Summary: (1.2) The Role Of Entrepreneurs And Intrapreneurs
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1 (1.2) The role of entrepreneurs and intrapreneurs
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What are some ways to encourage and facilitate entrepreneurship in the workplace?
- Structured time away from work for idea development
- Build cross-functional teams for innovation
- Second staff to smaller businesses or startups
- Host competitions and innovation days
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What is intrapreneurship and how is it encouraged in established businesses?
- Employees show entrepreneurial traits in existing businesses.
- Large businesses encourage this for mutual benefit.
- Management desires entrepreneurial behavior in employees.
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Why are large businesses often not entrepreneurial?
- Complacency or arrogance
- Bureaucracy restricting initiative
- Reward systems lack innovation incentives
- Short-termism over long-term thinking
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What is needed for a balanced approach to entrepreneurship?
- Understanding benefits and drawbacks of entrepreneurship.
- Balanced approach ensures positive impact.
- Entrepreneurship should have positive economic and societal impact.
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Can you give examples of intrapreneurship projects from well-known companies?
- Gmail: Created by Google employees during personal project time; launched April 2004.
- PlayStation: Ken Kutaragi at Sony produced this by enhancing Nintendo, now a leading brand.
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What do large businesses need for successful intrapreneurship?
- Senior management support (e.g., mentoring)
- Communication: Encourage new ideas
- Culture of innovation and creativity
- Reward systems: Financial and other incentives
- Resources to back ideas
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What are some benefits of entrepreneurship to economies?
- Reduces dependence on obsolete systems
- Increases business productivity and income
- Translates to economic growth
- Drives innovation and change
- Results in new roles and products
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How does entrepreneurship differ from intrapreneurship in terms of activity and risk?
- Entrepreneurship: By entrepreneur; rewards and risk to entrepreneur.
- Intrapreneurship: By employees/managers; rewards to company; risk by company.
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How do great entrepreneurs impact the economy?
- Innovators can change work methods.
- Successful innovations improve living standards.
- Create wealth, jobs, and economic growth.
- Promote social change and drive innovation.
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How does the globalization of technology impact entrepreneurs?
- Provides access to similar tools globally
- Offers lower cost advantages
- Entrepreneurs gain reduced import costs
- Enhances connectivity for international ventures
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