Entrepreneurship vs. Intrapreneurship
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Questions and Answers

What does the term "linchpin" mean, in relation to an economic system?

The most important part of a complex situation or system.

What is the French word that means to "undertake"?

Entrepreneur

What are the key characteristics that entrepreneurs rely on? (Choose all that apply)

Creativity and Innovation

What is the primary focus of Social Entrepreneurs?

<p>Solving societal problems and creating a benefit for humanity.</p> Signup and view all the answers

What does the abbreviation GSI stand for in the context of Intrapreneurship?

<p>Graded Sustainable Intrapreneurial.</p> Signup and view all the answers

Entrepreneurs are born, not made.

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

Every entrepreneur is an aggressive risk-taker.

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

Entrepreneurs must invent something completely new to be successful.

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

Being the first to market is essential for entrepreneurial success.

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

Entrepreneurs always make more money than other professionals.

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

A good product will automatically result in a successful business.

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

Entrepreneurship requires massive investments to get started.

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

Age is a limiting factor for entrepreneurial success.

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

Which of the following factors are not part of the political environment that affect entrepreneurship?

<p>Cultural preferences in music and fashion (B)</p> Signup and view all the answers

What does the word "polis" mean, and how does it relate to the concept of government?

<p>Polis means &quot;city-state&quot;. The term &quot;polis&quot; itself signifies the importance of community, governance, and the collective well-being of a society, which is at the heart of the concept of government. It highlights the role of government in creating a framework that balances individual and collective interests, enabling the smooth functioning of a society.</p> Signup and view all the answers

Which of the following best describes why government can be considered an art?

<p>Government involves the process through which the authorities skillfully address the needs of society. (D)</p> Signup and view all the answers

Which of the following is NOT a way in which political activity can shape entrepreneurial decisions?

<p>Global trends in investment and innovation (E)</p> Signup and view all the answers

What are two key aspects of the socio-economic environment that affect entrepreneurship?

<p>Social and economic factors.</p> Signup and view all the answers

What is the role of an economic system in a country?

<p>An economic system is the framework through which a country allocates its resources, produces goods and services, and distributes them to its population. It determines how resources are acquired, how production is organized, and how income and wealth are distributed.</p> Signup and view all the answers

Which of the following is NOT a socio-economic factor that influences entrepreneurship?

<p>Availability of clean water and sanitation (B)</p> Signup and view all the answers

How do technological advancements benefit entrepreneurship?

<p>Technological advancements provide entrepreneurs with access to new tools, resources, and opportunities that enhance efficiency, productivity, and profitability. They enable entrepreneurs to develop innovative products and services, access wider markets, and reduce operational costs.</p> Signup and view all the answers

What is the primary role of a legal environment in supporting entrepreneurship?

<p>A well-defined legal environment provides entrepreneurs with a clear framework of rights, protections, and procedures that facilitate business operations and reduce uncertainty. It helps ensure fair competition, protects intellectual property, and facilitates access to capital, contributing to a more favorable climate for entrepreneurship.</p> Signup and view all the answers

What is the significance of infrastructure in relation to a country's economic development?

<p>Infrastructure refers to the underlying foundation of a country's economy, including essential services like transportation, communication, energy, and water supply. It plays a crucial role in facilitating business operations, attracting investment, and supporting economic growth. A robust infrastructure provides businesses with the necessary resources and logistical support to operate efficiently and effectively.</p> Signup and view all the answers

Study Notes

Entrepreneurship vs. Intrapreneurship

  • Entrepreneurship is the core of the economy, the linchpin of economic systems. An entrepreneur organizes, owns, and manages a business, taking on risk.
  • Entrepreneurs leverage creativity and innovation to develop new products/methods/markets for business.
  • Entrepreneurship is distinct from small business ownership; it focuses on recognizing opportunities and using resources to create ventures--potentially (but not necessarily) profitable ventures.
  • Entrepreneurship can be social, focusing on solving societal problems rather than profit maximization.
  • Intrapreneurship is a type of entrepreneurship, taking place within an existing organization (a business of some kind).

Myths About Entrepreneurship

  • Entrepreneurs aren't necessarily born, but can be developed.
  • Entrepreneurs don't all have to be high-risk-takers.
  • Innovation is not always required to succeed, but is often a key aspect.
  • Profit isn't always the primary goal.
  • Being "first" to market is not always necessary.
  • A good product isn't always enough for success.
  • Starting a business doesn't always require significant capital.
  • Age is not a barrier to entrepreneurship.

Environments of Entrepreneurship and Intrapreneurship

  • Political factors (e.g., government policies, regulations) influence economic ventures.
  • Socioeconomic factors (e.g., economic conditions, culture, education) affect entrepreneurs/intrapreneurs.
  • Technological advances impact efficiency.
  • Legal systems affect businesses.
  • Infrastructure (e.g., transportation, communication networks) is crucial for business function.

Characteristics of Entrepreneurship

  • Vision is a key driver for entrepreneurs.
  • Hard work is important to success.
  • Knowledge and understanding are essential.
  • Conscientious planning is crucial for ventures.
  • Dynamic approaches are needed in entrepreneurial pursuits.
  • Positive attitudes are important.

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Global Entrepreneurship and Intrapreneurship PDF

Description

This quiz explores the fundamental concepts of entrepreneurship and intrapreneurship, highlighting key differences and common myths. Understand the roles of creativity and risk, as well as the impact on economic systems and society. Test your knowledge on how these two concepts influence business practices.

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