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HULT International Business School
Principles of Entrepreneurship (ENT200) - Midterm Exam Study Guide
Note - For the semester with D
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Entrepreneurship is about ​Economy Growth​, ​the engine of growth in an economy (employment > consumption
> tax space > growth economy), ​New industry formation​, which can lead to the establishment of new industries
through the exploitation of technology, market trends, and overall consumer behavior
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2
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​ The ​analysis of resources ​include:

- ​human​: intellectual, property, IT
- ​capital​: infrastructure, money, assets, technology
4
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Fail fast is a philosophy that values extensive testing and incremental development to determine whether an idea
has value
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Fail fast is often associated with the lean startup methodology
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The concept of failing fast is also
associated with differences between the waterfall and agile approaches to software development
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In contrast, a company that embraces the fail
fast philosophy develops their product or service incrementally, continually testing customer satisfaction to make
sure the product or service meets customer needs before investing more time and money
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Failing fast seeks to take the stigma out of the word "failure" by emphasizing that the knowledge gained
from a failed attempt actually increases the probability of an eventual success
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Funding options: never use your own capital in the pursuit of opportunities ​→ ​4F = Founder’s, Family, Friends,
Fools
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Obtaining seed

capital is the first of four funding stages required for a startup to become an established business
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It
generally covers only the first essentials such as a business plan and initial operating expenses
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Neither is inclined to invest large amounts of money in a new idea that exists only on paper unless it comes from a
successful serial entrepreneur
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They often enjoy a hands-on role in helping develop a company from scratch
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The assets of the company being acquired are often used as collateral for
the loans, along with the assets of the acquiring company
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Lean Startup Methodology

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