Entrepreneurship and Innovation: 1. What is a corporate entrepreneur?

A corporate entrepreneur is a person with average to above-average intelligence who has the ability to perceive the big picture. They are not stagnated by structure and have learned how to manipulate it. They are people who like to see things happen and they like to make them happen. They are self-confident and optimistic. They are willing to work hard with an idea, not needing an authoritative figure over them and are self-motivated. 2. What are the four causes of stress among entrepreneurs? How can an entrepreneur deal with each of them? There are four causes of stress: loneliness, immersion in business, people problems, and need to achieve. To reduce stress, entrepreneurs must define the cause of the stress. After clarifying the cause of stress, the entrepreneur can
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combat e!cessive stress by acknowledging its e!istence, developing coping mechanisms, and probing personal unacknowledged needs. 3. What are two reasons that such a strong desire to develop corporate entrepreneurs has arisen in recent years? A highly competitive market has risen. "n order for a company to survive, it must be innovative. Also, many firms that are unwilling to change are losing their best people to entrepreneurship. . What are some of the corporate o!stacles that must !e overcome to esta!lish a corporate entrepreneurial environment? The firm needs to emphasi#e individual responsibility among its employees. "t must have a system of rewards based on results. "t must overcome traditional management practices that are too rigid. ". Identify the four #ey elements on which managers should concentrate so as to develop a corporate entrepreneurship strategy. The four key elements are: developing a vision$ encouraging innovation$ structuring for an entrepreneurial environment$ and developing venture teams. $. E%plain the differences !etween radical and incremental innovation. %adical innovation represents inaugural breakthroughs that have been launched. These innovations take e!perimentation and vision but are not managed. "ncremental innovation refers to the systematic evolution of a product or service into a new market. "nnovation can be managed. &. Identify the five specific entrepreneurial climate factors that organi'ations need to address in structuring their environment. Top management support$ autonomy&work discretion$ rewards&reinforcement$ time availability$ and organi#ational boundaries
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(. What are roles of middle managers in corporate entrepreneurship? (iddle managers endorse, refine, and shepherd entrepreneurial opportunities and identify, ac)uire, and deploy resources needed to pursue those opportunities. The entrepreneurial actions e!pected of middle managers are framed around the need for this group to propose and interpret entrepreneurial opportunities that might create new business for the firm or increase the firm*s competitiveness in current business domains ). *escri!e opportunity identification for the entrepreneur. +pportunity identification is the central domain of entrepreneurship. The first step for any entrepreneur is the identification of a ,good idea,- but the search for good ideas is never easy. At the core of entrepreneurship lies the )uestions of how, why, and when opportunities for the creation of goods and services arise in an economy. .hen the entrepreneur has discovered a good opportunity, they are well on their way to becoming more serious about starting a business. 1+. What is the difference !etween an adaptor and an innovator? An adaptor is one who takes the ideas of another and tries to make them profitable. There is no creativity involved because the person is not trying to profit from his own idea, but from that of another. An innovator is one who looks for an opportunity on which to capitali#e. The innovator researches the need for the idea by finding out the thoughts of the potential customers. An innovator also thinks very carefully about what e!actly the innovation has to be in order to appeal to the public. 11. In your own words, state what is meant !y the term -innovation.. "nnovation means something new or something that has not been done before. "t could be thought of as a new idea for a certain type of product or service. "nnovation could also be described as an improvement of an e!isting idea, which makes the idea profitable.
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12. Identify and descri!e five of the innovation principles. 0'1 2e action-oriented. "nnovators must be active and searching for new ideas, opportunities, or sources of innovation. 0/1 (ake the product, process, or service simple and understandable. People must readily understand how the innovation works. 031 4tart small. "nnovators should start small and then build and develop, allowing for planned growth and proper e!pansion in the right manner and at the right time. 041 Aim high. "nnovators should aim high for success by seeking a niche in the marketplace. (5) Work, work, work. It takes work, not genius or mystery, to innovate successfully.