30 Questions
What does a person who owns an enterprise not necessarily become?
An entrepreneur
What are the four elements of the practice of entrepreneurship, according to Gbeja?
Systematic Innovation, Change-Oriented Management, Opportunity-focused Strategies, Empowering Leadership
What does systematic innovation involve, according to the text?
Purposeful search for innovative opportunities
How many sources of innovative opportunities were identified by Gbeja?
Seven
Where are four of the seven sources of innovative opportunities located, according to Gbeja?
Inside the enterprise or industry
What do the seven sources of innovative opportunities represent?
Symptoms of changes
What is the most reliable source of innovation according to contemporary literature?
The unexpected success or failure
What is the purpose of change-oriented management?
To install policies and practices in the internal environment of the entrepreneurial organization
What is the result of a mismatch between reality and expectation?
Incongruity
What is the characteristic of each source of innovative opportunities?
They overlap considerably in practice
What is the type of management required in an entrepreneurial organization?
Change-oriented management
What is the characteristic of new knowledge as a source of innovation?
It has the longest lead time
What is the basis of entrepreneurship according to Drucker?
The principles of the entrepreneur
What is the common discipline required in entrepreneurial management?
Entrepreneurial management
What is lacking in the internal management environment of organisations in Nigeria?
Entrepreneurial culture and climate
According to Drucker, what should each manager be?
Greedy for new things
What is the main challenge faced by entrepreneurs in developing economies?
Different challenges and constraints
What is the key to successful innovation in entrepreneurship?
Looking for opportunities
What is the basis of entrepreneurship according to Drucker?
The principles whether the entrepreneur is an individual or institution
What does entrepreneurial management lack in Nigeria according to Gbeja?
Specific policies and practices in internal management environment
What is essential for innovation and change in an organization?
A greedy attitude for new things
What is the effect of entrepreneurial culture and climate in an organization?
It accepts innovation and change as an opportunity
What is the common thread among entrepreneurial organizations according to Drucker?
The same principles and rules
What is the role of each manager in an entrepreneurial organization?
To be greedy for new things
What is essential for entrepreneurship to flourish?
A structure that allows innovation
What are opportunity-focused strategies related to?
External environment
Who coined the term 'entrepreneurial strategies'?
Drucker
What is a key aspect of empowering leadership?
Empowering and being empowered
What is the primary goal of entrepreneurial strategies?
Creating innovative opportunities
Why are entrepreneurial strategies important?
To cope with the external environment
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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