ENTREPRENEURSHIP

Detailed explanation-1: -Ewing Kauffman took a risk when he started his company Marion Labs in 1950. How Ewing Kauffman ran his business illustrates corporate entrepreneurship. Entrepreneurial opportunities are those situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost.

Detailed explanation-2: -An entrepreneur is an individual who takes the risk to start their own business based on an idea they have or a product they have created while assuming most of the risks and reaping most of the rewards of the business.

Detailed explanation-3: -The McMullen-Shepherd model explains how knowledge and motivation influence two stages of entrepreneurial action. Stage 1 is the realization an opportunity exists for someone. Stage 2 is determining whether it is an opportunity for themselves.

Detailed explanation-4: -The effectuation process starts with what one has and selects among possible outcomes.

Detailed explanation-5: -Which of the following is true of the impact of age on entrepreneurs? Entrepreneurial experience and age are not good predictors of success. Entrepreneurial careers are quite popular later in life after one’s children have the left the home.