Entrepreneurship Practice Model
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Questions and Answers

What does a person who owns an enterprise not necessarily become?

  • A manager
  • An innovator
  • A leader
  • An entrepreneur (correct)

    • What are the four elements of the practice of entrepreneurship, according to Gbeja?

  • Innovation, Management, Strategy, Leadership
  • Systematic Innovation, Change-Oriented Management, Opportunity-focused Strategies, Empowering Leadership (correct)
  • Marketing, Operations, Finance, Human Resources
  • Risk Management, Financial Planning, Market Analysis, Human Resource Management

    • What does systematic innovation involve, according to the text?

  • Purposeful search for innovative opportunities (correct)
  • Luck and chance
  • Trial and error approach
  • Random search for opportunities

    • How many sources of innovative opportunities were identified by Gbeja?

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

    Where are four of the seven sources of innovative opportunities located, according to Gbeja?

    <p>Inside the enterprise or industry</p> Signup and view all the answers

    What do the seven sources of innovative opportunities represent?

    <p>Symptoms of changes</p> Signup and view all the answers

    What is the most reliable source of innovation according to contemporary literature?

    <p>The unexpected success or failure</p> Signup and view all the answers

    What is the purpose of change-oriented management?

    <p>To install policies and practices in the internal environment of the entrepreneurial organization</p> Signup and view all the answers

    What is the result of a mismatch between reality and expectation?

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

    What is the characteristic of each source of innovative opportunities?

    <p>They overlap considerably in practice</p> Signup and view all the answers

    What is the type of management required in an entrepreneurial organization?

    <p>Change-oriented management</p> Signup and view all the answers

    What is the characteristic of new knowledge as a source of innovation?

    <p>It has the longest lead time</p> Signup and view all the answers

    What is the basis of entrepreneurship according to Drucker?

    <p>The principles of the entrepreneur</p> Signup and view all the answers

    What is the common discipline required in entrepreneurial management?

    <p>Entrepreneurial management</p> Signup and view all the answers

    What is lacking in the internal management environment of organisations in Nigeria?

    <p>Entrepreneurial culture and climate</p> Signup and view all the answers

    According to Drucker, what should each manager be?

    <p>Greedy for new things</p> Signup and view all the answers

    What is the main challenge faced by entrepreneurs in developing economies?

    <p>Different challenges and constraints</p> Signup and view all the answers

    What is the key to successful innovation in entrepreneurship?

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

    What is the basis of entrepreneurship according to Drucker?

    <p>The principles whether the entrepreneur is an individual or institution</p> Signup and view all the answers

    What does entrepreneurial management lack in Nigeria according to Gbeja?

    <p>Specific policies and practices in internal management environment</p> Signup and view all the answers

    What is essential for innovation and change in an organization?

    <p>A greedy attitude for new things</p> Signup and view all the answers

    What is the effect of entrepreneurial culture and climate in an organization?

    <p>It accepts innovation and change as an opportunity</p> Signup and view all the answers

    What is the common thread among entrepreneurial organizations according to Drucker?

    <p>The same principles and rules</p> Signup and view all the answers

    What is the role of each manager in an entrepreneurial organization?

    <p>To be greedy for new things</p> Signup and view all the answers

    What is essential for entrepreneurship to flourish?

    <p>A structure that allows innovation</p> Signup and view all the answers

    What are opportunity-focused strategies related to?

    <p>External environment</p> Signup and view all the answers

    Who coined the term 'entrepreneurial strategies'?

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

    What is a key aspect of empowering leadership?

    <p>Empowering and being empowered</p> Signup and view all the answers

    What is the primary goal of entrepreneurial strategies?

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

    Why are entrepreneurial strategies important?

    <p>To cope with the external environment</p> Signup and view all the answers

    Study Notes

    Practice of Entrepreneurship

    • Distinction exists between enterprise ownership and entrepreneurship.
    • Key elements include Systematic Innovation, Change-Oriented Management, Opportunity-Focused Strategies, and Empowering Leadership.
    • These elements interact and collectively define the practice of entrepreneurship.

    Systematic Innovation

    • Systematic innovation involves a deliberate search for innovative opportunities from both internal and external environments.
    • It emphasizes organized analysis of changes that can lead to economic or social innovations.
    • Monitoring of sources for innovation includes unexpected successes and failures, incongruities, process needs, and industry structure changes.
    • Gbeja identifies four internal sources of innovation:
      • Unexpected outcomes
      • Incongruities between perceived and actual realities
      • Innovations driven by process needs
      • Sudden changes in market structures
    • Three external sources include demographics, shifts in perception and meaning, and new knowledge.
    • Reliability and predictability of sources vary, with unexpected successes being the most reliable.

    Change-Oriented Management

    • Change-oriented management refers to policies that must be established within entrepreneurial organizations.
    • Requires a distinct management style that embraces systematic and purposeful approaches.
    • Drucker posits that entrepreneurial principles apply universally, regardless of the organization type, whether large or small, public or private.
    • In Nigeria, entrepreneurial management often lacks effective policies fostering an innovative culture.
    • An entrepreneurial climate sees innovation as an opportunity, not a threat, urging managers to seek new ideas actively.

    Opportunity-Focused Strategies

    • Opportunity-focused strategies outline specific approaches for addressing external environments.
    • Key strategies identified by Drucker include:
      • Creative imitation
      • Entrepreneurial judo
      • Ecological niches
      • Adapting to changing values and characteristics
    • These strategies, while distinct, share intersecting principles and face unique limitations.

    Empowering Leadership

    • Empowering leadership is crucial for fostering an entrepreneurial mindset among employees.
    • These four core elements of entrepreneurship should be internalized by individuals to cultivate entrepreneurial behaviors.
    • Leadership plays a pivotal role in creating an environment conducive to innovation and autonomy within both public and private enterprises.

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    Description

    Learn about the practice of entrepreneurship, including systematic innovation, change-oriented management, opportunity-focused strategies, and empowering leadership. Understand the key elements of entrepreneurial practice and how they relate to each other.

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