MG305 Tutorial Questions – WEEK 3

Review and Discussion Questions [see p. 28 of the scan copy on Moodle]

Questions

1, 2, 3, 4, 6, 10,12, 13, 14, 15

Case-study:
Read Case 1.2 (Paul Cave) [refer to the scan copy on Moodle].

QTS 1. Potential Role for Entrepreneurs in the Era of Climate Change. Entrepreneurs can play a crucial
role in addressing the challenges of climate change through various initiatives:

1. Innovation: Entrepreneurs can develop and implement innovative technologies and solutions to
reduce carbon emissions, promote renewable energy, and enhance energy efficiency.
2. Adaptation: Entrepreneurs can create businesses focused on climate change adaptation, such as
developing resilient infrastructure, sustainable agriculture, and water management solutions.
3. Education and Advocacy: Entrepreneurs can raise awareness about climate change and
advocate for sustainable practices within their industries and communities.
4. Investment: Entrepreneurs can drive investment in sustainable businesses and technologies,
fostering a transition to a low-carbon economy.
5. Policy Influence: Entrepreneurs can engage in policy advocacy to promote regulations and
incentives that support climate-friendly practices and technologies.

By leveraging their creativity, resources, and influence, entrepreneurs can contribute significantly to
mitigating and adapting to the impacts of climate change.

2. Difference Between Social Entrepreneurs

and Business Entrepreneurs
Social entrepreneurs focus on addressing social issues and creating social impact, (to ensure
people in rural islands get to access to many things, services) while business
entrepreneurs primarily aim to generate profit through their ventures. (Desire to make profits and
mark ups)

3. Difference Between Entrepreneurs and

Small-Business Managers
Entrepreneurs are individuals who take on financial risks to create and develop new ventures
(they want to increase their sales and markets), while small-business managers are responsible
for overseeing the daily operations of an existing small business. (Optimise market)

4. Brief Description of 'Entrepreneurship'

Entrepreneurship refers to the process of identifying, creating, and pursuing opportunities to
develop new products, services, or businesses, often involving innovation and risk-taking. (seek
characteristics, risk takers )

6.Distinction Between 'Enterprising' and

'Entrepreneurial'
In some languages, 'enterprising' may refer to being resourceful and proactive, while
'entrepreneurial' often implies the specific pursuit of business opportunities and ventures. (Risk
takers)

10.Preferred School of Entrepreneurial

Thought
The preferred school of entrepreneurial thought varies among individuals based on their values,
beliefs, and experiences. Each school offers unique perspectives and insights, making it a matter
of personal preference. E.g., Micro school of thought, economic school of thought, financial
capital school of thought.

12.Entrepreneurship and 'Human Freedom'

While entrepreneurship can empower individuals and contribute to economic freedom, it is not
synonymous with 'human freedom,' which encompasses broader social, political, and human
rights aspects.
-

13.Professions with the Highest Proportion

of Self-Employed People
Professions such as consultants, freelancers, real estate agents, and artists often have a high
proportion of self-employed individuals due to the nature of their work.

14.Relevance of Personal Entrepreneurship

Education Curriculum
Yes, the relevance of a personal entrepreneurship education curriculum depends on individual
goals, interests, and the practical applicability of the knowledge and skills gained.

15.Personal Gain from Entrepreneurship

Education
Personal gains from entrepreneurship education may include acquiring practical business skills,
developing a mindset for innovation, and gaining insights into identifying and pursuing
opportunities.
- To become rich quickly, employment
- To able to open up a business and be able to help others.
- Bale to become a dynamic business entrepreneur.

Case study:

1. What was the opportunity that Cave saw that allowed him to market someone else’s product
without any money?
-Paul Cave was the founder and chairman of Bridge climb, he has created opportunity for
millions of people to climb the Sydney Harbor Bridge. It was a fascinating opportunity but not
for their money.
-Provide services
-He pays the marketing costs of the services.
The Sydney harbor bridge is not his bridge.
2. Cave gives meaning to the I Ching’s hexagram in adversity, it furthers ones to be preserving’.
Give your own interpretation of this. What does Cave mean when he discusses enabling the
customers to become heroes?
This means that, customers after climbing may become well known and set their own histories
which may praised by people and their own countries.

3. What entrepreneurial traits did Cave exhibit in starting this business?

- Recognizing opportunity, persistently overcoming barriers, utilizing resources that he did
not directly control (including the bridge itself, as well as advertising funds.
- Drive to achieve
- Determination and thought
- creativity and determination