ENT 211 – Entrepreneurship and Innovation Questions and Answers
Entrepreneurial Behavior and Characteristics
- Q: A growing body of work shows that entrepreneurial behavior is dependent on _______ and _________ factors.
A: Social and economic. - Q: Entrepreneurs are _________ for economic change.
A: Catalysts. - Q: It is widely maintained that entrepreneurs are ________ individuals.
A: Unusual. - Q: The specific characteristics of an entrepreneur can be broken down into ________, ________, and ________.
A: Psychological, sociological, and economic. - Q: Collins and Moore studied 150 entrepreneurs and concluded that they are _____ and _____ people.
A: Tough and pragmatic.
Entrepreneurial Knowledge and Skills
- Q: In the contemporary world, entrepreneurial skills can be acquired through ____________.
A: Systematic knowledge and practice. - Q: In Chapter 1, _______ studies of some successful entrepreneurs were carried out to serve as motivational personalities to younger generations.
A: Case studies. - Q: Entrepreneurs always have a strong belief about a market opportunity and are willing to accept a high level of _____, _____, or ________ risk to pursue it.
A: Financial, personal, or social risk. - Q: Entrepreneurial spirit is characterized by ____ and _____.
A: Innovation and risk-taking. - Q: Entrepreneurship ranges in scale from ____ to _____.
A: Solo projects to major undertakings.
Types of Entrepreneurs and Entrepreneurship
- Q: Cole found that there are four types of entrepreneurs, namely:
A: The innovator, the calculating inventor, the over-optimistic promoter, and the organizational builder. - Q: The term intrapreneurship is derived from __ and __.
A: “Intra” (internal) and entrepreneurship. - Q: The major difference between an intrapreneur and an entrepreneur is that the fruit of success benefits the ______ rather than the _______.
A: Organization… Intrapreneur. - Q: Behavioral characteristics of intrapreneurship include ____, ______, ______, and _______.
A: Initiative, ability to think outside the box, risk-taking, and leadership. - Q: In Nigeria, the private sector encourages _______ as a strategy for the growth of their various organizations.
A: Intrapreneurship.
Historical Perspectives on Entrepreneurship
- Q: Notable early economists wrote enthusiastically about entrepreneurs as ________ of progressive economies.
A: Change agents. - Q: ______ combined the theories of Cantillon and Adam Smith.
A: Jean-Baptiste Say. - Q: ______ invented the mechanical reaper in 1831.
A: Cyrus McCormick. - Q: The 19th-century entrepreneurs were the ________.
A: Captains of industries. - Q: As a ______, the entrepreneur plays a very strategic role in the economy.
A: Prime mover of change. - Q: Africa is said to have ____ million SMEs.
A: 65.
Entrepreneurial Culture
- Q: The roots of ___, ___, and ____ encountered more resistance in the African psyche.
A: Capitalism, utility, and individualism. - Q: Cultural issues lie entirely in the distinction made by each culture between _________ and ___________.
A: Cardinal values of civilization and instrumental values. - Q: ________ is the foundation of a dynamic economy.
A: A strong entrepreneurial culture. - Q: A culture of entrepreneurship is particularly strong in _____________ markets.
A: Rapid-growth. - Q: ________ is one of the most precious things a company has, said ________.
A: Culture… Herb Kelleher, founder of Southwest Airlines. - Q: _____ serves to socialize the employee.
A: Culture. - Q: An entrepreneurial culture is not optional; it is an ___________.
A: Absolute necessity. - Q: According to Prosek, the key to unleashing creative energy is to create an entrepreneurial culture based on four pillars:
A: 1. Authenticity
2. Commitment to people
3. Commitment to business
4. Continuous effort - Q: Sustaining entrepreneurial culture starts with _____ and also __________.
A: Who you hire… Reward system. - Q: Creating ____________ leads to the creation of a business that will continue to grow by adapting to change and actively pursuing new opportunities in the market.
A: An entrepreneurial culture.
Notable Entrepreneurs and Their Contributions
- Q: Naveen Jain is an ________, _________, and _________.
A: Entrepreneur, philanthropist, and technology pioneer. - Q: ______ identified 10 secrets of becoming a successful entrepreneur.
A: Naveen Jain. - Q: Naveen Jain is the founder of:
A:- World Innovation Institute
- Moon Express
- Inome and InfoSpace
- Q: Success does not necessarily come from breakthrough innovation but from _______________.
A: Flawless execution. - Q: He believes that a business plan is too long if it’s ________.
A: More than one page. - Q: Behind every overnight success lies ______________.
A: Years of hard work and sweat. - Q: Most companies die of ______________ rather than __________.
A: Indigestion… Starvation. - Q: He also said in most cases, your ___ and ___ are still your best guide.
A: Heart and gut.
Aliko Dangote and Entrepreneurship in Africa
- Q: Dangote is ranked by ______________ as the _____ richest person in the world.
A: Forbes… 43rd. - Q: Alhaji Aliko Dangote was born on _________________.
A: 10th of April, 1957. - Q: Dangote is the ________ of Nigeria’s business circle.
A: Golden child. - Q: Dangote Cement accounts for a quarter of the _______________ total market cap.
A: Nigerian Stock Exchange. - Q: In the journey of entrepreneurship, _________ is supreme.
A: Resilience and vision.