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Questions and Answers
What does corporate entrepreneurship involve?
What does corporate entrepreneurship involve?
Tech wizards often have a degree in computer science.
Tech wizards often have a degree in computer science.
True
What is the primary focus of lifestyles entrepreneurship?
What is the primary focus of lifestyles entrepreneurship?
Creating a business that aligns with personal lifestyle goals.
Which of the following defines small and medium enterprises (SMEs)?
Which of the following defines small and medium enterprises (SMEs)?
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What is the difference between entrepreneur and entrepreneurship?
What is the difference between entrepreneur and entrepreneurship?
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Tech entrepreneurship focuses on ventures driven by __________ innovation.
Tech entrepreneurship focuses on ventures driven by __________ innovation.
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What is a key takeaway of being an entrepreneur?
What is a key takeaway of being an entrepreneur?
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Study Notes
Corporate Entrepreneurship
- Involves launching creative new ventures or business units within large corporations.
- Leverages corporate resources, infrastructure, and expertise for innovation and growth.
- Examples include spin-offs or the creation of new divisions.
Variations of Entrepreneurs
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Tech Wizard
- Often has a major in computer science, can be a dropout with a billion-dollar idea.
- Focuses on driving innovation using corporate resources.
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Pedigreed Business Major
- Possesses extensive knowledge of the business world; may have an MBA.
- Attends prestigious schools, which can enhance credibility.
Definition of Entrepreneur
- Originates from the French verb "entreprendre," meaning "to undertake."
- An individual who launches a new business, assumes risks, and reaps rewards.
- Seen as an innovator, generating new ideas, goods, and services.
Key Characteristics of Entrepreneurs
- Operates innovatively and engages in pioneering ventures.
- Utilizes a holistic thinking approach, employing both logical (left-brain) and creative (right-brain) skills.
- Responsible for investment, transformation, and profit generation.
Introduction to Entrepreneurship
- Defined as the ability and readiness to develop and run a business despite uncertainties to achieve profit.
- Starting new businesses exemplifies entrepreneurship.
Distinctions Among Entrepreneur, Entrepreneurship, and Enterprise
- Entrepreneur: Identifies and addresses societal needs with innovative solutions.
- Entrepreneurship: The process of creating a business for future profit.
- Enterprise: The result of the entrepreneurial process.
Types of Entrepreneurship
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Innovative Entrepreneurship
- Prioritizes research, development, creativity, and innovation.
- Associated with substantial risks but potential for significant rewards.
Lifestyles Entrepreneurship
- Aims to create businesses aligned with personal lifestyle goals, not just rapid growth.
- Focuses on work-life balance, flexibility, and steady growth through small operations.
Small and Medium Enterprises (SMEs)
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Defined by specific size limits on revenue and employee count.
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Serve local or niche markets, typically owner-managed with a focus on stability and steady growth.
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Small Enterprises:
- Employ fewer than 50 people, with lower revenue thresholds.
- Emphasize local markets and personal service.
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Medium Enterprises:
- Employ between 50 to 250 people with moderate revenue.
- May expand regionally or nationally while maintaining personalized service.
Tech Entrepreneurship
- Concentrates on ventures driven by technological innovation and digital solutions.
- Involves the creation of high-tech products, software, and digital platforms.
- Requires substantial research and development (R&D) and investment.
Key Takeaways on Being an Entrepreneur
- Involves taking risks and creating firms.
- Serves as a critical driver of economic growth and development.
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Description
Explore the fundamental concepts of entrepreneurial environments and corporate entrepreneurship in this quiz. Understand the variations of entrepreneurs, including the tech wizard, and how these roles function within large corporations.
