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Questions and Answers
What is a primary characteristic of entrepreneurs?
What is a primary characteristic of entrepreneurs?
- They avoid taking risks in business.
- They create new ventures known as 'start-ups'. (correct)
- They rely only on funding from established corporations.
- They focus solely on existing markets.
Which factor is considered a source of innovation?
Which factor is considered a source of innovation?
- Decreased need for problem-solving
- Knowledge push from scientific advances (correct)
- Consistent market structure
- Increased regulation complexity
How does the lean start-up method contribute to entrepreneurship?
How does the lean start-up method contribute to entrepreneurship?
- It relies on traditional business models.
- It encourages rapid prototyping and customer feedback. (correct)
- It focuses on maximizing the initial investment.
- It emphasizes the importance of long-term planning.
What type of innovation arises from an unexpected or accidental event?
What type of innovation arises from an unexpected or accidental event?
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Which of the following does NOT represent a source of innovation?
Which of the following does NOT represent a source of innovation?
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Study Notes
Entrepreneurs
- Entrepreneurs launch new businesses, termed "start-ups," aiming to address gaps in the market.
- They are key drivers of radical innovations, capable of disrupting and reshaping existing industries.
- An entrepreneurial mindset embraces risk-taking, creativity, and resilience in problem-solving.
- The lean start-up method emphasizes agility, iteration, and validated learning in developing products.
Sources of Innovation
- Knowledge push refers to advancements in science that inspire new business ideas and products.
- Needs pull highlights innovation driven by the necessity to solve specific societal or market issues.
- System changes involve transformations in operational structures or processes that foster new opportunities.
- System shocks, such as economic crises or disasters, can spur innovation by reshaping priorities and needs.
- New regulations often create niches for innovation as entrepreneurs adapt to comply while meeting market demands.
- Demographics shifts, like aging populations or urbanization, open avenues for tailored products and services.
- Changes in industry or market structure can redefine competitive landscapes, prompting innovative responses.
- Learning from other actors positions entrepreneurs to enhance their offerings through observation and feedback.
- Re-combinations of existing ideas, technologies, or processes can yield novel solutions.
- Serendipity may lead to unexpected discoveries, enabling innovative leaps beyond planned objectives.
- "Eureka!" moments signify sudden insights, channeling inspiration akin to Archimedes’ realization in the bath.
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