Deck 8: Entrepreneurship and Innovation in Occupational Therapy

Question 1

Identify the characteristics of entrepreneurs.

Answer 1

Entrepreneur:
It means the person or individual starts his/her own businesses.
Characteristics of entrepreneur:
Be future-oriented and visionary:
The entrepreneurs have an opportunity to use their skills and expertise to develop a business in future. Hence, if entrepreneurs take any decisions, it will be more visionary and future oriented.
Maintain optimism:
The entrepreneurs agreed that to make a business succeed, one must have a "can-do" attitude and spirit.
Be a risk-taker:
All of the entrepreneurs are risk-takers, but planned risk-takers. They were not afraid to begin something for which they had great passion because of some obstacles or perceived barriers.
Take advantages of opportunities:
Being open to seeing opportunities is the cornerstone to a successful business. Communicating effectively, networking, and approaching people and situations with ideas can expand their business.
Be persistent:
Persistence in strategically placing entrepreneur ideas in the marketplace, networking, and communicating, while at the same time understanding that everything takes time, can help to grow the business.

Question 2

Describe the various aspects of the entrepreneurial process.

Answer 2

The various aspects of entrepreneurial process:
The entrepreneurial process has been well documented and it is rational, controlled, and systematic. From the economic perspective , an entrepreneur notices and identifies a new opportunity, gathers all significant data pertinent to developing the opportunity, systematically evaluates the alternatives, and finally chooses the option that maximizes economic viability and success.
In point of B's (1989) entrepreneurial events model. This model considers personal, environmental, social, and organizational elements influencing entrepreneurial process, beginning with the generation of the innovative idea to the implementation and growth of the entrepreneurial venture.
The entrepreneur requires skills to identify the need for a new product or unmet service and to recognize the situation as an available opportunity for development. Once the entrepreneur chooses to respond to the opportunity, a plan to address the identified gap is created. Often, entrepreneurs approach this phase with enthusiasm or a strong sense of purpose.
Opportunity recognition is significant of entrepreneurial process. Successful entrepreneurs are not only recognizing opportunities but also take advantage of them to reach their goals.
A second model for entrepreneurial process has been predictable, that of " effectuation". A key premise to this viewpoint is that entrepreneurs begin with "a set of means", their skills, knowledge, and resources, and consider how those means might address a particular issue or need. As such, this view of process is conducive to addressing economic and social opportunities
Apart from the opportunity recognition and the entrepreneur's orientation to promising prospect, external resources available to assist for development of new organizations are also crucial
It categorized these resources into social, economic, political, and market emergence factors, of all that influence the budding success of entrepreneurial event.

Question 3

Identify the similarities and differences between intrapreneurship, social entrepreneurship, and business entrepreneurship.

Answer 3

Similarities and difference between intrapreneurship, social entrepreneurship, and business entrepreneurship:
Intrapreneurship:
A third perspective of entrepreneurship further explores entrepreneurial process within organizations, commonly termed intrapreneurship.
Intrapreneurship focuses on the innovation, creativity, and resulting behaviors within organizations rather than on the individual entrepreneur.
Social entrepreneurship:
"Social entrepreneurship directs to establishment of new social organizations or not for- profits and the sustained innovation in existing ones "
Similarly, a social entrepreneur may advocate for social changes that will make a positive difference to the community or the organization's clients
Social entrepreneurship may also involve for-profit ventures within social service or not-for-profit organizations to help in achieving the organization's mission and sustaining its service base.
Business entrepreneurship:
The mission of social entrepreneurs differs from that of business entrepreneurs and influences entrepreneurial process as an outcome. Researchers purpose that social entrepreneurs share common characteristics and behaviors with business entrepreneurs. Social entrepreneurs are effort to identify how they are diverse from business entrepreneurs and service professionals.

Question 4

Compare and contrast for-profit and non-profit businesses.

Question 5

List the steps in developing a small health care business.

Question 6

Describe the components of a typical grant proposal.