Module 1 Flashcards
What is an entrepreneur?
A person who identifies opportunities and takes risks to create value in a business.
What does an intrapreneur do?
Uses the business’s existing resources to innovate within an established organization.
Fill in the blank: An intrapreneur operates within an _______ organization.
[established]
What is a key characteristic of an entrepreneur?
The freedom to come up with new ideas.
True or False: Intrapreneurs do not take risks.
False
What is the main aim of an entrepreneur?
To create a profitable business.
Fill in the blank: An entrepreneur may take a _______ risk to achieve success.
[calculable]
What must a business do to remain competitive according to the text?
Constantly change.
What does the term ‘value creation’ refer to in entrepreneurship?
Creating value for the consumer through innovative products or services.
Fill in the blank: An entrepreneur identifies a need that consumers have and uses production _______ to develop a product.
[costs]
What is the relationship between intrapreneurs and entrepreneurs?
Intrapreneurs perform similar functions as entrepreneurs but within an existing business.
What is required of an entrepreneur in terms of market understanding?
To identify opportunities in the market.
Fill in the blank: Intrapreneurs create value for the business by leveraging _______ resources.
[existing]
What is a ‘game changer’ in the context of entrepreneurship?
An innovation that significantly alters the market or industry.
True or False: Intrapreneurs operate independently from the established business structure.
False
What is one key factor that drives an entrepreneur’s success?
The ability to take calculated risks.
