University Entrepreneurship Assignment Analysis and Solution

This document presents a comprehensive solution to an entrepreneurship assignment, analyzing various aspects of business and entrepreneurial concepts. The assignment delves into topics such as the characteristics of creative companies like IDEO, examining their interdisciplinary approaches and problem-solving strategies. It also explores the qualities of successful entrepreneurs, using a case study to highlight optimism, risk-taking, and market demand. The solution further examines the Lean Startup method, identifying factors that mitigate risks and foster experimentation. Moreover, it discusses different types of capital (financial, human, and social) and market positioning strategies. The document concludes with an analysis of values, skills, and the benefits of part-time jobs for graduate students, along with relevant transferable skills and career advice.

Running head: QUESTION- ANSWERS
QUESTION- ANSWERS
Name of the Student:
Name of the University:
Author Note:

1QUESTION- ANSWERS
A.
1. False.
2. False.
3. True.
4. False.
5. True.
6. True.
7. True.
8. False.
9. True.
10. False.
B.
The reasons for the IDEO to be very creative are,
 The company is very much focused onto the interdisciplinary approaches as it is very
much human centred.
 They also aim to create imaginative minds, by implementing creative mindsets and skills,
and teach the same to others.
 They consider the cultures of an area and incorporate the profit making approaches into
it.
 They are more oriented towards solving problems and driving change through ne
ventures and they consider opinion from all in order to develop and plan for a new idea.
C.

2QUESTION- ANSWERS
1. The entrepreneur mentioned in the passage had showed a lot of characteristics of being an
entrepreneur. However, the two most important if them are,
μ First, being extremely optimistic. Upon reviewing the passage it can be understood that
Timo had been extremely optimistic when he had developed the idea of launching his
own business. He had been extremely optimistic about the industry that he had chosen.
He went for three consecutive years without any money or any salary to himself. He used
to di all kinds of jobs, during the initial years, which had even affected his family life.
Therefore, he had not only been only optimistic but extremely determined.
μ Second, he had the courage to take the risks. At the peak of his professional career, he
had quit his job which was paying him a huge amount. He was very good at his job, and
he went from a high salary to no salary and this was a huge risk for him. Also, he knew
that his family would be extremely affected by his decisions.
2. Timo’s business is a market demand. Timo saw that, many of the office goers are actually
in need of good food which they do not have to eat in a haste, and which will be healthy
to some extent. Therefore, he had come up with the option of making meal kits. He
realized that they have the minimal time for making up their meal, which will work like a
relaxation for the. In his office, he could see the demand for the same. Also, he observed
that there is very low competition in the market, so if he starts his company now, then he
would have a better opportunity to avail a good market position.
3. The approach that Timo had included is a lead entrepreneur approach, and not a team
entrepreneur approach. If the case study can be reviewed properly, then it can be seen
that Gousto is dependent more upon the innovative ideas. The idea of the market and the
products had been conceived upon an innovative approach, and determining a lack in the

3QUESTION- ANSWERS
market which was also a need within the same. Furthermore, it was only his idea and his
vision which had enabled the organization to be a part of £130,000 within seven years of
conceiving the plan. Also, till today, it is his imaginations and his visions mainly, which
are driving the organization up in the economic ladder. The recent development within
the organization regarding the incorporation of technologies and the sustainable
approaches, that the organization is including, are also his visions and his imaginations.
4. Timo had used the Lean Start- up method in order to ensure decreased risks. The lean
start- up method determines upon a number of factors. Therefore, the three factors that
help in determining the risk situations and also help in minimizing the same.
 First is, the starting with the riskiest options, which will provide the best market
understanding and the ways these risks and these challenges can be mitigated. To take a
risk it is important to determine the positive and the negative factors that are available in
the market, therefore, this helps the people in determining challenges as well, thus
providing the businessmen a complete understanding of the factors that will eventually
help them to address or mitigate the risk.
 Secondly, the start-up method helps one in developing the experimental rates. The lean
method requires to implement the experimental processes and aspects as fast as possible.
It enable the businessmen to start with the cheap and fast experiments and therefore, of an
uncertain situation come up, then the person will not have to invest much. Similarly, a
costly experiment will determine more expense. Therefore, if the case study is considered
then it can be found, that Tim had started with cheap experiments, like making different
dishes at home, and trying them on his friends and thus gathering opinions and
viewpoints.

4QUESTION- ANSWERS
 Thirdly, the lean method requires the businessmen to develop a business model and add a
value to thee business idea. Considering the case study and the development of the idea
of Timo it can be stated that the he had found the right business approach upon
understanding the needs and the requirement of the market. Also, the future approaches
that the organization is trying to incorporate are also market driven, and will create
among the consumers more value, as they are trying to include a sustainable approach
which will eventually add a value proposition to the business idea.
5. A. Financial Capital:
Financial capital refers to the economic resources that an organizations has, and it is denoted
in terms of money and assets that an organization possess.
B. Human Capital:
Human capital is the economic value which is not enlisted onto the list of balance sheet of the
company, but it is an intangible asset or quality of the company, and the assets include education,
training, intelligence and health and skills.
C. Social Capital:
Social capital refers to the positive outcome of the human interaction that and organization
includes. This maybe both tangible and intangible in orientation, and include innovative ideas
and information which have the potential to be helpful fir the future propositions. It also refers to
the personal relationship that the organizations have.
6. Market Positioning:
 For: The rich to the young families.
 Who: The Gousto.
 The Gousto is: A box of happy meals.

5QUESTION- ANSWERS
 That delivers: Meal Kits that can be made by one, instantly.
Differentiation-
 Unlike: Ordered food, that are already made, with a standard taste.
 Our Product: Offers a variety of meal kits that can be made within the office by oneself.
7.
1. False.
2. True.
3. False.
4. False.
5. True.
6. False.
7. True.
8. True.
9. True.
10. True.
D.
1. Values are basic, fundamental beliefs that guides an individual to make her decisions and
motivates their actions. The values determine the attitudes of the people and their
personal and professional goals.
2. Importance of values-
a) Values are very important to decide upon the career choices, because it helps the people
understand their choices and their passion and therefore, help them to avail for their
passion.

6QUESTION- ANSWERS
b) Values are also important because they help the people to be on the ethical grounds and
understand the ways of human interaction.
E.
1. Ability basically stands for power or capacity, which drives the people to mentally,
physically, morally and legally to involve in a certain activity.
Skill refers to the competence and the ability of doing something that the people gain from
their knowledge and their experiences. It is the competency level that the individuals have.
2. Part time jobs helps graduate students in,
 Developing their knowledge and skills.
 Developing and strengthening their resume.
 And creating a network of contacts and opportunities.
3.
Knowledge Transferrable and Applied
Skills
Emerging Content Areas
English Mathematics Entrepreneurship
Emarati Studies Critical thinking Health and society
Computer Application Leisure and Tourism
Communication
Innovation
F.
1. All of the above.
2. To get a job.

7QUESTION- ANSWERS
3. To use key words.
4. Software screening automated.
5. Your CV has paragraphs.
6. Your CV looks simple and professional.
7. All of the above.
8. Will confuse your recruiters about your professional identity.
9. A profile.
10. By studying different subjects while a student.
11. To answer all calls every day.
12. G.P.A.3.9
13. Nodding a lot.
14. Say that you are interested in the position and open to discuss it later.
15. Write an email to the person who offered you the job.