Quiz Entrepreneurship and Innovation

Q. No. 1: Outline the key business dimensions to differentiate between

Management and entrepreneurial decision-making process (2 MARKS)

Following are the key business dimensions:

 Strategic Orientation
 Commitment to opportunity
 Commitment to resources
 Control of resources
 Management Structure

Q. No. 2: Do you agree that Entrepreneurs are different from Inventors? (2

MARKS)
Undoubtedly, the entrepreneurs are different form inventors. Inventors have technical expertise to
invent products, but the entrepreneur is the one who build companies around these products while
commercializing the newly invented product. Moreover, if an inventor is interested in launching a
business based on his invention, he can only get this done by the help of entrepreneur. In short,
inventors provide solutions for problems while entrepreneurs create sustainable businesses based on
these solutions.

Q. No. 3: Define the concepts of Locus of Control, Feelings about Independence,

and Need for Achievement. (2 MARKS)

Locus of Control
Locus of control is an extent to which individuals believe that they have capacity to control
situations and events. People having wide locus of control are of the view that they can control
situations with the help of their abilities, and external forces have a minimum impact on their
lives.
Feelings about Independence
Feelings about independence reflect the degree to which you are self-reliant in making
decisions or taking actions. When you affirm the notion that you don’t need to rely on others
for taking an initiative, you are the one with strong feelings about independence. In short, it is
the belief that empowers you to direct things the way you want no matter what.

Need for Achievement

Need for achievement delineate individual’s willingness and desire for accomplishments
towards excellence in learning skill, or doing some other jobs. Moreover, it may also be
regarded as the impetus to advance and grow, specifically in the context of entrepreneurship.
Entrepreneurs are characterized by the higher need for achievement to be consistent in
entrepreneurial activity,

Q. No. 4: Outline the Entrepreneur Background and Characteristics. (4 MARKS)

 Childhood Family Environment

 Education
 Personal Values
 Age
 Work history
 Motivation