Chapter 11: Entrepreneurship and innovation

Question 1

What is entrepreneurship?

Answer 1

A process by which individuals, organisations, start ups identify and exploit opportunities for new products or services that satisfy a need in a market

Question 2

What is opportunity recognition?

Answer 2

Recognising an opportunity, ie. circumstances under which products and services can satisfy a need in the market or environment

Question 3

Three independent elements in opprotunity recognition?

Answer 3

Entrepreneur or entrepreneurial team - Scanning and spotting trends –> linking these to existing resources and capabilities (or aquiring)

Environmental trends and marketplace gaps - Macrotrends

Resources and capabilities - Having these are important for recognising opportunities

Question 4

Entrepreneurial life cycle?

Answer 4

Start up, growth, maturity, exit