Importance of Entrepreneurship in Innovation
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Questions and Answers

What is the primary factor needed to form a successful enterprise, according to the text?

  • Possessing excellence in technical subjects and business (correct)
  • Using creative business models
  • Surrounding the inventor with bought-in professionals
  • Applying new technological inventions

    • Which of the following is NOT a characteristic of successful entrepreneurial teams, according to the text?

  • Bringing on board best friends or family (correct)
  • High degree of social interaction
  • Team-based approach rather than individual start-ups
  • Extensive network

    • What is one major indicator of the quality of the business acumen, according to the text?

  • The business plan (correct)
  • The degree of social interaction in the team
  • The number of employees
  • The level of voluntary labor

    • Which of the following is a characteristic of social enterprises, according to the text?

    <p>Reliance on voluntary labor</p> Signup and view all the answers

    What is one way that large companies can try to act like a collection of small innovative companies, according to the text?

    <p>Working in a significantly different environment compared to more traditional companies</p> Signup and view all the answers

    What key role does entrepreneurship play in driving human progress?

    <p>Leading to the extinction of old industries and the creation of new ones</p> Signup and view all the answers

    Why are many large corporations now looking to harness their employees' innovative talents?

    <p>To leverage innovation for better products and services</p> Signup and view all the answers

    Why is entrepreneurship among individuals in their twenties relatively popular?

    <p>Because of the low risk involved when one has little to lose</p> Signup and view all the answers

    Why does the text mention a decline in the number of new entrepreneurs in their thirties and forties?

    <p>As risking everything becomes less appealing with more responsibilities</p> Signup and view all the answers

    What is the key difference between technical competence and managerial competence in entrepreneurship?

    <p>Technical competence is about innovation, while managerial competence is about profit-making.</p> Signup and view all the answers

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