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Stuff Every Entrepreneur Scout Should Know: the Study Guide

Practice facts for the Entrepreneurship merit badge. Not an official Scouting America credential. Grab a snack: this guide is the friendly version, with the answers explained and a groan-worthy joke waiting at the end of most cards.

Knowing Entrepreneur Scout saves you money, time and the occasional embarrassment.

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Chapter 1: Business Structures

What is social entrepreneurship?

Short answer: Using business to solve social issues

Social entrepreneurship uses business techniques to develop solutions to social, cultural, or environmental issues.

Groan of the day: Do good while doing business!

Sources: Entrepreneurship

What is intrapreneurship?

Short answer: Entrepreneurship inside an existing organization

Entrepreneurship within an existing firm or large organization is called intrapreneurship.

Groan of the day: Inside ideas are in!

Sources: Entrepreneurship

What is a serial entrepreneur?

Short answer: Someone who starts businesses one after another

A serial entrepreneur continuously funds new businesses throughout their career, exiting before starting the next.

Groan of the day: One business, then another, no bother!

Sources: Entrepreneurship

What is a portfolio entrepreneur?

Short answer: Someone who owns several businesses at once

A portfolio entrepreneur simultaneously owns and manages two or more businesses at one time.

Groan of the day: Juggle with joy, not with jelly.

Sources: Entrepreneurship

What is a nascent entrepreneur?

Short answer: Someone in the process of starting a venture

A nascent entrepreneur is someone in the process of establishing a business venture.

Groan of the day: New venture, new adventure!

Sources: Entrepreneurship

What is venture capital?

Short answer: Money invested to build and expand a business

High value ventures seek venture capital or angel funding to raise money for building and expanding.

Groan of the day: Venture some, gain some!

Sources: Entrepreneurship

What is a competitor?

Short answer: Another business offering something similar

Market analysis asks you to identify your business's competitors and describe their strengths and weaknesses.

Groan of the day: Competitors keep you on your toes!

Sources: Scouting America: Entrepreneurship

The cheat sheet

The whole guide on one screen. Screenshot it, print it, stick it on the fridge.

  • Entrepreneurs bear most of the risks and enjoy most of the rewards when they create or invest in businesses.
  • Governments promote entrepreneurship hoping it will improve or stimulate economic growth and competition.
  • Entrepreneurship involves creating something new with value while devoting time and effort and assuming risks.
  • According to Schumpeter, an entrepreneur converts a new idea or invention into a successful innovation.
  • Exploiting opportunities may include developing a business plan, hiring resources, and providing leadership.
  • Communication lets leaders convince investors, partners, and employees that a venture is feasible.
  • Market analysis includes identifying the types of people who would buy your product or service.
  • A market analysis identifies competitors and describes their strengths and weaknesses.
  • Describing what makes your product unique is part of market analysis in a business plan.
  • The financial section asks you to determine how much money you need to start and how you will obtain it.
  • You determine the cost of offering your product and the price you will charge to make a profit.
  • The plan asks you to identify and describe potential liability risks for your product or service.

Pop quiz

Think of your answer first, then peek.

  1. What does an entrepreneur risk when starting a business?
    • Most of the money and effort
    • Nothing at all
    • Only their free time
    Show the answer

    Most of the money and effort. Entrepreneurs bear most of the risks and enjoy most of the rewards when they create or invest in businesses.

  2. What does pricing your product involve?
    • Charging nothing forever
    • Covering costs to make a profit
    • Ignoring what it costs to offer
    Show the answer

    Covering costs to make a profit. You determine the cost of offering your product and the price you will charge to make a profit.

  3. Why list many business ideas before choosing one?
    • To confuse yourself
    • To avoid choosing at all
    • To compare the best opportunities
    Show the answer

    To compare the best opportunities. You think of as many ideas as you can, then select three that represent the best opportunities.

  4. What is a serial entrepreneur?
    • Someone who starts businesses one after another
    • Someone who only plans one business
    • Someone who avoids business
    Show the answer

    Someone who starts businesses one after another. A serial entrepreneur continuously funds new businesses throughout their career, exiting before starting the next.

  5. What does an entrepreneur do with resources?
    • Throws them away
    • Plans, organizes, and deploys them
    • Hides them forever
    Show the answer

    Plans, organizes, and deploys them. Entrepreneurs take advantage of opportunities by planning, organizing, and deploying resources.

Now make it stick

Read a chapter, then play the deck and see how much stuck.

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