Lecture 2 - Entrepreneurship

Question 1

Entrepreneurship

Answer 1

Entrepreneurial leadership involvesorganising and motivating a group of peopleto achieve a common objective through innovation, risk optimisation, taking advantage of opportunities, and managing the dynamic organisational environment.

Question 2

Intrapreneurship

Answer 2

Acting like an entrepreneur within an established company. It’s creating a new business or venture within an organisation. Sometimes that business becomes a new section, or department, or even a subsidiary spinoff.

Question 3

What an entrepreneur

Answer 3

• Entrepreneurship refers to the concept of developing and managing a business venture in order to gain profit by taking several risks in the corporate world.
• Entrepreneurship is the willingness tostart a new business. Entrepreneurship has played a vital role in the economic development of the expanding global marketplace.
• The entrepreneur is defined assomeone who has the ability and desire to establish, administer and succeed in a start-up venture along with risk entitled to it, to make profits. The best example of entrepreneurship is the starting of a new business venture.

Question 4

Types of entrepreneurship

Answer 4

• Small business entrepreneurship
• Large company entrepreneurship
• Scalable start-ups
• Social entrepreneurship
• Imitators
• Hustler entrepreneurship
• Researchers
• Buyer entrepreneur

Question 5

Small business entrepreneurship

Answer 5

s often when a person owns and runs their own business. They typically hire local employees and family members. Local grocery stores, hairdressers, small boutiques, consultants and plumbers are a part of this category of entrepreneurship. They aren’t seeking large-scale profits or venture capital funding.

Question 6

Large company entrepreneurship

Answer 6

is for an advanced professional who knows how to sustain innovation. They are often a part of a large team of company executives. Large companies often create new services and products based on consumer preferences to meet market demand.

Question 7

Scalable start-ups

Answer 7

look for things that are missing in the market and create solutions for them. Many of these types of businesses start in Silicon Valley and are technology- focused. They seek rapid expansion and big profit returns. Examples of scalable start- ups are Facebook, Instagram and Uber. They are key examples of Innovators.

Question 8

Social entrepreneurship

Answer 8

is an entrepreneur who wants to solve social problems with their products and services is in this category of entrepreneurship. Their main goal is to make the world a better place. They don’t work to make big profits or wealth. Instead, these kinds of entrepreneurs tend to start non-profits or companies that dedicate themselves to working toward social good.

Question 9

Imitators

Answer 9

are entrepreneurs who use others’ business ideas as inspiration but work to improve them. They look to make certain products and services better and more profitable. An imitator is a combination between an innovator and a hustler. They are willing to think of new ideas and work hard, yet they start by copying others. People who are imitators have a lot of self- confidence and determination. They can learn from others’ mistakes when making their own business.

Question 10

Hustler entrepreneurship

Answer 10

is people who are willing to work hard and put in constant effort are considered hustler entrepreneurs. They often start small and work toward growing a bigger business with hard work rather than capital. Their aspirations are what motivates them, and they are willing to do what it takes to achieve their goals. They do not give up easily and are willing to experience challenges to get what they want. For example, someone who is a hustler is willing to cold call many people in order to make one sale.

Question 11

Researchers

Answer 11

take their time when starting their own business. They want to do as much research as possible before offering a product or service. They believe that with the right preparation and information, they have a higher chance of being successful. A researcher makes sure they understand every aspect of their business and have an in-depth understanding of what they are doing. They tend to rely on facts, data and logic rather than their intuition. Detailed business plans are important to them and minimize their chances of failure.

Question 12

Buyer entrepreneur

Answer 12

is a type of entrepreneur who uses their wealth to fuel their business ventures. Their specialty is to use their fortunes to buy businesses that they think will be successful. They identify promising businesses and look to acquire them. Then, they make any management or structural changes they feel are necessary. Their goal is to grow the businesses they acquire and expand their profits. This kind of entrepreneurship is less risky because they are purchasing already well-established companies