ENTREPRENEURIAL PERSONALITY

Question 1

An entrepreneurship will survive and grow in an environment that is friendly or akin to it. Nature provides us with examples of what happens to entities living in certain environments.

Answer 1

TRUE

Question 2

IN TERMS OF SUPPORT TO ENTREPRENEURSHIP, ECONOMIC ENVIRONMENTS DIFFER FROM PLACE TO PLACE. To facilitate discussion, economic environment may be classified as follows :

Answer 2

1. fully supportive of entrepreneurship;
2. moderately supportive of entrepreneurships; and
3. not supportive of entrepreneurships

Question 3

Types of economic Environment

Answer 3

Those fully supportive of entrepreneurship
-makes an entrepreneur’s task EASY
Those moderately supportive of entrepreneurship
-makes an entrepreneur’s task LESS EASY
Those not supportive of entrepreneurship
-makes an entrepreneur’s task HARD

Question 4

Refers to the pattern of characteristics that distinguishes one person from another. It includes the person’s traits, values, motives, genetic blueprints, attitudes, emotional reactivity, abilities, self-image, intelligence, and visible behavior patterns.
Holland’s proposal indicates six personality types in entrepreneurs

Answer 4

Personality

Question 5

Entrepreneurial Personality

Answer 5

1. realistic type;
2. investigative type
3. artistic type
4. social type
5. enterprising type
6. conventional type

Question 6

prefers activities involving aggressive behavior and physical exertion requiring skill, strength, and coordination.

Answer 6

Realistic

Question 7

prefers to be analytical, curious, methodical, and precise.

Answer 7

Investigative

Question 8

Expressive. nonconforming, original, and introspective.

Answer 8

Artistic

Question 9

Enjoys working with and helping others and purposefully avoids systematic activities involving tools and machinery.

Answer 9

Social

Question 10

Enjoys verbal activities to influence others and to attain power and status.

Answer 10

Enterprising

Question 11

Enjoys the systematic manipulation of data, filing of records, or reproducing materials.

Answer 11

Conventional

Question 12

Characteristics of Entrepreneurs :

Answer 12

1. drive
2. thinking ability
3. human relations ability
4. ability to communicate
5. technical knowledge
6. reasonable risk taker
7. self-confident
8. goal setter
9. accountable and
10. innovative

Question 13

When the entrepreneur is self-motivated enough to pursue his chosen course without relenting even in the face of adversity. The tension that occurs when a need is not met

Answer 13

Drive

Question 14

An Englishman who is a fine example of a person “with bucket loads of entrepreneurial drive

Answer 14

Richard Branson

Question 15

3 types of persons will determine the survival and growth of business firms:

Answer 15

1. the customer
2. the employee
3. the third party

Question 16

makes the decision whether to patronize the firm or not. His decision, however, will depend on what he thinks of the firm.

Answer 16

Customer

Question 17

can be productive and loyal to the firm. He can help avoid production delays and shortages, wasteful consumption of company resources, dissatisfied customers, and the like. He can be an asset depending on what his superiors do to him.

Answer 17

Employee

Question 18

Can also be made to be more cooperative and accommodating. This will depend, however, on how the relates to them.

Answer 18

Third parties

Question 19

When the entrepreneur gives orders that are easily understood, wastages in time and materials are minimized. An entrepreneur who has little ability to communicate tends to demoralize and alienate his staff.

Answer 19

TRUE

Question 20

Operating an entrepreneurship requires the performance of major and minor task.

Answer 20

TRUE

Question 21

Theoretically, ventures with zero risks yield zero benefits. Those who aspire for benefits like profits must reckon with possible losses.

Answer 21

TRUE

Question 22

Entrepreneurs are expected to be reasonable risk-takers, not conservative but also gamblers. They assume risks but only after they are convinced that they have the skills and resources to overcome the difficulties inherent in a new venture.

Answer 22

TRUE

Question 23

Not everyone desires to be an entrepreneur. Those who do, however are motivated by any all of the ff:

Answer 23

1. desire to be one’s own boss
2. desire for financial rewards
3. desire to create one’s own job security
4. desire to improve one’s quality of life

Question 24

When he recommends action to be undertaken and is ignored, the employee may just proceed to take the opportunity and organize his own business

Answer 24

Desire To Be One’s Own Boss

Question 25

Some people, however, do not get satisfaction from a fixed monthly income which , most often, is inadequate. Some think that they deserve to be properly rewarded for their skills. The means open to them is entrepreneurship.

Answer 25

Desire for Financial Rewards

Question 26

Persons who cannot bear to worry about job security may just decided to become entrepreneurs. Even if the venture fails, the entrepreneur knows that it is the result of his poor performance.

Answer 26

Desire to Create One’s Own Job Security

Question 27

Engagement in entrepreneurship provides them with some control over their work schedules. An entrepreneur can choose a type of business that will be compatible with the quality of life he desires.

Answer 27

Desire to Improve One’s Quality of LIfe

Question 28

A major distinction between the entrepreneur and the manager is about orientation.

Answer 28

TRUE

Question 29

The entrepreneur feels confident of his ability to seize a business opportunity regardless of the resources under his current control.

Answer 29

Promoter

Question 30

The manager emphasizes the efficient utilization of resources

Answer 30

Trustee

Question 31

In an environment hostile to any type of business, entrepreneurship are not expected to thrive. In a friendly environment, new business ventures will have to contend with the personalities of their own respective entrepreneurs.

Answer 31

TRUE

Question 32

Among the six personality types, the enterprising type is the most appropriate for entrepreneurial ventures

Answer 32

TRUE