Lesson 2: Why Study Entrepreneurship and Innovation?

Question 1

Why Study Entrepreneurship and Innovation?

Answer 1

1. Key to Economic Health:
2. Increases Success Chances:
3. Innopreneurship as a Mindset:
4. Unique Perspective of Innopreneurship:

Question 2

Entrepreneurship plays a significant role in driving economic growth by creating jobs and stimulating markets.

Entrepreneurs act as catalysts for innovation, enabling new products, services, and technologies to emerge, which in turn revitalizes industries
and contributes to a healthy economy.

Answer 2

Key to Economic Health:

Question 3

These disciplines teach them how to identify unmet consumer needs, understand market trends, and avoid short-term fads.

This knowledge prepares entrepreneurs to make informed decisions that lead to sustainable business growth.

Answer 3

Increases Success Chances:

Question 4

Entrepreneurs who adopt
an innovative mindset are better equipped to introduce fresh ideas and implement them in various aspects of their business, including products, services, and business models. This holistic approach leads to more robust, long-term success.

Answer 4

Innopreneurship as a Mindset:

Question 5

Innopreneurship combines the entrepreneurial spirit with the power of innovation.

Traditional views of innovation often limit it to products or services, but innopreneurs
expand this by innovating business models, processes, and customer experiences.

Entrepreneurs who embrace this broader scope of innovation can develop more
competitive and sustainable business strategies.

Answer 5

Unique Perspective of Innopreneurship:

Question 6

who have turned car ownership into entrepreneurial
ventures.

Answer 6

Uber/Grab drivers

Question 7

who offer massage and wellness services on-
demand.

Answer 7

• Zennya service providers

Question 8

which help small businesses sell products online without the need for costly physical stores.

Answer 8

• Lazada, Zalora, and Shopee,

Question 9

outlines how entrepreneurs can create wealth by efficiently managing cash,
inventories, and receivables.

Answer 9

The Wealth Conversion
Principle

Question 10

Wealth Conversion Principle

Answer 10

cash - inventories - receivables

Question 11

Invested in Inventories

Answer 11

Cash →

Question 12

→ Sold, creating Receivables

Answer 12

Inventories

Question 13

→ Collected back into Cash

Answer 13

Receivables

Question 14

3 S’s Requisites to Prosperity:

Answer 14

• Squad:
• Spread
• Speed:

Question 15

Building the right team of business partners who complement your
skillset.

Answer 15

squad

Question 16

: Offering products at a margin higher than the cost of production by
focusing on underserved markets.

Answer 16

spread

Question 17

Creating a lean operation that efficiently converts receivables into cash.

Answer 17

speed

Question 18

The 3 Cs: Key Factors to Entrepreneurial Success

Answer 18

commitment
coordination
competency

Question 19

Strong drive to achieve goals.

Answer 19

• Commitment:

Question 20

Effective organization of resources and people.

Answer 20

• Coordination:

Question 21

The ability to perform roles well and repeatedly.

Answer 21

• Competency:

Question 22

The 4-Gate Model to Prosperity

Answer 22

preparation gate
marketing gate
execution gate
self-leadership gate

Question 23

Develop a sound business model, secure funding, and seek
mentors.

Answer 23

1. Preparation Gate:

Question 24

Understand customer needs and effectively promote products.

Answer 24

2. Marketing Gate:

Question 25

Implement the business plan with precision.

Answer 25

3. Execution Gate:

Question 26

Maintain discipline and resilience to navigate challenges.

Answer 26

4. Self-leadership Gate: