Lesson 2

Question 1

is the process of bringing
the best ideas into reality, which
triggers a creative idea, which
generates a series of innovative events.

Answer 1

Innovation

Question 2

is the creation of new value.

Answer 2

Innovation

Question 3

is the process that
transforms new ideas into new valueturning an idea into value.

Answer 3

Innovation

Question 4

You cannot ___ without creativity.

Answer 4

Innovation

Question 5

is marked by the ability to
create, bring into existence, to invent
into a new form, to produce through
imaginative skill, to make to bring into
existence something new.

Answer 5

Creativity

Question 6

Some ___ ideas are astonishing
and brilliant, while others are just
simple, good practical ideas that no one
seems to have thought, of yet

Answer 6

Creative

Question 7

Three components of Creativity

Answer 7

• Expertise
• Creative Thinking
• Motivation

Question 8

encompasses everything that a person
knows and can do in the broad domain of his or her
work- knowledge and technical ability

Answer 8

Expertise

Question 9

Relates to how people approach
problems and depends on personality and
thinking/working style.

Answer 9

Creative Thinking

Question 10

is generally accepted as key to
creative production, and the most important
motivators are intrinsic passion and interest in the
work itself.

Answer 10

Motivation

Question 11

is a leap in capability beyond
innovation.

Answer 11

invention

Question 12

Some __ combine several
innovations into something new.

Answer 12

invention

Question 13

certainly requires creativity, but it goes beyond
coming up with new ideas, combinations of
thought, or variations on a theme.

Answer 13

invention

Question 14

__ build.

Answer 14

Inventors

Question 15

Developing something users and customers
view as an ___ could be important to
some entrepreneurs, because when a new
product or service is viewed as unique, it can
create new markets.

Answer 15

invention

Question 16

Types of innovation

Answer 16

• technological innovation
• venture model innovation

Question 17

is a change made in
response to a new or modified technology.

Answer 17

technological innovation

Question 18

is a change made in
response to a new or modified venture model, or
some component of a venture model (such as the
value chain, the approach to distribution, the choice
of mainstream customer and other such concepts
that we will look at later).

Answer 18

venture model innovation

Question 19

The Elements of Innovation

Answer 19

1. Challenge
2. Customer focus
3. Creativity
4. Communication
5. Collaboration
6. Completion
7. Contemplation
8. Culture
9. Leadership
10. People
    11.Basic values
    12.Context

Question 20

What we are trying to change or accomplish the “pull”

Answer 20

Challenge

Question 21

Creating value for your customers – the “Push”

Answer 21

Customer focus

Question 22

Generating and sharing the idea(s)- the “brain”

Answer 22

Creativity

Question 23

The flow of information and ideas –the “life blood”

Answer 23

Communication

Question 24

People coming together to work together on the idea(s) – the
“heart.”

Answer 24

Collaboration

Question 25

Implementing the new idea-the “muscle”

Answer 25

Completion

Question 26

Learning and sharing lessons lead to higher competency￾the “ladder”

Answer 26

Contemplation

Question 27

The playing field of innovation

Answer 27

Culture

Question 28

sees the possibilities and positions the team for action-the role model

Answer 28

Leadership

Question 29

diverse groups of radically empowered __ innovate –the source of innovation

Answer 29

People

Question 30

trust and respect define and distinguish an innovative organization-the backbone

Answer 30

Basic values

Question 31

Innovation is shaped by interactions with the world.

Answer 31

Context

Question 32

in processes, including changes and improvement to methods.

Answer 32

Innovation

Question 33

in products or services.

Answer 33

Innovation

Question 34

in management and work organization, and the exploitation of human resources, together with the capacity to anticipate techniques.

Answer 34

Innovation

Question 35

refers to the concept of developing and managing a business venture in order to gain profit by taking several risks in the corporate world.

Answer 35

Entrepreneurship

Question 36

is someone who is willing to work for himself and by himself.

Answer 36

entrepreneur

Question 37

A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

Answer 37

entrepreneur

Question 38

Skills Required by Entrepreneurs

Answer 38

1. Curiosity. 2. Time management. 3. Strategic thinking. 4. Efficiency. 5. Resilience. 6. Communication. 7. Networking. 8. Finance. 9. Branding. 10. Sales.

Question 39

Types of entrepreneurship

Answer 39

• Small Business • Scalable startups • Large Company • Social Entrepreneurship

Question 40

could be any company, restaurant, or retail store that’s launched by a founder, without any intention of growing the business into a chain, franchise, etc.

Answer 40

Small Business

Question 41

are less common than small businesses, though they tend to attract a lot of media attention.

Answer 41

Scalable startups

Question 42

Sometimes, entrepreneurs work within the context of a larger, Established company.

Answer 42

Large Company

Question 43

“are willing to take on the risk and effort to create positive changes in society through their initiatives.”

Answer 43

Social Entrepreneurship

Question 44

Characteristics of Small Business Entrepreneurship

Answer 44

• Small business entrepreneurs focus initially on a single product, market, or locality. • The initial goal of small business entrepreneurs is to make a profit. • Most small businesses are either self-funded or funded through small business loans.

Question 45

Challenges small business entrepreneurs face

Answer 45

• Ensuring a steady cash flow without relying on third-party investments • Finding time for family and friends • Staying abreast of technology and market changes that affect the business • Devising a marketing strategy to attract the company’s target audience • Maintaining a solid reputation for their brand • Keeping an eye on the competition

Question 46

Goals of Start-up entrepreneurs

Answer 46

1. Innovative product or service 2. Venture capital funding 3. Talented Staff 4. Strong marketing and sales strategy 5. Rapid operational growth 6. Return on investment

Question 47

Characteristics of Start-up Entrepreneurs

Answer 47

• Like small business entrepreneurs, scalable startup entrepreneurs start their companies on a modest scale. But unlike small business entrepreneurs, scalable startup entrepreneurs have a vision for growth from the outset. • Scalable startup entrepreneurs look not just to make profits but also to generate revenues they can invest back into the business, fueling growth. • The most common way to fund a scalable startup is through the pursuit of venture capital.

Question 48

Large Company Entrepreneurship

Answer 48

• Large company entrepreneurs address the needs and opportunities of an existing business through innovation. This may include a new product line or division. • Large company entrepreneurs look to branch into new customer markets, broadening the reach of an established business. • Large company entrepreneurship may entail the acquisition of new companies and resources, or investment into research and development.

Question 49

Challenges large company entrepreneurs

Answer 49

• Ensuring that the firm’s new and innovative products are first to market • Protecting and growing the market share of existing products while promoting the new offerings • Building a cohesive corporate culture that is easy for newly acquired organizations to adopt • Overcoming the inertia that can prevent large firms from acting on and responding to changing markets and innovative technologies faster than the competition • Failing to scale sustainably (growing too much, too soon)

Question 50

The final model to consider is _ , which seeks innovative solutions to community-based problems.

Answer 50

Social Entrepreneurship

Question 51

The Visions of Social Entrepreneurs

Answer 51

1. Environmental sustainability 2. Economic, gender, and racial equality 3. Healthy living 4. Community improvement

Question 52

Challenges social entrepreneurs

Answer 52

• Innovation requires experimentation, but funding for social entrepreneur projects focuses on results, so there’s little incentive to pay for unproven approaches. • All enterprises require a steady flow of capital, but social entrepreneur projects tend to provide investors with lower returns than other opportunities. • Relations between social entrepreneurs and investors can become strained by conflicting goals and a lack of financial transparency.