This article is part of a series on the Entrepreneurship course at KIT. It provides the answers to the exam questions for the first chapter called “Introduction & Framework”. This chapter provides the basic definitions and an overview on the topic. You can find the other chapters in the overview article.
Questions & Answers
1) What is the role of entrepreneurship according to the definition of the OECD?
Entrepreneurship is considered key to economic performance, in particular with respect to innovative change, playing an important structural and dynamic role in all economies.
2) How does Joseph Schumpeter define Entrepreneurship?
Entrepreneurship is about new factor combinations leading to new products, production methods or new markets. It is about creative destruction.
3) How can the term ‘Entrepreneur’ be defined according to Dorf & Byers?
“Entrepreneurs identify opportunities, mobilize resources, execute on their vision and manage risks.” (D&B, p.3)
4) Give a definition of the term ‘entrepreneurship’ according to Dorf & Byers.
“Entrepreneurship is focused on the creation of a new enterprise that serves society and makes a positive change.“ (D&B, p.3)
5) Give a definition of the term ‘technology entrepreneurship’ according to Dorf & Byers.
Technology Entrepreneurship is about the creation of a new business enterprise that generates benefits (wealth, jobs, value, progress) to participating parties by creating unique, new arrangements of resources, including technology to meet the needs of customers and the society.
6) What are the character traits of entrepreneurs according to William B. Gartner?
- Will to perform
- Internal Locus of Control
- Risk Tolerance
7) Please name the eight skills of entrepreneurship.
- Initiate & operate a purposeful enterprise
- Operate within the context
- Identify timely opportunities
- Manage knowledge & technology
- Mobilize resources
- Assess & mitigate risks
- Be innovative
- Enable & encourage a collective team
8) What are the motivations for entrepreneurs?
- Financial Success
The next questions and answers are available at the following chapter: 2) Drivers for Opportunities