MGT602 Entrepreneurship Quiz - 1

Intrapreneurship refers to the practice of applying entrepreneurial skills and mindset within an established company. It involves employees taking initiative, being innovative, and taking risks to develop new ideas, products, or services within the existing organizational structure. Intrapreneurship allows companies to foster a culture of innovation, encourage employee engagement and creativity, and drive growth and competitiveness. It differs from starting a new company or entrepreneurship in joint ventures, as it focuses on leveraging existing resources and infrastructure to drive innovation and create value within the company.

The question is asking for the technical skills required in entrepreneurship, and the correct answer is "web designing." This means that web designing is not a necessary technical skill for entrepreneurs. While writing, oral communication, and monitoring the environment are important skills for entrepreneurs to have, web designing is not directly related to the core competencies needed for entrepreneurship.

A lifestyle firm exists primarily to support the owner. This means that the main purpose of the firm is to cater to the lifestyle and needs of the owner, rather than focusing on maximizing profits or serving investors, ventures, or managers. The owner may prioritize maintaining a certain lifestyle or pursuing personal interests over financial gains or growth. The firm's operations and decisions are centered around meeting the owner's preferences and goals.

Innovation is not a required management skill in entrepreneurship. While planning, decision making, and marketing are essential skills for entrepreneurs, innovation is more of a mindset or approach rather than a specific management skill. Entrepreneurs may be innovative in their thinking and approach to problem-solving, but it is not a skill that can be learned or developed in the same way as planning, decision making, or marketing skills.

High powered ventures are also called "gazelles" because they are fast-growing, innovative companies that have the potential to achieve significant market share and disrupt traditional industries. Like gazelles in the animal kingdom, these ventures are agile, adaptable, and have the ability to quickly scale their operations. They often attract substantial investments and generate high returns, making them attractive to venture capitalists and other investors seeking high-growth opportunities.

Foundation companies are typically small businesses or firms that are created as a result of research and development activities. These firms play a crucial role in laying the groundwork for a new industry by developing innovative technologies, processes, or products. They often serve as the starting point for larger multinational companies or big industries to build upon. Therefore, the correct answer is "firms."

A lifestyle firm exists primarily to support the owners and usually has low growth opportunity. This means that the main purpose of a lifestyle firm is to provide a comfortable and sustainable lifestyle for the owners, rather than focusing on aggressive growth and expansion. These types of businesses typically prioritize work-life balance and personal fulfillment over rapid financial growth. Therefore, the correct answer is low.

The correct answer is three because the question states that there are a certain number of types of startup ventures. The options provided are four, two, five, and three. Since the question is asking for the number of types, the answer must be a numerical value. Out of the given options, only three is a numerical value. Therefore, the correct answer is three.