Module 5

Question 1

What is the nature vs nurture debate in entrepreneurship?

Answer 1

It discusses whether natural talents or training and development are more important for entrepreneurial success.

Question 2

Who supported the nature argument in classical Greece?

Answer 2

Plato

Question 3

Who believed in the nurture perspective in classical Greece?

Answer 3

Aristotle

Question 4

What does the term “entrepreneur” originate from?

Answer 4

It comes from the French word “entreprendre,” meaning “to do something” or “to undertake.”

Question 5

What did Jean-Baptiste Say advocate for in the late 1700s?

Answer 5

Supported Lifting restraints to encourage business growth.

Question 6

What did the Scottish philosopher and economist Adam Smith outline in his work “An Inquiry into the Nature and Causes of the Wealth of Nations”?

Answer 6

concepts of capitalism

Question 7

A system in which individuals, people, and companies have the freedom to make decisions and own property as well as benefit from their own efforts, with government playing a secondary role in oversight.

Answer 7

Capitalism

Question 8

Any new idea, process, or product, or a change to an existing product or process.

Answer 8

innovation

Question 9

It was notable for the explosion of inventive activities by the “great inventors” who pursued entrepreneurial opportunities to meet market needs, demands, and

Answer 9

First Industrial Revolution

Question 10

a legal grant of protection for an inventor over the rights, usage, and commercialization of an invention for a set time period.

Answer 10

patent

Question 11

It helped shape consumer demand for the latest inventions and
innovations developed by small and large businesses.

Answer 11

The Second Industrial Revolution

Question 12

How was the definition of entrepreneur extended during the Second Industrial Revolution?


Answer 12

To include someone who creates value by managing resources effectively and is a financial risk-taker.

Question 13

What were some key improvements during the Second Industrial Revolution?

Answer 13

Production organization, technological systems, steel production, and assembly-line production, Agriculture and food-processing

Question 14

What emerged post World War I?

Answer 14

The emergence of large corporations.

Question 15

What characterized the post World War II era in terms of entrepreneurship?


Answer 15

The emergence of corporate entrepreneurship.

Examples: Sony, McDonald’s, Starbucks

Question 16

What shift occurred in the Knowledge Economy from 1975 to today?

Answer 16

Corporations shifted focus from R&D to internal entrepreneurial activities by intrapreneurs.

Question 17

An employee who acts as an entrepreneur within an organization, rather than going solo.

Answer 17

intrapreneur

Question 18

What does the entrepreneurial process involve?

Answer 18

A set of decisions and actions that guide the development or adjustment of a venture.

Question 19

What should you consider when creating your own path in entrepreneurship?

Answer 19

Your goals, action plan, and the need to persevere through challenges.