An Entrepreneur — Practice Quiz

Industrial Entrepreneur

Hero Motocorp is an industrial entrepreneur because it essentially manufactures products (two-wheelers) and offers services that have effective demand in the market. Industrial entrepreneurs convert economic resources and technology into profitable ventures through manufacturing. Trading entrepreneurs focus on buying and selling, agricultural entrepreneurs work in farming, while corporate entrepreneurs organize and manage corporate undertakings. Manufacturing is the key characteristic of industrial entrepreneurship.

Innovation and Creativity

Innovation and creativity are demonstrated when entrepreneurs find new ways of doing things, like changing hair oil packaging from tins to convenient plastic packs. This shows creativity (ability to see new ways) and innovation (making it work in practice). The change made the product more convenient for customers to carry and use. Independence relates to self-reliance, respect for work involves dedication, and quest for outstanding performance focuses on excellence, but the packaging change specifically shows innovative thinking.

An entrepreneur within a large firm using entrepreneurial skills

An intrapreneur is an inside entrepreneur or entrepreneur within a large firm who uses entrepreneurial skills without incurring the personal risks associated with those activities. They are employees assigned special projects and instructed to develop them like entrepreneurs would, using company resources. Google's 20% time policy is a famous example where employees can work on innovative projects. This differs from independent entrepreneurs who work alone, serial entrepreneurs who start multiple businesses, or tech-focused entrepreneurs.

Need for Power

According to McClelland's theory, the need for power is characterized by a drive to control and influence others, a need to win arguments, persuade and prevail. People with this motive are motivated when they can have impact, impress those in power, or beat competitors. Need for achievement focuses on excellence and taking responsibility, need for affiliation involves belonging and teamwork, while need for recognition is not part of McClelland's three-factor theory (Achievement, Affiliation, Power).