MICHAEL RAKOCHY – Wight
October 10th 2007
Ent 30 exam
A 1) we need entrepreneurship in our society because without it we would have no choices. If everything was ran by the government there would be no competition everything would be a set price and that’s that. With entrepreneurship there is competition and that changes the prices of some things and has “price wars”
A 2) an invention is different then an innovation hers how. An invention is a new product or service not yet made and is being done for the first time. An innovation is something that improves it. Such as; the rotary dial phone. The innovation would be the touch dial phone and then eventually the cell phone. That invention was the phone but the innovation was replacing the rotary dial with numbers to just press.
A 3) 5 Canadian inventions. 1) garbage bag 2) anti gravitation suit (g suit) 3) light bulb 4) telephone 5) table hockey
B)
1) an opportunity does in fact lie within this situation !
2) There is a need , want , problem , or challenge to be meet here. The opportunity would be that he does not have enough time to recycle his paper but does have a lot of it
3) an Idea could be to start a door to door recycling company to collect paper in blue bins. You could use wagons or push carts. Even the back of an SUV and go to peoples houses and ask if they have any paper to recycle because you go through people’s nabor hood and collect paper to help the environment.
C) entrepreneurship is basically someone who wants to start their own business, has a business plan, and wants to work on their own. They also have the idea and skills required to start their own business. A child lemonade stand is a perfect example of entrepreneurship. Someone has looked at a need want problem or challenge and figured out a way to solve it. So in the case of the lemonade stand it was people need something to drink in the day (it might be hot out so a good idea would be to start it near a construction site).
D) multiple choice
1) c
2) B
3) A
4) C
5) A
6) false
7) false
8) true (they take whats called “calculated risk”)
9) true
10) True
E) “Attitude key to surviving misfortune”
A) both men where determined – the “never give up” attitude is key to owning your own business. When the going gets though the tough get going. As they say. And its true you wont be successful if you quit when it gets hard. Both men had GREAT difficulty in what they did.
Both men had goals – both of them had a goal to do something great and never gave up until they got there. Abraham Lincoln lost 4 or 5 elections his son died he went through a nervous breakdown but still he stood strong. Walt Disney never gave up either. When he lost ALL his money he started doing free lance photography then later went on to create Mickey mouse which is recognized by everyone!
b) Attitude is important because if you don’t look at things the right way noting will ever go right for you! If you get up in the morning and say “damn yesterday I could net sell a thing” that is the attitude that you will have and you will lose money because u don’t seem excited about anything. But if you wake up and say “well I lost a bit yesterday but today I can turn it around” that’s when you will be successful. When you have one bad day or a bad money and money gets tight you still keep your head up and try the best you can to get out of your predicament.