Entrepreneurship and innovation ENT 211 (personal introduction research)

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What is entrepreneurship

It is the process of identifying a business opportunity or idea, taking it into venture and managing it for profit

List and explain the different types of entrepreneurship

Serial entrepreneur: they continuously develop and create new businesses or ventures, 2. Social entrepreneur: they solve social problems using business ventures, 3. Intrapreneur: they innovate within existing organizations rather than creating their own

What is innovation

It is the process of creating new products, service and processes or improving the existing ones to meet customers need or create new market demand

List and explain the types of innovation

<ol> <li>Product innovation: involves creating new products or improving the existing ones 2. Process innovation: involves improving business operations to increase efficiency and quality 3. Business model innovation: involves creating new ways to deliver value to customers</li> </ol> Signup and view all the answers

What business model

It describes the way company create, delivers and capture value Signup and view all the answers

What is entrepreneurial mindset

It is a set of skills and attitudes that enables an individual to recognize/identity a business opportunity, take initiative and adapt to challenges Signup and view all the answers

What are the key trait to entrepreneurial mind set

Creative, risk tolerance, resilience, problem solving abilities Signup and view all the answers

What is value proposition

It is a clear statement that explain how a products solves a problem, delivers specific benefit and why it is better than competing solutions Signup and view all the answers

What is a business plan

It is a formal document that outlines the objective, strategies, financial projections and operational plan of a new business or venture Signup and view all the answers

What are the components of a business plan

<ol> <li>Executive summary: a brief overview of the business plan, 2. Market analysis: a research on target market and competitions, 3. Marketing strategy: how to attract and retain customers, 4. Financial plans: projections on cost revenue and profit</li> </ol> Signup and view all the answers

Entrepreneurship

The process of identifying a business opportunity and managing it for profit.

Types of Entrepreneurship

Various forms of entrepreneurship including serial, social, and intrapreneurship.