Entrepreneurship and SMEs Quiz

Study Notes

The process of creating and managing a business to achieve a desired objective.
Entrepreneurship encompasses starting, buying, or growing a business often with innovative products/processes.

Any independently owned and operated business that is not dominant in its competitive area and employs a limited number of employees.
Usually, there are fewer than 50 to 100 employees.
SMEs perform a range of activities, including market research, product development, business plan writing, business financing, business growth, and, ultimately, taking the business public or selling it for a profit.

Strong Vision: Sarah had a clear and strong view about creating a sustainable fashion brand.
Passion and Drive: Sarah was keen on sustainability & fashion and fuelled with entrepreneurial drive.
Risk-Taking: Sarah was willing to step out of her comfort zone to pursue her business idea by investing her savings into researching sustainable materials and finding local designers.
Adaptability and Resilience: Despite setbacks & failures, Sarah constantly modified her strategies and sought alternative solutions.
Market Research: Sarah conducted market research, sought customer feedback, and adjusted her product offerings to meet evolving demands.
Differentiation: Sarah differentiated her brand by incorporating unique design elements and innovative materials into her products.
Growth Mindset: Sarah embraced a growth mindset and sought opportunities to expand her knowledge, skills, and to enhance her entrepreneurial capabilities.
Networking: Sarah actively contacted people & business partners, connected with like-minded individuals.

The process of creating and maintaining the innovation and flexibility of a small business environment within the confines of a large organization.
Entrepreneurial Managers carry out entrepreneurial efforts within a larger organization.
Entrepreneurial managers have the freedom to define and initiate new projects, much as they were independent entrepreneurs.

Manufacturing enterprises with fewer than 100 employees and non-manufacturing enterprises with fewer than 50 employees are regarded as SMEs in Hong Kong.