Entrepreneurship: Linking to Innovation

Question 1

What are the goals of innovation?

Answer 1

-improve quality and safety
-reduce costs
-improve production processes
-solve a problem
-create a new market

Question 2

What internal factors may cause failure of innovation?

Answer 2

-cultural infrastructure
-poor goal definition
-poor alignment of actions to goals
-poor team participation
-poor communication
-lack of progression

Question 3

What are the 4 types of entrepreneurs?

Answer 3

1. personal achievers (need for feedback, need for achievement, strong commitment, internal locus of control
2. expert idea generators (build venture around new products, desire to innovate, intelligence as sources of competitive advantage)
3. super sales people (capacity to understand others, relationship building)
4. real managers (desire to take charge, lead, power with positive attitude towards authority)

Question 4

What are the qualities of an entrepreneur?

Answer 4

common sense, self-confidence, self-motivation, dedication, flexibility, creativity, problem solving skills, innovation, risk taking

Question 5

Why is entrepreneurship important?

Answer 5

-revolutionize our world
-provide new innovative ideas
-catalysts for economic and social change
-can be big or small change

Question 6

What is disruptive innovation?

Answer 6

a situation in which an industry is shaken up and previously successfully incumbent stumble

Question 7

What is the Entrepreneurial process?

Answer 7

1. identify an opportunity
2. develop the concept
3. determine the required resources
4. acquire the necessary resources
5. implement and manage
6. harvest the venture

Question 8

What is the purpose of mentors for entrepreneurs?

Answer 8

-helps troubleshoot ideas
-provides guidance on important decisions
-helps avoid problems
-shapes and molds future opportunities and career growth

Question 9

Define Copyright

Answer 9

protects the form, or original work, which is the end result of the ideas, processes, or methods

Question 10

Define Trademarks

Answer 10

protect names, brands, logos, and other marketing devices that are distinctive

Question 11

Define Patent

Answer 11

protect the idea, method, and design of products and businesses

Question 12

What is an incubator?

Answer 12

an entity that exists to help get the new business started that can bring many or all necessary areas together to help accelerate ideas