University of Sharjah

College of Business Administration

Department of Management
Fundamentals of innovation and entrepreneurship (0303436)
Spring Semester (2017/2018)

Practice 1

Date: 20-Oct-16

Name: ID No.: Section:

Part 1: choose the right answer:

1. The basic benefits of entrepreneurship include all of the following EXCEPT: (.5 points)

a. Create your own destiny.

b. Work less hours
c. Pursue your own ideas.
d. Do what you enjoy and to have fun at it.

2. One of the following is an antecedent that influences on startup: (.5 points)

a. skills
b. family
c. information technology
d. age

3. one of the ways to safeguard your idea is (.5 points)

a. Intellectual property
b. Keep it secret
c. Register it with an authority
d. Sell its copy rights

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4. Innovation could be defined as: (.5 points)

a. The invention of unique sellable ideas that generate money and make
income
b. the marriage of creative thinking and sound logic, which when applied
together, create a new and potentially better solution or direction for one to
explore.
c. Understanding of new concepts and ideas and applying them in the work
environment
d. executive support system that enables entrepreneurs take decisions and
apply it within a specific innovative environment.
e.
5. Which of the following is NOT recognized as a myth about entrepreneurship?
A. Successful entrepreneurship needs only a great idea.
B. Entrepreneurship is easy.
C. Entrepreneurship is found only is small businesses.
D. Entrepreneurial ventures and small businesses are different.

9. Growth mindset can be defined as:

A) Self-confidence
B) the process of going through exercises and experiences to inspire a
person to get them in the creative mindset in order to prosper, develop, and
ideate
C) Learning creative tools and design thinking
D) Family birth order

10. Entrepreneurship can be defined as:

A) Managing processes
B) Entrepreneurship is doing much more than seems imaginable with
much less than seems possible
C) running a venture while introducing new innovative ideas and
discourage routine work
D) Managing growth

11. One of the following is a mythical constraint in innovation:

A) Creative people are born creative
B) Creativity can be learnt at school
C) Creativity is an Art
D) Creativity is science

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Part 2: answer the following question:

What is a business plan? (2 points)

The business plan is a written description of the new venture. It tends to state the
objectives of the firm and the steps necessary to achieve them
The business plan answers three questions, “Where am I now?” “Where am I
going?” “How will I get there?”

In your own words define what is entrepreneurship and the main characteristics of an
entrepreneur? (2 points)

 Entrepreneurship is doing much more than seems imaginable with much less
than seems possible
Or
 The pursuit of opportunity beyond resources controlled
Or
 The identification and exploitation of previously unexploited opportunities by
enterprising individuals

Characteristics:

-Risk Taker
-Charismatic
- leadership
- Team player
- innovative
Etc..

What is a Strategy? What are its main components? (2 points)

plan or road map of the actions that a firm or organization will take to achieve its mission or
goals

Values
Vision Mission
/Goals

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Part 3 Essay Questions:
Illustrate the steps involved in the risk assessment plan giving an example of your own and
illustrate it in a graph

1. Identification of Risk
2. Assessment
3. Mitigation plan
Example:

1. Financial deficiency
2. Team engagement
3. Market crisis

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3
2

No. 1 and 3 Accept

No. 2 trained people should be trained and appointed if team shows any deficiency.