C208 Module 6 Entrepreneurial Innovation WGU Questions and Answers
2026/2027 | A+ Grade Business and Leadership Study Guide
Entrepreneur - (answer)It is the state of mind of people who want to change the future." Individuals who
start, organize, manage, and assume the risks and responsibilities of a business or enterprise. The term
entrepreneur can also be used to describe someone who founds a venture but may have others organize
or manage the enterprise.
Entrepreneurship - (answer)It is the process of innovating with products or services for the purpose of
creating wealth for the entrepreneur while adding value to society.
Serial Entrepreneur - (answer)An entrepreneur who starts numerous businesses over time.
Social Entrepreneurship - (answer)The process of developing innovative solutions for society's most
pressing social problems. Social entrepreneurs leverage the risk-taking ethos, the market discipline, and
an openness to innovation that have characterized entrepreneurship in the private sector to address
challenges in education, health, government, the environment, and other fields.
Components of Social Entrepreneurship - (answer)1. Identifying a stable but inherently unjust
equilibrium that causes the exclusion, marginalization, or suffering of a segment of humanity that lacks
the financial means or political clout to achieve any transformative benefit on its own
2. Identifying an opportunity in this unjust equilibrium, developing a social value proposition, and
bringing to bear inspiration, creativity, direct action, courage, and fortitude, thereby challenging the
stable state's hegemony.
3. Forging a new, stable equilibrium that releases trapped potential or alleviates the suffering of the
targeted group, and through imitation and the creation of a stable ecosystem around the new
equilibrium ensuring a better future for the targeted group and even society at large
Difference between an Entrepreneur and Running a Small Business - (answer)Entrepreneurs generally
focus on achieving rapid growth through innovation and look for large capital gains from their
investment. Entrepreneurs often accept a higher level of personal and financial risk in order to pursue
their vision.
Small business owners don't generally pursue innovation or rapid growth--instead, they balance personal
goals, including family needs, with seeking profit.
, C208 Module 6 Entrepreneurial Innovation WGU Questions and Answers
2026/2027 | A+ Grade Business and Leadership Study Guide
Social Innovation - (answer)A novel solution to a social problem that is more effective, efficient,
sustainable, or just than present solutions and for which the value created accrues primarily to society as
a whole rather than private individuals.
Stages of the Entrepreneurial Process - (answer)1. Discover the idea
2. Decide if there's a market for it
3. Structure the venture
4. Strategic planning
5. Financial planning
6. Business plan
7. Raise money
8. Implement
Discovery Stage Questions - (answer)Stage 1
Does this product or service address unmet needs?
Does this product or service fit in a market niche?
Can an old product or service be altered and reintroduced to address unmet needs?
Who can help me think through a new venture idea?
What is the potential for this product or service?
What level of investment is needed?
How long will it take to earn an appropriate return-on-investment?
Am I excited about this product or service?
Is this new venture something I would enjoy starting?
Idea Assessment - (answer)Looking at a proposed new product or service and considering its relative
level of innovation (how novel the idea is), what the likely market response will be, and what level of
financial risk is involved. Asking whether there are competing products or services is another key part of
the assessment.
2026/2027 | A+ Grade Business and Leadership Study Guide
Entrepreneur - (answer)It is the state of mind of people who want to change the future." Individuals who
start, organize, manage, and assume the risks and responsibilities of a business or enterprise. The term
entrepreneur can also be used to describe someone who founds a venture but may have others organize
or manage the enterprise.
Entrepreneurship - (answer)It is the process of innovating with products or services for the purpose of
creating wealth for the entrepreneur while adding value to society.
Serial Entrepreneur - (answer)An entrepreneur who starts numerous businesses over time.
Social Entrepreneurship - (answer)The process of developing innovative solutions for society's most
pressing social problems. Social entrepreneurs leverage the risk-taking ethos, the market discipline, and
an openness to innovation that have characterized entrepreneurship in the private sector to address
challenges in education, health, government, the environment, and other fields.
Components of Social Entrepreneurship - (answer)1. Identifying a stable but inherently unjust
equilibrium that causes the exclusion, marginalization, or suffering of a segment of humanity that lacks
the financial means or political clout to achieve any transformative benefit on its own
2. Identifying an opportunity in this unjust equilibrium, developing a social value proposition, and
bringing to bear inspiration, creativity, direct action, courage, and fortitude, thereby challenging the
stable state's hegemony.
3. Forging a new, stable equilibrium that releases trapped potential or alleviates the suffering of the
targeted group, and through imitation and the creation of a stable ecosystem around the new
equilibrium ensuring a better future for the targeted group and even society at large
Difference between an Entrepreneur and Running a Small Business - (answer)Entrepreneurs generally
focus on achieving rapid growth through innovation and look for large capital gains from their
investment. Entrepreneurs often accept a higher level of personal and financial risk in order to pursue
their vision.
Small business owners don't generally pursue innovation or rapid growth--instead, they balance personal
goals, including family needs, with seeking profit.
, C208 Module 6 Entrepreneurial Innovation WGU Questions and Answers
2026/2027 | A+ Grade Business and Leadership Study Guide
Social Innovation - (answer)A novel solution to a social problem that is more effective, efficient,
sustainable, or just than present solutions and for which the value created accrues primarily to society as
a whole rather than private individuals.
Stages of the Entrepreneurial Process - (answer)1. Discover the idea
2. Decide if there's a market for it
3. Structure the venture
4. Strategic planning
5. Financial planning
6. Business plan
7. Raise money
8. Implement
Discovery Stage Questions - (answer)Stage 1
Does this product or service address unmet needs?
Does this product or service fit in a market niche?
Can an old product or service be altered and reintroduced to address unmet needs?
Who can help me think through a new venture idea?
What is the potential for this product or service?
What level of investment is needed?
How long will it take to earn an appropriate return-on-investment?
Am I excited about this product or service?
Is this new venture something I would enjoy starting?
Idea Assessment - (answer)Looking at a proposed new product or service and considering its relative
level of innovation (how novel the idea is), what the likely market response will be, and what level of
financial risk is involved. Asking whether there are competing products or services is another key part of
the assessment.
