Lesson 1

Question 1

it is a body of knowledge devoted to creating tools, processing actions and the extracting
of materials.

Answer 1

Technology

Question 2

It is an application of science used to solve problems.

Answer 2

Technology

Question 3

is the practice of embarking on a new business venture or existing businesses by combining different resources in order to develop new opportunities.

Answer 3

Entrepreneurship

Question 4

Value creation and capture are identified as two
outcomes of technology entrepreneurship because the sources that create value and the sources that capture value may not be the same over the long
run.

Answer 4

Ultimate outcome

Question 5

The firm is identified as the target
organization for which value is created and captured.

Answer 5

Target of the ultimate outcome

Question 6

Investment in a project is the mechanism mobilized to create and capture value

Answer 6

Mechanism used to deliver the ultimate outcome

Question 7

The individuals involved in a project influence and are influences by advances in relevant scientific and technology knowledge.

Answer 7

Interdependence of this mechanism with scientific and technological
advances

Question 8

is a person that possesses various skills in terms of
marketing, communication and strategically has the potential demand for the goods and services whether as a whole proprietor, with partners and within a corporation.

Answer 8

Entrepreneur

Question 9

This type of an entrepreneur is more interested in
introducing some new ideas into the market, organization or in the nation.

Answer 9

Innovative Entrepreneurs

Question 10

They are drawn towards innovations and invest a lot of time and wealth in doing research and
development.

Answer 10

Innovative Entrepreneurs

Question 11

These are often disparagingly referred to as ‘copy cats’.

Answer 11

Imitating Entrepreneurs

Question 12

They observe an existing successful system and replicate it in a manner where all the
deficiencies of the original business model are addressed and all its efficiencies are
retained

Answer 12

Imitating Entrepreneurs

Question 13

These entrepreneurs help to improve an existing product or production process and can offer suggestions to enhance the use of better technology.

Answer 13

Imitating Entrepreneurs

Question 14

These are entrepreneurs that are very careful in their approaches and cautious in adopting any changes.

Answer 14

Fabian Entrepreneur

Question 15

They are not prone to sudden decisions and try to shy away from any innovations or change that doesn’t fit their
narrative.

Answer 15

Fabian Entrepreneur

Question 16

These are entrepreneurs who do not like a change.

Answer 16

Drone Entrepreneurs

Question 17

They are considered as ‘old school’.

Answer 17

Drone Entrepreneurs

Question 18

They want to do business in their own traditional or
orthodox methods of production and systems.

Answer 18

Drone Entrepreneurs

Question 19

Such people attach pride and tradition
to even outdated methods of doing business.

Answer 19

Drone Entrepreneurs

Question 20

person who perceives an opportunity by
introducing new products and services, creating new forms of organization and by
utilizing new raw materials.

Answer 20

Technopreneur

Question 21

An entrepreneurial process begins with the idea generation, wherein the entrepreneur identifies and evaluates the business opportunities.

Answer 21

Discovery

Question 22

critical to the success of any new venture since
it acts as a benchmark and the evaluation criteria to see if the organization is moving
towards its set goals.

Answer 22

Business plan

Question 23

entrepreneur identifies the sources from where the finance and the human resource can be arranged.

Answer 23

Resourcing

Question 24

Once the funds are raised and the employees are hired, the next step is to initiate the
business operations to achieve the set goals.

Answer 24

Managing the company

Question 25

entrepreneur decides on the future prospects of the business, i.e. its growth and development.
Here, the actual growth is compared against the planned growth and then the

Answer 25

Harvesting

Question 26

entrepreneur decides on the future prospects of the business, i.e. its growth and development.
Here, the actual growth is compared against the planned growth and then the

Answer 26

Harvesting