Answer four questions

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Business Finance

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Please help me finish four questions. No Plagiarize. Do not need answer too many words. about 150 words each one. Thank you very much!

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1 What is entrepreneurship and what are entrepreneurial opportunities? Why are these important for firms competing in the 21st century competitive landscape? Answer: 2 The book tells us that entrepreneurship is the process by which individuals, teams, or organizations identify and pursue entrepreneurial opportunities without being immediately constrained by the resources they currently control. Entrepreneurial opportunities are conditions in which new goods or services can satisfy a need in the market. The essence of entrepreneurship is to identify and exploit entrepreneurial opportunities, and manage risks appropriately as they arise. Evidence suggest that entrepreneurship is the economic engine driving many nations’ economies in the global competitive landscape. Thus, entrepreneurship and the innovation it spawns are important for companies competing in the global economy and for countries seeking to stimulate economic climates with the potential to enhance the living standard of their citizens. Respond: (150 words) 3 What are invention, innovation, and imitation? How are these concepts related? Discuss a company that has done one or more of these strategic actions. Which action did they do and what was the product or service? Answer: 4 invention, the act of creating or developing a new product (good or service) or process idea • innovation, the process of creating a commercializable product from invention • imitation, the adoption of innovation by similar firms, which often leads to standardization of the product or process and lower prices—all of this while maintaining many of the same features These concepts are the three types of innovative activity firms generally engage in. An invention brings something new into being, while an innovation brings something new into use. Accordingly, technical criteria are used to determine the success of an invention, whereas commercial criteria are used to determine the success of an innovation. Finally, imitation is the adoption of an innovation by similar firms. Imitation usually leads to product or process standardization, and many times products based on imitation are offered at lower prices, but without as many features. Entrepreneurship is critical to innovative activity in that it acts as the linchpin between invention and innovation. Respond: (about 150 words )
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Running head: QUESTIONS

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QUESTIONS

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1. Entrepreneurship and entrepreneurial opportunities. Why they are important for firms
competing in the 21st century competitive landscape.
Answer:
Entrepreneurship refers to the practice or willingness and ability to organize, develop, and
manage a business enterprise together with its risks so as to make a profit. One typical example
of entrepreneurship is starting a business. Entrepreneurial opportunities refer to situations where
new methods, raw material, goods, and services can be sold at a profit. Entrepreneurial
opportunities can be in a new market or an existing one (Hitt, Ireland, & Hoskisson, 2013).
The 21st century is an era of globalization. The ability of a firm to apply entrepreneurship
dictates its ability to succeed in the global competitive platform of the 21 st century. Corporate
entrepreneurship is pegged on entrepreneurship and entrepreneurial opportunities. The survival
and success of large and small companies or startups rides on their abilities...


Anonymous
Awesome! Perfect study aid.

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