LESSON 1:INNOPRENEURSHIP: Entrepreneurship + Innovation

Question 1

focus on making things happen

Answer 1

Entrepreneurs

Question 2

focus on making new things happen.

Answer 2

innovators

Question 3

is someone who owns and operates a business, investing their
resources to bring an idea to life.

Answer 3

entrepreneur

Question 4

They provide direction that transforms ideas into
reality, creating value for themselves, their business, and society.

Answer 4

entrepreneur

Question 5

work with an entrepreneurial mindset but lack a
financial stake in the business they operate in.

Answer 5

Intrapreneurs

Question 6

5 Components of an Entrepreneur:

Answer 6

1. Owner who invests resources:
2. Brings an idea to life:
3. Setting direction:
4. Making things happen:
5. Adding value:

Question 7

Involves risk-taking, but this must be calculated risk, not reckless.

Answer 7

1. Owner who invests resources:

Question 8

Key success factor of Owner who invests resources:

Answer 8

Commitment

Question 9

Entrepreneurs may not always originate the idea but must skillfully turn it into a viable business.

Answer 9

2. Brings an idea to life:

Question 10

Key success factor of Brings an idea to life:

Answer 10

Competency

Question 11

Entrepreneurs make strategic decisions based on gathered information, considering biases and heuristics in decision-making.

Answer 11

3. Setting direction:

Question 12

Key success factor of Setting direction:

Answer 12

Competency

Question 13

Entrepreneurs ensure that all parts of their venture work together to achieve goals.

Answer 13

4. Making things happen

Question 14

Key success factor of Making things happen

Answer 14

Coordination

Question 15

Entrepreneurs create more value than they would if they invested in traditional assets
like stocks or bonds.

Answer 15

Adding value:

Question 16

Key success factor of Adding value:

Answer 16

Commitment

Question 17

2 Essential Elements of Innovation:

Answer 17

new/newness
commercial successs

Question 19

The innovation must be novel and distinct.

Answer 19

New:

Question 20

The innovation must gain acceptance from customers, ensuring a critical mass of users
who are willing to pay for it.

Answer 20

Commercial Success:

Question 21

(MSMEs) means

Answer 21

micro, small, and medium-sized enterprises