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Practical Business Knowledge > Entrepreneurship and Innovation > Flashcards

Entrepreneurship and Innovation Flashcards

1
Q

What is entrepreneurship?

A

The process of starting and running a new business.

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2
Q

True or False: Innovation is only about technology.

A

False

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3
Q

Fill in the blank: An entrepreneur is someone who takes ______ to create a new business.

A

risks

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4
Q

What are the four types of innovation?

A

Product, process, marketing, and organizational innovation.

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5
Q

What is a startup?

A

A newly established business, often in the early stages of development.

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6
Q

True or False: All entrepreneurs are innovators.

A

False

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7
Q

What does a business model describe?

A

How a company creates, delivers, and captures value.

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8
Q

What is the primary goal of an entrepreneur?

A

To identify a market opportunity and create a business to exploit it.

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9
Q

What is disruptive innovation?

A

Innovation that significantly alters or creates a new market.

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10
Q

Multiple Choice: Which of the following is NOT a characteristic of an entrepreneur? A) Risk-taking B) Creativity C) Conformity D) Resilience

A

C) Conformity

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11
Q

What is the lean startup methodology?

A

A systematic approach to developing a business by building, measuring, and learning.

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12
Q

Fill in the blank: The __________ is a document that outlines the business objectives and strategies.

A

business plan

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13
Q

What is a value proposition?

A

A statement that explains how a product solves customers’ problems or improves their situation.

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14
Q

True or False: Entrepreneurs should avoid failure at all costs.

A

False

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15
Q

What is a venture capitalist?

A

An investor who provides capital to startups in exchange for equity.

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16
Q

What does MVP stand for in the context of startups?

A

Minimum Viable Product

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17
Q

Multiple Choice: What is the primary source of funding for most startups? A) Bank loans B) Venture capital C) Personal savings D) Grants

A

C) Personal savings

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18
Q

What is market research?

A

The process of gathering, analyzing, and interpreting information about a market.

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19
Q

Fill in the blank: A __________ is a person who develops new ideas and brings them to market.

A

creator

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20
Q

What are the three main components of the entrepreneurial process?

A

Opportunity recognition, resource mobilization, and execution.

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21
Q

True or False: Innovation can occur within existing companies as well as in new startups.

A

True

22
Q

What is a business incubator?

A

An organization designed to support the growth of startups through resources and services.

23
Q

What is the difference between an entrepreneur and an intrapreneur?

A

An entrepreneur operates independently, while an intrapreneur works within an existing organization.

24
Q

Fill in the blank: The __________ model explains how a company makes money.

A

revenue

25
Q

What is crowdfunding?

A

The practice of raising small amounts of money from a large number of people, typically via the internet.

26
Q

Multiple Choice: Which of the following is a common reason for startup failure? A) Lack of market need B) Too much funding C) Great management D) Strong competition

A

A) Lack of market need

27
Q

What is a pitch deck?

A

A presentation used to provide potential investors with an overview of a business.

28
Q

True or False: A strong network can benefit entrepreneurs in various ways.

A

True

29
Q

What is intellectual property?

A

Creations of the mind, such as inventions, literary and artistic works, and symbols.

30
Q

What does SWOT analysis stand for?

A

Strengths, Weaknesses, Opportunities, Threats

31
Q

Fill in the blank: Entrepreneurs often experience __________, which can lead to stress and burnout.

A

uncertainty

32
Q

What is a business accelerator?

A

A program that supports early-stage startups through mentorship and investment.

33
Q

What is the purpose of a marketing plan?

A

To outline strategies for reaching and engaging customers.

34
Q

True or False: All innovations are successful.

A

False

35
Q

What does the term ‘scalability’ refer to in business?

A

The ability of a business to grow and manage increased demand.

36
Q

Multiple Choice: What is a common characteristic of successful entrepreneurs? A) Fear of failure B) Strong vision C) Indifference to feedback D) Lack of motivation

A

B) Strong vision

37
Q

What is the role of a mentor in entrepreneurship?

A

To provide guidance, advice, and support based on their experience.

38
Q

Fill in the blank: A __________ is a person who starts a business with the intention of making a profit.

A

business owner

39
Q

What is the significance of customer feedback in the entrepreneurial process?

A

It helps entrepreneurs refine their products and services to better meet market needs.

40
Q

True or False: Entrepreneurs should ignore competition.

A

False

41
Q

What is a niche market?

A

A specific segment of a larger market that has its own unique needs.

42
Q

Multiple Choice: Which of the following is an example of process innovation? A) Creating a new product B) Improving manufacturing efficiency C) Launching a marketing campaign D) Developing a new brand

A

B) Improving manufacturing efficiency

43
Q

What does ‘bootstrapping’ mean in entrepreneurship?

A

Starting a business with little to no external funding, relying on personal savings.

44
Q

Fill in the blank: __________ is the process of transforming an idea into a product or service.

A

Commercialization

45
Q

What is a business ecosystem?

A

A network of organizations, people, and resources that interact to create value.

46
Q

True or False: Entrepreneurs must be good at networking to succeed.

A

True

47
Q

What is the role of innovation in economic growth?

A

It drives productivity and creates new markets and job opportunities.

48
Q

Multiple Choice: Which of the following best describes ‘value creation’? A) Reducing costs B) Increasing revenue C) Enhancing customer satisfaction D) All of the above

A

D) All of the above

49
Q

What is a competitive advantage?

A

A favorable position a company has over its competitors, allowing it to generate more sales.

50
Q

Fill in the blank: The __________ phase of a startup involves assessing product-market fit.

A

validation

51
Q

What is the difference between invention and innovation?

A

Invention is creating something new, while innovation is improving or applying existing ideas.

Practical Business Knowledge (13 decks)

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