Reference no: EM132949037

Question - You've been baking for many years as a professional pastry chef and have chosen to start your own pastry shop. The leadership side of the company can be handled by a member of your family. Having never owned or started a company, you and your family member agree that learning about entrepreneurship, creativity, venture drafting, and idea generation as advocated by Drucker, Mitchell, Schumpeter, and Vesper is a good idea for both of you. You've been asked to consider the following suggestions. Answer the following questions correctly.

1. To you, what does the idea of entrepreneurship imply?

2. What is the relationship between entrepreneurship and innovation?

3. In the cheese shop, how will value be created?

4. What are the most common personality traits among entrepreneurs?

5. Illustrate how to apply the general venturing template to entrepreneurship.

6. Explain the concept of design thinking.

7. What are some of the mental roadblocks that many would-be businesses face when it comes to starting a business?

8. Explain the strategies used to overcome and overcome the roadblocks to departure.

9. Describe how Baron and Schumpeter define opportunity identification.

10. Plan the latest pastry shop with design thinking in mind.

11. List the advantages and disadvantages of Madden International's budgeting and control scheme.

12. Why would a company like Madden International depend on structured financial management structures so heavily?