PRELIM QUIZ TECHNOPRENEURSHIP

Define service innovation in your own understanding

3 points

SERVICE INNOVATION IS A PRODUCT, PROCESS, OR BUSINESS CONCEPT, OR COMBINATIONS THAT HAVE BEEN

ACTIVATED IN THE MARKETPLACE AND PRODUCE NEW PROFITS AND GROWTH FOR THE ORGANIZATION.

SERVICES WITH HIGHER INTERACTIVITY WITH CUSTOMERS PROVIDE INCREASED OPPORTUNITIES FOR

INNOVATION THROUGH INTERACTIONS INVOLVING ENHANCED KNOWLEDGE-SHARING AND LEARNING

PROCESSES, AND IT IS THESE HIGHER-ORDER CAPABILITIES THAT CONTRIBUTE TO INNOVATION IN SERVICES.

Give three (3) essential components of a business model. Explain each

3 points

1. COMPANY DESCRIPTION - THIS IS WHERE YOU ELABORATE ON WHAT YOU DO (AND THE PRODUCT OR SERVICE

YOU OFFER), WHO YOU SERVE, AND WHY YOU’RE DIFFERENT (AND BETTER) THAN THE COMPETITORS. THINK OF

THIS SECTION AS AN EXTENDED ELEVATOR PITCH THAT WILL HELP READERS UNDERSTAND THE WHAT AND

WHY OF YOUR BUSINESS. DESCRIBE WHAT YOUR BUSINESS DOES, HOW THAT SATISFIES A NEED IN THE

MARKETPLACE, THE SPECIFIC TYPES OF CUSTOMERS YOU SERVE, AND ANY COMPETITIVE ADVANTAGES THAT

HAVE MADE OR WILL MAKE YOU SUCCESSFUL.

2. MANAGEMENT & OPERATIONS - LAY OUT HOW YOUR COMPANY OPERATES. INCLUDE YOUR ORGANIZATIONAL

STRUCTURE, OWNERSHIP INFORMATION, PROFILES OF YOUR MANAGEMENT TEAM, AND NUMBER OF

EMPLOYEES. EVEN IN VERY SMALL BUSINESSES AND SOLE PROPRIETORSHIPS, YOU SHOULD INCLUDE A

DETAILED DESCRIPTION OF WHO DOES WHAT IN YOUR BUSINESS AND PROVIDE BACKGROUND INFORMATION

FOR KEY PLAYERS.

3. EXECUTIVE SUMMARY - BEGIN THE DOCUMENT WITH A SYNOPSIS OF THE ENTIRE PLAN. ALTHOUGH IT’S THE

ALWAYS THE FIRST ELEMENT OF A BUSINESS PLAN, THE EXECUTIVE SUMMARY IS WRITTEN LAST. THE ONE-

PAGE EXECUTIVE SUMMARY SHOULD INCLUDE YOUR MISSION STATEMENT, BASICS ABOUT WHEN YOUR

COMPANY WAS FOUNDED AND BY WHOM, A DESCRIPTION OF YOUR PRODUCTS OR SERVICES, HIGHLIGHTS OF

YOUR GROWTH SO FAR, AND A SUMMARY OF HOW YOU WANT THE BUSINESS TO GROW.
What are the advantages of having technology in a business?
3 points

THE BENEFITS OF TECHNOLOGY ARE MANY, AND THAT EXTENDS TO THE BUSINESS WORLD AS WELL, AND HAVE

A GREATER OPTIONS FOR EFFECTIVE COMMUNICATION, WAYS TO INCREASE PRODUCTIVITY AS WELL AS TO

SAVE BUSINESS COSTS BY AUTOMATING BUSINESS OPERATIONS AND PROCESSES.

Give an example of computer software and explain how it affects our lives
3 points

AN EXAMPLE OF THIS IS FACEBOOK SOFTWARE OR MESSENGER, IT HAS A VERY EASY EFFECT ON OUR DAILY

LIVES BECAUSE IT MAKES IT EASIER TO COMMUNICATE JUST BY USING THESE APPS, AND YOU CAN USE IT

ANYWHERE NOW. THIS IS WHAT WE ARE USED TO, AND YOU CAN ALSO SHARE ANY THINGS IN YOUR LIFE

WITHOUT ANY DIFFICULTY AND ITS IMPACT ON OUR LIVES IS VERY IMPORTANT IN COMMUNICATING OTHERS

FOR DAILY TASK.

State one type of business model and explain its functions

5 points
ADVERTISING - THIS TYPE OF BUSINESS MODEL ACTIVITY OR PROFESSION OF PRODUCING ADVERTISEMENTS
FOR COMMERCIAL PRODUCTS OR SERVICES.

IT PERFORMS THE FOLLOWING FUNCTIONS:

PROMOTION OF SALES:

ADVERTISING PROMOTES THE SALE OF GOODS AND SERVICES BY INFORMING AND PERSUADING THE PEOPLE TO
BUY THEM. A GOOD ADVERTISING CAMPAIGN HELPS IN WINNING CUSTOMERS AND GENERATING REVENUES.

INTRODUCTION OF NEW PRODUCTS:

ADVERTISING HELPS IN THE INTRODUCTION OF NEW PRODUCTS IN THE MARKET. A BUSINESS ENTERPRISE CAN
INTRODUCE ITSELF AND ITS PRODUCTS TO THE PUBLIC THROUGH ADVERTISING. ADVERTISING ENABLES QUICK
PUBLICITY IN THE MARKET.

SUPPORT TO PRODUCTION SYSTEM:

ADVERTISING FACILITATES LARGE-SCALE PRODUCTION. THE BUSINESS FIRM KNOWS THAT IT WILL BE ABLE TO
SELL ON A LARGE-SCALE WITH THE HELP OF ADVERTISING. MASS PRODUCTION WILL REDUCE THE COST OF
PRODUCTION PER UNIT BY MAKING POSSIBLE THE ECONOMICAL USE OF VARIOUS FACTORS OF PRODUCTION.

State three (3) characteristics of a good entrepreneur

3 points
1. TEAM BUILDING - A GREAT ENTREPRENEUR IS AWARE OF THEIR STRENGTHS AND WEAKNESSES. RATHER
THAN LETTING SHORTCOMINGS HOLD THEM BACK, THEY BUILD WELL-ROUNDED TEAMS THAT COMPLEMENT
THEIR ABILITIES.

2. UNDERSTAND WHAT YOU OFFER - AS AN ENTREPRENEUR, YOU NEED TO KNOW WHAT YOU OFFER, AND HOW IT
FITS INTO THE MARKET. WHETHER IT’S A PRODUCT OR A SERVICE, YOU NEED TO KNOW WHERE YOU FIT IN. THAT
MEANS YOU NEED TO KNOW WHEN IT’S TIME TO TWEAK THINGS A LITTLE BIT. THIS ALSO INCLUDES KNOWING
WHETHER YOU ARE HIGH END, MIDDLE OF THE ROAD OR BARGAIN. BEING ABLE TO POSITION YOURSELF AND
THEN ADJUST AS NEEDED IS AN IMPORTANT PART OF ENTREPRENEURSHIP.

3. ACCEPT FAILURES - ACCEPTING YOUR FAILURES IS NOT ONLY IMPORTANT FOR ENTREPRENEURS BUT FOR
EVERYONE. YOU SHOULD BE ABLE TO ACCEPT YOUR FAILURES AND NOT RUN AWAY FROM THEM ACCEPTING
YOUR FAILURES GIVE THE STRENGTH TO CORRECT THEM OR EVEN IMPROVE UPON THEM. YOUR FAILURES
SHOULD NOT BE SOMETHING THAT COULD HOLD YOU BACK BUT SOMETHING THAT YOU COULD LEARN FROM.
EVERYONE FACES FAILURES IN MANY THINGS THEY DO SOME PEOPLE GIVE UP AS THEY FAIL AND OTHERS FACE
THEIR FAILURES AND CORRECT THEM WHERE ARE THE SOME SPECIAL CASES THEY LEARN FROM THEIR
FAILURES CORRECT THEM AND IMPROVE UPON THEM AND KEEP IT IN THEIR MIND SO THAT IT FORBIDS THEM
TO REPEAT THEIR MISTAKE OR MAKE ANOTHER OF THE SAME KIND.

What is the role of a technical entrepreneur?

2 points

ENTREPRENEURS SERVE AS THE CATALYSTS IN THE PROCESS OF INDUSTRIALIZATION AND ECONOMIC GROWTH.

TECHNICAL PROGRESS ALONE CANNOT LEAD TO ECONOMIC DEVELOPMENT, UNLESS TECHNOLOGICAL

BREAKTHROUGHS ARE PUT TO ECONOMIC USE BY ENTREPRENEURS. IT IS THE ENTREPRENEUR WHO ORGANIZES

AND PUTS TO USE CAPITAL, LABOUR AND TECHNOLOGY.

Define business model and enumerate at least three (3) uses

5 points

A BUSINESS MODEL - IS OUTLINE OF COMPANY PLANS TO MAKE MONEY WITH ITS PRODUCT AND CUSTOMER,

FOR THE SUCCESSFUL OPERATION OF A BUSINESS, IDENTIFYING REVENUE SOURCES, CUSTOMER BASE,

PRODUCTS, AND DETAILS OF FINANCING

1. HOW IT INTENDS TO MARKET THAT PRODUCT OR SERVICE.

2. WHAT KIND OF EXPENSES IT WILL FACE.

3. WHAT PRODUCT OR SERVICE A COMPANY WILL SELL.

How does innovation network works?

3 points
INNOVATION NETWORKS EXIST WITHIN COMPANIES OR ACROSS
COMPANIES. INNOVATION NETWORKS SUPPORT CONTINUOUS
IMPROVEMENT, THE IDEA MANAGEMENT, AND
THE INNOVATION MANAGEMENT OF A COMPANY. THEY ENHANCE
THE INNOVATION PROCESS AND ARE AN INTEGRAL PART OF
AN INNOVATION CULTURE. INNOVATION NETWORKS ALSO PLAY AN
IMPORTANT ROLE IN DIGITALIZATION.