Entrepreneurship

Question 1

What is the a intrapreneur and what is the definition

Answer 1

Becoming an entrepreneur on the job. Intrapreneurship is the practice of entrepreneurship by employees within an organization. A person within an existing organization who takes direct responsibility for turning an idea into profitable finished product through assertive risk taking and innovation

Question 2

What is a Social Entrepreneur?

Answer 2

Is primarily motivated by a deep desire to improve upon, or fundamentally change, prevailing and detrimental socio-economic, educational, environmental, or health conditions.
Is driven to engage in certain activities not by the promise of possible profit.

Question 3

What is entrepreneurship?

Answer 3

1. All the functions, activities, and actions associated with perceiving opportunities and creating organizations to pursue them.

Question 4

What does TEA Rate stand for

Answer 4

Total Early-Stage Entrepreneurial Activities

Question 5

What is the definition of the TEA rate

Answer 5

Percentage of 18-64 population who are either a nascent entrepreneur or owner-manager of a new business.

Question 6

Name the 8 factors behind entrepreneurial activism

Answer 6

Government
R&D transfer
Education & training
Cultural norms
Financial
Internal market openness
People resources 
Physical resources
Commercial & legal

Question 7

What is a Small Business?

Answer 7

Headcount < 50
Turnover < €10 m
Balance Sheet Total

Question 8

What are the characteristics of a Small Business?

Answer 8

1. An independent business
2. Limited financial and managerial resources
3. Low level of specialisation – staff and equipment
4. Informal internal information and communication systems
5. Unsophisticated and direct external communication systems
6. Personal financial investment

Question 9

Are small businesses important?

Answer 9

dah, yes. Create more jobs than big businesses.

Question 10

What is the difference between Small Business and Entrepreneurial Venture?

Answer 10

Owners start small businesses to create jobs for themselves

Founders of entrepreneurial ventures have a desire to innovate, grow, and create new value.

Question 11

What is the Family Business a synthesis of?

Answer 11

1. Ownership control (15%+) by two or more members of a family or a partnership of families
2. Strategic influence/participation of a family in the management of the firm
3. Concern for family relationships/family culture
4. The dream of contiuity across generations

Question 12

What are the differences between a Family Business and non-family business?

Answer 12

1. Presence of the family
2. Owner’s dream to keep the business in family
3. Overlap of family, ownership & management
4. Competitive advantage derived from interaction of family, management & ownership

Question 13

What is an Opportunity driven entrepreneur? (Future orientation)

Answer 13

• Want to exploit a perceived business opportunity
• Strive for independence, self- actualisation, recognition and profit maximization
• On average they rise higher than necessity driven entrepreneurs

Question 14

What is a Necessity driven entrepreneurs (‘away from’ orientation)

Answer 14

• Are pushed into entrepreneurship
because all other options for work
are either absent or unsatisfactory

• Dissatisfaction with working
conditions, contents and time

• Pursue entrepreneurship to secure
their own existence

Question 15

What is entrepreneurship about?

Answer 15

The process by which individuals pursue opportunities without regard to the resources they currently control.

Question 16

What are the differences between Buy-In and buy-out?

Answer 16

Management buy-in/buy-out occurs when a manager or a management team from outside the company raises the necessary finance, buys it, and becomes the company’s new management.

The difference to a management buy-out is in the position of the purchaser: in the case of a buy-out, they are already working for the company. In the case of a buy-in, however, the manager or management team is from another source.

Question 17

How can you develop existing firms?

Answer 17

• Succession (family business)
• Ownership transfer (buy a firm)
• Management buy-in/buy-out

Question 18

How can you create a Start Up?

Answer 18

• De novo startup (create from scratch) • Franchise

Question 19

Name the 8 different typies of entrepreneurs

Answer 19

1. The visionary
2. The adventurer
3. The opportunist
4. The asset allocator
5. The system-iser
6. The specialist
7. The small business-person
8. The spare room /Free time entrepreneur

Question 20

Which layers are in the inceberg diagram of entrepreneurial competencies?

Answer 20

1. Knowledge
2. Skills
3. Social role
4. Self Image
5. Trait
6. Motive

Question 21

What is a trait?

Answer 21

A typical aspect of a persons behaviour

Question 22

What is a motive?

Answer 22

A persons thoughts which drive behaviours achievement, affiliation, power.

Question 23

Give example of trait

Answer 23

Passion, persistence, self- confidence, risk-taking, curious

Question 24

Give example of motive

Answer 24

Money, control, legacy, independence

Question 25

What is social role?

Answer 25

Pattern of behaviour

Question 26

Give example of social role and self image

Answer 26

Expert, innovator, leader, visionary, adventurer

Question 27

Give examples of skills and knowledge

Answer 27

Communication, negotiation, problem-solving, decision-making

Question 28

What are the four characteristics of a successful entrepreneur?

Answer 28

1. Passion for the Business
2. Resilience despite failure
3. Execution & Intelligence
4. Product/customer focus