Q.7 What do we mean by demographics? Discuss in detail.

Q.8 Write short notes on any two of the following…

Risk & uncertainty
Strategy and industry environment
The top management team

Guess Paper 2: Entrepreneurship Spring – 2020 Past Papers

Q.1 Explain the following. a. Define entrepreneurship b. What is project? c. How do you increase the value of your customer? d. Macro environment e. Industry environment

Q.2 What are dimensions of entrepreneurship? Also elaborate the risk and uncertainty associated with it.

Q.3 Explain the process of environmental analysis in detail.

Q.4 What is industry analysis? Also explain perfect competition model in detail.

Q.5 Explain macro environment of international entrepreneurship in detail.

Q.6 Being an entrepreneur prepare a business plan for your business.

Q.7 Attempt any TWO of the following. a. Sales forecasting b. Resource based strategy c. International organizational behavior.

[OBJECTIVE]

Subject: Entrepreneurship

Time Allowed: 10 Minutes

Maximum Marks: 10

NOTE: Attempt this Paper on this Question Sheet only. Please encircle the correct option. Division of marks is given in front of each question. This Paper will be collected back after expiry of time limit mentioned above.

Part-I Encircle the right answer, cutting and overwriting is not allowed. (1×10=10)

1. A person who organizes, manages and assumes the risks of starting and operating a business to make a profit is called a(n): a. Entrepreneur b. Investor c. Speculation d. Small business person 2. According to the text, which of the following qualities will increase your chance of succeeding as an entrepreneur? a. Vision b. Risk orientation c. Determination d. All of these 3. Which of the following was not cited as a reason for starting a new business? a. Independence b. Challenge c. Profit d. Increase of leisure time 4. Mr. X is employed in a corporation to launch new products. He is a(n): a. Entrepreneur b. Intrapreneur c. Innovator d. Franchisor 5. Which of the following would be included in the business plan? a. Capital required b. Marketing plan c. Management team d. All of these 6. The form of business organization that has the largest sales volume is the: a. Partnership b. Corporation c. Cooperative d. None of these 7. Which of the following is an advantage of a sole proprietorship? a. Ease of starting a business b. Being your own boss c. Pride of ownership d. All of these 8. Organizations in a mobilize their resources toward selling, advertising and other promotional efforts: a. Sales orientation b. marketing orientation c. Product orientation d. Production orientation 9. The first step in the marketing process is: a. Identify need b. Test marketing ¢. Conduct research a. Build a relationship with customers 10. The two most dominant trends in business are: a. Downsizing and restructuring b. Technology and globalization ¢. Strategic alliances and joint ventures d. None of these

[SUBJECTIVE]

Time Allowed: 2 Hours 45 Minutes

Maximum Marks: 50

NOTE: ATTEMPT THIS (SUBJECTIVE) ON THE SEPARATE ANSWER SHEET PROVIDED.

Part-II Give short answers of the following:. (2×10=20)

Q# 1: What is Entrepreneurship?

Q# 2: Define estate planning?

Q# 3: What points we should keep in mind to study the market?

Q# 4: What is S Corporation?

Q# 5: Define business process reengineering?

Q# 6: What is SMEDA?

Q# 7: Enlist stages of product life cycle.

Q# 8: What is an idea?

Q# 9: Write down any four advantages of corporation?

Q# 10: What do you mean by operation planning?

Part-III Give brief answers of the following:. (3×10=30)

Q# 3: Explain the steps or procedure for buying an existing business.

Q# 4: Explain the characteristics of entrepreneurs?

Q# 5: What is Franchising? Explain the merits and demerits of franchising.

Subject: Entrepreneurship (Commerce)

Time Allowed: 15 Minutes

Part-I Encircle the right answer, cutting and overwriting is not allowed. (10)

1. Creativity process may be better explained by the sequence: a) Incubation, insight and evaluation b) Evaluation, insight and incubation c) Incubation, evaluation and insight d) Evaluation, incubation and insight 2. Statement of cash flow covers all transactions: a) That are on credit only b) That are in cash only c) Both cash and credit d) Could include any of them 3. Cash flow statement does not include: a) Operating activities b) Financing activities c) Start up activities d) Investment activities 4. _____tells the spending in business, up till the business starts earning profits a) Preliminary expenses b) Underwriters’ commission c) Agent fee d) Burn rate 5. Reducing possibility of external debt through cost saving is often termed as: a) Bootstrapping b) Cost minimization c) Personal financing d) Loan from friends and family 6. An already established business firm that invests in entrepreneurial venture, could hest he termed as: a) Business angels b) Venture capital c) Friends equity d) Sweat equity 7. Concept test does not deal with: a) Description of product and services b) Market positioning c) Description of management team d) Competitors market 8. Segmenting market on the basis of spending habits, is: a) Demographical segmentation b) Psychographic segmentation c) Area segmentation d) Income based segmentation 9. An actor and a person who managed large project were termed as the entrepreneur in the a) Earliest period b) Middle ages c) 17th century d) 19th and 20th century 10. Elevator presentation is planned to attract: a) Customers b) Partners c) Potential investors d) All of them

Time Allowed: 2 Hour and 45 Minutes

Part-II Give Short answers, Each question carries equal marks. (20)

Q# 1: IPO vs. Secondary offering

Q# 2: Sweat equity vs financial equity

Q# 3: Management prowess

Q# 4: Young, part time and minority entrepreneur

Q# 5: Financial and liquidity objectives of business

Q# 6: Guerilla and viral marketing.

Q# 7: Creativity process.

Q# 8: Pro form a financial statement vs. historical statement

Q# 9: Economic and social forces that help in idea generation of a business

Q# 10: Cost leadership and differentiation strategies

Part-III Give detailed answers, Each question carries equal marks. (30)

Q# 1: State the content of successful business plan?

Q# 2: Identify and explain the three ways of identifying opportunity?

Q# 3: Explain strategic management process?

MCQs of Entrepreneurship and Innovation
Strategic Marketing Entrepreneurship Research Topics
Credit Management Past Papers Exam Questions
Critical Logic Thinking Past Papers Exam Questions
Data Communication Past Papers Exam Questions
Data Structures Past Papers Exam Questions

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KNEC notes and Revision materials

Study notes, Revision materials and Past papers for courses examined by KNEC

Entrepreneurship Revision Questions and answers
What are the factors that have contributed to the growth of entrepreneurship in Kenya. – Suggested answers
Outline four reasons for establishment of a business enterprise – Suggested answers
State four reasons to consider when evaluating a viable business opportunity – Suggested answers
A surgeon set up a clinic in a distant rural centre. The business was closed after six months. Identify four possible causes for the failure – Suggested answers
State four reasons why the government of Kenya is encouraging entrepreneurial knowledge in schools – Suggested answers
Identify four benefits of entrepreneurship to the developing economies such as Kenya – Suggested answers
Identify 4 gaps that may create a business opportunity in the market – Suggested answers
Outline 4 factors that may hinder entrepreneurship in Kenya – Suggested answers
State 4 roles of an entrepreneur in production – Suggested answers
State 4 problems that may be faced by entrepreneurs without business plan – Suggested answers
State 4 sources of business ideas – Suggested answers
Highlight 4 measures that the government may take to encourage entrepreneurship in the country – Suggested answers
Highlight 4 factors that favour entrepreneurial growth in Kenya today – Suggested answers
State 4 advantages of business plan to a business – Suggested answers
Mention 4 components of a good business plan – Suggested answers
The government of Kenya though the Ministry of Trade and Industry has developed policies to promote entrepreneurship. Explain five importance of such initiative to the economy of Kenya – Suggested answers
Entrepreneurship is becoming the driving force behind most economies in the world and most governments support it. Explain why entrepreneurship is important to these economies – Suggested answers
Explain five factors that may hinder entrepreneurship development in Kenya – Suggested answers
Explain any five reasons why a new business may fail – Suggested answers
Explain any five factor to be considered when evaluating a business ideas – Suggested answers
Explain five ways in which the government of Kenya can promote entrepreneurial development in her economy. – Suggested answers
Explain 5 factors that hinder entrepreneurial activities – Suggested answers
Explain 5 circumstances under which an entrepreneur would prepare a business plan – Suggested answers
Explain 5 challenges that may be experienced by a new entrepreneur in Kenya – Suggested answers

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Entrepreneurship Essay: Topics & Samples about Entrepreneurship

In the course of your studies for management, marketing, or finance degree, you can be asked to write an entrepreneurship essay. Those who tried it know how challenging it is to compose a convincing and fact-based paper about business.

An entrepreneurship essay requires you to carry out thorough research. You have to arrange the findings to substantiate your opinion wisely. It shall be engaging for the reader. Usually, your purpose is not to inform but to explain your view on an economic phenomenon.

Entrepreneurship is about calculating one’s chances for success. It aims to establish a business opportunity and avail of it. In most cases, it involves product or process innovation. Thus, the goal of an entrepreneurship essay is to train your business thinking. It develops a habit of using subject-specific terminology and theories.

This article is your way to a perfect essay about entrepreneurship. Our team has prepared a guide and a list of topics where you can find an excellent sample essay about entrepreneurship. Yet, we know that the most challenging thing for many students is to come up with specific questions.

You can rely on the following steps while working on your paper:

Pick or create a topic. The best essays focus on a narrow problem. Pick an idea that offers solutions or specifies how the reader can relate. Convey it all in your topic.
Research thoroughly. Good preliminary research will prevent you from discussing stale news. Look for currently topical issues that many people face.
Write an introduction. It is the most “selling” part of your entrepreneurship essay. Provide background information about the problem you are going to explore. Why did it arise, and who was affected?
Work out a thesis statement. This sentence contains the central message of your writing. Specify your position on the narrow topic. For example, “Employee turnover is not always a negative thing.”
Develop an argumentation. Make a list of all arguments that support your position and a few counterarguments. You will refine it when writing the main body. Include only the vital ideas and examples in your essay on entrepreneurship.
Think of a conclusion. Mind that your readers will remember this paragraph most of all. What were the central ideas of your work? Summarize your arguments and restate your thesis with a development.
Come up with an engaging title. It should make the readers want to keep on reading your text. An entrepreneurship essay title should reveal the problem you are going to discuss.

15 Entrepreneurship Essay Topics

To write a successful essay, you’ll need engaging topics on entrepreneurship. A good idea inspires you and gives a substantial reason for discussion.

Here we have collected the best entrepreneurship topics for your essay:

Is becoming a successful entrepreneur an inborn quality or a developed skill?
Is it efficient to unite researchers and entrepreneurs into one organization?
Is contemporary entrepreneurship possible without online marketing?
How can creativity make your business more identifiable?
Does a model of economic development help entrepreneurs to achieve their goals, or does it limit their imagination?
What are the psychological causes that urge entrepreneurs to seek profit?
What are the reasons that spur the growing expertise of individuals in business issues?
Which factors can bring entrepreneurship to bankruptcy?
How could governments incentivize individuals to become sole entrepreneurs?
What are the leadership characteristics of successful entrepreneurial management?
Does gender influence a person’s skills in entrepreneurship as a career?
Is it better to have a small enterprise or work for a large corporation, provided that the salary is the same?
Compare the approaches entrepreneurs who start only one business and those who invest in multiple enterprises.
How can MBA help you to become an entrepreneur?
Analyze the path of a successful entrepreneur and suggest what could be improved.

5 Entrepreneurship Essay Questions

Your college or school professors can give you detailed essay questions. They direct your thought to make sure you do not diverge from the central idea.

Here you can check a list of entrepreneurship essay questions:

In your opinion, is there a moment when an entrepreneur should stop expanding their business? Small business is easier to manage, but it provides less revenue. Big enterprises earn more but bring their investors to more serious risks and more significant expenses. Substantiate your point of view.
What makes a successful business plan? Is it more important to calculate the economic feasibility of the future enterprise or predict the reaction of the target audience? Give examples of both approaches.
Explain the concept of entrepreneurship. The essay should synthesize different formulations of prominent economists and sociologists. Make up your explanation of the term based on your synthesis.
What can be done to avoid cutting the expenses of an enterprise? Staff reduction, renting smaller premises, and cutting salaries usually have negative aftermath. Are there any universal ways to make your business survive a recession?
Imagine you are looking for a business partner. Which questions would you ask the candidates during the interview? Are there any traits you would look for? What kind of behavior would immediately tell you it is the wrong person?

Thanks for reading the article! Below you can find sample essays about entrepreneurship illustrating the structure that we have described above.

428 Best Sample Essays about Entrepreneurship

The definition of entrepreneurship.

Words: 1654

Starting a Business: Advantages and Disadvantages

Words: 1730

A Clothing Boutique as a Business Idea

Words: 1227

Concept of an Entrepreneur in Business

Words: 2037

Entrepreneurship: Interview with Small Business Owner

Words: 1643

Business Failures: Reasons and Recommendations

Small business: features and development, entrepreneurship: history, reasons and roles, case study analysis: opening a coffee shop.

Words: 1783

Entrepreneurs’ Strengths and Weaknesses

“drinkworks: home bar” by keurig, natural hair care products as a business idea, working for someone vs. owning a business, independent entrepreneurship, intrapreneurship, and social entrepreneurship.

Words: 1531

Starting a Business vs. Working for an Employer

3m corporation’s innovation engine case, steve jobs as a successful entrepreneur, entrepreneurship: making a business plan, kirzner’s theory of opportunity.

Words: 2450

Chinese and Japanese Business Systems Comparison

Words: 3387

The Definition of Entrepreneurship and Entrepreneurial Behavior

Words: 2683

Eco-Friendly Packaging for Food and Beverage Industry

Words: 2749

The Concept of Enterprise “Push” and “Pull” in a Business

Words: 2024

Entrepreneurship Journey Case Study

Words: 2941

Entrepreneurship, Intrapreneurship, and Formulated Marketing

Entrepreneurship: reducing unemployment.

Words: 1410

Phenomenon of Entrepreneurship

Words: 1495

The Doctrine of Insurable Interest

Words: 2412

Entrepreneurship Development in the UAE

Words: 3180

Concepts of Customer Data Dynamics and Sub-Concepts

Women in entrepreneurship.

Words: 3172

Entrepreneurship vs. Working as an Employee

“how to change the world” by d. bornstein.

Words: 1389

Amazon and Tesco: Corporate Entrepreneurship

Apple inc.’s entrepreneurship: ipod and ipad, entrepreneur interview: local business store.

Words: 1111

UAE Governmental Programs for Small Businesses

Words: 2367

The Microeconomics and Macroeconomics Factors in a Startup Café

Governmental role for business, women entrepreneurs, entrepreneurship: business planning and characteristics.

Words: 3246

Sources of Capital for Entrepreneurs

Owning & operating a family business, the benefits of considering small businesses in government contract solicitations, starting a small business and planning, franchise agreement: term definition, social entrepreneurship and social change, free enterprise systems.

Words: 1434

Entrepreneurship: Amara Online Shoe Shop

Words: 7379

Critical Success Factors for Entrepreneurs

Words: 3872

Strategic Entrepreneurship: Creating Values

Words: 2626

Entrepreneurship: Advantages and Disadvantages

Words: 1297

Entrepreneurs and the Entrepreneurship Process

Words: 1233

Kier Group Plc: The Impacts of COVID-19

Words: 4343

Katie’s Custom Engraving Logos

Words: 1669

The Incubation of a Business Idea

Entrepreneurship and its peculiarities.

Words: 1567

Social entrepreneurship: What Everyone Needs to Know by Bornstein and Davis

Entrepreneurship: who is entrepreneur, traditional and modern forms of transacting business, franchising and its advantages, trait (or personality characterisitcs) approach to explaining enterpreneurship.

Words: 1972

Entrepreneurs and Opportunity Recognition

Words: 2804

A New Business Idea for the Rolls Royce Company

Revolutionizing independent cinema streaming.

Words: 1840

Application of Schumpeter’s Innovative Entrepreneurship Theory to Ooredoo

Words: 8185

Innovation and Entrepreneurship at Uber Technologies, Inc.

Discussion: being an entrepreneur, elizabeth hobbs keckley as a woman in american business, digital transformation for small businesses in indonesia.

Words: 3052

Entrepreneurship and Business Ethics

Words: 1683

Entrepreneurship and Leadership in Freelance and Real Estate

Words: 2321

Employee vs. Entrepreneur: Benefits and Drawbacks

New enterprise start-up plan: on-demand courier service to deliver medicine.

Words: 15616

Frank Zamboni, an Entrepreneur and Inventor

Sole proprietorship and internal control.

Words: 1285

The African American Entrepreneurship Development Program Evaluation

Words: 1467

The African American Entrepreneurship Development Program

The dopeplus social entrepreneurship.

Words: 1166

Luxury Linens: Review of an Interview With an Entrepreneur

Words: 1104

Entrepreneurship by Young People

Sole proprietorship: advantages and disadvantages, capability: business model innovation in mergers, characteristics of writing a business plan, entrepreneurial activity: the key aspects, entrepreneurial personality and decision to start a business, the determinants of self-employment for artists, a study of ooredoo’s practices in the context of schumpeter’s theory, home depot’s entrepreneurship and value creation, entrepreneurial action module for modular business model.

Words: 11408

Discussion: Female Entrepreneurship in Asian Countries

Types of business forms and their organisation, entrepreneurship and christian world view.

Words: 1001

Entrepreneurship as a Powerful Practice

Words: 2501

The Entrepreneurial Journey of Foods Future Global

Words: 1385

The Minority Business Development Agency Program

Words: 1455

Supporting the Innovative Entrepreneurs in Turkish Universities

Starting a business: a restaurant of national cuisine, entrepreneurial education for university students.

Words: 2656

The Book “Shoe Dog: A Memoir by the Creator of Nike” by Phil Knight

How a business idea becomes an innovative product, family business succession in asian countries.

Words: 8061

Commercialization and Innovation Best Practices

Words: 2754

Establishing a Small Business Tourist Agency in the UAE

Investing in an offshore wind power plant in greece.

Words: 1214

Crowdfunding Project on Kickstarter

Words: 1010

What Is Business Intelligence?

“the art of the start” by guy kawasaki, the innovation process: successes and failures, elements and infrastructures for technology startups.

Words: 2585

The Milaha Express Firm’s Possibilities in Qatar

Social enterprise: asian paints.

Words: 2476

Factors Involved in Creating a Food Business

Plan for trucking career development, paul tasner’s success as an entrepreneur, personal business plan and development of innovation.

Words: 1828

Sustainable Innovations and Environmental Certification

Words: 1253

CMR Implementation: Recommendation and Evaluation

Words: 1000

The Primary Principles of Entrepreneurship and Personal Business Plan

Words: 1660

Resuscitating the Barbershop Business

Words: 1837

6.1 Problem Solving to Find Entrepreneurial Solutions

Portions of the material in this section are based on original work by Geoffrey Graybeal and produced with support from the Rebus Community. The original is freely available under the terms of the CC BY 4.0 license at https://press.rebus.community/media-innovation-and-entrepreneurship/.

Learning Objectives

By the end of this section, you will be able to:

Define problem solving in the context of entrepreneurship
Describe and compare the adaptive model and the innovative model of problem solving
Identify the skills entrepreneurs need for effective problem solving
Identify types of problem solvers

As you’ve learned, entrepreneurs often visualize an opportunity gap, a gap between what exists and what could exist, as Hirabayashi and Lidey did with Shine. Entrepreneurial problem solving is the process of using innovation and creative solutions to close that gap by resolving societal, business, or technological problems. Sometimes, personal problems can lead to entrepreneurial opportunities if validated in the market. The entrepreneur visualizes the prospect of filling the gap with an innovative solution that might entail the revision of a product or the creation of an entirely new product. In any case, the entrepreneur approaches the problem-solving process in various ways. This chapter is more about problem solving as it pertains to the entrepreneur’s thought process and approach rather than on problem solving in the sense of opportunity recognition and filling those gaps with new products.

For example, as we read in Identifying Entrepreneurial Opportunity , Sara Blakely (as shown in Figure 6.2 ) saw a need for body contouring and smoothing undergarments one day in the late 1990s when she was getting dressed for a party and couldn’t find what she needed to give her a silhouette she’d be pleased with in a pair of slacks. She saw a problem: a market need. But her problem-solving efforts are what drove her to turn her solution (Spanx undergarments) into a viable product. Those efforts came from her self-admitted can-do attitude: “It’s really important to be resourceful and scrappy—a glass half-full mindset.” 1 Her efforts at creating a new undergarment met resistance with hosiery executives, most of whom were male and out of touch with their female consumers. The hosiery owner who decided to help Blakely initially passed on the idea until running it by his daughters and realizing she was on to something. That something became Spanx , and today, Blakely is a successful entrepreneur. 2

Before getting into the heart of this chapter, we need to make a distinction: Decision making is different from problem solving . A decision is needed to continue or smooth a process affecting the operation of a firm. It can be intuitive or might require research and a long period of consideration. Problem solving , however, is more direct. It entails the solution of some problem where a gap exists between a current state and a desired state. Entrepreneurs are problem solvers who offer solutions using creativity or innovative ventures that exploit opportunities. This chapter focuses on different approaches to problem solving and need recognition that help potential entrepreneurs come up with ideas and refine those ideas.

Two Problem Solving Models: Adaptive and Innovative

There are two prominent established problem-solving models: adaptive and innovative . A renowned British psychologist, Michael Kirton , developed the Kirton Adaption-Innovation (KAI) Inventory to measure an individual’s style of problem solving. 3 Problem-solving preferences are dependent on the personality characteristics of originality, conformity, and efficiency, according to Kirton. The KAI inventory identifies an individual’s problem-solving approach by measuring agreement with statements that align with characteristics, such as the ability to produce many novel ideas, to follow rules and get along in groups, and to systematically orient daily behavior. The results categorize an individual as an innovator or an adaptor. Innovators are highly original, do not like to conform, and value efficiency less than adaptors.

The first and more conservative approach an entrepreneur may use to solve problems is the adaptive model. The adaptive model seeks solutions for problems in ways that are tested and known to be effective. An adaptive model accepts the problem definition and is concerned with resolving problems rather than finding them. This approach seeks greater efficiency while aiming at continuity and stability. The second and more creative approach is the innovative model of entrepreneurial problem solving, which uses techniques that are unknown to the market and that bring advantage to an organization. An innovative problem-solving style challenges the problem definition, discovers problems and avenues for their solutions, and questions existing assumptions—in a nutshell, it does things differently. It uses outside-the-box thinking and searches for novel solutions. Novelty is a shared trait of creative entrepreneurship, and it’s why entrepreneurs gravitate toward this method of problem solving. According to Dr. Shaun M. Powell , a senior lecturer at the University of Wollongong, Australia: “Creative entrepreneurs are notable for a distinctive management style that is based on intuition, informality and rapid decision making, whereas the more conventional thinking styles are not in accord with the unique attributes of creative entrepreneurs.” 4 This way of problem solving doesn’t alter an existing product. It is the creation of something entirely new.

For example, healthcare facilities have long been known as a source of methicillin-resistant Staphylococcus aureus (MRSA), a deadly infection that can have long-term effects on patients. Vital Vio , led by Colleen Costello , has developed white light technology that effectively disinfects healthcare facilities by targeting a molecule specific to bacteria. The light, safe to humans, can burn constantly to kill regenerative bacteria. An adaptive problem-solving model would seek to minimize harm of MRSA within a hospital—to respond to it—whereas the Vital Vio is an entirely new technique that seeks to eliminate it. Adaptive solutions to MRSA include established processes and protocols for prevention, such as having doctors, nurses, and other healthcare providers clean their hands with soap and water, or an alcohol-based hand rub before and after patient care, testing patients to see if they have MRSA on their skin, cleaning hospital rooms and medical equipment, and washing and drying clothes and bed linens in the warmest recommended temperatures. 5

Link to Learning

Visit Inc. Magazine for support and advice for up-and-coming startups to learn more. Examples of how “Dorm Room” entrepreneurs spot and pursue opportunities are shared along with tips and advice for making your startup a success.

Problem-Solving Skills

While identifying problems is a necessary part of the origin of the entrepreneurial process, managing problems is an entirely different aspect once a venture is off the ground and running. An entrepreneur does not have the luxury of avoiding problems and is often responsible for all problem solving in a startup or other form of business. There are certain skills that entrepreneurs possess that make them particularly good problem solvers. Let’s examine each skill (shown in Figure 6.3 ) .

Critical Thinking

Critical thinking is the complex analysis of a problem or issue with the goal of solving the problem or making a decision. The entrepreneur analyzes and peels away the layers of a problem to find the core of an issue facing a business. The entrepreneur focuses on the heart of the problem and responds reasonably and openly to suggestions for solving it. Critical thinking is not only important for developing entrepreneurial ideas: it is a sought-after asset in education and employment. Entrepreneur Rebecca Kantar dropped out of Harvard in 2015 to found the tech startup Imbellus , which aims to replace standardized college admissions tests like the SAT with interactive scenarios that test critical-thinking skills. Many standardized tests may include multiple choice questions asking for the answer to a straightforward knowledge question or math problem. Kantar seeks to create tests that are more concerned with the analytic ability and reasoning that goes into the process of solving the problem. Imbellus says it aims to test “how people think,” not just what they know. The platform, which has not yet launched, will use simulations for its user assessments. 6

Read more about problem solving and EnterpriseWorks/Vita’s story at Harvard Business Review .

Communication

Communication skills , the ability to communicate messages effectively to an intended recipient, are the skills entrepreneurs use to pool resources for the purposes of investigating solutions leading to innovative problem solving and competitive advantage. Good communication allows for the free association of ideas between entrepreneurs and businesses. It can illustrate a problem area or a shared vision, and seeks stakeholder buy-in from various constituencies. Networking and communication within an industry allow the entrepreneur to recognize the position of an enterprise in the market and work toward verbalizing solutions that move an organization beyond its current state. By “verbalizing,” we mean communication from and with the company/entity. Internal communications include company emails, newsletters, presentations, and reports that can set strategic goals and objectives, and report on what has been accomplished and what goals and objectives remain, so that employees within an organization are knowledgeable and can work on solving problems that remain within the organization. External communications could include press releases, blogs and websites, social media, public speeches, and presentations that explain the company’s solutions to problems. They could also be investor pitches complete with business plans and financial projections.

Ideation exercises, such as brainstorming sessions (discussed in Creativity, Innovation, and Invention , are good communication tools that entrepreneurs can use to generate solutions to problems. Another such tool is a hackathon —an event, usually hosted by a tech company or organization, which brings together programmers and workers with other degrees of specialization within the company, community, or organization to collaborate on a project over a short period of time. These can last from twenty-four hours to a few days over a weekend. A hackathon can be an internal company-wide initiative or an external event that brings community participants together. A business model canvas , which is covered in Business Model and Plan and other activities outlined in other chapters can be used internally or externally to identify problems and work toward creating a viable solution.

Networking is an important manifestation of useful communication. What better method is there of presenting one’s concept, gaining funding and buy-in, and marketing for the startup than through building a network of individuals willing to support your venture? A network may consist of potential employees, customers, board members, outside advisors, investors, or champions (people who just love your product) with no direct vested interest. Social networks consist of weak ties and strong ties. Sociologist Mark Granovetter studied such networks back in the 1970s, and his findings still apply today, even if we include social media networks in the definition too. Weak ties facilitate flow of information and community organization, he said, whereas strong ties represent strong connections among close friends, family members, and supportive coworkers. 7 Strong ties require more work to maintain than weak ties (as illustrated by the strong lines and weak dotted lines in Figure 6.4 ) and in a business context, they don’t lead to many new opportunities. Weak ties, in contrast, do open doors in that they act as bridges to other weak ties within functional areas or departments that you might not have had access to directly or through strong ties. 8

In fact, many young entrepreneurs, including tech entrepreneur Oliver Isaacs , realize college is a great place to begin building teams. Isaacs is the founder of viral opinion network Amirite.com , which is widely credited as the place where Internet memes started and online slang got a foothold. 9 Amirite.com consists of a large network of pages and partnerships on Facebook and Instagram that reach 15 million users each month. Isaacs recommends using your alumni network to build a team and customer base for your own venture because you never know if you’re talking to a future employee or partner.

Sharing of ideas and resources is highly valued in the entrepreneurial process. Communication is a vital skill in problem solving because the ability to identify and articulate the problem (define the problem space) is necessary to adequately address a problem. A problem can be too vague or broad or narrow. Thus, communicating the problem is important, as is conveying the solution.

Decisiveness

Decisiveness is as it sounds: the ability to make a quick, effective decision, not letting too much time go by in the process. Entrepreneurs must be productive, even in the face of risk. They often rely on intuition as well as on hard facts in making a choice. They ask what problem needs to be solved, think about solutions, and then consider the means necessary to implement an idea. And the decisions must be informed with research.

For example, as explained in Adam Grant’s book The Originals , the co-founders of Warby Parker, a venture-backed startup focused on the eyewear industry, started their company while they were graduate students. At the time they knew little about the industry, but after conducting some detailed research, they learned that the industry was dominated by one major player—Luxottica. They used this information and other data to refine their strategy and business model (focusing mainly on value, quality, and convenience via an online channel). By the time they decided to launch the business, they had thought through the key details, and they attained rapid early success. Today Warby Parker has over 100 retail stores in the US, is profitable, and is valued at almost $2 billion.

Decisiveness is the catapult to progress. Amazon founder Jeff Bezos preaches the importance of decisiveness throughout his organization. Bezos believes that decisiveness can even lead to innovation. Bezos advocates for making decisions after obtaining 70 percent of the information you need to do so: “Being wrong may be less costly than you think, whereas being slow is going to be expensive for sure,” Bezos wrote in a 2017 annual letter to stockholders. 10

Read this LinkedIn blog post on decisiveness to learn more.

Ability to Analyze Data

Data analysis is the process of analyzing data and modeling it into a structure that leads to innovative conclusions. Identifying Entrepreneurial Opportunity covered much of the sources of data that entrepreneurs might seek. But it is one thing to amass information and statistics. It is another to make sense of that data, to use it to fill a market need or forecast a trend to come. Successful founders know how to pose questions about and make meaning out of information. And if they can’t do that themselves, they know how to bring in experts who can.

In addition to public sources of broad data, a business can collect data on customers when they interact with the company on social media or when they visit the company website, especially if they complete a credit card transaction. They can collect their own specific data on their own customers, including location, name, activity, and how they got to the website. Analyzing these data will give the entrepreneur a better idea about the interested audience’s demographic.

In entrepreneurship, analyzing data can help with opportunity recognition, creation, and assessment by analyzing data in a variety of ways. Entrepreneurs can explore and leverage different data sources to identify and compare “attractive” opportunities, since such analyses can describe what has happened, why it happened, and how likely it is to happen again in the future. In business in general, analytics is used to help managers/entrepreneurs gain improved insight about their business operations/emerging ventures and make better, fact-based decisions.

Analytics can be descriptive, predictive, or prescriptive. Descriptive analytics involves understanding what has happened and what is happening; predictive analytics uses data from past performance to estimate future performance; and prescriptive analytics uses the results of descriptive and predictive analytics to make decisions. Data analysis can be applied to manage customer relations, inform financial and marketing activities, make pricing decisions, manage the supply chain, and plan for human resource needs, among other functions of a venture. In addition to statistical analysis, quantitative methods, and computer models to aid decision-making, companies are also increasingly using artificial intelligence algorithms to analyze data and make quick decisions.

Understanding of Business and Industry

Entrepreneurs need sound understanding of markets and industries. Often times, they are already working in a large organization when they see growth opportunities or inefficiencies in a market. The employee gains a deep understanding of the industry at hand. If the employee considers a possible solution for a problem, this solution might become the basis for a new business.

For example, consider a marketing agency that used traditional marketing for thirty years. This agency had an established clientele. An executive in the organization began studying social media analytics and social media. The executive approached the owner of the business to change processes and begin serving clients through social media, but the owner refused. Clients within the agency began to clamor for exposure on social media. The marketing executive investigated the possibility of building an agency in her locale servicing clients who wish to utilize social media. The marketing executive left the organization and started her own agency (providing, of course, that this is in compliance with any noncompete clauses in her contract). Her competitive advantage was familiarity with both traditional and social media venues. Later, the original agency started floundering because it did not offer social media advertising. Our intrepid executive purchased the agency to gain the clientele and serve those wishing to move away from traditional marketing.

A similar experience occurred for entrepreneur Katie Witkin . After working in traditional marketing roles, the University of Wisconsin-Madison graduate, pictured in Figure 6.5 , left agency life behind four years out of college to cofound her own company, AGW Group . In 2009, Witkin had been interning at a music marketing agency that didn’t have a social media department. She knew, both from her time at college and from observing industry trends, that social media was changing the way companies connected with customers. For her own venture, she expanded the focus to all supporting brands to manage all things digital. Today, the cultural and marketing communications agency has fifteen employees and big-name clients ranging from HBO to Red Bull. 11

Resourcefulness

Resourcefulness is the ability to discover clever solutions to obstacles. Sherrie Campbell , a psychologist, author, and frequent contributor to Entrepreneur magazine on business topics, put it this way:

“There is not a more useful or important trait to possess than resourcefulness in the pursuit of success. Resourcefulness is a mindset, and is especially relevant when the goals you have set are difficult to achieve or you cannot envision a clear path to get to where you desire to go. With a resourcefulness mindset you are driven to find a way. An attitude of resourcefulness inspires out-of-the-box thinking, the generation of new ideas, and the ability to visualize all the possible ways to achieve what you desire. Resourcefulness turns you into a scrappy, inventive and enterprising entrepreneur. It places you a cut above the rest.” 12

Entrepreneurs start thinking about a business venture or startup by talking to people and procuring experts to help create, fund, and begin a business. Entrepreneurs are risk takers, passionate about new endeavors. If they don’t have a college degree or a great deal of business experience, they understand there are many resources available to support them in the endeavor, such as the Service Corps of Retired Executives (SCORE) and the Small Business Administration (SBA) . There are many sources available to fund the business with little or no debt and options, as you will see in the chapter on Entrepreneurial Finance and Accounting . The entrepreneur follows a vision and researches opportunities to move toward a dream.

For example, in the late 1990s, Bill McBean and his business partner Billy Sterett had an opportunity to buy an underperforming auto dealership that would make their company the dominant one in the market. Neither wanting to take cash from other ventures nor wanting to borrow more money and tie themselves to more debt, the entrepreneurs were resourceful by finding another path forward to obtaining the money necessary for the acquisition they both coveted. They changed banks and renegotiated their banking payback requirements, lowering their interest payments, reducing fees, and lowering their monthly payments, ultimately freeing up a significant amount of cash that allowed them to buy the new company. 13

Types of Problem Solvers

Entrepreneurs have an insatiable appetite for problem solving. This drive motivates them to find a resolution when a gap in a product or service occurs. They recognize opportunities and take advantage of them. There are several types of entrepreneurial problem solvers, including self-regulators, theorists, and petitioners.

Self-Regulating Problem Solvers

Self-regulating problem solvers are autonomous and work on their own without external influence. They have the ability to see a problem, visualize a possible solution to the problem, and seek to devise a solution, as Figure 6.6 illustrates. The solution may be a risk, but a self-regulating problem solver will recognize, evaluate, and mitigate the risk. For example, an entrepreneur has programmed a computerized process for a client, but in testing it, finds the program continually falls into a loop, meaning it gets stuck in a cycle and doesn’t progress. Rather than wait for the client to find the problem, the entrepreneur searches the code for the error causing the loop, immediately edits it, and delivers the corrected program to the customer. There is immediate analysis, immediate correction, and immediate implementation. The self-regulating problem solvers’ biggest competitive advantage is the speed with which they recognize and provide solutions to problems.

Theorist Problem Solvers

Theorist problem solvers see a problem and begin to consider a path toward solving the problem using a theory. Theorist problem solvers are process oriented and systematic. While managers may start with a problem and focus on an outcome with little consideration of a means to an end, entrepreneurs may see a problem and begin to build a path with what is known, a theory, toward an outcome. That is, the entrepreneur proceeds through the steps to solve the problem and then builds on the successes, rejects the failures, and works toward the outcome by experimenting and building on known results. At this point, the problem solver may not know the outcome, but a solution will arise as experiments toward a solution occur. Figure 6.7 shows this process.

For example, if we consider Marie Curie as an entrepreneur, Curie worked toward the isolation of an element. As different approaches to isolating the element failed, Curie recorded the failures and attempted other possible solutions. Curie’s failed theories eventually revealed the outcome for the isolation of radium. Like Curie, theorists use considered analysis, considered corrective action, and a considered implementation process. When time is of the essence, entrepreneurs should understand continual experimentation slows the problem-solving process.

Petitioner Problem Solvers

Petitioner problem solvers ( Figure 6.8 ) see a problem and ask others for solution ideas. This entrepreneur likes to consult a person who has “been there and done that.” The petitioner might also prefer to solve the problem in a team environment. Petitioning the entrepreneurial team for input ensures that the entrepreneur is on a consensus-driven path. This type of problem solving takes the longest to complete because the entrepreneur must engage in a democratic process that allows all members on the team to have input. The process involves exploration of alternatives for the ultimate solution. In organizational decision-making, for example, comprehensiveness is a measure of the extent a firm attempts to be inclusive or exhaustive in its decision-making. Comprehensiveness can be gauged by the number of scheduled meetings, the process by which information is sought, the process by which input is obtained from external sources, the number of employees involved, the use of specialized consultants and the functional expertise of the people involved, the years of historical data review, and the assignment of primary responsibility, among other factors. Comprehensive decision-making would be an example of a petitioner problem-solving style, as it seeks input from a vast number of team members.

A charette —a meeting to resolve conflicts and identify solutions—is another example that employs a petitioner problem-solving approach. Often times, a developer of a new project might hold a community charette to aid in the design of a project, hoping to gain approval from elected officials. In the building example, this could consist of the developer and his team of architects, project designers, and people with expertise in the project working alongside community members, business executives, elected officials, or representatives like staff members or citizen-appointed boards like a planning board. Such an activity is representative of a petitioner problem-solving approach, as opposed to a developer representative designing the project with no input from anyone else.

In summary, there is no right or wrong style of problem solving; each problem solver must rely on the instincts that best drive innovation. Further, they must remember that not all problem-solving methods work in every situation. They must be willing to adapt their own preference to the situation to maximize efficiency and ensure they find an effective solution. Attempting to force a problem-solving style may prevent an organization from finding the best solution. While general entrepreneurial problem-solving skills such as critical thinking, decisiveness, communication, and the ability to analyze data will likely be used on a regular basis in your life and entrepreneurial journey, other problem-solving skills and the approach you take will depend on the problem as it arises.

There are a number of resources online that can help analyze your problem-solving abilities. Mindtools.com is one such resource. These are useful to learn your general problem-solving tendencies before being called upon to apply them in a real-world setting. One of the problem-solving techniques available from mindtools.com offers that problems can be addressed from six different perspectives. Called CATWOE , the approach is an acronym for Customers, Actors (people within the organization), Transformative, Worldwide, Owner, and Environment (organizational).

Learn more about the CATWOE technique for problem solving.

1 Helen Lock. “‘I Put My Butt on the Line’: How Spanx Took Over the World.” The Guardian. July 11, 2016. https://www.theguardian.com/small-business-network/2016/jul/11/put-butt-on-the-line-how-spanx-world
2 Gary Keller. “Business Success Series, Part 1: Sara Blakely-Spanx.” The One Thing. n.d. https://www.the1thing.com/blog/the-one-thing/business-success-series-part-1-sara-blakely-spanx/
3 “Characteristics of Adaptors and Innovators.” Kirton KAI Inventory Tool . n.d. http://pubs.acs.org/subscribe/archive/ci/31/i11/html/11hipple_box3.ci.html
4 Shaun Powell. “The Management and Consumption of Organisational Creativity.” Journal of Consumer Marketing 25, no. 3 (2008): 158–166.
5 N.C Healthcare-Associated Infections Prevention Program. Healthcare-Associated Infections in North Carolina: 2014 Annual Report, Healthcare Consumer Version. April 2015. https://epi.dph.ncdhhs.gov/cd/hai/figures/hai_apr2015_consumers_annual.pdf
6 Romesh Ratnesar. “What If Instead of Taking the SAT You Got to Play a Video Game?” Bloomberg BusinessWeek. March 19, 2019. https://www.bloomberg.com/news/features/2019-03-19/a-harvard-dropout-s-plan-to-fix-college-admissions-with-video-games
7 Mark Granovetter. “The Strength of Weak Ties.” American Journal of Sociology 5 (1973): 1360–1380.
8 Jacob Morgan. “Why Every Employee Should Be Building Weak Ties at Work.” Forbes. March 11, 2014. https://www.forbes.com/sites/jacobmorgan/2014/03/11/every-employee-weak-ties-work/#277851063168
9 John White. “Top UK Influencer Oliver Isaacs Reveals What It Takes to Go Viral.” Inc . August 6, 2017. https://www.inc.com/john-white/top-uk-influencer-oliver-isaacs-reveals-what-it-ta.html
10 Erik Larson. “How Jeff Bezos Uses Faster Better Decisions to Keep Amazon Innovating.” Forbes . September 24, 2018. https://www.forbes.com/sites/eriklarson/2018/09/24/how-jeff-bezos-uses-faster-better-decisions-to-keep-amazon-innovating/#492c351b7a65
11 Stephanie Schomer. “How Getting Laid Off Empowered This Entrepreneur to Start Her Own Award-Winning Marketing Agency.” Entrepreneur. January 15, 2019. https://www.entrepreneur.com/article/326212
12 Sherrie Campbell. “6 Characteristics of Resourceful People That Bring Them Success.” Entrepreneur. March 10, 2016. https://www.entrepreneur.com/article/272171
13 “Resourcefulness Is More Important Than Resources.” The Ecommerce Mindset: How Successful Store Owners Think. n.d. https://www.oberlo.com/ebooks/mindset/resourceful-entrepreneur

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Entrepreneurship Interview Questions & Answers

Updated January 24, 2024
Published June 12, 2023

Do you have an Entrepreneurship interview coming up, and do you want to learn how to answer Entrepreneurship interview questions? Prepare for these commonly asked Entrepreneurship questions to ace your job interview!

What is Entrepreneurship?

Entrepreneurship is a dynamic and innovative approach to business and economic activity where individuals, known as entrepreneurs, identify opportunities, create new ventures, and drive the development of products, services, or solutions. Entrepreneurs often take calculated risks, leveraging their creativity, vision, and problem-solving skills to establish and grow their businesses.

This involves tasks such as market research, business planning, securing funding, managing operations, and adapting to changing market dynamics. Entrepreneurship fosters a spirit of independence, resilience, and adaptability, with the ultimate goal of achieving financial success while contributing to economic growth and innovation.

Entrepreneurship Interview Questions

Below we discuss the most commonly asked Entrepreneurship interview questions and explain how to answer them.

1. Tell me about yourself

Interviewers ask this question to understand your background, experiences, and passion for entrepreneurship. This question lets them gauge how your unique journey aligns with the demands of entrepreneurship and if you possess the qualities needed to navigate the challenges of running a business.

Entrepreneurship Interview Questions – Example answer:

“I’ve always been drawn to the world of innovation and business. My journey began during college when I co-founded a student-run e-commerce platform that gained traction among our peers. Following graduation, I dove into the startup scene, working as a marketing coordinator for a tech startup, where I honed my skills in crafting compelling narratives that resonate with target audiences.

My passion for entrepreneurship led me to launch my own venture, a sustainable lifestyle brand that gained recognition for its ethical practices and unique designs.

Throughout my journey, I’ve embraced challenges and adapted strategies to evolving market trends. Collaborating with cross-functional teams has taught me the importance of effective communication and leveraging diverse strengths to achieve shared goals.

Alongside my professional experiences, I’ve continued learning through industry seminars and networking events, expanding my insights into scalable business models and disruptive technologies.

Overall, my blend of hands-on experience, adaptability, and a fervent desire to create value uniquely position me to thrive in the dynamic landscape of entrepreneurship.”

2. Why do you want to be an Entrepreneur?

Interviewers ask this question to understand how well your goals align with the unique opportunities this specific entrepreneurial environment can offer you. This question lets you showcase your enthusiasm for the company’s mission and demonstrate how your skills can contribute to its growth and innovation.

“I’m genuinely excited about the opportunity to join your entrepreneurial team. Your company’s reputation for fostering innovation and embracing risk aligns perfectly with my passion for pushing boundaries and creating impactful solutions. The dynamic environment you’ve cultivated, where calculated risks are encouraged, and out-of-the-box ideas are celebrated, resonates deeply with my entrepreneurial spirit.

Additionally, your track record of transforming innovative concepts into successful market ventures showcases your commitment to making a real difference. The collaborative nature of your team, evident from the research I’ve done, greatly appeals to me as I believe that diverse perspectives fuel creativity and growth. Furthermore, the mentorship culture you promote is something I truly value; the chance to learn from seasoned entrepreneurs while contributing fresh perspectives is an exciting prospect for me.

Ultimately, being part of a team that’s unafraid to challenge conventions and is dedicated to creating meaningful impact is what draws me to this opportunity. I believe my experience in seizing opportunities and my dedication to driving change could make a valuable contribution to your entrepreneurial journey.”

3. Walk me through your resume

Interviewers ask this question to hear a narrative that connects the dots of your experiences, highlighting how each role and achievement has shaped your entrepreneurial skills, mindset, and ambitions. This question allows you to demonstrate the relevance of your past experiences to your entrepreneurial role, showcasing your journey’s alignment with the demands of innovation, leadership, and problem-solving.

“My journey has been a deliberate exploration of entrepreneurship. Starting as a project coordinator at XYZ Corp, I learned the ropes of project management and how to navigate tight deadlines, a skill crucial in any entrepreneurial venture. Transitioning to a startup, I wore multiple hats, handling marketing at ABC Tech, where my knack for strategic planning played a pivotal role in propelling our product’s reach.

Later, I joined DEF Innovations as a product manager, deepening my understanding of innovation processes and fostering a results-driven mindset. It was here that I realized my passion for problem-solving and leading dynamic teams.

My leap into founding my own e-commerce venture capitalized on this drive, from devising a compelling brand identity to managing supply chains efficiently. All these experiences have honed my adaptability, strategic thinking, and ability to turn challenges into growth opportunities – all qualities essential in the ever-evolving landscape of entrepreneurship.

As my resume illustrates, my journey hasn’t just been about accumulating roles, but about cultivating a diverse skill set that positions me to make a meaningful impact within a forward-thinking entrepreneurial environment like yours.”

4. Why should we hire you?

Interviewers ask this question to understand how your unique blend of skills, experiences, and entrepreneurial mindset can contribute to their team’s success. This question allows you to showcase how you can directly address their business needs, solve challenges, and drive innovation, making you an invaluable asset to their entrepreneurial journey.

“You should consider hiring me because my entrepreneurial spirit is anchored in a proven track record of turning innovative ideas into tangible results. With a background in leading cross-functional teams at my previous venture, I’ve honed my ability to identify growth opportunities and navigate challenges head-on, which are critical skills for your dynamic startup environment.

By leveraging my experience in product development, strategic planning, and market analysis, I’m confident in my capacity to drive innovation and contribute to the fast-paced, ever-evolving landscape your entrepreneurship role demands. Additionally, my passion for pushing boundaries aligns seamlessly with your team’s vision for disruptive solutions, and my aptitude for effective communication ensures seamless collaboration across all levels.

I’m genuinely excited about the prospect of bringing my hands-on experience, leadership qualities, and relentless drive to your entrepreneurial journey, ultimately making a meaningful impact on your company’s growth trajectory.”

Related : Critical Thinking Interview Questions & Answers

5. What is your greatest professional achievement?

Interviewers ask this question to understand your tangible impact in a professional setting, demonstrating your ability to drive results and overcome challenges. This question allows you to showcase a specific accomplishment highlighting your entrepreneurial skills, resilience, and innovation, giving them insight into how you could contribute to their business’s success.

“One of my most significant professional achievements was spearheading the launch of a disruptive product during my time as a project lead at InnovateTech.

Collaborating closely with a cross-functional team, we identified a gap in the market and developed a solution that not only addressed customer pain points but also exceeded revenue targets by 30% within the first quarter. This achievement underscored my ability to blend innovative thinking with strategic execution, resulting in a product that resonated with customers and propelled the company’s market presence.

Another notable achievement was during my tenure as a co-founder of a sustainable fashion startup. Through my leadership, we secured partnerships with key influencers and utilized targeted digital marketing strategies, boosting our online sales by 150% in six months.

This success underscored my skills in business development, creative problem-solving, and building customer-centric strategies that are crucial in the entrepreneurial landscape.

Both of these achievements are a testament to my ability to drive tangible results, innovate in competitive markets, and lead teams to success, qualities I’m excited to bring to your dynamic entrepreneurial team.”

6. Can you tell me about a time when you took a calculated risk that paid off in a business venture?

Interviewers ask this question to gauge your risk-taking abilities and your approach to decision-making. In your answer, focus on how you analyzed the potential risks and benefits of the decision and how you navigated through any challenges that arose.

“In my previous role as an entrepreneur, there was a situation where we were considering expanding our product line into a new, untapped market segment.

Recognizing the potential rewards and inherent risks, I gathered a cross-functional team to conduct thorough market research, assessing demand, competition, and feasibility. Based on the data, we decided to proceed, developing a tailored offering for that market.

To mitigate risks, I established a phased approach, starting with a soft launch to test the waters. The gamble paid off as we quickly gained traction, validating our research and strategy. Building on this success, we refined our approach and executed a full-scale launch, resulting in a significant revenue boost and market share increase.

This experience showcased my ability to analyze complex situations, make well-informed decisions, and execute with confidence. It also highlighted my knack for adapting strategies based on real-time feedback. I firmly believe that calculated risks are essential for business growth, and I’m excited to bring this mindset to your entrepreneurial team.”

7. How do you handle failure and setbacks in your entrepreneurial endeavors?

This question determines your resilience and ability to learn from your mistakes. In your answer, focus on how you analyze and learn from your failures and how you use those experiences to improve your future decisions.

“Addressing failure and setbacks is crucial in entrepreneurship. When challenges arise, my approach revolves around adaptability and learning.

Upon encountering a setback, I initiate a comprehensive analysis to identify the root causes. This involves collaborating with my team, and encouraging open discussions to gain diverse insights into the situation.

Rather than dwelling on what went wrong, I focus on extracting valuable lessons. These lessons inform the adjustments needed to refine our strategy or product. This continuous improvement mindset ensures that setbacks become stepping stones to success.

I also understand the importance of maintaining a positive outlook. By fostering a culture that embraces failure as a part of growth, my teams remain motivated to persevere despite obstacles.

In a previous venture, we faced a major setback when a product launch didn’t meet the expected outcomes. However, we turned the situation around through transparent communication, recalibration of our approach, and relentless determination, ultimately achieving greater success.

Overall, I believe that an entrepreneurial journey is marked by both achievements and setbacks, and my ability to navigate and learn from these experiences makes me resilient and valuable to any entrepreneurial endeavor.”

Related : Job Interview Questions About Adaptability +Answers

8. Can you describe when you identified and successfully executed a new business opportunity?

Interviewers ask this question to evaluate your ability to identify and capitalize on opportunities. In your answer, focus on how you identified the opportunity, the steps you took to execute it successfully, and the results you achieved.

“In my prior entrepreneurial role, I identified a gap in the market for personalized wellness subscription boxes. Collaborating with my team, we conducted comprehensive market research to validate the demand and gauge potential competition. With data-backed insights, we crafted a unique value proposition and meticulously planned the execution.

Our strategy involved partnering with local artisans to curate high-quality products, enhancing the appeal of our subscription boxes. Leveraging digital platforms and social media, we created an engaging online presence to connect with our target audience.

The execution was a resounding success. We exceeded our initial sales projections within the first quarter, securing a loyal customer base. By nurturing customer relationships and consistently delivering exceptional value, we managed to sustain growth and expand our product offerings.

This experience underscores my ability to identify untapped market niches, create viable strategies, and transform them into profitable ventures. I’m eager to apply this insight and strategic acumen to continually discover and capitalize on innovative business opportunities within your organization.”

9. How do you balance creativity and innovation with practicality and profitability in your business decisions?

This question assesses your ability to balance creativity with business realities. In your answer, focus on how you use creative and innovative ideas to drive growth and profitability while still considering the practical constraints and risks.

“Striking the right balance between creativity and practicality is pivotal in entrepreneurship. When making business decisions, I approach it as a synergy rather than a trade-off.

I believe innovation should be harnessed to enhance practicality and profitability. To achieve this, I encourage diverse perspectives within my team, fostering an environment where creativity thrives. We brainstorm innovative ideas, ensuring they align with our core objectives.

However, every creative concept undergoes a rigorous evaluation process. We assess its feasibility, resource requirements, and potential impact on profitability. This step ensures that our innovative ideas are rooted in practicality.

Furthermore, I advocate for iterative testing and prototyping to mitigate risks. By gathering real-world data, we validate the viability of creative solutions and make necessary adjustments to enhance profitability.

An example of this approach was when we revamped our product line with innovative features. While these changes excited our customers, we meticulously evaluated their implementation costs and potential revenue increase. This allowed us to make informed decisions that balanced both creativity and profitability.

In essence, my approach involves leveraging creativity to drive practical and profitable solutions. This mindset not only fuels innovation but also ensures that every decision contributes to the overall success of the business.”

10. Can you tell me about a time when you had to pivot your business strategy to adapt to changing market conditions?

Interviewers ask this question to evaluate your adaptability and flexibility as an entrepreneur. In your answer, focus on how you recognized the need for a pivot, the steps you took to implement it, and the positive results it brought.

“One time, in a previous entrepreneurial venture, we faced a significant challenge when a sudden regulatory change disrupted our target market.

Recognizing the urgency, I gathered my team to analyze the new landscape. We identified that the regulatory shift presented an opportunity to cater to a related yet underserved market segment.

Collaboratively, we revamped our strategy, aligning our product offerings with the evolving regulations. This involved adapting our marketing messages, repositioning our brand, and enhancing our product’s value proposition to address the specific needs of the new market.

To ensure success, we focused on effective communication with our existing customers and engaged in outreach to the new segment. This strategic pivot not only enabled us to weather the regulatory storm but also opened up a lucrative avenue for growth.

By leveraging our agility and willingness to adapt, we not only mitigated potential losses but actually expanded our business’s reach and profitability. This experience underscores my ability to remain responsive to market dynamics and strategically pivot when necessary, qualities I’m excited to bring to your entrepreneurial team.”

11. How do you stay current and informed about industry trends and developments in your entrepreneurial pursuits?

This question assesses your industry knowledge and ability to stay up-to-date on relevant developments. In your answer, focus on the sources you use to stay informed and how you apply that knowledge to your business strategies.

“Staying informed about industry trends is paramount in entrepreneurship. I maintain a multi-pronged approach to ensure I’m up-to-date.

Firstly, I cultivate a strong network within the industry, attending conferences, seminars, and networking events. These interactions provide valuable insights and opportunities to exchange knowledge with peers and thought leaders.

Secondly, I’m an avid consumer of relevant publications, from industry-specific magazines to online blogs. These sources offer diverse perspectives and in-depth analyses of emerging trends.

Moreover, I’m proactive on digital platforms, following key influencers and participating in relevant online communities. Engaging in discussions and sharing experiences helps me stay in tune with real-time developments.

Lastly, I encourage a culture of continuous learning within my team. We hold regular knowledge-sharing sessions where team members present on recent trends, fostering a collaborative learning environment.

An example of this approach was when we anticipated a shift in consumer preferences toward sustainable products. Through consistent monitoring of industry reports and engaging in sustainability-focused forums, we were prepared to adapt our offerings accordingly.

In essence, my commitment to ongoing education and fostering connections enables me to remain informed about industry shifts. This ensures that my entrepreneurial endeavors are aligned with the latest trends, driving innovation and sustained success.”

12. Can you describe a time when you successfully raised capital or secured funding for a business venture?

Interviewers ask this question to assess your fundraising and networking skills. In your answer, focus on how you identified potential investors, your approach to pitching your business, and the positive outcomes of your fundraising efforts.

“In a previous entrepreneurial endeavor, we were poised to launch an innovative tech product, but funding was a critical hurdle.

Recognizing the importance of a solid financial foundation, I crafted a comprehensive business plan that outlined our product’s unique value proposition and growth potential. This laid the groundwork for productive conversations with potential investors.

Building on this foundation, I engaged in a rigorous investor outreach campaign. By leveraging my network and attending targeted events, I identified investors who aligned with our vision. During pitch presentations, I emphasized the market opportunity, competitive advantage, and our team’s expertise.

One instance stands out: a high-profile investor was initially skeptical due to the competitive landscape. However, I demonstrated our innovative features and market traction, addressing their concerns. This led to their confident investment, which also attracted interest from other investors.

By combining a compelling business plan with strategic investor engagement, we secured the necessary funding to launch our product successfully. This experience highlights my ability to navigate the complex landscape of securing capital and underscores my commitment to ensuring a venture’s financial health.”

13. How do you identify and evaluate potential business partners or investors?

This question evaluates your ability to identify and select suitable partners or investors. In your answer, focus on the criteria you use to evaluate potential partners, how you conduct due diligence, and how you negotiate terms.

“Identifying the right business partners or investors is pivotal in entrepreneurship. I approach this process with a combination of strategic research and mutual alignment.

Initially, I conduct thorough research to identify potential partners or investors who have a track record of success in our industry. I assess their reputation, past collaborations, and the value they bring beyond just financial support.

Mutual alignment is crucial. I ensure that their goals and values align with our business vision. This involves candid conversations about our long-term objectives, risk tolerance, and strategic priorities.

Furthermore, I prioritize building relationships over transactional interactions. By engaging in open discussions and understanding their expectations, I gain insights into their level of commitment and the potential synergy.

An example of this approach was when we sought an investor for our tech startup. I identified an investor with expertise in our niche and a strong interest in innovative solutions. Through ongoing discussions, we realized our visions aligned, and their expertise would greatly benefit our growth trajectory.

In essence, my approach involves diligent research, alignment of values, and fostering relationships that extend beyond financial transactions. This ensures that our business partners and investors become integral contributors to our success.”

14. Can you tell me about a time when you successfully navigated a difficult negotiation or conflict resolution situation in your business dealings?

Interviewers ask this question to assess your negotiation skills and conflict resolution abilities. In your answer, focus on the specific situation, your approach to negotiation, and the successful outcome you achieved.

“In a previous entrepreneurial role, we faced a critical conflict with a key supplier over pricing and delivery schedules.

To resolve the situation, I initiated an open dialogue, emphasizing our mutual long-term goals. By understanding their perspective and concerns, we identified common ground and explored alternative solutions.

Collaboratively, we devised a win-win scenario: a modified delivery timeline that accommodated their production constraints while maintaining our project deadlines. Additionally, we negotiated volume commitments that ensured stable pricing for both parties.

Maintaining a respectful and solution-focused approach, we successfully defused tensions and reached an agreement that safeguarded our partnership.

This experience reinforced my belief that effective conflict resolution requires active listening, empathy, and creative problem-solving. I’m confident that my ability to navigate such situations would contribute to maintaining strong relationships with partners and stakeholders in your entrepreneurial endeavors.”

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15. How do you prioritize and manage your time and resources in your entrepreneurial pursuits?

This question is asked to evaluate your time management and resource allocation skills. In your answer, focus on the methods you use to prioritize tasks and allocate resources and how you balance short-term and long-term goals.

“Managing time and resources effectively is pivotal in entrepreneurship. My approach revolves around strategic planning and agile execution. To begin, I prioritize tasks by assessing their impact on overall objectives. I break down larger goals into actionable steps, ensuring each aligns with the business’s strategic direction.

Next, I leverage time management tools to allocate my time efficiently. I set specific time blocks for focused work while also accounting for unforeseen tasks that might arise.

Moreover, I believe in the power of delegation. I assign tasks to team members based on their strengths, freeing up my time for high-impact activities.

Regarding resource allocation, I adopt a data-driven approach. Regular evaluations help identify where resources are best invested. This agility enables quick redirection if certain strategies don’t yield the expected results.

An example of this approach was during a product launch. By strategically allocating resources to targeted marketing channels based on data-driven insights, we optimized our reach and achieved impressive sales figures.

In essence, my approach combines strategic planning, effective time allocation, delegation, and data-driven resource management. This ensures that both time and resources are optimized to achieve maximum impact in entrepreneurial pursuits.”

16. Can you describe a time when you successfully launched a new product or service in the market?

Interviewers ask this question to evaluate your ability to execute a successful product launch. In your answer, focus on the steps you took to prepare for the launch, your marketing strategies, and the positive outcomes you achieved.

“In a prior entrepreneurial role, we introduced an innovative software solution to address a gap in the market for streamlined project management.

To ensure a successful launch, I orchestrated a multifaceted strategy. We conducted thorough market research to identify pain points and tailor our product’s features accordingly. Simultaneously, I fostered partnerships with key influencers in the industry to generate buzz.

Engaging with potential users was pivotal. We organized beta testing and gathered valuable feedback, allowing us to fine-tune the product for a seamless user experience.

Our marketing efforts involved a combination of targeted digital campaigns and educational content. By highlighting the product’s unique features and benefits, we attracted attention and created demand.

The launch itself was a culmination of these efforts. The positive response from early adopters and the industry validation we received contributed to a successful market entry.

This experience showcased my ability to orchestrate a comprehensive product launch, from research and development to marketing and user engagement. I’m excited to bring this strategic acumen and hands-on approach to launch new products for your entrepreneurial team effectively.”

17. How do you measure and track the success of your business ventures?

This question is asked to assess your ability to evaluate business performance. In your answer, focus on the metrics you use to track success, the tools you use to measure performance, and how you use that data to make informed decisions.

“Measuring and tracking success in business ventures is paramount. I employ a data-driven approach combined with key performance indicators to assess performance comprehensively.

Firstly, I define clear and quantifiable KPIs that align with our business goals. These could include metrics like revenue growth, customer acquisition costs, customer retention rates, and ROI on marketing efforts.

Regular data analysis is crucial. By gathering and analyzing relevant data, I monitor progress toward these KPIs. This enables me to identify trends, spot areas of improvement, and make informed decisions.

Furthermore, I value feedback from customers and stakeholders. Their insights provide a holistic perspective on how our products or services are perceived and utilized.

An example of this approach was when we launched a new e-commerce platform. Through real-time data tracking, we closely monitored conversion rates and user engagement. By promptly identifying bottlenecks in the user journey, we implemented improvements that significantly boosted sales within a short timeframe.

In essence, my approach involves a combination of defined KPIs, data-driven analysis, and ongoing customer feedback. This ensures that the success of our business ventures is not only measured but also actively managed for optimal results.”

18. Can you tell me about a time when you successfully led a team in a business endeavor?

Interviewers ask this question to understand your leadership abilities and style. They want to know how you motivate and inspire your team, delegate responsibilities, and lead them toward achieving business goals. In your answer, focus on a specific example of a project or venture you led and the challenges you faced, highlight how you communicated with your team, identified strengths and weaknesses, and collaborated to overcome obstacles.

“In a previous entrepreneurial role, we undertook a complex product redesign project to align with changing market demands.

As the team lead, I fostered a collaborative environment where each team member’s strengths were leveraged. I communicated a clear vision and outlined individual roles to ensure a coordinated effort.

Regular check-ins were pivotal. By facilitating open discussions and addressing any challenges promptly, we maintained a cohesive team spirit and kept the project on track.

Moreover, I encouraged innovative thinking. Team members were empowered to propose creative solutions, resulting in a product that surpassed our initial expectations.

One instance that stands out is when we faced an unexpected production delay. Through effective delegation, quick problem-solving, and open communication, the team managed to expedite the process and meet our launch deadline.

This experience showcased my leadership abilities in guiding a team through a complex project. I’m eager to bring this collaborative, solution-oriented approach to lead your entrepreneurial team toward successful endeavors.”

19. How do you handle and manage risk in your entrepreneurial pursuits?

Interviewers ask this question to gauge your risk management skills and how you approach uncertainty. They want to know if you can take calculated risks, identify potential risks and challenges, and develop contingency plans. In your answer, describe a specific business decision or investment you made, how you assessed the risks, and the steps you took to mitigate them.

“Managing risk in entrepreneurial pursuits is a critical aspect of my approach. To begin, I prioritize a comprehensive risk assessment by identifying potential challenges and uncertainties. Then, I collaborate closely with my team to brainstorm innovative solutions that mitigate these risks effectively.

By fostering a culture of open communication, I ensure everyone understands the potential pitfalls and contributes to risk management strategies. One example of this is during a previous venture, where we faced supply chain disruptions. Rather than reactively addressing the issue, we had already established alternative suppliers as part of our risk mitigation plan, allowing us to adapt and maintain operations swiftly.

Additionally, I’m a firm believer in continuous monitoring. Regularly evaluating market trends and adjusting our strategies based on new information helps us stay agile and responsive to changing conditions. This was evident when we navigated a fluctuating market landscape and successfully pivoted our product positioning.

My approach involves thorough risk assessment, collaborative problem-solving, and ongoing adaptation. This ensures that my entrepreneurial pursuits are innovative and well-prepared to navigate uncertainties, ultimately leading to more successful outcomes.”

20. Can you describe a time when you successfully marketed a business or product to a specific target audience?

Interviewers ask this question to understand your marketing skills and how you identify and target potential customers. In your answer, describe a specific marketing campaign or initiative you led, the target audience, and the channels and tactics you used to reach them. Highlight the results of the campaign and how it impacted the business.

“In a previous role, our team launched a health and wellness app targeted at young professionals seeking to improve their work-life balance. Recognizing the importance of resonating with this audience, we conducted thorough market research to understand their pain points and preferences.

By leveraging social media platforms, we created engaging content that highlighted how our app could address their specific needs. Collaborating with influencers who shared our target audience helped us build credibility and reach a wider network. Importantly, we crafted a messaging strategy that focused on the app’s convenience and its positive impact on overall well-being.

To measure effectiveness, we tracked user engagement metrics and received valuable feedback through surveys and online reviews. As a result of our tailored approach, we achieved a 30% increase in app downloads within the first quarter and maintained a steady growth trajectory.

This experience reinforced the significance of understanding a target audience intimately and tailoring marketing efforts accordingly. It showcased the power of relatable content and strategic partnerships to establish brand trust and drive tangible results.”

21. How do you identify and respond to customer needs and feedback in your business ventures?

Interviewers ask this question to understand your customer service skills and how you prioritize customer satisfaction. In your answer, describe how you collect and analyze customer feedback, use it to improve products or services, and communicate with customers to address their needs and concerns.

“Understanding and addressing customer needs is at the core of my approach. Regular interaction with customers through surveys, focus groups, and social media channels provides valuable insights into their preferences and pain points.

Once we gather this feedback, my team and I analyze it meticulously to identify patterns and prioritize areas for improvement. We’ve established a dynamic feedback loop that enables us to adapt our products and services swiftly. For example, in a previous venture, customers expressed a desire for faster delivery times. We restructured our supply chain and implemented a same-day delivery option, resulting in a notable increase in customer satisfaction.

Moreover, I firmly believe in proactive communication with customers. We share updates on product enhancements and involve them in beta testing, making them feel valued contributors to our growth. This approach has consistently led to a loyal customer base and word-of-mouth referrals.

In essence, customer-centricity is woven into every aspect of my entrepreneurial pursuits. By staying attuned to feedback and swiftly addressing needs, we not only enhance customer satisfaction but also drive innovation and sustainable business growth.”

22. Can you tell me about a time when you successfully navigated a legal or regulatory challenge in your business endeavors?

Interviewers ask this question to assess your knowledge of business regulations and how you navigate legal challenges. In your answer, describe a specific legal or regulatory challenge, how you researched and interpreted the laws, and the steps you took to comply with them.

“In a prior venture, we faced a complex regulatory hurdle related to data privacy compliance. To address this, we engaged legal experts who specialized in the field, ensuring a comprehensive understanding of the specific regulations and potential implications.

Working collaboratively, we conducted an in-depth audit of our data practices to identify areas of non-compliance. By taking a proactive approach, we developed a roadmap for implementing necessary changes, such as updating our privacy policy and enhancing user consent mechanisms.

Furthermore, we communicated transparently with our user base about the changes we were making and how they aligned with regulatory requirements. This not only built trust but also showcased our commitment to data protection.

The outcome of this effort was a successful alignment of our operations with the regulations. This experience underscored the importance of seeking expert guidance and proactively addressing legal challenges. It highlighted the value of transparency in maintaining positive customer relationships and safeguarding the business’s reputation.”

23. How do you prioritize and allocate resources in your entrepreneurial pursuits?

Interviewers ask this question to understand your resource management skills and how you prioritize business objectives. In your answer, describe a specific project or venture you managed, the resources you had, and how you allocated them to achieve business goals.

“Resource allocation is a crucial aspect of my entrepreneurial approach. To effectively prioritize, I begin by outlining clear business objectives and identifying the core activities that drive those goals. This allows me to focus resources on the most impactful areas.

Next, I evaluate the strengths and limitations of my team, ensuring that tasks align with their expertise. By leveraging their skills optimally, we achieve higher efficiency and quality in our outputs. For instance, in a past venture, we allocated design and marketing resources to areas where team members had a proven track record, resulting in more compelling branding and messaging.

Additionally, I continuously monitor and reassess resource utilization. If a project isn’t yielding the expected outcomes, I’m not hesitant to reallocate resources to initiatives with higher potential returns. This adaptive approach was evident when we redirected resources from a stagnant product line to a new market opportunity, leading to substantial revenue growth.

In essence, my resource allocation strategy combines aligning resources with business objectives, leveraging team strengths, and maintaining flexibility to optimize outcomes. This ensures a dynamic and efficient allocation that maximizes our entrepreneurial pursuits’ success.”

24. Can you describe a time when you successfully collaborated with others to achieve a business goal?

Interviewers ask this question to understand your teamwork skills and how you work with others to achieve common objectives. In your answer, describe a specific project or initiative you collaborated on, the roles and responsibilities of the team members, and the steps you took to ensure successful collaboration.

“Collaboration is a cornerstone of my approach to entrepreneurship. In a recent venture, we aimed to expand into a new market segment. I facilitated cross-functional collaboration between our marketing, sales, and product teams to ensure a cohesive strategy.

By fostering open communication and regular meetings, we aligned our efforts and leveraged each team’s strengths. For instance, marketing provided market research insights, sales contributed customer feedback, and product shared technical feasibility assessments.

This collaboration resulted in a tailored product offering that resonated with the new segment’s needs. We also implemented a coordinated launch plan that combined targeted marketing campaigns and sales outreach. As a result, we achieved a 20% increase in market share within six months.

This experience highlighted the power of collaboration in leveraging diverse expertise to drive business growth. It reinforced my belief that successful outcomes are often the result of collective effort, where everyone’s contributions are valued and integrated seamlessly to achieve common goals.”

25. How do you balance short-term gains with long-term sustainability in your business decisions?

Interviewers ask this question to understand your business strategy and how you prioritize short-term gains vs. long-term growth. In your answer, describe a specific business decision, how you considered both short-term and long-term impacts, and the rationale behind your decision.

“Striking the right balance between short-term gains and long-term sustainability is integral to my decision-making in entrepreneurship. I approach this by considering the immediate impact as well as the potential consequences down the line.

For instance, in a previous venture, we had the opportunity to secure a large short-term contract that promised substantial revenue. However, it required us to divert resources from our ongoing R&D efforts. To make an informed decision, we evaluated how this move aligned with our long-term vision and growth trajectory.

Ultimately, we decided to prioritize maintaining our R&D momentum, even though it meant foregoing the immediate revenue boost. This choice paid off as we introduced a game-changing product that positioned us strongly in the market for years to come.

This experience underscores the significance of evaluating short-term gains within the context of long-term sustainability. It highlights the importance of aligning decisions with the business’s overarching goals and values, ensuring that short-term choices contribute to a solid foundation for sustainable growth and innovation.”

26. Can you tell me about a time when you successfully implemented an innovative solution to a business challenge?

Interviewers ask this question to assess your creativity and problem-solving skills. In your answer, describe a specific business challenge, how you identified an innovative solution, and the steps you took to implement it.

“Innovation in overcoming business challenges is a key driver for me. In a previous venture, we faced intense competition and needed a unique approach to stand out. I led a team brainstorming session that encouraged diverse perspectives, which resulted in the idea of a subscription-based model with personalized add-ons.

Collaborating with our tech team, we swiftly developed a dynamic online platform that allowed customers to customize their orders. This not only differentiated us in the market but also fostered customer loyalty through tailored experiences.

The implementation wasn’t without challenges, but we consistently sought feedback and iterated to refine the platform’s user experience. The result was a 35% increase in customer retention and substantial word-of-mouth referrals.

This experience highlighted the power of innovative thinking and the importance of translating ideas into actionable solutions. It reinforced my belief that embracing new approaches, coupled with agile execution and continuous improvement, is essential for sustained success in entrepreneurship.”

27. How do you handle and manage change and uncertainty in your entrepreneurial pursuits?

Interviewers ask this question to assess your adaptability and resilience in uncertain environments. In your answer, describe a specific situation where you faced change or uncertainty, how you adapted to the situation, and the steps you took to mitigate risks and capitalize on opportunities.

“Navigating change and uncertainty is integral to entrepreneurship, and I approach it with adaptability and strategic planning. When faced with sudden market shifts in a previous venture, I initiated regular cross-functional meetings to assess the impact and brainstorm mitigation strategies collaboratively quickly.

By fostering an open dialogue, we harnessed the collective expertise of the team to identify alternative revenue streams and pivot our product offerings. For instance, we swiftly transitioned to offering virtual services to cater to the changing customer needs.

Additionally, I prioritize maintaining a flexible business model that can accommodate unforeseen changes. This involves scenario planning, creating contingency funds, and regularly evaluating our risk exposure.

In essence, my approach to handling change and uncertainty involves proactive communication, collaborative problem-solving, and maintaining a resilient business framework. By embracing change as an opportunity for innovation and adaptation, I ensure that my entrepreneurial pursuits remain responsive to dynamic market conditions and well-equipped to thrive in the face of uncertainty.”

28. Can you describe a time when you successfully managed a crisis in your business endeavors?

Interviewers ask this question to assess your ability to handle unexpected and challenging situations that may arise in business ventures. When answering, you should provide a specific example of a crisis you faced, your thought process for handling the situation, the steps you took to mitigate the impact, and the outcome of your actions.

You should also highlight your ability to stay calm under pressure, make quick decisions, and communicate effectively with stakeholders.

“Managing a crisis effectively is a testament to an entrepreneur’s ability. In a past venture, a production delay threatened a critical product launch. To address this, I swiftly assembled a crisis management team comprising operations, logistics, and communication experts.

Together, we outlined a comprehensive plan that involved shifting production timelines, managing customer expectations transparently, and exploring alternative distribution channels. This required seamless coordination and clear communication across teams.

By implementing this plan, we successfully minimized the negative impact on customer satisfaction and maintained our brand reputation. Moreover, we turned this crisis into an opportunity by offering exclusive pre-order incentives, which generated significant buzz and anticipation.

This experience reinforced the importance of rapid, coordinated action during crises. It highlighted that open communication, strategic decision-making, and the ability to transform challenges into opportunities are essential traits for navigating turbulent waters in entrepreneurship.”

29. How do you foster and maintain relationships with clients, customers, and stakeholders in your business ventures?

This question is asked to assess your interpersonal and relationship-building skills, which are crucial for the success of any business venture. In your answer, you should describe your approach to building and maintaining relationships with clients, customers, and stakeholders. This can include your communication style, methods for keeping clients informed and engaged, and strategies for resolving conflicts or issues that may arise.

“Building and nurturing relationships is a cornerstone of my entrepreneurial approach. I prioritize regular communication that goes beyond transactions, seeking to understand their needs deeply. This allows me to tailor our offerings and demonstrate genuine commitment.

Moreover, I believe in proactive engagement. For instance, in a prior venture, we established a dedicated customer support team that not only addressed concerns promptly but also reached out to gather feedback and suggestions regularly. This fostered a sense of partnership and loyalty.

Furthermore, I recognize the value of face-to-face interactions. Attending industry events and conferences allows me to connect on a personal level with clients, customers, and stakeholders. These interactions strengthen bonds and often lead to mutually beneficial collaborations.

In essence, my relationship-building strategy revolves around understanding, proactive communication, and personal engagement. By investing time in building trust and mutual respect, I ensure that clients, customers, and stakeholders view our ventures as more than just business transactions, but as enduring partnerships for shared success.”

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30. Can you tell me about a time when you successfully scaled a business or product to reach a larger audience?

Interviewers ask this question to assess your ability to drive business growth and expansion. In your answer, focus on describing a specific example of how you successfully scaled a business or product, including the strategies you used to reach a larger audience, the challenges you faced, and the outcomes of your efforts. You should also highlight your ability to identify and capitalize on growth opportunities.

“Scaling a business for broader impact is a rewarding challenge I’ve embraced. In a recent venture, our goal was to expand our e-commerce platform’s reach to international markets. We began by conducting thorough market research to understand cultural nuances and preferences.

With this insight, we localized our website, content, and marketing strategies to resonate with each target audience. Collaborating with local influencers and partners amplified our brand’s presence and authenticity.

Additionally, we optimized our supply chain and logistics to ensure seamless international deliveries. By offering region-specific promotions and personalized customer support, we demonstrated our commitment to the new markets.

The result was a 300% increase in international sales within a year. This experience underscored the significance of adapting our approach while preserving our core values. It highlighted that successful scaling involves meticulous planning, strategic partnerships, and a dedication to understanding and meeting diverse customer needs.”

31. How do you identify and mitigate potential business risks and challenges?

This question assesses your ability to think critically and strategically about potential risks and challenges that may arise in business ventures. When answering, describe your approach to identifying and assessing risks, including your ability to anticipate potential challenges and develop contingency plans. You should also highlight your ability to take proactive measures to mitigate risks and minimize potential negative impacts.

“Risk management is integral to my entrepreneurial approach. I begin by conducting a comprehensive risk assessment, identifying both internal and external factors that could impact our ventures. Collaborating with experts across domains helps us gain diverse perspectives on potential challenges.

Once risks are identified, I work closely with my team to develop mitigation strategies. We prioritize the risks based on their potential impact and likelihood, allocating resources accordingly. For instance, in a previous venture, we faced potential supply chain disruptions due to geopolitical instability. By diversifying suppliers and establishing contingency plans, we ensured consistent operations.

Furthermore, I’m a believer in ongoing monitoring. Regularly evaluating market trends and reassessing risks allows us to adapt strategies as needed. This approach was evident when we navigated changing consumer preferences and adjusted our product offerings.

In essence, my risk management strategy involves a thorough assessment, collaborative solution-building, and continuous monitoring. By proactively identifying and addressing potential challenges, I ensure that my entrepreneurial pursuits are innovative and well-prepared to navigate uncertainties and achieve sustainable growth.”

32. Can you describe when you successfully navigated a partnership or joint venture in your business?

Interviewers ask this question to assess your ability to collaborate effectively with others in business ventures. When answering, focus on describing a specific example of how you successfully navigated a partnership or joint venture, including your approach to building and maintaining positive relationships with partners, the challenges you faced, and the outcomes of your efforts. You should also highlight your ability to communicate effectively and negotiate effectively with partners.

“Building successful partnerships is a cornerstone of my entrepreneurial journey. In a recent venture, we aimed to expand our market presence by collaborating with a complementary business. By identifying mutual goals and shared values, we established a strong foundation for our partnership.

Clear communication was paramount throughout the process. We outlined expectations, roles, and responsibilities, ensuring alignment on key objectives. This transparency fostered trust and effective collaboration.

During the joint venture, we encountered unforeseen logistical challenges that threatened project timelines. By maintaining an open dialogue and a problem-solving mindset, we swiftly identified solutions, adjusted strategies, and successfully delivered results on time.

This experience underscored the significance of strong partnerships based on shared vision and effective communication. It highlighted that successful joint ventures require a blend of strategic alignment, transparent communication, and adaptability to ensure mutual growth and shared success.”

33. How do you prioritize and manage multiple business ventures or projects simultaneously?

This question assesses your ability to manage time effectively and prioritize tasks to ensure the success of multiple business ventures or projects. When answering, focus on describing your approach to managing multiple projects or ventures, including your methods for setting priorities, delegating tasks, and managing timelines. You should also highlight your ability to stay organized and focused under pressure.

“Managing multiple business ventures or projects demands a strategic approach. To tackle this, I initially create a comprehensive overview of all projects, analyzing their timelines, resource requirements, and potential impacts. Following this, I meticulously categorize tasks based on urgency and importance, ensuring that critical milestones are met without compromise. Communication becomes my cornerstone – I consistently update teams about project progress, fostering transparency and alignment.

Moreover, I rely heavily on technology to streamline processes. Utilizing project management tools, I delegate tasks, set deadlines, and monitor progress in real-time. Adapting swiftly to changing circumstances is pivotal, and I pivot seamlessly by reevaluating priorities and redistributing resources when necessary. Constantly evaluating the projects’ alignment with overarching business goals enables me to make informed decisions about resource allocation and potential adjustments.

Collaboration is key. I encourage cross-functional teams to share insights and best practices, fostering a dynamic environment where innovation thrives. Harnessing the strengths of each team member empowers us to overcome challenges collectively.

In conclusion, my approach blends strategic planning, efficient delegation, continuous communication, adaptability, and collaborative teamwork. This integrated method ensures the successful management of multiple business ventures or projects simultaneously, contributing to sustainable growth and success.”

Related : Time Management & Prioritization Interview Questions & Answers

34. Can you tell me about a time when you successfully sold a business or exited a venture?

Interviewers ask this question to assess your experience managing the financial aspects of business ventures, including buying, selling, and exiting businesses. When answering, describe a specific example of how you successfully sold a business or exited a venture, including the strategies you used to prepare for the sale or exit, the negotiations involved, and the outcomes of your efforts. You should also highlight your ability to manage the financial aspects of business ventures effectively.

“In a previous venture, I recognized the market’s changing landscape and saw an opportunity to exit profitably. I engaged with industry contacts, seeking potential buyers who aligned with the business’s vision and values.

After identifying a prospective buyer, I initiated negotiations, highlighting the venture’s unique value proposition and its growth potential. Collaboratively, we established a mutually beneficial agreement that satisfied both parties objectives. To ensure a smooth transition, I assembled a cross-functional team, facilitating knowledge transfer and maintaining client relationships.

Throughout this process, maintaining transparency was paramount. Effective communication ensured all stakeholders were on the same page and minimized disruptions. The transition was seamless, and the business continues to thrive under new ownership.

This experience taught me the significance of foresight and adaptability in entrepreneurship. It reaffirmed my commitment to strategic decision-making and fostering relationships to achieve successful outcomes.”

35. How do you maintain a work-life balance in your entrepreneurial pursuits?

Interviewers ask this question to assess your ability to manage stress and maintain a healthy work-life balance, which is essential for the long-term success of any business venture.

When answering, describe your strategies for managing stress, maintaining healthy habits, and setting boundaries between work and personal life. You should also highlight your ability to prioritize self-care and maintain a healthy perspective on the challenges and demands of entrepreneurship.

“Achieving work-life balance as an entrepreneur is crucial for sustained success. To maintain this equilibrium, I implement effective time management techniques, allocating specific blocks for work, personal commitments, and relaxation. This ensures that I’m fully present and productive in each aspect of my life.

Additionally, I’ve embraced delegation as a key strategy. Entrusting capable team members with tasks empowers them and frees me to focus on high-priority responsibilities. It’s about recognizing that I don’t need to handle everything alone.

Furthermore, setting clear boundaries is essential. I establish dedicated work hours and stick to them rigorously, allowing myself to disconnect and recharge during personal time. Similarly, I avoid checking work-related communication during non-work hours to foster mental detachment.

Regularly evaluating my priorities and goals helps me align my efforts with what truly matters. This prevents burnout and ensures that I’m investing time where it counts the most.

Lastly, I prioritize self-care and engage in activities that rejuvenate me. Whether it’s exercise, spending time with loved ones, or pursuing hobbies, these moments of renewal have a positive impact on my overall well-being.

In conclusion, my approach involves effective time management, delegation, boundary-setting, aligning priorities, and self-care. This combination allows me to excel in both my entrepreneurial pursuits and personal life, fostering a sustainable work-life balance.”

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