ENTREPRENEURSHIP AND
INNOVATION MANAGEMENT FINAL
EXAM 2025 QUESTIONS AND ANSWERS
What is the classic definition of entrepreneurship? "Schumpeter" - ANS An entrepreneur is
the person who destroys the existing economic order by introducing new products and
services, by introducing new
methods of production, by creating new forms
of organization, or by exploiting new raw
materials.
What makes a country entrepreneurial? - ANS 1. Financial resources
2. Support from government
3. Entrepreneurship education
4. Research and Development (R&D) transfer
5. Commercial and legal infrastructure
6. Entry regulation
7. Physical infrastructure
8. Cultural and social norms
Why is entrepreneurship important? - ANS -primary source of new jobs in the economy.
-Driving force in the economy
-Outstanding source
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,of innovation
-Is the essence of the "American Dream"
-Creates wealth-advances society
What are the core competencies required for an entrepreneurial mindset? - ANS -innovation
and creativity
-opportunity recognition and assessment
-Strategic business planning
-Management and leadership
-Negotiation and conflict resolution
-Financial analysis and budgeting
-Sales and marketing analysis
-Verbal and written communications
-Team-Building
-Risk management
-Willingness to try--and possibly fail.
What are the 5 skills most important to the practice of Entrepreneurship? - ANS 1. The skill
of play
2. The skill of experimentation
3. The skill of empathy
4. The skill of creativity
5. The skill of reflection (focal point)
What are the 10 traditional steps of an Entrepreneurial Process? - ANS 1. Think of an idea
2. Do market research
3. Get some financial projections
4. Find a partner/team
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,5. Write a business plan
6. Get financing
7. Find space, build a prototype, hire people
8. Bring your product/service to market
9. Manage the business
10. Plan an exit
Entrepreneurship as a Method = - ANS -a set of practices
-phases on learning
-iterative
-creative
-action focus
-investment for learning
-collaborative
Entrepreneurship as a process = - ANS -known inputs and predicted outputs
-steps to complete
-linear
-predictive
-planning focus
-expected return
-competitive
Practice of Entrepreneurship:
Emphasize _____________ over planning - ANS early action
Practice of Entrepreneurship: - ANS -Do what you can; try what you can't.
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, -Try early
-fail sooner
-experiment with many ideas simultaneously
What are the 8 components that make up the practice of entrepreneurship? - ANS 1. Identify
your desired impact on the world. (impact statement)
2. Start with means at hand.
3. Describe the idea today.
4. Calculate affordable losses
5. Take small action
6. Network and enroll others in your journey
7. Build on what you learn
8. Reflect and be honest with yourself
Who are you? what do you know? Whom do you know?:
These questions are related to which component of practicing entrepreneurship? -
ANS Means at hand
What are you curious about? What brings you joy and energy? What motivates and engage
you? hats your high level goal/vision?
These questions are related to which component of practicing entrepreneurship? -
ANS Impact Statement
What is an entrepreneurial mindset? - ANS The ability to quickly sense, take action, and get
organized under uncertain conditions.
Includes the ability to persevere, accept and learn from failure, and get comfortable with a
certain level of discomfort.
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INNOVATION MANAGEMENT FINAL
EXAM 2025 QUESTIONS AND ANSWERS
What is the classic definition of entrepreneurship? "Schumpeter" - ANS An entrepreneur is
the person who destroys the existing economic order by introducing new products and
services, by introducing new
methods of production, by creating new forms
of organization, or by exploiting new raw
materials.
What makes a country entrepreneurial? - ANS 1. Financial resources
2. Support from government
3. Entrepreneurship education
4. Research and Development (R&D) transfer
5. Commercial and legal infrastructure
6. Entry regulation
7. Physical infrastructure
8. Cultural and social norms
Why is entrepreneurship important? - ANS -primary source of new jobs in the economy.
-Driving force in the economy
-Outstanding source
Copyright ©2025 BRIGHTSTARS ALL RIGHTS RESERVED 1
,of innovation
-Is the essence of the "American Dream"
-Creates wealth-advances society
What are the core competencies required for an entrepreneurial mindset? - ANS -innovation
and creativity
-opportunity recognition and assessment
-Strategic business planning
-Management and leadership
-Negotiation and conflict resolution
-Financial analysis and budgeting
-Sales and marketing analysis
-Verbal and written communications
-Team-Building
-Risk management
-Willingness to try--and possibly fail.
What are the 5 skills most important to the practice of Entrepreneurship? - ANS 1. The skill
of play
2. The skill of experimentation
3. The skill of empathy
4. The skill of creativity
5. The skill of reflection (focal point)
What are the 10 traditional steps of an Entrepreneurial Process? - ANS 1. Think of an idea
2. Do market research
3. Get some financial projections
4. Find a partner/team
Copyright ©2025 BRIGHTSTARS ALL RIGHTS RESERVED 2
,5. Write a business plan
6. Get financing
7. Find space, build a prototype, hire people
8. Bring your product/service to market
9. Manage the business
10. Plan an exit
Entrepreneurship as a Method = - ANS -a set of practices
-phases on learning
-iterative
-creative
-action focus
-investment for learning
-collaborative
Entrepreneurship as a process = - ANS -known inputs and predicted outputs
-steps to complete
-linear
-predictive
-planning focus
-expected return
-competitive
Practice of Entrepreneurship:
Emphasize _____________ over planning - ANS early action
Practice of Entrepreneurship: - ANS -Do what you can; try what you can't.
Copyright ©2025 BRIGHTSTARS ALL RIGHTS RESERVED 3
, -Try early
-fail sooner
-experiment with many ideas simultaneously
What are the 8 components that make up the practice of entrepreneurship? - ANS 1. Identify
your desired impact on the world. (impact statement)
2. Start with means at hand.
3. Describe the idea today.
4. Calculate affordable losses
5. Take small action
6. Network and enroll others in your journey
7. Build on what you learn
8. Reflect and be honest with yourself
Who are you? what do you know? Whom do you know?:
These questions are related to which component of practicing entrepreneurship? -
ANS Means at hand
What are you curious about? What brings you joy and energy? What motivates and engage
you? hats your high level goal/vision?
These questions are related to which component of practicing entrepreneurship? -
ANS Impact Statement
What is an entrepreneurial mindset? - ANS The ability to quickly sense, take action, and get
organized under uncertain conditions.
Includes the ability to persevere, accept and learn from failure, and get comfortable with a
certain level of discomfort.
Copyright ©2025 BRIGHTSTARS ALL RIGHTS RESERVED 4
