Entrepreneurship 2 (2023)

ENTREPRENEURSHIP
PAST PAPERS (2023) Pt.2

INNOVATION:
Innovation in entrepreneurship means creating new ideas or improving existing ones

to make businesses better. This can involve developing new products, finding better
ways to do things, or discovering new markets. It's about being creative and finding
unique solutions to problems to stay competitive and meet customer needs.
WINDOWS OF OPPORTUNITY:
Windows of opportunity are short periods when the chance to do something

successful is available. In business, it's when the conditions are just right to launch a
new product, enter a new market, or make a significant move before others do. It's
like a temporary opening that you need to act on quickly to take advantage of.
CREATIVITY:
Creativity in entrepreneurship is about coming up with original and useful ideas to

solve problems or improve the business. It involves thinking outside the box,
imagining new possibilities, and finding unique ways to offer value to customers. It's
the spark that drives innovation and helps entrepreneurs stand out in the market.
CORRIDOR:
In entrepreneurship, a corridor refers to a path or series of opportunities that open

up as a business grows and evolves. When an entrepreneur starts a venture, new
opportunities often emerge along the way, like doors opening in a corridor. This
concept highlights how initial actions can lead to unexpected chances and avenues
for further growth and development.
ENTREPRENEURSHIP
DIVERSIFICATION:
Diversification in entrepreneurship means expanding a business into new products,

services, or markets. It's like not putting all your eggs in one basket. By spreading out
into different areas, a business can reduce risks and increase chances for growth and
stability.
BUSINESS PLAN:
A business plan is a detailed written guide for starting and running a business. It
outlines what the business will do, how it will make money, who its customers are,
and how it will be managed. It's like a roadmap that helps entrepreneurs plan their
steps and attract investors or lenders.
DESIGN PATENTS:
Design patents protect the unique visual appearance of a product. This means they
give the owner exclusive rights to use and prevent others from copying the product's
design, like its shape, pattern, or decoration, for a certain period. It's about
protecting how a product looks, not how it works.
CREATIVE SOURCE:
A creative source is where new and original ideas come from. It can be anything that
inspires creativity, like experiences, imagination, nature, art, or even people. It's the
starting point for generating innovative thoughts and solutions
ENTREPRENEURSHIP
INCUBATION STAGE:
The incubation stage is the early phase of developing a new business or idea. During
this time, the idea is nurtured, refined, and tested to see if it can grow into a
successful venture. It's like taking care of a seedling until it's strong enough to thrive
on its own.
LICENSING:
Licensing in entrepreneurship is when a business gives another company permission

to use its products, brand, or technology in exchange for money. It's like renting out
your ideas or inventions so others can use them, usually for a fee or a percentage of
sales.
FEASIBILITY PLAN:
A feasibility plan is a study or assessment that helps determine whether a business

idea is practical and achievable. It looks at factors like market demand, resources
needed, costs, and potential risks to see if the idea is likely to succeed. It's like
testing the waters before diving into a new venture to make sure it's worth pursuing.
WHAT ARE HIGH TECH PRODUCTS?
High-tech products are items that use advanced technology or scientific knowledge
to function. These products often involve complex engineering or computer
technology and can include things like smartphones, computers, medical devices,
and renewable energy systems. They're usually at the forefront of innovation and
can offer advanced features or capabilities compared to more traditional products.
ENTREPRENEURSHIP
INVENTION:
An invention is a new idea, device, or process that has been created for the first
time. It's something that didn't exist before and often solves a problem or improves
an existing situation in a novel way. Inventions can range from simple gadgets to
complex machines and can have a significant impact on how we live, work, and
interact with the world.
ENTRAPRENEUR:
An entrepreneur is a person who starts and operates a business, taking on financial

risks in the hope of making a profit. They are often innovative individuals who
identify opportunities, organize resources, and create value by introducing new
products, services, or processes to the market. Entrepreneurs are typically
characterized by their willingness to take initiative, their ability to adapt to change,
and their determination to pursue their vision despite challenges.
PATENTS:
Patents are legal protections granted by governments to inventors for their new
inventions. They give inventors exclusive rights to make, use, and sell their
inventions for a certain period, usually 20 years. Patents encourage innovation by
providing inventors with a financial incentive to create new and useful products or
processes, as well as giving them the opportunity to profit from their inventions.
CHAMPION:
In entrepreneurship, a champion is someone who passionately advocates for a

particular idea, project, or innovation within a company or organization. They are
typically energetic and enthusiastic individuals who are committed to driving the
success of the initiative they are championing. Champions often play a key role in
overcoming obstacles, gaining support from stakeholders, and ultimately bringing
the idea to fruition.

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ENTREPRENEURSHIP

PAST PAPERS (2023) Pt.2

Innovation in entrepreneurship means creating new ideas or improving existing ones

Windows of opportunity are short periods when the chance to do something

Creativity in entrepreneurship is about coming up with original and useful ideas to

In entrepreneurship, a corridor refers to a path or series of opportunities that open

Diversification in entrepreneurship means expanding a business into new products,

Licensing in entrepreneurship is when a business gives another company permission

A feasibility plan is a study or assessment that helps determine whether a business

WHAT ARE HIGH TECH PRODUCTS?

An entrepreneur is a person who starts and operates a business, taking on financial

In entrepreneurship, a champion is someone who passionately advocates for a

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