Module Quiz 1

- Focus on “myths vs. realities” — these show up on quizzes.
- Be ready to explain risk (financial, social, psychological) with an example.
- Review the entrepreneurial process: opportunity → resources → launch/growth.

Module 1 Study Guide

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Use this guide to review key concepts before you take the Module 1 quiz. We’ll add the quiz overlay to this page next.

- Entrepreneurship = value creation + innovation + risk management.
- Entrepreneurs identify opportunities from unmet needs and change.
- Know myths vs. reality (born vs. made, reckless vs. calculated).
- Understand roles: entrepreneur vs. manager vs. intrapreneur.
- Definition: Creating something new with value while managing financial, social, and psychological risks.
- Importance: Drives innovation, creates jobs, promotes growth.
- Types of Startups: Lifestyle, small enterprise, scalable, social ventures.
- Process: Opportunity recognition → resources → launch & growth.
- Characteristics: Risk-taking, innovation, resilience, proactive decisions.
- Ethics & Responsibility: Ethical decisions and sustainable practices.
- Define entrepreneurship and its key components.
- Explain entrepreneurship’s role in the global and local economy.
- Describe the entrepreneurial process and opportunity pursuit.
- Differentiate venture types (small business, startup, social enterprise).
- Identify key traits of successful entrepreneurs.
- Understand risks and rewards associated with entrepreneurship.
- Recognize ethics and social responsibility in entrepreneurship.
- Appreciate innovation and creativity’s role in success.
- Entrepreneur
- Intrapreneur
- Opportunity recognition
- Calculated risk
- Value creation
- Can I explain the entrepreneurial process in 3 steps?
- Can I give an example of each type of startup?
- Can I describe at least 2 risks entrepreneurs take?
Focus Terms:

OpportunityValueRiskInnovationIntrapreneur