Entrepreneurship

Question 1

What are the characteristics of an entrepreneur?

Answer 1

Passionate and driven
Creative and innovative
Motivated
Knowledgable
Flexible
Persuasive
Risk takers

Question 2

What characteristics does an intrapreneur have?

Answer 2

Not risk takers
Do not have their own business

Question 3

What are the advantages of entrepreneurship

Answer 3

Working opportunities are created
Independence is gained
Skills and knowledge is obtained
Income potential is much higher
High degree of job satisfaction

Question 4

What are the disadvantages of entrepreneurship

Answer 4

Hard work and perseverance
Growth of the business takes time
Income isn’t stable or guaranteed
Markets change

Question 5

What are benefits to society that come with entrepreneurship?

Answer 5

Competition increases
Innovation
Job creation

Question 6

What come as competition increases?

Answer 6

There will be lower prices
Businesses have to think of different ways to sell their product to consumer.

Question 7

What comes with innovation

Answer 7

As there are more businesses there will be more unique business ideas

Question 8

What does availability of jobs mean?

Answer 8

This means there will be a decrease in unemployment which in turn could lead to lower takes and less poverty