Innovation and Entrepreneurship
Study online at https://quizlet.com/_2kdvrt
1. Define innovation type of change where new ideas may lead to radi-
cal breakthroughs that transform practice environ-
ments or incremental improvements in existing
products
2. Define entrepreneurship the practice of organizing, managing, and assum-
ing the risk of a business or an activity that creates
focused change in an organization's social or eco-
nomic potential
3. Define an intrapreneur a person who operates as an entrepreneur, but is
an employee of an organization
4. List the 5 stages of the process of in- 1. defining the opportunity or problem (data col-
trapreneurship lection)
2. building support
3. mobilizing resources
4. executing the project
5. completing the venture
5. Similarities between entrepreneur vs. both need autonomy and freedom
an intrapreneur
6. Differences between entrepreneur vs. entrepreneurs start without networks, have to lo-
an intrapreneur cate/obtain resources for the venture, face per-
sonal financial risk, and must create their image
and reputation over time
intrapreneurs must work within existing corporate
hierarchy, they have an existing support network,
they rely on existing organizational funds/re-
sources, they face career risk in event of failure,
1/6
, Innovation and Entrepreneurship
Study online at https://quizlet.com/_2kdvrt
and the firm can lend its name and reputation to
the venture
7. Power of social entrepreneurs hinges -solve problems
on ability to find new ways to: -scale solutions
-collaborate with various orgs
8. What type of organizations exist specif- Low-Profit, Limited Liability Corporations (L3Cs)
ically for social entrepreneurs?
9. What is an L3C? -Low-Profit, Limited Liability Coporation
-organizational structure that exists for social
entrepreneurs to combine elements of both
non-profit and for-profit organizations
-hybrid LLC that gets partial tax-exemptions + cap-
ital leveraging
10. What are 2 approaches used to formal- -assessing micro and macro views of entrepre-
ly model entrepreneurial success? neurship focusing on internal and external fac-
tors
-articulating processes related to successful activ-
ities (process approaches)
11. Define the micro view of entrepreneur- focus on describing internal characteristics asso-
ship ciated with success (within actual control or direc-
tion of entrepreneurs)
*internal locus of control*
12. 3 school's of thought under the micro 1. entrepreneurial trait
view of entrepreneurship 2. venture opportunity
3. strategic formulation
13.
2/6
Study online at https://quizlet.com/_2kdvrt
1. Define innovation type of change where new ideas may lead to radi-
cal breakthroughs that transform practice environ-
ments or incremental improvements in existing
products
2. Define entrepreneurship the practice of organizing, managing, and assum-
ing the risk of a business or an activity that creates
focused change in an organization's social or eco-
nomic potential
3. Define an intrapreneur a person who operates as an entrepreneur, but is
an employee of an organization
4. List the 5 stages of the process of in- 1. defining the opportunity or problem (data col-
trapreneurship lection)
2. building support
3. mobilizing resources
4. executing the project
5. completing the venture
5. Similarities between entrepreneur vs. both need autonomy and freedom
an intrapreneur
6. Differences between entrepreneur vs. entrepreneurs start without networks, have to lo-
an intrapreneur cate/obtain resources for the venture, face per-
sonal financial risk, and must create their image
and reputation over time
intrapreneurs must work within existing corporate
hierarchy, they have an existing support network,
they rely on existing organizational funds/re-
sources, they face career risk in event of failure,
1/6
, Innovation and Entrepreneurship
Study online at https://quizlet.com/_2kdvrt
and the firm can lend its name and reputation to
the venture
7. Power of social entrepreneurs hinges -solve problems
on ability to find new ways to: -scale solutions
-collaborate with various orgs
8. What type of organizations exist specif- Low-Profit, Limited Liability Corporations (L3Cs)
ically for social entrepreneurs?
9. What is an L3C? -Low-Profit, Limited Liability Coporation
-organizational structure that exists for social
entrepreneurs to combine elements of both
non-profit and for-profit organizations
-hybrid LLC that gets partial tax-exemptions + cap-
ital leveraging
10. What are 2 approaches used to formal- -assessing micro and macro views of entrepre-
ly model entrepreneurial success? neurship focusing on internal and external fac-
tors
-articulating processes related to successful activ-
ities (process approaches)
11. Define the micro view of entrepreneur- focus on describing internal characteristics asso-
ship ciated with success (within actual control or direc-
tion of entrepreneurs)
*internal locus of control*
12. 3 school's of thought under the micro 1. entrepreneurial trait
view of entrepreneurship 2. venture opportunity
3. strategic formulation
13.
2/6
