Ent 211

Question 1

What is knowledge?

Answer 1

Knowledge is organized information that can be utilized for problem-solving

Knowledge can also be defined as information that has been organized and analyzed for decision making.

Question 2

What is the importance of innovation for businesses?

Answer 2

Innovation allows businesses to stay ahead of competitors, enhances market position, and fosters customer loyalty

Innovative businesses can offer new and improved products and services.

Question 3

How does innovation drive economic growth?

Answer 3

Innovation drives economic growth through the creation of new businesses and industries, increasing productivity, and fostering competition.

Question 4

What are the impacts of innovation on quality of life?

Answer 4

Innovation can significantly improve the standard of living, such as through advancements in communication and medicine.

Question 5

Who is Elon Musk?

Answer 5

Elon Musk is a South African-American engineer, entrepreneur, and philanthropist, known for co-founding PayPal and being CEO of Tesla Motors.

Question 6

What does innovation often involve?

Answer 6

Innovation involves the generation of new knowledge, application of this knowledge in product and process development, and commercial exploitation of these products and services.

Question 7

Define the formula for innovation.

Answer 7

Innovation = Theoretical Conception + Technical Invention + Commercial Exploitation.

Question 8

What is the Latin meaning of innovation?

Answer 8

Innovation means ‘the introduction of something new to the existing world and the order of things or the improvement of resources productivity.’

Question 9

What is the role of knowledge in innovation?

Answer 9

Knowledge allows for adaptability, facilitates collaboration, enables informed decision-making, lays the foundation for creativity, and helps in problem identification.

Question 10

What are the dimensions of innovation?

Answer 10

The dimensions of innovation include:
* Product innovation
* Process innovation
* Position innovation
* Paradigm innovation.

Question 11

What is product innovation?

Answer 11

Product innovation is the development of a new or improved product.

Question 12

What is process innovation?

Answer 12

Process innovation is the development of a new manufacturing process.

Question 13

What is position innovation?

Answer 13

Position innovation involves changes in the context in which products/services are introduced.

Question 14

What is paradigm innovation?

Answer 14

Paradigm innovation implies changes in the underlying mental models that frame what the organization does.

Question 15

What types of knowledge are there?

Answer 15

Types of knowledge include:
* Tacit
* Implicit
* Explicit.

Question 16

What is tacit knowledge?

Answer 16

Tacit knowledge is knowledge that is difficult to access indirectly and usually requires knowledge elicitation and behavior observation.

Question 17

What is explicit knowledge?

Answer 17

Explicit knowledge is documented and directly accessible knowledge, often well-organized in formal knowledge sources.

Question 18

What does change mean in the context of an organization?

Answer 18

Change is the process of constantly updating the organization’s structure and potential.

Question 19

How is innovation linked to change in an organization?

Answer 19

Innovation requires management to make decisions and understand expected results, facilitating the implementation of change.

Question 20

What is the relationship between invention and innovation?

Answer 20

Invention refers to the creation of a new idea or product, while innovation involves bringing that invention to market and enhancing its application.

Question 21

True or False: Innovation is only about creating new products.

Answer 21

False

Innovation also includes improving existing processes and services.

Question 22

Fill in the blank: Innovation is often described as the management of all the activities involved in the process of _______.

Answer 22

[idea generation, technology development, manufacturing, and marketing].

Question 23

What is enterprise formation?

Answer 23

The process of creating and establishing a new business or organization.

Question 24

What are the main stages in enterprise formation?

Answer 24

• Idea Generation and Market Research
• Business Plan Development
• Legal Structure and Registration
• Funding and Financing
• Infrastructure and Resources
• Branding and Marketing
• Launch and Growth

Question 25

What is the purpose of a business plan?

Answer 25

To outline the business model, objectives, market analysis, marketing strategy, financial projections, and operational plan.

Question 26

What are the common legal structures for a business?

Answer 26

* Sole Proprietorship * Partnership * Corporation * Limited Liability Company (LLC)

Question 27

What is a sole proprietorship?

Answer 27

A business owned and operated by a single individual.

Question 28

List two pros of a sole proprietorship.

Answer 28

* Easy to establish * Owner keeps all profits

Question 29

What is a partnership?

Answer 29

A business owned by two or more individuals who share ownership, responsibilities, profits, and liabilities.

Question 30

What are the types of partnerships?

Answer 30

* General Partnership (GP) * Limited Partnership (LP) * Limited Liability Partnership (LLP)

Question 31

What is a corporation?

Answer 31

A separate legal entity owned by shareholders.

Question 32

What is a Limited Liability Company (LLC)?

Answer 32

A business structure that combines elements of partnerships and corporations, providing limited liability protection.

Question 33

What are the benefits of forming alliances and joint ventures?

Answer 33

* Resource sharing * Market access * Reduced risk * Enhanced innovation

Question 34

What is a strategic alliance?

Answer 34

A cooperative arrangement between two or more companies to achieve a common goal while remaining independent.

Question 35

What are the steps to form a strategic alliance?

Answer 35

* Identify Goals * Research Potential Partners * Outline Terms * Draft a Formal Agreement * Maintain Communication

Question 36

What is a joint venture?

Answer 36

A formal arrangement where two or more companies create a separate legal entity to achieve specific business objectives.

Question 37

What are the benefits of joint ventures?

Answer 37

* Enhanced capabilities * Shared risks and costs * Legal flexibility * Access to new markets

Question 38

What is required to register a business?

Answer 38

* Choose a Business Structure * Select a Business Name * Register with the Government * Register for Taxes * Obtain Necessary Permits and Licenses

Question 39

Fill in the blank: A business plan is a written document that outlines your business's _______ and strategies.

Answer 39

[goals]

Question 40

True or False: A corporation can enter contracts, sue or be sued, and pay taxes independently of its owners.

Answer 40

True

Question 41

What is the role of networking in business?

Answer 41

Creating and nurturing connections with people who can offer insights, opportunities, and support.

Question 42

List three tips for effective networking.

Answer 42

* Build Genuine Connections * Give Before You Get * Follow-Up

Question 43

What are the common forms of business ownership?

Answer 43

* Sole Proprietorship * Partnership * Corporation * Limited Liability Company (LLC) * Cooperative (Co-op)

Question 44

What is a cooperative?

Answer 44

A business owned and operated by a group of people who share in its profits or benefits.

Question 45

Identify two key elements of successful partnerships.

Answer 45

* Strategic Alliances * Financial Partnerships

Question 46

What are the main stages in enterprise formation?

Answer 46

* Idea Generation and Market Research * Business Plan Development * Legal Structure and Registration * Funding and Financing * Infrastructure and Resources * Branding and Marketing * Launch and Growth