Ent

Question 1

What is innovation?

Answer 1

Is the process of creating or improving a product, manufacturing process or service

Question 2

What are the process involved in innovation

Answer 2

1)Generation of new knowledge
2)Application of this knowledge in development of products and processes
3)Commercial exploitation of the products and services in terms of financial income generation

Question 3

Importance of innovation

Answer 3

1) competitive advantage
2) economic growth
3) improve quality of’
4) increases job opportunities
5) problem-solving
6) increased turnover, and improve profitability

Question 4

What are the dimensions of innovation

Answer 4

1) products innovation-involves the development of new or improved products
2) process innovation-involves development of manufacturing process
3) position innovation-Involves changes in the context in which products or services are introduce
4) paradigm innovation - this Implies changes In the underlying mental mood, which forms what the organization does

Question 5

What is change

Answer 5

Change is defined as constantly updating the organizations structure and potential

Question 6

What is knowledge according

Answer 6

Knowledge is information that has been organized and analyzed in order to understand and utilize it for decision-making or problem-solving

Question 7

Types of knowlege

Answer 7

Tactic implicit explicit

Question 8

Files for knowledge in innovation

Answer 8

1)Adaptability
2Collaboration and communication
3)Informed decision making
3)Foundation for creativity
4)Problem identification

Question 9

Enterprise formulation

Answer 9

Involves the process of creating and establishing a new business or organization

Question 10

What are the stages in enterprise formulation

Answer 10

1) idea generation and market research
2) business plan development
3) legal structure and registration
4) funding and financing
5) infrastructure and resources
6) branding, and marketing
7) launch and growth

Question 11

What is partnership

Answer 11

This is the formal collaboration between two or more entities (individual , businesses or organizations) to pursue a common goal

Question 12

who is an entrepreneur

Answer 12

an individual who Starts and manages a business based on goods and services they can offer while assuming all the risks and reaping all benefits of the business

Question 13

what is entrepreneurship

Answer 13

this is the process of setting up and managing a business or businesses, taking on financial risks in hope of making profits

Question 14

benefits of entrepreneurship

Answer 14

1. self employment
2. self fulfilment
3. social status
4. flexibility
5. financial independence

Question 14

types of entrepreneurs

Answer 14

1. public entrepreneurs
2. private entrepreneurs
3. social entrepreneurs
4. foreign entrepreneurs
5. life style entrepreneurs
6. intra preneurs
7. tender preneurs
8. agric preneurs

Question 15

problems of entrepreneurship

Answer 15

1. lack of adequate funding
2. competitive market
3. government policies
4. uncertainty and risk
5. security

Question 15

what are the key elements for successful partnership

Answer 15

1. strategic alliance
2. joint ventures
3. financial partnership
4. cross promotion
5. supplier partnership

Question 16

tips for building strong partnership

Answer 16

1. align goals
2. formalise agreement
3. foster open communication
4. evaluate impact