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Questions and Answers
What role do entrepreneurs play in innovation according to Schumpeter?
What role do entrepreneurs play in innovation according to Schumpeter?
- They introduce new products, services, or business models. (correct)
- They primarily focus on market research and analysis.
- They are innovators who create advertising strategies.
- They manage teams to achieve operational efficiencies.
Which of the following best defines intrapreneurs?
Which of the following best defines intrapreneurs?
- Entrepreneurs who start their own businesses.
- Managers focused strictly on administrative tasks.
- Workers who implement company policies without innovation.
- Individuals who exploit business opportunities within organizations. (correct)
What attribute is emphasized by Hisrich and Peters regarding entrepreneurs?
What attribute is emphasized by Hisrich and Peters regarding entrepreneurs?
- Demand forecasting skills.
- Focus on customer service excellence.
- Inspiring leadership and vision. (correct)
- The ability to reduce operational costs.
According to Kirzner, what skill is crucial for entrepreneurs?
According to Kirzner, what skill is crucial for entrepreneurs?
What is a significant challenge faced by entrepreneurs according to Gartner?
What is a significant challenge faced by entrepreneurs according to Gartner?
Which of the following best describes the term intrapreneurship?
Which of the following best describes the term intrapreneurship?
How do Shane and Venkataraman define entrepreneurs?
How do Shane and Venkataraman define entrepreneurs?
What aspect of decision-making is important for entrepreneurs, according to Casson?
What aspect of decision-making is important for entrepreneurs, according to Casson?
What is one responsibility of an intrapreneur as defined by Jones, George, and Hill?
What is one responsibility of an intrapreneur as defined by Jones, George, and Hill?
Which scholar emphasized the importance of resource allocation for entrepreneurs?
Which scholar emphasized the importance of resource allocation for entrepreneurs?
What is the primary objective of entrepreneurship?
What is the primary objective of entrepreneurship?
How does Jones et al. (2000) define a key aspect of entrepreneurship?
How does Jones et al. (2000) define a key aspect of entrepreneurship?
What characteristic does Di-Masi (2010) attribute to an entrepreneur?
What characteristic does Di-Masi (2010) attribute to an entrepreneur?
According to Scarborough (2013), what is a common goal for entrepreneurs?
According to Scarborough (2013), what is a common goal for entrepreneurs?
What do Envick and Langford (2000) suggest about entrepreneurs?
What do Envick and Langford (2000) suggest about entrepreneurs?
Which statement aligns with Bagby (1998)'s view on entrepreneurs?
Which statement aligns with Bagby (1998)'s view on entrepreneurs?
What is one role of entrepreneurship in economic development?
What is one role of entrepreneurship in economic development?
What does the act of opportunity exploitation in entrepreneurship involve?
What does the act of opportunity exploitation in entrepreneurship involve?
Which perspective on entrepreneurs emphasizes their creativity?
Which perspective on entrepreneurs emphasizes their creativity?
What common trait is found in all definitions of an entrepreneur?
What common trait is found in all definitions of an entrepreneur?
What does the term entrepreneur primarily signify in a business context?
What does the term entrepreneur primarily signify in a business context?
Who is credited with the earliest introduction of the concept of an entrepreneur?
Who is credited with the earliest introduction of the concept of an entrepreneur?
Which economic activities did indigenous Nigerians engage in during the pre-colonial era?
Which economic activities did indigenous Nigerians engage in during the pre-colonial era?
What was a significant challenge faced by Nigerian entrepreneurs during the colonial era?
What was a significant challenge faced by Nigerian entrepreneurs during the colonial era?
What was one of the policies introduced post-colonial era to support local entrepreneurship in Nigeria?
What was one of the policies introduced post-colonial era to support local entrepreneurship in Nigeria?
How did colonial administration affect local entrepreneurship in Nigeria?
How did colonial administration affect local entrepreneurship in Nigeria?
What is one of the key aspects of entrepreneurship as highlighted in the definitions?
What is one of the key aspects of entrepreneurship as highlighted in the definitions?
How does Gartner (1988) define entrepreneurship?
How does Gartner (1988) define entrepreneurship?
What does Nwachukwu (1990) emphasize in his definition of entrepreneurship?
What does Nwachukwu (1990) emphasize in his definition of entrepreneurship?
Which of the following best summarizes the broader perspective of entrepreneurship?
Which of the following best summarizes the broader perspective of entrepreneurship?
According to Aruwa (2006), what defines an individual's entrepreneurial spirit?
According to Aruwa (2006), what defines an individual's entrepreneurial spirit?
Leibenstein (1968, 1979) provides a unique perspective on entrepreneurship by defining it as activities necessary to:
Leibenstein (1968, 1979) provides a unique perspective on entrepreneurship by defining it as activities necessary to:
Which of the following is NOT typically considered an entrepreneurial activity?
Which of the following is NOT typically considered an entrepreneurial activity?
What aspect of entrepreneurship is emphasized by Schumpeter (1934)?
What aspect of entrepreneurship is emphasized by Schumpeter (1934)?
What does the entrepreneurial activity include according to the summary of definitions provided?
What does the entrepreneurial activity include according to the summary of definitions provided?
What is the main focus of intrapreneurship in organizations?
What is the main focus of intrapreneurship in organizations?
How does an entrepreneur primarily differ from an intrapreneur?
How does an entrepreneur primarily differ from an intrapreneur?
What does the term 'entrepreneurship' derive from?
What does the term 'entrepreneurship' derive from?
Who first attributed the term ‘entrepreneur’ in the context of economic coordination?
Who first attributed the term ‘entrepreneur’ in the context of economic coordination?
Which of the following statements about intrapreneurs is true?
Which of the following statements about intrapreneurs is true?
When was the term 'entrepreneur' officially adopted in the Oxford English Dictionary?
When was the term 'entrepreneur' officially adopted in the Oxford English Dictionary?
What role do intrapreneurs play in established organizations?
What role do intrapreneurs play in established organizations?
Which of the following best describes the term 'to undertake'?
Which of the following best describes the term 'to undertake'?
What is one reason why organizations should encourage intrapreneurship?
What is one reason why organizations should encourage intrapreneurship?
Which economic agent is associated with taking risks to create new ventures?
Which economic agent is associated with taking risks to create new ventures?
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Study Notes
Meaning of Entrepreneurship
- Entrepreneurship has evolved over time with different definitions from various scholars.
- Entrepreneurship is about identifying and exploiting opportunities within a market.
- It involves self-employment, organizational creation, innovation, resource combination, and identifying and exploiting market opportunities.
- It's the driving force behind establishing, nurturing, and sustaining any business enterprise.
Who is an Entrepreneur?
- Entrepreneurs are motivated, driven individuals who identify market opportunities and mobilize resources to capitalize on them.
- Entrepreneurs assume significant accountability for new ventures, ideas, and businesses.
- They play a crucial role in predicting and acting upon market changes.
- Entrepreneurs are considered innovative drivers of growth and value creation.
Intrapreneurs/Corporate Entrepreneurship
- Intrapreneurs are individuals exhibiting entrepreneurial characteristics within established organizations.
- They identify and exploit business opportunities within their workplace, offering visionary leadership in their role.
- They perceive new market opportunities, access resources, and initiate projects to capitalize on opportunities.
- Intrapreneurship (corporate entrepreneurship) is crucial for organizational growth, competitiveness, and adaptation to change.
###Â How is Entrepreneur Different from Intrapreneur
- Entrepreneurs create new ventures independently.
- Intrapreneurs innovate and drive change within existing organizations.
- Entrepreneurs bear the full risk of their ventures.
- Intrapreneurs operate within organizational frameworks, limiting their risk and autonomy.
Entrepreneurship - Origin
- Entrepreneurship originates from the French word 'Entreprendre,' meaning "to undertake" or "to pursue opportunities."
- The term first appeared in 1723, attributed to Ricardo Cantillon, who used it to describe an economic agent managing inputs to produce goods with uncertain sales prices.
- J.B. Say coined the term 'entrepreneur' to describe individuals who brought together factors of production to create new wealth.
- The Oxford English Dictionary officially adopted 'entrepreneur' in 1897.
The Development of Entrepreneurship in Nigeria
- Nigeria has a rich history of entrepreneurship, dating back to pre-colonial times.
- Pre-colonial Nigerians engaged in farming, crafts, and trades.
Pre-Colonial Era
- Nigerians cultivated crops like cotton, groundnut, cocoa, cashew, maize, and kola nuts.
- They engaged in crafts like pottery making, dyeing, goldsmithing, blacksmithing, and leatherwork.
Colonial Era
- During colonial rule, Nigerian entrepreneurs faced challenges, often acting as intermediaries for the British.
- The colonial administration prioritized expatriate interests over indigenous entrepreneurship.
- Lack of capital, expertise, and competition from foreign products hindered entrepreneurship.
Post-Colonial Era
- After independence, Nigeria sought to promote indigenous entrepreneurship for economic development.
- Policies and initiatives were introduced to support local entrepreneurs.
- The Nigerian Enterprise Promotional Act of 1977 reserved specific industries for Nigerians, encouraging indigenous equity participations.
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