entrepreneurship_flashcards

1
Q

What is the definition of entrepreneurship?

A

Entrepreneurship is the act of setting up a business, taking on financial risks to achieve profit.

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2
Q

How does intrapreneurship differ from entrepreneurship?

A

Intrapreneurship involves fostering innovation within an existing organization, leveraging its resources but constrained by its policies.

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3
Q

What are the key enablers of an entrepreneurial ecosystem?

A

Traits like initiative and openness, a supportive organizational culture, and effective communication systems and IT infrastructure.

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4
Q

What traits make engineers suited for intrapreneurial roles?

A

Analytical thinking, structured project management, problem-solving mindset, and the ability to balance risks with innovation.

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5
Q

Why is intrapreneurship considered more successful than entrepreneurship?

A

Intrapreneurial projects have an 80% success rate, compared to 20% for entrepreneurial startups, due to resource availability and organizational support.

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6
Q

What are the key components of entrepreneurial thinking?

A

Risk-taking, proactive thinking, scalability, sustainability, and competitive advantage.

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7
Q

What are the types of innovation in engineering?

A

Incremental (e.g., software updates), disruptive (e.g., Netflix streaming), and engineering-specific breakthroughs (e.g., 3D printing).

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8
Q

What is the role of sustainability in entrepreneurial thinking?

A

To prioritize eco-friendly and ethical practices, ensuring long-term societal and environmental benefits.

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9
Q

How does intrapreneurship benefit large organizations?

A

It encourages innovation and adaptability while leveraging company resources for improved outcomes.

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10
Q

What are the challenges of intrapreneurship in large organizations?

A

Limited managerial encouragement, resource constraints, and difficulties in fostering risk-taking among employees.

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11
Q

What is the process of innovation in engineering?

A

It begins by identifying a problem or potential solution, followed by structured execution for predefined goals.

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12
Q

What are the three drivers of entrepreneurial ecosystems?

A

Market access, available skills, and funding structures.

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13
Q

What barriers to growth exist in entrepreneurial ecosystems?

A

Limited funding, lack of skilled personnel, and restrictive policies for innovation.

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14
Q

How do engineers contribute to innovation in organizations?

A

By applying analytical skills, problem-solving, and a project management approach to create structured solutions.

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15
Q

What are examples of disruptive innovations in engineering?

A

Netflix’s shift from DVDs to streaming and Google Glass augmented reality technology.

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16
Q

What is the significance of proactive thinking in entrepreneurial projects?

A

It anticipates future trends and integrates forward-thinking strategies for competitive advantage.

17
Q

What factors enable engineers to excel in entrepreneurial roles?

A

Technical expertise, leadership qualities, and the ability to adapt to changing markets.

18
Q

What is the importance of risk-taking in entrepreneurial projects?

A

It fosters innovation by exploring unconventional solutions while managing potential downsides.

19
Q

How can organizations support intrapreneurship?

A

By creating a culture of autonomy, providing resources, and implementing supportive policies.

20
Q

What is value creation in entrepreneurial thinking?

A

The process of delivering sustainable and impactful innovations that benefit customers and stakeholders.

21
Q

How does scalability contribute to entrepreneurial success?

A

It transforms initial project achievements into long-term business growth and market expansion.

22
Q

What are facilitating mechanisms in intrapreneurship?

A

Strong communication systems, IT infrastructure, and collaborative internal relationships.

23
Q

How do market inefficiencies create opportunities for entrepreneurs?

A

By identifying gaps or problems, entrepreneurs can innovate solutions that address unmet needs.

24
Q

What role does leadership development play in entrepreneurial success?

A

It empowers individuals to drive projects and businesses forward through effective decision-making and management.

25
Q

What are examples of incremental innovations?

A

Microsoft Office updates and iPhone model upgrades.