Innovation & Entrepreneurship ITM Quiz

What is the definition of innovation?

• Innovation is to create something which never existed before.

• Innovation is a process of idea generation.

• Innovation is putting the idea into practice.

• Innovation is to start a new business venture.

Who is the inventor of the light bulb?

• Thomas Edison

• Albert Einstein

• Alfred Nobel

• Henry Ford

What do the leaders have to do to succeed in a very dynamic and ever-changing industry?

Fill the blanks.

To be successful in a very dynamic and ever-changing industry, Leaders must foster an environment that encourages creativity, ______________, and an organization-wide spirit of ____________

• innovation, Entrepreneurship

• technology, success

• team work, love

• invention,

  Entrepreneurship

Why do managers need to constantly innovate?

• It is good for their company's brand image, (Apple is a very appreciated brand by customers because they have a new iPhone every year) 

• Because of the highly competitive environment they interact in, and if they don't innovate their competitors will take over their market shares.

• It is part of their job description

• It is fun to do

Which of the below is consider an innovation?

• adding online payment to the travel agent company's payment platform

• to invent a car

• to build a company

• to host a marketing campaign

Why is creativity and innovation important in entrepreneurship?

• It helps develop new ways of improving an existing product or service to optimize the business.

• It allows entrepreneurs to think outside the box and beyond the traditional solutions.

• All are correct.

Who are the people who own, operate, and take risk of a business venture:

• Employees

• Employers

• Entrepreneurs

• Entrepreneurship

•  

  Who is the most important person in a small business?

• The founder

• The partner

• The government

• The competitor

What should organizational leaders NOT do with defensive reactions to change, such as over-focusing on short-term results and controlling people?

• avoid them

• implement them

• evaluate the situations

• think carefully before making decision

Why is entrepreneurship important?

• Entrepreneurs Create New Businesses

• Entrepreneurs Add to National Income

• Entrepreneurs Also Create Social Change

• Community Development

• Above of the above