Entrepreneur

Question 1

Define entrepreneurship.

Answer 1

The act of managing a business.

Question 2

Define entrepreneur.

Answer 2

A person who undertakes the risks involved in establishing and running a business in the hope of making a profit.

Question 3

What are the functions of an entrepreneur?

Answer 3

• conceptualizing
• plan
• access funds
• organize the business
• operating the business
• evaluate the performance of the business

Question 4

Define conceptualizing.

Answer 4

All the ideas related to the type of business you are going to open.

Question 5

Define plan.

Answer 5

Creating a well structured plan setting your goals and objectives and the steps required to achieve them.

Question 6

Define access funds.

Answer 6

Getting your money from either your savings, from others as a loan or as an investment.

Question 7

Define organize the business.

Answer 7

Setting up the business. Hiring staff, getting products and services.

Question 8

Define operating the business.

Answer 8

Running the business and looking for ways to improve.

Question 9

Define evaluate the performance of the business.

Answer 9

Examine how well the business is doing and making changes when necessary.

Question 10

What is the acronym for the functions of an entrepreneur?

Answer 10

CPAOOE.

Question 11

What are the roles of an entrepreneur in decision making?

Answer 11

• conceptualizing
• planning
• accessing funds
• organizing
• operate
• evaluating
• risk baring

Question 12

Conceptualizing.

Answer 12

What products you’ll be making?
The prices of the products.
Find out what customers like.

Question 13

Planning.

Answer 13

What needs to be done to achieve my goals?
What are my short/long term plans?

Question 14

Accessing Funds.

Answer 14

Where will you be getting the money?
How much money you will be getting/need.

Question 15

Organizing.

Answer 15

Organizing the four factors of production:

• land
• labor
• capital
• enterprise

Question 16

Operate.

Answer 16

Interacting with customers.
Maintaining quality goods.
Will I give feedback?

Question 17

Evaluating.

Answer 17

Do surveys.
How well are we doing?
What could we do better?

Question 18

Risk Baring.

Answer 18

Planning for unseen events such as new competitors so the risk should become more manageable.

Question 19

What is the acronym for the roles of an entrepreneur in decision making?

Answer 19

CPAOOER

Question 20

What are the roles of an entrepreneur in Economic development?

Answer 20

• creating jobs
• collaborating
• provide goods and services
• contributing to nation building

Question 21

What is creating jobs?

Answer 21

Offer up jobs and employment for the people of the country.

Question 22

What is collaborating?

Answer 22

This is when businesses work together, to get more for the country.

Question 23

What is provide goods and services?

Answer 23

Make it easier for the people of a country to get quality goods.

Question 24

What is contributing to nation building?

Answer 24

Ways businesses give back to society. Sponsorships, donations, charities.

Question 25

What are the steps in establishing a business?

Answer 25

• conceptualizing
• research
• identify resources
• creating a business plan
• acquire funds
• operation of business

Question 26

What is the acronym for steps in establishing a business?

Answer 26

CRICAO.