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Entrepreneurship > entep test > Flashcards

entep test Flashcards

1
Q

Market feasibility

A

is an investigation into the possibility that an entrepreneurial idea has a chance of being successful

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2
Q

What is belief (enterprise)

A

is the acceptance that something exists/true without proof

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3
Q

Examples of beliefs

A

Entrepreneurs are inventors
Entrepreneurs are gamblers

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4
Q

Barriers to creativity

A

Environmental barriers
Cultural barriers
Social barriers
Perceptual barries

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5
Q

Ways that show unemployment can cause job creation

A

It is an opportunity for the government and firms to create jobs
Unemployed person can start a business and employ other people
Opportunity to attract foreign investors to come set up manufacturing companies to create jobs
The government can provide subsides for the unemployed to start their own business

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6
Q

Aims of Team Namibia

A

To promote entrepreneurship by encouraging locals to support business
To gain a competitive advantage by making it possible to compete against international products

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7
Q

Four methods of primary research

A

Observation
Interview
Surveys
Questionnaire

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8
Q

Business ideas linked to Enterprise, agriculture and german subject

A

Enterprise - write plans for other people
Agricultural - train workers to take care of animals and crop production
German - translate for tourists

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9
Q

Profit

A

income - expense = profit

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10
Q

types of capital

A

Human capital
Physical capital

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11
Q

Sustainable use

A

using natural resources without destroying land for the needs of future generations

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12
Q

4 P’s of creativity

A

Person - the person is the entrepreneur
Process - the result of seeing the opportunity
Product - the result of the process
Press - refers to the environment

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13
Q

Why use radio as a form of advertising

A

It is cheaper
It reaches a high audience in different languages

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14
Q

Factors that determine the location of a business

A

How easily accessible it is
Competition
The availability of labour
the availability of Land

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15
Q

Research

A

includes the gathering of data, information and facts for the advancement of knowledge

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16
Q

Negotiation

A

the reaching of agreement through joint decision making involving bargaining between two parties

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17
Q

The negotiation process involved

A

Preparation
Exploring other aspects
Negotiating your position
Reaching agreement

18
Q

Procedures in the tendering process

A

Register your interest
The bid is awarded

19
Q

Type of funding

A

Own capital

20
Q

Consumer rights

A

Consumers have the right to cancel appointments
Consumers have the right to high quality products

21
Q

Ways a business could become successful

A

Marketing
Gain experience
Goal driven

22
Q

Unethical behavior

A
23
Q

Economic importance of entrepreneurship

A

Creates jobs that employ people
Pays taxes
Creates demand for products

24
Q

Common barriers by women entrepreneurs

A

Narrower range of education
Stereotypes regarding women in business
Women are often not taken seriously

25
Q

Female dominated factors

A

Informal sector
Household responsibilities
low profit and low productivity

26
Q

Characteristics of successful entrepreneurs

A

Creative
Information seeking
Opportunity seeking
Risk-takers

27
Q

Model to start an enterprise

A

Idea generation
Research and market research
Financing
Legal requirements
Running the enterprise

28
Q

Steps in the creativity process

A

Awareness
Preparation
Incubation
Insight
Verification

29
Q

SWOT

A

S - Strength
W - Weakness
O - Opportunity
T - Threat

30
Q

Unemployment

A

the % of the labour force who don’t have a job / actively looking for one

31
Q

Cause of unemployment

A

Population growth
Changes in technology
Bad economic times

32
Q

Tendering

A

The process of making a proposal in response to an invitation

33
Q

Steps to follow when conducting research

A

Define the problem
Determine the data needed
Select research methods
Collect the data
Analyse the data
Write the research report

34
Q

Advantages of Market Research

A

collected information belongs to the researcher
specific information is provided

35
Q

Disadvantages of Market research

A

It is expensive
It takes time

36
Q

Advantages of Secondary research

A

Obtain data easier
It is cheaper

37
Q

Disadvantages of Secondary Research

A

Research often doesn’t meet the researchers needs
Outdated data

38
Q

Importanace of research ethics

A

It is a professional requirement
It is a requirement to obtain funding
It respects the participants

39
Q

What determines the size of a business

A

Size of capital
Number of employees
Volume of sales
Level of technology

40
Q

Export processing zone

A

are established to promote export of locally manufactured goods

41
Q

Marketing

A

the processes of identifying and satisfying the needs and wants of people

Entrepreneurship (4 decks)

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