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CHApter1 2.What key insights does the GEM study provide us about entrepreneurship? Of particular interest to GEM is early stage entrepreneurial activity, which consists of businesses that are just being started and businesses that have been in existence for less than three and one-half years. While the high rates of entrepreneurial start-up activities occur in low-income countries, where good jobs are not plentiful such as brazil, china, Argentina. Low rates occur in high-income countries, such as Germany, French, USA. also identifies whether its respondents are starting a new business to take advantage of an attractive opportunity or because of necessity to earn an income. High-income countries——attractive opportunity. Low-income†¦show more content†¦Why is a product/customer focus an important characteristic of successful entrepreneurs? While it’s important to think about management, marketing, finance, and the like, none of those functions makes any difference if a firm does not have good products with the capability to satisfy customers. 10. What is it about â€Å"tenacity† that makes it such an important characteristic for entrepreneurs? Because entrepreneurs are typically trying something new, the failure rate associated with their efforts is naturally high. 11. What are the five common myths of entrepreneurship? Myth 1: Entrepreneurs are born, not made. Myth 2: Entrepreneurs are gamblers Myth 3: Entrepreneurs are motivated primarily by money. Myth 4: Entrepreneurs should be young and energetic. Myth 5: Entrepreneurs love the spotlight. 12. What evidence do we have that debunks the myth that entrepreneurs are born, not made? The consensus of many hundreds of studies on the psychological and sociological makeup of entrepreneurs is that entrepreneurs are not genetically different from other people. These traits are developed over time and evolve from an individual’s social context. A moderate risk taker A networker Achievement motivated Alert to opportunities Creative Decisive Energetic A strong work ethic Lengthy attention span Optimistic disposition Persuasive Promoter Resource assembler/leverager Self-confident Self-starter Tenacious Tolerant of ambiguityShow MoreRelatedWorld War 2 : A Young Man By The Name Of Masaru Ibuka1244 Words   |  5 PagesIn 1946, When World War 2 was over; a young man by the name of Masaru Ibuka left the Japanese Navy and started his own business which was a radio repair shop. After one year of his business, his colleague Akio Morita founded the company Tokyo Tsushin Kogyo a.k.a. Tokyo Telecommunications Engineering Corporation. The company built the country’s first tape recorder known as the Type-G. 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