Entrepreneurship Chapter: Characteristics of Entrepreneurs
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Questions and Answers

What is one of the ways state-owned enterprises such as SEDCs engage in entrepreneurial activities?

  • Research and development
  • Intellectual property rights
  • Management buyouts only
  • Joint-ventures, equity participation, and management buyouts (correct)

    • What is the primary objective of research and development in academic and research institutions?

  • To develop intellectual property rights
  • To lead to innovations and its commercialization (correct)
  • To create new ventures
  • To encourage entrepreneurship development

    • What is intrapreneurship defined as?

  • An entrepreneurial activity in academic and research institutions
  • A type of entrepreneurship development in respective states
  • A state-owned enterprise's entrepreneurial activity
  • A corporate management strategy that encourages employees to create new product ideas (correct)

    • What is the outcome of employees' ideas being approved in an intrapreneurship scheme?

    <p>Management will finance research and development of the product while sharing an equitable partnership arrangement with the employee</p> Signup and view all the answers

    What is the role of state-owned enterprises such as SEDCs in their respective states?

    <p>To encourage entrepreneurship development in their respective states</p> Signup and view all the answers

    What is the primary focus of entrepreneurial activities in academic and research institutions?

    <p>Research and development of new products, processes, systems, materials, etc.</p> Signup and view all the answers

    What is the outcome of innovations in academic and research institutions?

    <p>Commercialization through outright sale of IPs, technology licensing or through creation of new ventures</p> Signup and view all the answers

    What is the purpose of intrapreneurship scheme?

    <p>To allow and encourage entrepreneurial activities within the corporation or institution</p> Signup and view all the answers

    What is the result of employees' innovative ideas in an intrapreneurship scheme?

    <p>Management will finance research and development of the product</p> Signup and view all the answers

    What is the main goal of entrepreneurship development in respective states?

    <p>To encourage entrepreneurship development</p> Signup and view all the answers

    Study Notes

    Individual Characteristics of an Entrepreneur

    • Three attributes consistently associated with entrepreneurial behavior: need for achievement, internal locus of control, and risk-taking propensity.
    • Need for achievement: personal attribute associated with the expectation of doing something better than others or one's earlier accomplishments.
    • Individuals with high need for achievement have a strong desire for success and are more likely to behave entrepreneurially.
    • Locus of control: belief or disbelief that one can control or influence their environment.
    • Individuals with internal locus of control are more likely to strive for achievement than those with external locus of control.
    • Personal entrepreneurial competencies (PEC): a measuring instrument developed by McClelland in 1985 to measure inclinations among successful entrepreneurs in Malawi, India, and Ecuador.

    Five Personality Dimensions of Entrepreneurs

    • Achievement: high energy levels to chase goals, confidence in achieving success, and measurement of success.
    • Autonomy: need to make decisions without having to abide by someone else's policies, rules, and regulations.
    • Internal Locus of Control: belief that one can control one's own environment.
    • Risk-taking propensity: willingness to pursue an opportunity despite reasonably high risks involved.
    • Entrepreneurial self-efficacy: self-belief in one's ability to start and complete a specific activity, handling rejection, and pursuing new opportunities.

    Types of Entrepreneurship

    • Private or Independent Entrepreneurship: entrepreneurial activities of private or independent firms where the entrepreneurship process is most prevalent.
    • Corporate Entrepreneurship: entrepreneurial activities carried out in large corporations to sustain existence and create new products or services.
    • Social Entrepreneurship: entrepreneurial activities carried out by social enterprises, NGOs, and charitable organizations.
    • Academic Entrepreneurship: entrepreneurial activities in academic and research institutions involving research and development of new products, processes, and systems.
    • Intrapreneurship: innovative corporate management strategy that encourages employees to create new product ideas and share an equitable partnership arrangement with the company.

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    Description

    This quiz assesses understanding of characteristics of entrepreneurs, including individual characteristics, based on the book 'Fundamentals of Entrepreneurship' by Sodri Ariffin, Ismail Ab Wahab, and Zarida Hambali. Topics covered include Brockhaus' identification of three individual characteristics.

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