Entrepreneurship

Question 1

What is an Entrepreneur

Answer 1

1. As a risk bearer:
   This is an agent who buys factors as production at certain prices in order to combine them into a product with a view to selling it at uncertain prices in future.
2. As an organizer:

Question 2

Relationship between Entrepreneur and entrepreneurship

Answer 2

Entrepreneur — Entrepreneurship
- Person - Process
- Organizer - Organization
- Risk - bearer - Risk-bearing
- Creator - Creation
- Leader - Leading

Question 3

Characteristics of an Entrepreneur

Answer 3

1. Creativity and innovation:
   They are driven to create something new and be innovative. They think out of the box, challenge the existing norms, and bring fresh ideas and approaches to their ventures.
2. Resilience:
   Entrepreneurship can be challenging, and setbacks and failures are common. successful entrepreneurs are resilient and have the ability to bounce back from failure, learn from their mistakes and persevere in the face of adversity.
3. Risk-taking:
   Entrepreneurs must be willing to take calculated risks. they understand that starting a business involves uncertainty and are comfortable stepping outside their comfort zones to pursue their goals.
4. Self-Motivated:
   entrepreneurs are highly self-motivated individuals who take initiative and are proactive in pursuing their objectives. they don’t wait for others to tell them what to do; instead, they identify opportunities and take action.
5. Visionary:
   Entrepreneurs possess a clear vision of what they want to achieve. they have the ability to identify opportunities and envision innovative solutions or products that can satisfy market needs.

Question 4

Types of Entrepreneurship

Answer 4

1. Imitating Entrepreneurs:
   They observer and existing successful system and replicate it in a manner where all deficiencies of the original business model are addressed and all its efficiencies retained.
2. Fabian Entrepreneurs:
   These are entrepreneurs that are very careful in their approaches and cautions adopting any changes. they are not prone to sudden decisions and try to shy away from any innovations or change that doesn’t fit the narrative.
3. Drone Entrepreneurs:
   This are entrepreneurs who do not like a change. they are considered as old schools. They want to do business in their own traditional ways.

Question 5

Differences between Entrepreneurs and Intrapreneur

Answer 5

1. Dependency:
   Entrepreneurs are independent in their operations while intrapreneurs are dependent on the entrepreneurs i.e. the owner.
2. Operation:
   An entrepreneur operates from the outside while an intrapreneur operates from the inside.
3. Profit:
   an entrepreneur takes the profit of the business while an intrapreneur doesn’t take profits. it goes to the entrepreneur.
4. Raising of funds:
   and entrepreneur raises funds required to start the organization while an intrapreneur does not raise funds for the organization.
5. Risk:
   Entrepreneurs bear the risk involved in the business while intrapreneurs dot not fully bear the risk involved in the organization.

Question 6

Role of entrepreneurship in economic development

Answer 6

1. Raise standard of living:
   it greatly enhance the standard of living for individuals and communities by setting up industries and creating wealth and new positions. Entrepreneurship doesn’t just provide large-scale employment but it increases the standard of living by providing affordable products, safe to use and add value to their lives.
2. Elimination of poverty: