INTRODUCTION TO ENTREPRENEURSHIP
ENTREPRENEURIAL PROCESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Duplication
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Extension
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Innovation
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None of the above
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Detailed explanation-1: -Factory production is the quintessential example of duplication: one design, many copies. Instead of “re-inventing the wheel” over and over again, duplication allows you to design the wheel once, then make as many of them as you wish.
Detailed explanation-2: -Four basic types of innovation: invention, extension (different application), duplication (adding entrepreneurial touch), synthesis (combo of existing concepts).
Detailed explanation-3: -The vast majority of founders you meet daily are replicative entrepreneurs. If your goal is to start a business that allows you to “make a living” then you are most likely a replicative entrepreneur. If you plan to start a flower shop, a public relations firm, a store (brick & mortar or online), a law firm…