Innovation and entrepreneurship

Question 1

!types of entrepreneurship!

Answer 1

1. social
2. innovation
3. big business
4. small business
5. scalable start-up business

Question 2

importance of entrepreneurship

Answer 2

• nation building
  -self sufficiency
• generate employment
• challenging opportunities

Question 3

factors influencing entrepreneurs

Answer 3

1. education
2. legal
   3.finances
   4.infrastructure
3. procedural

Question 4

what is an entrepreneurship

Answer 4

the process of creating a business enterprise capable of entering new or established markets

Question 5

basis of personality traits

Answer 5

1. the achiever
   2.the induced entrepreneur
   3.the idea generator
2. the real manager
   5.the real achiever

Question 6

stages of businesses growth

Answer 6

1. first generation entrepreneur
   2.modern entrepreneur
2. classical entrepreneur

Question 7

!key characteristics of an entrepreneurship!

Answer 7

high need for achievement
INTERNAL LOTUS CONTROL
risk taker
self confident

Question 8

relationship between innovation and entrepreneurship

Answer 8

innovation is the catalyst for progress

entrepreneurship in turn is the vehicle that transforms these innovations into thriving businesses

the relationship between innovation and entrepreneurship is close and symbiotic

Entrepreneurship provides the drive and vision to turn
innovative ideas into successful companies, and innovation provides
the means for entrepreneurs to continuously create value for
customers and stay ahead of the curve.

Question 9

similarities

Answer 9

both
innovation and entrepreneurship require a certain level of creativity
and risk-taking, as well as a willingness to embrace change and
uncertainty.

An entrepreneur is an individual who starts a business to make a
profit. Innovation in a business can help you create ideas to manage
the business effectively. Learning about entrepreneurship and
innovation can help you understand how a business can develop.

Question 10

differences

Answer 10

While innovation involves introducing something new, such as a
business model, product, idea, or service, entrepreneurship focuses
on turning a great idea into a viable business opportunity. Innovation
is the starting point for entrepreneurship, as it involves the creation of
new and valuable ideas.

• while innovation and entrepreneurship are often used
  interchangeably, they are actually two distinct concepts that are
  closely related. Innovation being the process of creating new ideas
  and methods, while entrepreneurship serves to turn those ideas into
  successful businesses.

Question 11

Schumpeter’s Innovation Theory

Answer 11

Therefore, according to Schumpeter, an entrepreneur is one who
innovates, raises money, collects input, organizes talent, provides
leadership and sets the organization. Schumpeter assigned an
important role of innovation to the entrepreneur He did not equate
entrepreneur with an inventor

Question 12

types of innovation in entrepreneurship !!!

Answer 12

1) Incremental Innovation.
* 2) Radical Innovation. ( means out of the box)
* 3) Disruptive Innovation. ( means about creativity / anew look into the existing , breaks what’s then and comes out with sth new )
* 4) Architectural Innovation

Question 13

!legal forms of entrepreneurship !

Answer 13

1. proprietorship - business owned by an individual
2. partnership - association of 2 or more persons as cowers of a business
3. corporation- legal entity separate from the individuals who own it

Question 14

the four key elements of innovation !! this to be used for test question about collaborations

Answer 14

Teamwork is essential to getting things done. In today’s global and digital 24/7
world, challenges are more complex; it’s becoming increasingly important to
bring more, diverse minds to the table and to break down silos.

• Collaboration is one type of group activity familiar to community development.
  There is no shortage of initiatives intended to be collaborative. Collaboration has
  never been easy, mostly because conflict and competition within and among
  groups dominates the landscape. As everyone tends to avoid tension, what we
  actually may be left with in communities is peaceful (or less than peaceful)
  coexistence, and not collaboration. It may be a good time for re-thinking
  collaboration.

Question 15

ideation !!

Answer 15

Fresh, new ideas help your organization stand out. With intense
competition for resources, organizations must differentiate in order to
survive.

• Mark Lange, executive director of the Edward Lowe Foundation, was
  the presenter for the breakout session “Accelerating
  Entrepreneurship and Its Impact on Community and Economic
  Development.”