entrepreneurship_flashcards
What is the definition of entrepreneurship?
Entrepreneurship is the act of setting up a business, taking on financial risks to achieve profit.
How does intrapreneurship differ from entrepreneurship?
Intrapreneurship involves fostering innovation within an existing organization, leveraging its resources but constrained by its policies.
What are the key enablers of an entrepreneurial ecosystem?
Traits like initiative and openness, a supportive organizational culture, and effective communication systems and IT infrastructure.
What traits make engineers suited for intrapreneurial roles?
Analytical thinking, structured project management, problem-solving mindset, and the ability to balance risks with innovation.
Why is intrapreneurship considered more successful than entrepreneurship?
Intrapreneurial projects have an 80% success rate, compared to 20% for entrepreneurial startups, due to resource availability and organizational support.
What are the key components of entrepreneurial thinking?
Risk-taking, proactive thinking, scalability, sustainability, and competitive advantage.
What are the types of innovation in engineering?
Incremental (e.g., software updates), disruptive (e.g., Netflix streaming), and engineering-specific breakthroughs (e.g., 3D printing).
What is the role of sustainability in entrepreneurial thinking?
To prioritize eco-friendly and ethical practices, ensuring long-term societal and environmental benefits.
How does intrapreneurship benefit large organizations?
It encourages innovation and adaptability while leveraging company resources for improved outcomes.
What are the challenges of intrapreneurship in large organizations?
Limited managerial encouragement, resource constraints, and difficulties in fostering risk-taking among employees.
What is the process of innovation in engineering?
It begins by identifying a problem or potential solution, followed by structured execution for predefined goals.
What are the three drivers of entrepreneurial ecosystems?
Market access, available skills, and funding structures.
What barriers to growth exist in entrepreneurial ecosystems?
Limited funding, lack of skilled personnel, and restrictive policies for innovation.
How do engineers contribute to innovation in organizations?
By applying analytical skills, problem-solving, and a project management approach to create structured solutions.
What are examples of disruptive innovations in engineering?
Netflix’s shift from DVDs to streaming and Google Glass augmented reality technology.
What is the significance of proactive thinking in entrepreneurial projects?
It anticipates future trends and integrates forward-thinking strategies for competitive advantage.
What factors enable engineers to excel in entrepreneurial roles?
Technical expertise, leadership qualities, and the ability to adapt to changing markets.
What is the importance of risk-taking in entrepreneurial projects?
It fosters innovation by exploring unconventional solutions while managing potential downsides.
How can organizations support intrapreneurship?
By creating a culture of autonomy, providing resources, and implementing supportive policies.
What is value creation in entrepreneurial thinking?
The process of delivering sustainable and impactful innovations that benefit customers and stakeholders.
How does scalability contribute to entrepreneurial success?
It transforms initial project achievements into long-term business growth and market expansion.
What are facilitating mechanisms in intrapreneurship?
Strong communication systems, IT infrastructure, and collaborative internal relationships.
How do market inefficiencies create opportunities for entrepreneurs?
By identifying gaps or problems, entrepreneurs can innovate solutions that address unmet needs.
What role does leadership development play in entrepreneurial success?
It empowers individuals to drive projects and businesses forward through effective decision-making and management.
