important last question part D in exam

Question 1

define what innovation is

give an example

Answer 1

innovation- refers to the process of developing new ideas an example could be fiona woods spray on skin which she created to help survivors of fires with serious burns.

Question 2

define what initiative is

give an example

Answer 2

Initiative- refers to how succesful entrepreneurs have the ability to act and create and idea before other do. an example could be janine allis since she saw how fast the fresh juice and smoothie market was rising in america so she siezed initative and created boost juice.

Question 3

define what self motivation is

give an example

Answer 3

self motivation- refers to how succesful entreprenuers are motivated to develop ideas or business and to persevere when difficulties emerge. An example being thomas eddison since he and his team tested over 6000 different possible materials for the filament.

Question 4

define what willingness to tske risks is

give an example

Answer 4

willingness to take appropriate risks- refers to how all entreprenuers need to take risks whether they are starting a new firm or developinga new idea or finding new ways to reduce costs.Sometimes this may involve risking large amounts of money, time or your reputation. An example could be smiggle since in australia smiggle was a succesess and so the firm decided to expand into new zealand which was a huge amount of money making it a huge risk.