Define and provide examples of incremental and revolutionary innovation, and explain the importance of strategy and corporate entrepreneurship for entrepreneurs.

Here are the answers to the questions:

• Question 1

  • Incremental innovation refers to small scale improvements to add or sustain value to existing products, services, or processes, often with the intention to improve efficiencies to reduce costs or to improve products or services offered.
  • The correct option is B.
  • $\boxed{\text{B. Incremental}}$

• Question 2

  • Revolutionary innovation will take place when a business pursues new products, businesses, customers, and markets. This type of innovation involves significant, often disruptive, changes.
  • The correct option is C.
  • $\boxed{\text{C. Revolutionary innovation}}$

• Question 3

  • Strategy skills refer to the entrepreneur's ability to view the organisation as a whole; to understand how the different parts of the organisation make up this whole; to understand how the organisation fits into the marketplace.
  • The correct option is B.
  • $\boxed{\text{B. Strategy}}$

• Question 4

  • Corporate entrepreneurship can be defined as a process used to develop new businesses, products, services, or processes inside of an existing organisation to create value and generate new revenue growth through entrepreneurial thought and action.
  • The correct option is A.
  • $\boxed{\text{A. Corporate entrepreneurship}}$