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The role of entrepreneurs and intrapreneurs

Q: 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.

Q: 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.

Q: 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.

83 important questions on The role of entrepreneurs and intrapreneurs

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

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.

Why are large businesses often not entrepreneurial?

Complacency or arrogance
Bureaucracy restricting initiative
Reward systems lack innovation incentives
Short-termism over long-term thinking

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.

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.

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

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

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.

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.

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

What is the difference between risk and uncertainty in decision-making?

Risk:
- Managed first
- Predictable outcomes
Uncertainty:
- Outcomes unsure
- Managed after outcomes appear

What outcomes result from new products and services by entrepreneurs?

Stimulate related businesses/sectors.
New products/services boost economic growth.
Education institutes create better jobs.
Infrastructure grows as workers migrate.

In what ways do entrepreneurs contribute to the community?

Invest in community projects
Support local charities
Boost national income and tax revenue
Improve standard of living

How does entrepreneurship affect infrastructure and development?

Infrastructure and development in cities grow.
Real estate capitalizes on worker migration.
Efforts to develop underdeveloped countries.
Supports capital investments and workforce.

What are some potential drawbacks of entrepreneurship?

Economic inequality may increase
Reality of success can create dissatisfaction
Variability in career choices may rise
Entrepreneurial failures impact overall happiness

What role do qualified programs play in entrepreneurship?

Qualified programs add to innovation.
Benefits large parts of the economy.
Improved products/services and technologies.
New markets develop and wealth creation.

What is the relationship between entrepreneurship and economic development?

Vital for improving living standards
Creates wealth not only for entrepreneurs
Encourages innovation and role creation
Supports economic and community growth

What are the three main reasons why start-ups fail?

External Shocks: Economic change, legal/social/technological factors.
Good Idea, Poor Execution: Wrong people/management.
Rapid Growth: Overtrading/erosion, cash flow mismanagement.

What are examples of non-financial rewards for a business?

Customer feedback: Receiving great feedback.
Sense of satisfaction: Feeling fulfilled.
Building something: Creating and growing.
Industry recognition: Receiving awards or good publicity.

What are some types of risk businesses face?

Employee issues: leave, lack of training, strikes.
Health & safety: fire hazards.
Cybersecurity: data breaches and website issues.

How does increased employment from entrepreneurship affect the economy?

Increased employment leads to higher earnings.
Higher earnings contribute to national revenue.
More government revenue and greater spending.

What is risk in enterprise?

Chance of loss or damage.
Probability of something going wrong, leading to a loss.
When a hoped-for outcome does not happen.

How is a calculated risk defined, and what is its importance?

Consider costs/benefits before taking.
Calculate Risks:
1. Risks are unavoidable.
2. Understand significant risks.
3. Assess probability of occurring.
4. Evaluate impact.
5. Decide if potential rewards are worth the risk.

What other examples can be considered as non-financial rewards?

Employment growth: Hiring more people.
Expansion: Opening a new location.
Initial success: Making the first sale.
Independence: Being in control.

What are the rewards of entrepreneurship mentioned?

Financial: Profits, dividends, capital growth.
Non-Financial: Satisfaction, control, contribution.

What are types of uncertainty that affect businesses?

Economic: exchange rates, interest rates, recessions.
Cultural: demographic changes.
Competition: innovation, pricing, advertising.
Expansion risks, such as takeovers.

What skills do entrepreneurs need to manage risks effectively?

Prepared to take calculated risks.
Make informed decisions to limit failure.
Increase chance of success through risk management.

Why are start-ups considered risky?

Easy to underestimate effort required.
High rate of business failure for start-ups.
Difficult to secure business investment.
Competition often better established.

What role does creativity/innovation play for entrepreneurs?

Entrepreneurs find new solutions to problems.
Seek good ideas from other markets.
Innovate for meeting people’s needs.
Apply successful methods elsewhere.

How do people skills contribute to entrepreneurship success?

Essential for managing and motivating team.
Good people skills improve workplace dynamics.
Facilitate effective communication and collaboration.

What is the distinction between business owners and entrepreneurs?

Business owners typically build around proven ideas and models, such as franchises.
Entrepreneurs focus on innovation and take more risks by pursuing new ideas or inventions, like developing a unique app.

How is ethical belief significant to entrepreneurs?

Decisions are based on moral correctness.
Guides entrepreneurs to act ethically.
Influences business practice and integrity.

Why are communication skills important for entrepreneurs?

Enable explanation, discussion, and selling of ideas.
Persuade others to accept concepts.
Enhance relationships with stakeholders and customers.

What activities are included in 'intrapreneurship'?

Drive growth and renewal via new products and processes.
Introduce services and technologies.
Start new ventures within existing firms.

What are some roles of entrepreneurship in business environments?

Developing new ways: Enhances creativity, problem-solving, efficiency.
Driving innovation: Generates change in business, creates opportunities.
Competitive advantage: Develops innovative products.
Encouraging originality: Fosters risk-taking, leads to new ventures.

What qualities are commonly possessed by entrepreneurs and intrapreneurs?

Self-belief: Confidence in ability to achieve.
Taking initiative: Acting before others.
Risk-taking: Engaging in new ventures.
Determination: Pursuing goals relentlessly.
Resilience: Unaffected by failure.
Persistence: Never giving up.

How does vision contribute to entrepreneurial success?

Recognize opportunities and solutions unseen by others.
Enable action toward goals.
Drive the pursuit of entrepreneurial opportunity.

How does research aid entrepreneurs in their ventures?

Helps target market effectively.
Involves using a variety of research methodologies.
Increases understanding of consumer needs and competition.

What role does an entrepreneur play in a business?

Entrepreneurs solve major problems in businesses.
They create and implement new opportunities.
Skills are essential in managing change and innovation.
Differences exist between an entrepreneur and intrapreneur.

Describe the role of passion/energy/spirit for entrepreneurs.

Motivate belief-driven actions.
Deep reserves of energy fuel goal achievement.
Convince others to support their goals.

What role does selling have in entrepreneurship?

Convince others about product/service value.
Persuade potential customers.
Critical for exploiting market opportunities.

What role do enterprise businesses play in a country's economic development?

Meet local market needs.
Some expand to global markets.
Create job opportunities.
Contribute to national competitiveness.

What are the key differences between an entrepreneur and an intrapreneur?

Entrepreneur:
1. Starting new businesses
2. Risk taken by entrepreneur
3. Rewards to entrepreneur
Intrapreneur:
1. Developing products within existing business
2. Risk taken by business
3. Rewards to business

What is the importance of willingness to seek advice and help?

Entrepreneurs ask for help when needed.
Often consult fellow entrepreneurs.
Foster collaboration and shared problem-solving.

How do negotiation skills benefit entrepreneurs?

Ability to reach agreements with others.
Essential for progressing opportunities.
Resolve conflicts and build partnerships.

Why is optimism valuable for entrepreneurs?

Aids in overcoming challenges.
Keeps entrepreneurs motivated.
Is essential for perseverance.

What is the significance of networking for entrepreneurs?

Connect with like-minded individuals.
Identify and develop opportunities.
Pursue partnerships and collaborations.

What role do entrepreneurs play in economic development?

Entrepreneurs encourage business creation.
Reduce unemployment by creating jobs.
Increase GDP through startup services.
Drive economic growth, raising living standards and consumer consumption.

How does personal development in starting a business affect the economy?

Develop useful skills.
Builds personal achievements and societal contributions.
Encourages entrepreneurship.
Reduces social issues through employment.

How does intrapreneurship benefit existing businesses?

Encourages creativity and innovation.
Develops new products to increase sales.
Creates market-serving products.
Fuels growth within established frameworks.

How does confidence influence entrepreneurial endeavors?

Integral mindset for entrepreneurs.
Confidence in ideas, self, and others.
Builds trust and credibility.

What are the key factors for new businesses to survive in the market?

Establish a strong customer base quickly.
Innovate with a variety of products.
Focus on personal customer service.
Offer reliable pre- and after-sales services.
Anticipate and fulfill one-off customer requests.

How do businesses achieve survival and growth?

Surviving businesses boost the economy.
Employ large numbers of workers.
Grow by adapting to changes and technology.
Examples found in industries like tourism.

What should be considered when evaluating the role of an entrepreneur?

Impact on economic growth.
Innovation and change.
Success factors.
Creation of job opportunities.

Describe the importance of customer service for entrepreneurs.

Focus on delivering a high level of service.
Look after customer needs.
Enhances customer satisfaction and loyalty.

How do financial awareness skills support entrepreneurs?

Assess financial viability of ideas.
Analyze risks and rewards.
Make informed investment decisions.

What are some reasons entrepreneurs struggle to obtain sufficient capital?

Lack of personal savings
Poor knowledge of financial sources
Inability to present financial records as evidence of past success
Unconvincing business plans affecting potential investors

How is business uncertainty characterized in decision-making?

Business uncertainty involves risks.
Cannot exist unless there is risk.
Decisions are full of uncertainty.
Entrepreneurs can study risks beforehand.
Planning can help avoid past mistakes.

How do new businesses drive innovation and technological change?

New businesses add dynamism to the economy.
Encourage creativity and competitiveness.
Innovations may lead other businesses to adopt new energy or IT solutions.

Explain the connection between courage and entrepreneurship.

Helps make tough decisions.
Encourages others to believe in the vision.
Recognizes risks but takes action.

What is essential for identifying successful business opportunities in entrepreneurship?

Recognizing opportunities is key for successful entrepreneurship.
Ideas stem from hobbies, skills, or prior employment.
Attending trade fairs and exhibitions can inspire new startup ideas.

Why can choosing the wrong business location impact success?

Critical for businesses offering consumer service
Poor location limits customer access
Impacts the perception of value and professionalism
Can be difficult and costly to adjust

How does uncertainty differ from risk in business planning?

Uncertainty: Can't be foreseen, measured, or calculated.
Example: 2020 COVID-19 pandemic.
Businesses couldn't predict or set up resources.
More difficult to forecast than risk.

What is meant by hunger to achieve for entrepreneurs?

Drives accomplishment and action.
Motivation linked to self-actualization.
Reflects a desire for tangible results.

Why is leadership crucial for entrepreneurial success?

Influence and lead team effectively.
Achieve goals through active leadership.
Inspire and motivate others.

What is self-motivation's role in entrepreneurship?

Self-motivation is crucial for setting up/managing businesses.
Necessary for tackling daily challenges.
Helps in willingness to keep learning.
Essential for successful entrepreneurs.

Why do many new enterprises fail shortly after starting?

High failure rate among new businesses is common.
Reasons include lack of effective market research and inadequate budgeting.
Proper planning is crucial for avoiding the common pitfalls of starting a business.

What challenges might arise from family-run businesses?

Potential family tensions
Difficulty in separating private from business life
May impact decision-making due to emotional involvement

How is problem-solving relevant to entrepreneurial practices?

Views problems as opportunities.
Seeks solutions through advice and support.
Adaptive and proactive in overcoming obstacles.

What might cause a well-managed new business idea to fail without involvement from an entrepreneur or intrapreneur?

Lack of enthusiasm and creativity
No entrepreneurial or intrapreneural drive
Dependence solely on land and labor

What skills must an entrepreneur possess to succeed?

Product/service creation
Independence and clear decision-making
Strong communication and people skills
Effective accounting/book-keeping
Ability to bounce back from failure

What are some sources of business ideas for entrepreneurs?

Sources include:
1. Personal skills or hobbies, e.g., baking.
2. Market gardening for cash crops.
3. Craft works, jewelry.
4. Trade fairs, exhibitions.