Entrepreneurial Phenomenon: SMEs and Innovation
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Questions and Answers

Which of the following is NOT a reason cited for the need for corporate entrepreneurship?

  • Desire for greater job security (correct)
  • International competition
  • Exodus of talent to small businesses
  • Sense of distrust in traditional management

What concept did Steve Jobs refer to when discussing the Macintosh team?

  • Entrepreneurship
  • Corporate Innovation
  • Start-up Culture
  • Intrapreneurship (correct)

How do SMEs contribute to the economic environment according to the stated benefits?

  • By creating monopolies in local markets
  • By enhancing competition and creating jobs (correct)
  • By fully utilizing large-scale production
  • By providing extensive corporate training programs

Which factor is highlighted as a benefit of SMEs in terms of resource utilization?

<p>Better use of secondary resources (D)</p> Signup and view all the answers

What is one of the long-term social effects of SMEs mentioned in the content?

<p>Improved political stability and distribution of power (B)</p> Signup and view all the answers

What is the maximum number of employees for a micro-enterprise?

<p>10 (B)</p> Signup and view all the answers

Which type of business has no specific social capital requirement?

<p>General Partnership Company (SNC) (B)</p> Signup and view all the answers

What is the minimum number of partners required for a Cooperative Company?

<p>5 (D)</p> Signup and view all the answers

How is the entrepreneurial spirit measured in an economy?

<p>Through statistical indicators of entrepreneurial activities (B)</p> Signup and view all the answers

What defines a Small Enterprise in terms of turnover?

<p>≤ 10 million Euro (A)</p> Signup and view all the answers

What is the minimum social capital required for a Joint Stock Company (S.A.)?

<p>90,000 Lei (C)</p> Signup and view all the answers

How many partners are needed to form a European Economic Interest Group (GEIE)?

<p>2-20 (D)</p> Signup and view all the answers

Which legal form is defined for individuals with no juridical personality?

<p>Family Enterprise (I.F.) (B)</p> Signup and view all the answers

What percentage of SMEs contributed to the Gross Value Added (GVA) in all non-financial industries?

<p>56.8% (A)</p> Signup and view all the answers

Which country has the highest density of SMEs per 1,000 inhabitants aged over 15?

<p>Czech Republic (B)</p> Signup and view all the answers

How many total active SMEs were reported in Romania in 2023?

<p>805 thousand (A)</p> Signup and view all the answers

What year was the term 'intrapreneur' first coined?

<p>1978 (A)</p> Signup and view all the answers

What is the total number of employees that SMEs are employing, approximately?

<p>100 million (D)</p> Signup and view all the answers

Which of the following organizations is NOT mentioned as an example of successful intrapreneurship?

<p>Microsoft (B)</p> Signup and view all the answers

In 2024, how many newly registered firms are expected in Romania?

<blockquote> <p>150,000 (D)</p> </blockquote> Signup and view all the answers

Which region in Romania had the highest number of active employees in 2023?

<p>Bucharest (C)</p> Signup and view all the answers

What is the main purpose of the Doing Business Report?

<p>To present quantitative indicators on business regulations (C)</p> Signup and view all the answers

Which area is not measured by the Doing Business Report?

<p>Labor market regulation (C)</p> Signup and view all the answers

In the 2023 Doing Business Report, which country ranked first in trading across borders?

<p>Hong Kong (China) (D)</p> Signup and view all the answers

What index does the World Bank use to compare business regulations across economies?

<p>Doing Business Index (C)</p> Signup and view all the answers

How many areas of business life does the Doing Business report measure?

<p>11 (A)</p> Signup and view all the answers

Which country is NOT in the top 5 for the overall Doing Business rankings?

<p>United States (C)</p> Signup and view all the answers

What does a higher ranking in the 'Ease of starting a business' indicate?

<p>Fewer procedures and lower costs to start a business (C)</p> Signup and view all the answers

Which organization is responsible for developing the Global Entrepreneurship Monitor?

<p>Babson College and London Business School (C)</p> Signup and view all the answers

Which component of entrepreneurship includes the acceptance of risks and the need for self-realization?

<p>Entrepreneurial attitude (B)</p> Signup and view all the answers

What is the primary purpose of the EntreComp questionnaire?

<p>To assess a person's entrepreneurship competence (D)</p> Signup and view all the answers

Which of the following is NOT a basic level of the EntreComp self-assessment?

<p>Expert (D)</p> Signup and view all the answers

In the context of S.M.A.R.T goals, what does the 'R' in S.M.A.R.T stand for?

<p>Realistic (D)</p> Signup and view all the answers

Which element is associated with 'Entrepreneurial skills' within the entrepreneurial components?

<p>Analytic Skills (D)</p> Signup and view all the answers

What characteristic is emphasized in setting S.M.A.R.T goals related to measurement?

<p>Establishing concrete criteria (D)</p> Signup and view all the answers

Which of the following skills is crucial for networking within the entrepreneurial skills component?

<p>Interrelatedness network (A)</p> Signup and view all the answers

What should be considered to ensure that a goal is attainable within the S.M.A.R.T framework?

<p>Recognizing previously overlooked opportunities (B)</p> Signup and view all the answers

What percentage of the current world population is represented in the 2023/2024 GEM Report?

<p>60% (C)</p> Signup and view all the answers

Which group of economies includes Romania as per the GDP per capita classification?

<p>B (D)</p> Signup and view all the answers

What is one of the positive impacts of entrepreneurial education (EE) according to the report?

<p>Enhancement of entrepreneurial spirit among young generations (D)</p> Signup and view all the answers

What does entrepreneurship (E) primarily refer to?

<p>An individual's ability to transform ideas into practical actions (C)</p> Signup and view all the answers

What is a strategic objective of public policies for growth and employment in Europe?

<p>Promoting entrepreneurship and entrepreneurial education (D)</p> Signup and view all the answers

Which of the following is NOT one of the objectives of entrepreneurial education (EE)?

<p>Ensuring job security in existing jobs (C)</p> Signup and view all the answers

What was concluded in the EU/EC study regarding the impact of entrepreneurship programs in higher education?

<p>They positively influence entrepreneurial intentions and employment chances. (C)</p> Signup and view all the answers

Which group of economies is hit the hardest by the pandemic according to the report?

<p>Economies with a GDP per capita &lt; $25,000 (D)</p> Signup and view all the answers

Flashcards

Intrapreneurship

A group of individuals within a large corporation who act independently and innovatively, often resembling a startup environment.

SMEs

Small and medium-sized enterprises, critical to economic growth due to their ability to be agile and adapt to market needs.

Competitive Environment

SMEs contribute to a dynamic and competitive market by offering diverse products and services.

Labor Market Stability

By creating new jobs and adapting quickly to changing economic conditions, SMEs help stabilize the workforce.

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Matching Supply and Demand

SMEs are adept at identifying specific customer needs and providing tailored solutions, ensuring supply aligns with demand.

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Doing Business Report

The World Bank Group's annual publication that provides quantitative indicators for comparing business regulations across 190 economies.

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Ease of Starting a Business (Doing Business)

A ranking that measures the ease of starting a business in a specific country based on factors like procedures, time, and costs.

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Dealing with Construction Permits (Doing Business)

A ranking that assesses how efficiently a country handles construction permit processes, including time, cost, and procedures.

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Getting Electricity (Doing Business)

A ranking that measures how easily businesses in a given country obtain electricity, considering time, cost, and reliability.

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Registering Property (Doing Business)

A ranking that assesses the ease of registering property, including time, cost, and transparency of processes within a given country.

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Getting Credit (Doing Business)

A ranking that measures how easily businesses in a given country can access credit from banks and other financial institutions based on factors like loan approval time and interest rates.

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Protecting Minority Investors (Doing Business)

A ranking that measures how well a country protects minority investors' rights and ensures their fair treatment.

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Paying Taxes (Doing Business)

A ranking that assesses a country's tax system and its impact on business by considering factors like tax rates, payment procedures, and compliance requirements.

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What is a key indicator of entrepreneurial activity?

The total number of newly created jobs in an economy.

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What does the "Demography" of companies refer to?

The measurement of the number of new businesses registered, their survival rate, and their rate of failure. These statistics provide insights into the health and vitality of an economy.

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What is a Micro-Enterprise?

A business with fewer than 10 employees, a turnover of less than 2 million euros, and a balance sheet total of less than 2 million euros. This is the smallest category of business by size.

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What is a Small Enterprise?

A business with fewer than 50 employees, a turnover of less than 10 million euros, and a balance sheet total of less than 10 million euros. This is a medium-sized business.

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What is a Medium Enterprise?

A business with fewer than 250 employees, a turnover of less than 50 million euros, and a balance sheet total of less than 43 million euros. This is a larger business with significant resources.

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What is an Individual Enterprise (I.I.)?

A commercial venture owned and operated by one person, with no separate legal identity. It is the simplest form of business ownership.

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What is a Limited Liability Firm (S.R.L.)?

A company with limited liability for its owners, meaning that their personal assets are not at risk in case of business failure. This is a popular choice for businesses with moderate size.

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What is a Joint Stock Company (S.A.)?

A company owned by shareholders with the option to issue stock to the public. Companies can also trade their shares on the stock market, making them accessible to investors.

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SMEs in Europe - Importance

Small and medium-sized enterprises (SMEs) are crucial for Europe's economic success, representing a large majority of businesses and contributing significantly to employment, GDP, and industrial ecosystems.

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SMEs in Europe - Statistics

In Europe, SMEs make up over 99% of all businesses, with 26.1 million SMEs operating across the continent, employing approximately 100 million people.

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SMEs in Europe - Economic Contribution

SMEs contribute a significant portion, 56.8%, of the Gross Value Added (GVA) in non-financial industries in Europe, emphasizing their crucial role in driving economic growth.

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SMEs in Europe - Resilience

SMEs are essential for European resilience to external shocks, bolstering the economic and technological independence of the region.

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Benefits of Intrapreneurship

Companies that successfully implement intrapreneurship often showcase innovative solutions that benefit both the company and its employees, as seen in examples like Lockheed Martin, Texas Instruments, and Google.

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Encouraging Intrapreneurship

Entrepreneurial ideas can flourish even within established companies as organizations recognize the value of employee innovation and create space for exploring new ventures.

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Origin of Intrapreneurship

The concept of ‘intrapreneur’ was introduced by G. Pinchot III in 1978, highlighting the importance of entrepreneurial spirit within corporate structures.

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Entrepreneurial Education (EE)

The process of educating individuals to develop entrepreneurial skills, attitudes, and knowledge.

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Positive impact of Entrepreneurial Education

The impact of EE on young people's mindset, entrepreneurial aspirations, employment opportunities, and overall contribution to society and the economy.

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Economy (A)

Countries with a Gross Domestic Product (GDP) per capita greater than $50,000.

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Economy (B)

Countries with a Gross Domestic Product (GDP) per capita between $25,000 and $50,000, including Romania.

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Economy (C)

Countries with a Gross Domestic Product (GDP) per capita less than $25,000.

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Promoting entrepreneurship (E) and entrepreneurial education (EE)

A strategic objective in European public policies to foster economic growth and employment.

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EU/EC Study: Effects and impact of entrepreneurship programmes in higher education

A study by the European Commission that highlights the positive impact of entrepreneurial education programs in higher education institutions on graduates' entrepreneurial intentions, employment opportunities, and societal contributions.

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Risk Acceptance

The willingness and ability to take calculated risks in pursuit of business opportunities. It involves embracing uncertainty and potentially facing financial or reputational consequences.

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Efficacy

The belief in one's own capabilities to achieve business goals and overcome obstacles. It's characterized by confidence and resilience in the face of challenges.

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Creativity

The drive and motivation to create something new, innovate, and solve problems. It involves thinking outside the box and finding creative solutions.

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Analytical Skills

The ability to analyze data, identify trends, and make informed decisions based on evidence. It involves critical thinking, problem-solving, and data interpretation.

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Adaptability

The ability to learn new things quickly, adapt to changing circumstances, and be flexible in response to evolving market conditions.

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SMART Goal

A well-defined and specific goal that is measurable, attainable, realistic, and time-bound. It provides a clear roadmap for progress and achievement.

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Specific Goal

A goal that is defined in a concrete and specific way. It leaves no room for ambiguity and ensures everyone involved understands what needs to be accomplished.

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Measurable Goal

A goal that can be tracked and measured objectively. It allows you to monitor progress, identify areas for improvement, and celebrate milestones along the way.

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Study Notes

Entrepreneurial Phenomenon

  • Entrepreneurship plays a crucial role in economies, fostering innovation and job creation.
  • Small and medium-sized enterprises (SMEs) are vital components of economic ecosystems.
  • Various legal structures for businesses exist, impacting entrepreneurial activity.
  • Statistical indicators measure entrepreneurial spirit and activity.
  • The SME sector and entrepreneurship are key to economic growth and resilience.
  • Definitions for micro, small, and medium enterprises exist, categorized by employee number and turnover or balance sheet totals.
  • Entrepreneurship can have a positive impact on individuals, fostering job creation and economic empowerment.
  • A "unicorn company" is a private company valued at over $1 billion.
  • Numerous factors incentivize entrepreneurial activity.
  • 10 principles guide SME policy-making.
  • An overall objective of SME policies is to reduce administrative burdens, foster entrepreneurship, improve access to finance, and enhance market entry.
  • Key factors shape the entrepreneurial ecosystem in regions like Romania, as well as globally.
  • Research methodologies help understand entrepreneurial phenomena across various scales.
  • The Global Entrepreneurship Monitor (GEM) provides considerable data on entrepreneurship at the national and international levels.
  • Resources like the Organization for Economic Cooperation and Development (OECD) and the World Bank offer further perspectives on entrepreneurial activity.
  • "Doing Business" reports by the World Bank assess business regulations in countries.
  • Entrepreneurial skills and attitudes, coupled with knowledge and resources, drive success.
  • Specific goals with measurable criteria and realistic timelines enhance the chances of success.
  • Specific and relevant data provides context for entrepreneurial initiatives.

SME Definitions

  • Micro-enterprises: fewer than 10 employees, turnover/balance sheet total less than or equal to 2 million Euros.
  • Small enterprises: fewer than 50 employees, turnover/balance sheet total less than or equal to 10 million Euros.
  • Medium enterprises: fewer than 250 employees, turnover/balance sheet total less than or equal to 50 million Euros.
  • Different types of enterprises include autonomous/independent, partnering, and linked enterprises, categorized by ownership percentages.
  • Businesses without legal personality: Authorized Physical Person (PFA), Individual Enterprise (II), Family Enterprise (IF).
  • Trading companies include Limited Liability Firm (SRL), Joint Stock Company (SA), General Partnership Company (SNC), Limited Partnership Company (SCS), and Limited by shares partnership company (SCA), each with specific minimum capital requirements.

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Description

Explore the critical role of entrepreneurship in driving economic growth and innovation through small and medium-sized enterprises (SMEs). This quiz covers key definitions, legal structures, and principles guiding SME policy-making, as well as factors affecting entrepreneurial activity. Test your knowledge on how these elements contribute to job creation and economic empowerment.

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