Questions on Entrepreneurship

Questions on entrepreneurship

I was asked to answer the following five questions in not more than four pages. I gave my own answers below and anyone can add to the answers as there are my own personal answers to the questions.

Question. 1) The various definitions of entrepreneurship points to the fact that entrepreneurship involves creativity, innovation, development, seizing opportunity, and converting opportunities to marketable ideas, while bearing the risk of competition. Discus

Answer.

The various definitions of entrepreneurship will not be complete without some important words or their synonyms which differentiates an entrepreneur from others. These words include creativity, innovation, development, seizing opportunities, and converting opportunities to marketable ideas, and bearing the risk of competition. These words simplify the traits which qualifies an entrepreneur which is the person in the centre of Entrepreneurship. An entrepreneur is distinguished from others by his or her ability to apply these traits which are inherent in most, if not all human, but is dormant in many people because they do not deep down within themselves to utilize these traits.

An entrepreneur is someone who can use his creative mind to make out something out of nothing or transform something that is already in existence into something better. He is able to study his external societal environment, immediate environment, and internal environment and recognize the opportunities available and those he can seize, develop, and convert into goods and services which others can buy. An entrepreneur must have the spirit of innovation to enable him bring such ideas to light and at same time he bears the risk involved in the decisions he took and the risk of competition by other entrepreneur. It is because of this trait that these words are included in the various definitions of Entrepreneurship.

Question 2) what are the similarities and differences between and entrepreneurship and intrapreneurship?

Answer.

Firstly, entrepreneurship involves an entrepreneur who has succeed to bring his dreams to light by establishing a business, invention among others while an intrapreneurship involves an intrapreneur who works in the business established by an entrepreneur. That is an intrapreneur is found within an organization owned by an entrepreneur. Secondly, without the entrepreneur there will be no intrapreneur because an entrepreneur must establish or do something before an intrapreneur can be discovered. Thirdly, although an intrapreneur makes an establishment more successful, his or her absences in the business may not have much effect on the business while there are some entrepreneurs that must be present for the business to continue, depending on the type of establishment.

Their similarities includes: firstly, they both have entrepreneur mindset in that an intrapreneur is an entrepreneur within an organization. Secondly, they both know how to seize opportunities and think of how to do something in a better way. Thirdly, they both have the mind of ownership because an intrapreneur works with all his or her mind as if he or she owns the business. Lastly, an intrapreneur can become an entrepreneur if he decides to start his own business.

Question 3) list and explain three character traits of an entrepreneur

Answer.

a. Self confident and optimistic: an entrepreneur must have confident in his ability to achieve his objectives. It is because of his self confidence that he will be optimistic because he knows what he wants and he has a set method or plan on how to achieve his desire.

b. Able to take calculated risk: an entrepreneur is able to take calculated risk because he studies his environments and he knows the opportunities to seize and those to leave. Then by his ability to make good decisions he knows what to do if things go wrong.

c. Respond positively to challenges: an entrepreneur is able to handle any shortcomings or obstacles in a positive manner by his ability to think and create or find solutions to such obstacles. Therefore he will not panic but will rather find a way out by applying his inherent creative ability he can, even, such obstacle to his own advantage.

Question 4.) a. What do you understand by the term piracy?

b. mention three ways by which you can protect your intellectual properties.

Answer.

Piracy is illegal use, coping or selling of an intellectual property. It is illegal because the owner of such intellectual property did not approve of it or may not even be aware that his idea is being used by another. Secondly, such intellectual property must have been produced by the owner or protected by law.

b.) i. writing to the offender to cease and desist

ii. Creating awareness for your work so that it will be known as yours.

iii. License your patents and mark your products properly.

Question 5.) Creativity by individuals and teams is a starting point for innovation. The first is necessary but not sufficient condition for the second. Why?

Answer.

Creativity is what most people have but an entrepreneur is different from the lot by his ability to put such creative power into action or finished goods/ services and that is where innovation comes to play. It means that creativity is important and is the starting point for innovation but creativity alone is not enough for innovation. This is because innovation involves the actual introduction or implementation of a new idea, goods, and services among others. That is why creativity alone is not a sufficient condition for innovation just like “faith without work is dead.”