1) What are the main intensions to act entrepreneurially?

- Entrepreneurs intend to pursue certain opportunities, enter new markets, and offer
new products.
Entrepreneur’s self-efficacy refers to the conviction that one can successfully execute
the behavior required; people who believe they have the capacity to perform (high
self-efficacy) tend to perform well.
Perceived desirability refers to an individual’s attitude toward entrepreneurial action-
the degree to which he or she has a favorable or unfavorable evaluation of the potential
entrepreneurial outcomes.
Therefore, the higher the perceived desirability and feasibility, and self-efficacy the
stronger the intention to act entrepreneurially.

2) Describe the difference between managerial and entrepreneurial decision-

making?

- Entrepreneurial management is distinct from traditional management in terms

of eight dimensions: strategic orientation, commitment to opportunity, commitment
of resources, control of resources, management structure, reward philosophy,
growth orientation, and entrepreneurial culture.

3) Ethics, do the right thing?

- It [ethics] creates an element of trust, familiarity and predictability in the business.

We’re in an industry where a lot of people cut corners. I just don’t think that’s good
for business. You don’t get a good reputation doing things that way. And eventually,
customers don’t want to do business with you. Therefore, many entrepreneurs are
thinking about ways that they and their firms can “do more good” and how this
represents a way “to get ahead.”

4) Explain the methods of generating business ideas?

- The entrepreneur can use several methods to help generate and test new ideas, such
as focus groups, brainstorming, brainwriting, and problem inventory analysis.

In a focus group, a moderator leads a group of people through an open, in-depth

discussion rather than simply asking questions to solicit participant response.
The brainstorming method stimulates people to be creative by meeting with others and
participating in an organized group experience.
Brainwriting is a silent, written generation of ideas by a group of people.
The participants write their ideas on special forms or cards that circulate within the
group, which usually consists of six members.
Problem inventory analysis uses individuals in a manner analogous to focus groups to
generate new product ideas. However, instead of generating new ideas themselves,
consumers in the group are provided with a list of problems in a general product
category. They are then asked to identify and discuss products in this category that
have the particular problem.

5) List and explain the main legal documents of entrepreneurs?

6) Explain the difference between business plan and marketing plan?

- The marketing plan is an important part of the business plan since it describes how
the product(s) or service(s) will be distributed, priced, and promoted.
The business plan is a written document prepared by the entrepreneur that describes all
the relevant external and internal elements involved in starting a new venture. It is
often an integration of functional plans such as marketing, finance, manufacturing, and
human resources.

7) What is the main idea of the trend?

- A trend often provides one of the greatest opportunities for starting a new venture,
particularly when the entrepreneur can be at the start of a trend that lasts for a
considerable period of time. Seven trends that provide opportunities, include wearable
trend, green trend, payments, maker trend, mobile trend, health trend, and the Internet
of things.

8) In your opinion, how the entrepreneurs should develop their management

team?

- For me there are 6 tips for developing management team and achieve effective team
management:

Be transparent. Transparent working environments have been found to make teams

more accountable, happy and creative.

Keep communicating.

Provide valuable feedback.

Encourage collaboration.

Trust your team to do their job.

Prevent team burn-out.

9) Explain briefly the limited liability company and private limited company
(LTD).

- An LLC is a “limited liability corporation”, basically a group of people coming

together to create a commercial entity that limits their liability to the assets in that
entity, like corporation and partnership. That is, the most they can lose is what they put
in... So their personal assets outside the LLC are protected.
A private limited company (LTD) is a corporate structure that is used by a single
individual to achieve the same goal - protect personal assets from commercial loss.
The LTD is used a lot by doctors, lawyers, and accountants to limit their losses in the
event of a malpractice judgement that might otherwise bankrupt them.
(i.e., double taxation vs. pass-through taxation; formalities required to retain shield
of liability vs. lack of formalities required to prevent piecing the corporate veil;
terminology and organizational structure (shareholders - directors - officers/employees
vs. members - managers/employees)).

10) Financial information needs of the business plan.

- Before preparing the financial section of the business plan, the entrepreneur will need
to prepare a budget that includes a list of all possible expenditures in the first year and
a list of all revenue sources, including sales and any external available funds. Thus, the
budget includes capital expenditures, direct operating expenses, and cash expenditures
for nonexpense items.
The financial section is composed of four financial statements: the income statement,
the cash flow projection, the balance sheet, and the statement of shareholders' equity.