Entrepreneurship and Social Ventures Quiz

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Questions and Answers

What distinguishes social entrepreneurs from regular entrepreneurs?

  • They operate exclusively as non-profit organizations.
  • They engage in activities with a social objective. (correct)
  • They do not seek any financial gain.
  • They only focus on making a profit.

What is assertiveness in the context of entrepreneurship?

  • The skill of convincing others to follow your ideas blindly
  • Clearly expressing one's opinions while respecting others' feelings (correct)
  • The capacity to avoid conflicts by not expressing your thoughts
  • The ability to create innovative solutions without considering others' feelings

Which of the following best describes the role of social investors?

  • They invest in emerging companies with social objectives. (correct)
  • They provide donations to non-profit organizations only.
  • They solely invest in established corporations.
  • They focus on gaining maximum profits without societal contributions.

What does adaptability to change imply for an entrepreneur?

<p>Being flexible and changing strategies when necessary (B)</p> Signup and view all the answers

How is an intra-entrepreneur defined?

<p>An employee who identifies an unmet need within the company and acts on it. (B)</p> Signup and view all the answers

What characteristic distinguishes entrepreneurs in their approach to problems?

<p>The ability to generate ideas or improve existing ones creatively (D)</p> Signup and view all the answers

What was a key factor in Angi Cabal and her partner's entrepreneurial journey?

<p>They identified a gap in the wedding services market. (A)</p> Signup and view all the answers

Which statement best reflects the nature of risk-taking for entrepreneurs?

<p>Entrepreneurs are often required to take calculated risks (A)</p> Signup and view all the answers

Which example illustrates a project that aims to help the environment?

<p>A startup that recycles materials for decorative products. (B)</p> Signup and view all the answers

What does the term 'autoconfianza' (self-confidence) signify for entrepreneurs?

<p>The ability to trust in one's skills and overcome difficulties (B)</p> Signup and view all the answers

What is a likely outcome if a social investor does not stay engaged with a project?

<p>The investor may abandon the project if not aligned with their goals. (B)</p> Signup and view all the answers

How is initiative defined for entrepreneurs?

<p>Taking proactive steps to make things happen (A)</p> Signup and view all the answers

What product was developed as a result of intra-entrepreneurship at Google?

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

In what way does leadership impact an entrepreneur's effectiveness?

<p>It helps them influence and guide others towards a common goal (C)</p> Signup and view all the answers

How do social entrepreneurs differ from non-profit organizations?

<p>They also aim to generate revenue while addressing social issues. (C)</p> Signup and view all the answers

What role does negotiation skill play in entrepreneurship?

<p>It helps in resolving conflicts through dialogue and compromise (C)</p> Signup and view all the answers

Who saw the opportunity to create personal computers accessible to families?

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

What was the role of John Scully in Apple Computers after its creation?

<p>He was the CEO hired to run the company. (C)</p> Signup and view all the answers

How can an entrepreneur also be a businessman?

<p>By developing an idea and also managing the business. (C)</p> Signup and view all the answers

According to Knight's assessment in the 20th century, what is a necessary component of being an entrepreneur?

<p>Assuming risks. (D)</p> Signup and view all the answers

Before the separation of ownership and management, what was primarily expected from an entrepreneur?

<p>To invest their own capital and manage the production process. (D)</p> Signup and view all the answers

What factor complicated the relationship between ownership and management of companies as they grew larger?

<p>The challenge of finding single owners to invest all capital. (C)</p> Signup and view all the answers

Which individual created a clothing store focused on low-cost designs updated frequently?

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

What is the main risk an entrepreneur faces regarding their products?

<p>The difficulty in forecasting demand accurately. (D)</p> Signup and view all the answers

What role did the entrepreneur play during the mercantilism period?

<p>A merchant who managed and controlled businesses. (B)</p> Signup and view all the answers

How did Schumpeter define the role of an entrepreneur?

<p>As an innovator who creates new products or methods. (C)</p> Signup and view all the answers

What is referred to as 'Destructive Creation' by Schumpeter?

<p>The process of innovation, imitation, and further innovation. (B)</p> Signup and view all the answers

According to classical economists, what was the primary role of the entrepreneur in the 18th century?

<p>To own the business and lead production efforts. (B)</p> Signup and view all the answers

What was a major characteristic of entrepreneurs during the 16th and 17th centuries?

<p>They acted as merchants controlling the purchase and sale of goods. (B)</p> Signup and view all the answers

What did classical economists believe constituted the entrepreneur's reward?

<p>The profits earned from capital invested. (D)</p> Signup and view all the answers

Which of the following best describes the evolution of the entrepreneur's role from the 16th century to the 20th century?

<p>From a merchant managing trade to an innovator driving technological change. (B)</p> Signup and view all the answers

What did Schumpeter identify as a major driving force behind economic improvement?

<p>Continuous technological innovations by entrepreneurs. (C)</p> Signup and view all the answers

What is a significant difference in female entrepreneurship between Spain and the EU?

<p>9 women entrepreneurs for every 10 men in Spain compared to 6 in the EU (D)</p> Signup and view all the answers

Which of the following best describes 'innovation of marketing'?

<p>Changing the packaging or advertising strategy of a product (D)</p> Signup and view all the answers

What does 'incremental innovation' refer to?

<p>Making small improvements to existing products (A)</p> Signup and view all the answers

How does 'organizational innovation' typically affect a company?

<p>It introduces new methods of workplace organization (B)</p> Signup and view all the answers

What is a key benefit of female entrepreneurship mentioned?

<p>It can enhance societal welfare and growth (C)</p> Signup and view all the answers

What strategy did Coca Cola use to market its drinks uniquely?

<p>Labeling cans with personal names (A)</p> Signup and view all the answers

Which of the following best explains why creativity is essential for entrepreneurship?

<p>It generates solutions to problems in innovative ways (C)</p> Signup and view all the answers

What misconception might people have about the relationship between creativity and innovation?

<p>Creativity and innovation are identical concepts (C)</p> Signup and view all the answers

What does digitalization primarily involve?

<p>Converting analog information into digital formats (A)</p> Signup and view all the answers

Which technology is primarily used for secure digital transactions without intermediaries?

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

What is a common application of 3D printing?

<p>Producing prototypes and custom products (B)</p> Signup and view all the answers

How does virtual reality (VR) differ from traditional media?

<p>It creates an entirely new environment (C)</p> Signup and view all the answers

What distinguishes digital data from analog data?

<p>Digital data can be easily analyzed and transmitted (A)</p> Signup and view all the answers

Which of the following is an emerging trend in technology mentioned in the content?

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

What has replaced physical photos in the context of digitalization?

<p>Digital storage on personal devices (B)</p> Signup and view all the answers

What does the term 'additive manufacturing' refer to?

<p>A process of constructing objects layer by layer (A)</p> Signup and view all the answers

Flashcards

Entrepreneurship

An attitude and action of initiating a project or action to bring about change in one's environment.

Entrepreneurial Characteristics

Key qualities that enable individuals to initiate and execute new projects.

Initiative

The ability to make things happen rather than just having ideas.

Creativity

The ability to generate new ideas or improve existing ideas from a different perspective.

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Risk-Taking

The willingness to accept the possibility of not achieving desired results.

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Self-Confidence

The ability to believe in oneself and one's abilities.

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Persistence

Continuing effort despite difficulties.

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Problem-Solving

Finding innovative solutions to problems.

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Social Entrepreneurs

People who undertake activities aimed at social good, often seeking societal benefit like helping the disadvantaged or protecting the environment. They aim to profit but not solely for profit.

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Investors

People with capital who invest in emerging and new businesses. Their primary goal is typically financial return.

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Accidental Entrepreneurs

Individuals who spot an unmet need and propose a solution without much prior planning. They simply take a chance and act.

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Intrapreneurs

Employees within a company who come up with innovative business ideas and seek new opportunities. They act as entrepreneurs within their current organization.

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Harry Potter book author

A person who wrote a famous book, which became successful.

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Economanitas

Cristina Balbás's Project

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Example of an investor

Gerard Piqué, who invested in DAZN and Kings League.

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Example of Accidental Entrepreneur

Angi Cabal and her partner

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Business owner (Entrepreneur)

A person who owns a company, but also actively directs it.

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Entrepreneur (and business owner)

A person who combines both developing the idea and running the company.

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Entreprenuer-risk

In the 20th century, entrepreneurs were seen as those who accept possible losses in business.

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Early entrepreneur

The entrepreneur who invests capital and manages the production process from start to finish.

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Separation of ownership and management

A key part of big businesses: Different people own the company and others administrate it.

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Business Risk

The uncertainty that an entrepreneur faces in selling their products.

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Business development

The process of bringing a concept to market through funding and management.

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Mercantilist Entrepreneur

A trader who buys goods from artisans and sells them, managing and controlling their business.

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Capitalist Entrepreneur

An owner of a business (usually large factories), providing the money and personally managing it.

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Schumpeterian Entrepreneur

An innovator who creates new products or production methods, driving economic change.

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Profit as Reward (Entrepreneur)

The return for the risk taken in business, whether through trade or innovation.

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Schumpeter's 'Creative Destruction'

The cycle of innovation, imitation, and further innovation, leading to economic growth.

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Entrepreneur's Role (Mercantilist)

To buy and sell goods, manage and control their business.

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Entrepreneur's Role (Capitalist)

Owning and managing the business, providing capital.

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Entrepreneur's Role (Schumpeterian)

Driving innovation and change in business; inventor and producer of new goods.

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Female Leadership in Business

130 million women lead businesses globally, with more female entrepreneurship in some European countries like Spain.

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Female Entrepreneurship in Europe

European countries like Spain have more female entrepreneurs, about 9 women to every 10 men, greater than the EU average of 6 women to 10 men.

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Business Innovation

Creating new ways to solve business problems, improve products, or organize workplaces.

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Marketing Innovation

Using new ways to sell products. This might include changing packaging, advertising, or other aspects of selling the product

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Organizational Innovation

Changing how a company is organized, or how work is done; for example, implementing teleworking.

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Incremental Innovation

Small improvements to existing products to make them more appealing.

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Innovation

The implementation of creative ideas that improve products or processes.

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Digitalization

The process of converting analog information (like images, sounds, text) into a digital format that can be analyzed, stored, and transmitted electronically.

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Virtual Reality (VR)

Creating a completely new environment by replacing real-world experiences with virtual ones, often for entertainment purposes (like video games).

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Blockchain

A secure digital registry for transmitting and storing information without the risk of copying or forgery, allowing for direct transactions without intermediaries. It's like a giant digital spreadsheet.

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What is blockchain used for?

Blockchain is most commonly used for cryptocurrency transactions, ensuring secure and transparent record-keeping.

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Additive Manufacturing

Creating physical objects layer by layer (like printing), often used for prototyping, spare parts, and personalized products. You know it as 3D Printing.

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What does digitalization require?

Digitalization requires the use of digital technologies, like computers and networks (like the internet).

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How is information stored digitally?

Information is stored digitally on electronic devices (like computers) and communicated through networks (like internet).

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What is an example of digitalization?

Replacing physical photos with digital ones on a smartphone is an example of digitalization. It converts analog information (physical photos) to a digital format on a device.

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Study Notes

Unit 1: The Entrepreneur and Innovation

  • Entrepreneur: A person who identifies a business opportunity, develops an idea, and takes initiative to gather resources for execution, ready to accept risk for success.
  • Entrepreneur Traits: Initiative, creativity, risk-taking, self-confidence, perseverance, resilience, positive attitude, and empathy.
  • Entrepreneur Types: Visionary, by necessity, investor, by chance/opportunity, specialist, persuasive, and social.
  • Entrepreneur vs. Businessperson: An entrepreneur identifies and develops a business idea, often through founding a company. A businessperson manages and runs an existing company.
  • Evolution of Entrepreneurship: The role of the entrepreneur has evolved from a simple merchant or capitalist owner-manager to a more complex role involving innovation, organization, and societal impact.
  • Importance of Entrepreneurial Activity: Improves quality of life through problem-solving, innovative goods/services, job creation, and societal contributions.
  • Women in Entrepreneurship: Faces challenges like funding and a gender pay gap (less pay for equal work), but often exhibit strengths like balance in family and work life; their challenges are often overlooked.
  • Innovation in Business: The introduction of new or improved products, processes, or business models to meet demands and societal issues positively.
  • Innovation Types: Product, process, marketing, organizational--and incremental (small improvements) and radical (big changes).
  • Porter's Innovation Theory: Innovation is central to maintaining competitive advantage. This involves leveraging advantages in product differentiation, process efficiency, or business models.
  • Drucker's Innovation Theory: Innovation is a process rooted in addressing market needs & opportunities, beginning small, & emphasizing that innovation isn't about big ideas but about finding problems to solve.
  • Innovation Theories Differences: While Porter prioritizes competitive advantage, Drucker highlights a needs-driven, market-focused, process.
  • Digitalization and Emerging Trends: Transformation of information from analog to digital formats used for analysis, storage, and exchange via devices & networks.
  • Digitalization Components: Internet of Things, cloud computing, big data & analytics, artificial intelligence, blockchain, 3D printing, and cybersecurity.
  • Impact of Digitalization: Increased information access, communication speed, new work methods, economic transformation of business models, (e.g., Uber, Spotify).
  • Challenges of Digitalization: Cybercrime, surveillance, mistrust in information, digital divide, changes in necessary skills of workers, and economic inequality.
  • I+D+i (Research, Development, and Innovation): Investment by companies or governments in researching and developing new knowledge for applications in products or processes. This is crucial for societal progress and economic growth.
  • I+D+i Key Aspects: Conducting basic and applied research, developing new products/processes, and successfully introducing innovations into the market.

Additional Note:

  • These notes condense information from multiple pages, combining related concepts. Specific examples are also summarized.

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