Entrepreneurship and Small Business Concepts
48 Questions
3 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which characteristic reflects an Entrep's ability to overcome difficulties in business?

  • Planning
  • Persistence (correct)
  • Information Seeking
  • Creativity

Entreps prioritize quantity over quality in their work.

False (B)

What is a key behavior of Entreps regarding their approach to customer satisfaction?

Information seeking

The Entrep's commitment to work often leads them to work for long hours to keep promises to __________.

<p>clients</p> Signup and view all the answers

Match the following characteristics of Entreps with their descriptions:

<p>Creative = Solves complex problems Persistence = Overcomes difficulties Demand for quality = Strives for excellence Information Seeking = Conducts research to understand customers</p> Signup and view all the answers

What is the primary role of an entrepreneur?

<p>To innovate and organize resources to seize opportunities (B)</p> Signup and view all the answers

Entrepreneurship refers solely to innovation without any business aspect.

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

Define innovation in your own words.

<p>Innovation is the process of creating new products or services or enhancing existing ones.</p> Signup and view all the answers

An entrepreneur is someone who is an innovator and seeks __________ to take advantage of.

<p>opportunities</p> Signup and view all the answers

Match the following terms with their definitions:

<p>Entrepreneur = An innovator who seeks opportunities Entrepreneurship = The process of starting a business Innovation = Creating new products or enhancing existing ones Startup = A new business established to develop a product or service</p> Signup and view all the answers

Which of the following is NOT a characteristic of small businesses?

<p>High level of innovation (C)</p> Signup and view all the answers

Entrepreneurship and interpreneurship are the same concepts.

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

Name one key difference between small businesses and entrepreneurship.

<p>Small businesses typically focus on local markets, whereas entrepreneurship often targets broader, innovative markets.</p> Signup and view all the answers

An entrepreneur is focused on creating _____ opportunities, whereas an interpreneur innovates within existing business structures.

<p>new</p> Signup and view all the answers

What is a characteristic of social entrepreneurship?

<p>Addressing social issues (C)</p> Signup and view all the answers

Corporate entrepreneurship encourages employees to think and behave like entrepreneurs.

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

Name one example of a high technology entrepreneur mentioned in the content.

<p>Steve Jobs</p> Signup and view all the answers

A business run predominantly by family members is known as __________ entrepreneurship.

<p>family</p> Signup and view all the answers

Match the type of entrepreneurship with its description:

<p>Social Entrepreneurship = Develops solutions for social issues Corporate Entrepreneurship = Creates new practices in corporations Family Entrepreneurship = Managed by family members High Technology = Focus on innovative tech products</p> Signup and view all the answers

What is a primary characteristic of small businesses compared to entrepreneurship?

<p>Aim for steady income (C)</p> Signup and view all the answers

Entrepreneurs typically rely on personal savings and small loans for funding.

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

What is the key difference between entrepreneurship and intrapreneurship?

<p>Entrepreneurship involves starting a business from scratch, while intrapreneurship focuses on innovation within an existing organization.</p> Signup and view all the answers

In entrepreneurship, a significant aspect is taking personal financial _____ to address market needs.

<p>risks</p> Signup and view all the answers

Match the following concepts with their definitions:

<p>Entrepreneurship = Creating and managing a business from scratch Intrapreneurship = Innovating within an existing organization Small Business = Aimed at steady income with lower risk Venture Capital = Funding through investors for rapid growth</p> Signup and view all the answers

What defines family entrepreneurship?

<p>A business owned and operated by multiple family members. (C)</p> Signup and view all the answers

High-technology entrepreneurship is characterized by individuals who start multiple businesses at once.

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

Name a founder known for high-technology entrepreneurship.

<p>Steve Jobs</p> Signup and view all the answers

An example of a family entrepreneurship is __________.

<p>McDonald's</p> Signup and view all the answers

What is a key reason for the importance of innovation in a company?

<p>To stay relevant and profitable (C)</p> Signup and view all the answers

All innovators are risk-takers.

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

What process is described as identifying deficiencies in products?

<p>Innovation</p> Signup and view all the answers

An innovator is someone who is willing to try __________ things.

<p>new</p> Signup and view all the answers

Match the traits of an innovator with their descriptions:

<p>Risk-taker = Willingness to face uncertainties Creative = Ability to think outside the box Solution-oriented = Focus on finding answers to problems Open-minded = Receptive to new ideas and concepts</p> Signup and view all the answers

What is the primary focus of catchphrase entrepreneurship?

<p>Designing and launching unique products (A)</p> Signup and view all the answers

Catchphrase entrepreneurship is primarily concerned with the growth of large corporations.

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

What is organizational innovation?

<p>Developing a new organizational strategy (D)</p> Signup and view all the answers

In your own words, describe what catchphrase entrepreneurship entails.

<p>It involves designing, launching, and operating small businesses that offer unique products and services.</p> Signup and view all the answers

Catchphrase is designed to operate a new business that is often subject to __________ expansion.

<p>quick</p> Signup and view all the answers

Organizational innovation has no impact on a company's business practices.

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

What is one potential outcome of organizational innovation?

<p>Improved efficiency in business operations</p> Signup and view all the answers

Match the following terms related to catchphrase entrepreneurship with their meanings:

<p>Designing = The process of creating a new product or service. Launching = The act of introducing a new business to the market. Operating = The management and running of a business after its establishment. Expansion = Growth and increase of business reach or size.</p> Signup and view all the answers

Organizational innovation can lead to a change in the company's __________.

<p>business practices</p> Signup and view all the answers

Match the following types of innovation with their descriptions:

<p>Organizational Innovation = New strategies altering business practices Product Innovation = Introduction of new or improved goods Process Innovation = Enhancements in production methods Marketing Innovation = New techniques in promoting products</p> Signup and view all the answers

Who founded Microsoft?

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

Small businesses typically have a large scope of operations.

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

What is the primary motive for small businesses?

<p>To gain profit</p> Signup and view all the answers

The founders of Google.com are __________ and __________.

<p>Larry Page, Sergey Brin</p> Signup and view all the answers

Match the individuals with their associated companies:

<p>Bill Gates = Microsoft Larry Page = Google Mark Zuckerberg = Facebook Sergey Brin = Google</p> Signup and view all the answers

Flashcards

Entrepreneur

A person who identifies opportunities and uses resources to take advantage of them.

Entrepreneurship

The act of starting a business or company.

Innovation

Creating a new product or service, or improving an existing one.

Opportunity

A chance to do something.

Signup and view all the flashcards

Resource

Something that can be used to achieve a goal.

Signup and view all the flashcards

Entrep Creativity

Entrepreneurs consistently find solutions to problems, leading to increased creativity.

Signup and view all the flashcards

Entrep Persistence

Entrepreneurs are dedicated and determined to overcome business challenges and achieve goals.

Signup and view all the flashcards

Entrep Quality & Efficiency

Entrepreneurs constantly strive to improve their work by increasing speed and decreasing cost.

Signup and view all the flashcards

Entrep Work Commitment

Entrepreneurs are dedicated to working long hours to satisfy clients and fulfill obligations.

Signup and view all the flashcards

Entrep Information Seeking

Entrepreneurs conduct thorough research to understand customer needs and problem-solving methods.

Signup and view all the flashcards

Small Business vs. Entrepreneurship

Small businesses often focus on providing goods or services. Entrepreneurship is about identifying and pursuing innovative opportunities, often leading to the creation of new businesses or significant improvements within existing ones.

Signup and view all the flashcards

3 Differences Between Small Business and Entrepreneurship

Research and identify 3 key distinctions between small businesses and entrepreneurial ventures.

Signup and view all the flashcards

Entrepreneurship vs. Interpreneurship

Entrepreneurship involves creating new ventures, while interpreneurship focuses on innovation within an existing company.

Signup and view all the flashcards

Key takeaway for Entrepreneurship

Identify innovative business concepts that solve existing problems or offer a new approach in a market.

Signup and view all the flashcards

Key takeaway for Interpreneurship

Innovation within established businesses while maintaining the existing structure; utilizing existing resources.

Signup and view all the flashcards

Small Business Focus

Small businesses aim for a consistent income using proven, less risky business models.

Signup and view all the flashcards

Entrepreneurship: High Risk

New and unproven ideas, rapid growth, and potential for large scale. This involves higher risk than small businesses.

Signup and view all the flashcards

Venture Capital

Funding provided by investors who believe in the potential of a high-risk, high-reward business.

Signup and view all the flashcards

Social Entrepreneurship

The process where entrepreneurs create solutions that address social issues and have a positive impact on society. They focus on solving social problems through business models.

Signup and view all the flashcards

Corporate Entrepreneurship

Creating new practices or intellectual property within existing corporations. It encourages employees to think like entrepreneurs within their company.

Signup and view all the flashcards

Family Entrepreneurship

A business run by a family where all family members work together. Often passed down through generations.

Signup and view all the flashcards

High Technology Entrepreneurship

Creating new products and services that are based on cutting-edge technology. Requires advanced knowledge and innovation.

Signup and view all the flashcards

What are the hallmarks of social entrepreneurship?

Social entrepreneurs seek to create positive social and environmental change while also running a sustainable business. They often focus on addressing issues like poverty, hunger, or environmental degradation.

Signup and view all the flashcards

Social/Habitual Entrepreneurship

Individuals who repeatedly start and lead new businesses, either consecutively or concurrently.

Signup and view all the flashcards

What is an example of Family Entrepreneurship?

The McDonald's restaurant chain is an example of a family business owned and managed by multiple family members across generations.

Signup and view all the flashcards

Who is an example of a High-technology Entrepreneur?

Steve Jobs, founder of Apple, is a high-technology entrepreneur who revolutionized the tech landscape with products like the iPod, iPhone, and iPad.

Signup and view all the flashcards

Microsoft Founder

Bill Gates founded Microsoft and is responsible for developing the widely used Windows operating system.

Signup and view all the flashcards

Google Founders

Larry Page and Sergey Brin created Google and are often credited with revolutionizing online search.

Signup and view all the flashcards

Facebook Founder

Mark Zuckerberg is the founder of Facebook, a social media platform that connects billions of people worldwide.

Signup and view all the flashcards

Technology Ventures

These ventures involve individuals investing in businesses related to information communication and technology, aiming to leverage technological advancements for profit.

Signup and view all the flashcards

Limited Scope Business

These small businesses are usually owned and operated by a small group of individuals, focusing on a specific niche with limited expansion plans. Their primary goal is profit.

Signup and view all the flashcards

Catchphrase

The process of creating, launching, and growing a new business, often a small business, with quick expansion plans.

Signup and view all the flashcards

Unique Products/Services

The key advantage of a catchphrase business, offering something new and different to the market.

Signup and view all the flashcards

Business Expansion

The rapid growth of the business, quickly reaching new markets and customers.

Signup and view all the flashcards

Market Introduction

The process of presenting and promoting the new products/services to potential customers.

Signup and view all the flashcards

Short of Small Business

Usually smaller than a traditional small business, with a focus on agility and speed.

Signup and view all the flashcards

What is Innovation?

The process of finding weaknesses in products and offering solutions that benefit both companies and consumers.

Signup and view all the flashcards

Why is Innovation important for companies?

Innovation helps companies stay relevant and profitable by adapting to change and evolving with the market.

Signup and view all the flashcards

Risk-taker

Someone who is willing to take chances and try new things, even if there's a possibility of failure.

Signup and view all the flashcards

Solution-oriented

A way of thinking where you focus on finding solutions to problems.

Signup and view all the flashcards

Open-minded

Being receptive to new ideas and different perspectives.

Signup and view all the flashcards

Organizational Innovation

Creating a new strategy within a company to change how it operates.

Signup and view all the flashcards

Business Practices

The routines and methods a company uses to operate, like how they make decisions, manage tasks, or interact with customers.

Signup and view all the flashcards

How does organizational innovation change business practices?

It can change how a company makes decisions, manages tasks, interacts with customers, or even how it's structured.

Signup and view all the flashcards

Example of Organizational Innovation

A company could move from a traditional hierarchical structure to a more flat and agile structure, allowing for faster decision-making and quicker responses to market changes.

Signup and view all the flashcards

Organizational Innovation Impact

It can lead to increased efficiency, improved customer experience, new revenue sources, or even a stronger competitive advantage.

Signup and view all the flashcards

More Like This

Types of Entrepreneurships Quiz
18 questions

Types of Entrepreneurships Quiz

ProactiveSun avatar
ProactiveSun
9 Types of Entrepreneurship
9 questions

9 Types of Entrepreneurship

MightySecant61 avatar
MightySecant61
Entrepreneurship Basics
13 questions

Entrepreneurship Basics

HolyOnyx507 avatar
HolyOnyx507
Entrepreneurial Phenomenon: SMEs and Innovation
45 questions

Entrepreneurial Phenomenon: SMEs and Innovation

CoolMossAgate3086 avatar
CoolMossAgate3086
Use Quizgecko on...
Browser
Open
Browser
Browser