Chapter 10/11

Question 1

Describe important entrepreneurial skills or characteristics.

Answer 1

• Risk taker
• Perspective- view problems as opportunities
• Curious
• Imaginative-creative
• Persistent- make mistakes, but still stick to their dreams
• Goal setting
• Hardworking
• Self Confident
• Flexible
• Independent

Question 2

Describe a famous Canadian entrepreneur.

Answer 2

Vickie Kerr
In 1986, Kerr used some potatoes growing on her family’s potato farm to create a healthy snack for kids. Her persistence resulted in a unique potato chip called Miss Vickie’s that sold locally and nationally. In 1993,Kerr sold her brand to the US-owned Hostess Frito-Lay Co.

Question 3

What is the difference between an invention and an innovation?

Answer 3

An invention is a new product or process that does something that has never been done before.
When the invented product or service fills a need, it can potentially be sold to consumers.

An innovation requires using new technology, materials, or processes to improve existing products or to create new production and distribution processes.

Question 4

Describe some Canadian inventions.

Answer 4

1891 Basketball James Naismith
1874 Electric Light Bulb Henry Woodward
Dr. Emily Stowe founder of Women’s College Hospital