ENTREPRENEURSHIP Flashcards
1
Q
The word entrepreneur originated from the French word “entreprende”
A
TO UNDERTAKE
2
Q
Hornby (2006) defined an entrepreneur
A
As a person who makes money by starting or running businesses, especially when this involves taking financial risks.
3
Q
Drucker’s definition of “An entreprenuer”
high aco
A
As someone who shifts economic resources out of an area of lower and into an area of higher productivity and greater yield.
4
Q
The entrepreneur is someone who sees change as normal and—————-
A
Healthy
5
Q
UNIDO (1999) defined entrepreneurship
A
As the process of using initiative to transform business concept to new venture, diversify existing venture or enterprise to high growing venture potentials.
6
Q
The American human psychologist, Abraham Maslow, sees the entrepreneur as———–
A
Abraham Maslow, sees the entrepreneur as someone who can discern change, enjoy it and improvise without being forewarned‖.
7
Q
UNDP (2010) defined entrepreneurship as ———–
A
The process of using private initiative to transform a business concept into a new venture or to grow and diversify an existing venture or enterprise with high growth potential.
8
Q
To Shane Entrepreneur is act of being an entrepreneur, which can be defined as “one who undertakes ——–, finances and displays business—— in an effort to transform innovations into ——— goods
A
innovations,acumen,eeconomic
9
Q
The most obvious form of entrepreneurship is————–
A
starting new businesses (referred to as Startup Company);
10
Q
When entrepreneurship is describing activities within a firm or large organization, it is referred to as ———-
A
Intra-preneurship
11
Q
Garba (2010) asserted that the term entrepreneurship means
A
Different things to different people and with varying conceptual perspectives
12
Q
The concept of entrepreneurship has a wide range of meanings. It was first used in the early 18th century by an Irish man by name——–
A
Rechard Cantillon
13
Q
According to Joseph Scheumpeter, an Australian Economist, the single function which constitute entrepreneurship concept is innovation, such as: ———-
A
New products, new production method, new market and new forms of organisation.
14
Q
——— is created when new innovation results in new demand.
A
Wealth
15
Q
Vanderwerf and Brush (1989 quoted in Akanni, 2010), after reviewing twenty-five definitions, concluded that entrepreneurship is——————–
A
A business activity consisting of some intersections of the following behaviours: creativity, innovation, general management, risk bearing and intention to realise high levels of growth.
16
Q
Abianga (2010) defined development
A
as the act or process of growth, progress and improvement within a physical setting.
16
Q
Hisrich and Peters (1992) state that entrepreneurship is a————-
A
A continuous process of creating something different that has value to the users.
17
Q
Hornby (2006) similarly defined development
A
As the gradual growth of something so that it becomes more advanced and stronger.
18
Q
UNDP (2010) then defined entrepreneurship ——— as referring to the process of enhancing entrepreneurial skills and knowledge through
———–training and institution- building programmes.
A
development
structured
19
Q
The Federal Government of Nigeria recognized the role entrepreneurship could play in jumpstarting the growth and development of the economy decided on two things in 2009, which are————–and———————-
A
that entrepreneurship education should be made a general studies course for all undergraduates of the tertiary institutions. And a centre for entrepreneurial development be established in each of the tertiary institutions where different skills would be taught.
20
Q
Mention 4 activities that are performed by business.
A
They include organizing, managing, producing and
marketing.(POMM)
21
Q
Two Resources Used by the Business
A
Human Resources and Material
22
Q
Mention atleast 5 Business Characteristic
A
- Exchange sale or transfer of goods and services
- Profit Motives.
- Dealing in goods and services
- Uncertainity and risk-bearing
- Continuity and regularity
23
Q
The objectives of a business are profit, survival——–,productivity, Innovation, employees welfare, service to consumer and———
A
Market share, social responsibility
24
Hornby (2006) defines an investor as-------------------
someone who spends his energy, time, efforts, financial resources, etc. on something he considers to be good or useful in anticipation that it will yield benefits.
25
---------- is a fundamental issue in the development of an entrepreneurship.
Finance
26
-------- is the sum total of income earned in nominal terms.
Money income
27
---------- is income measured in terms of its purchasing power.
Real Income
28
what is Gross Domestic Product(GDP)
This is defined as the market value of all goods and services produced in an economy within a given period usually one year plus income earned locally.
29
Defined Gross National Product
This is defined as the value of all final goods and services produced in specific period within a year, including incomes earned from abroad.
30
Entrepreneur contributes to GDP AND GNP through------------
Production of goods and services, generation of economic activities through buying and selling and undertaking cooperate social responsibility
31
Several --------- traits have been identified with successful entrepreneurs.
Character
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It has been stated that Successful entrepreneurs don‘t have failures. They have----------------
Learning Experience
33
The ability of an entrepreneur to be consistently persistent in overcoming hurdles and obstacle is one of the characteristics of an entrepreneur called---------
Tenacity
34
list at least 6 Characteristics of an entrepreneur are
1. Passion for business.
2. Tenacity despite failure.
3. Confidence.
4. Self- Determination
5. Management of risk
6. Seeing change as an opportunity
7.Tolerance for ambiguit
8. Creativity
35
what is an internal locus of control?
believe that success or failure depends on own own actions
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More than -------- of those trying to get a business started have a full or part time job or they are running another business
Two-third
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Uncontrollable factors such as the economy, the weather, and --------------often have a dramatic effect on a business.
Changes in consumer taste
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An entrepreneur‘s life has been described as a professional life riddled with --------– which means ---------------
ambiguity – a consistent lack of clarity.
39
Nolan Busnell, who created the first home video game and the Chuck E. Cheese character, believes the act of creation is nothing more than taking something --------- in one business and applying it to another.
Standard
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-------- the environment, allows the entrepreneur to see the entire business environment and the industry and helps to formulate the larger picture of the business activity.
Scanning
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Oneal (1993), who studied approximately 3000 entrepreneurs identified the following factors as ―very important‖ reasons for being self-employed:
- To use personal skills and abilities;
- To gain control over his or her life;
- To build something for the family;
- Because he or she liked the challenge;
- To live how and where he or she chooses
42
(Lambing and Kuehl, 2007).identified other motivating factors
a need for tangible and meaningful rewards, and a need to satisfy expectations
43
-------- has been defined as a person‘s belief in his or her capability to perform a task.
self-efficacy
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concept of thought self-leadership (TSL) states that people develop functional and dysfunctional habits in the ways they think. This in turn influences their ---------, the way they process information and the choices they made
―perceptions
45
―------is, a functional habit that focuses on opportunities and positive ways of handling challenging situations.
OPPORTUNITY THINKING
46
The dysfunctional way of thinking, known as ―------ focuses on negative aspects of a problem and would most likely result in giving up.
OBSTACLE THINKING
47
Advantages of an Entrepreneurship
1.Autonomy
2. Challenge of a Start-up
3. Financial control
48
Disadvantages of an Entrepreneurship
1. Personal Sacrifices.
2. Burden of responsiblity and
3. Little Margin for error
49
The business consumes the entrepreneur‘s life. This often results in a strain on family relationships and a high level of stress. The entrepreneur must ask how much he or she is willing to ------------------ to make the business successful.
to sacrifices
50
one wrong decision or weakness in small business management can result in the ------------
End of the business
51
The Role of Entrepreneurship in an Economy are?
creating new job, wealth creation, poverty reduction, and income generating for both government and individuals.
52
Koce (2009) defined -------- as the obligation (of managers) to pursue the policies, to make decisions, or to follow lines of action which are desirable in terms of objectives and values of our society
Social Responsibility
53
According to Brown (199): an entrepreneur calculates his risks by asking the following questions:
(1) Is the goal worth the risk?
(2) How can I maximize the risk?
(3) What information do I need before I take the risk?
(4) Why is this risk important?
(5) Am I willing to try my best to achieve the goal?
(6) What preparation do I need to make before I take the risk?
(7) What are the biggest obstacles to achieving my goal?
54
---------- covers all the management functions,
Decision making
55
Management Functions includes------
planning, organizing, decision making, staffing, leading, motivating, communicating, and controlling.
56
----------- is a must for every business enterprise operating in a dynamic environment.
Planning
57
Weihrich and Koontz (2005) state that planning involves selecting --------- and objectives and deciding on the actions to achieve
missions
58
Awujo defined planning as the activity by which managers analyze ------- conditions to determine ways of reaching a ------------- future state.
present
desired
59
Robbins and Coulter (1998) define planning as involving -------- the organisation‘s objectives or --------- establishing an overall strategy for achieving those goals.
defining
goals,
60
-----type of planning is done in small businesses
strategic planning
61
Why should managers plan? Weihrich and Koontz (2005) state at least four reasons.
According to them, it gives direction, reduces the impact of change, minimizes waste and redundancy, and sets the standards used in controlling.
61
what are the Features of Planning
It must be realistic and capable of implementation;
It must be comprehensive;
It must have clearly defined objectives in terms of scope, accuracy, clarity and definitiveness;
It must be flexible;
It must be futuristic;
It must relate to conditions of relative certainty and uncertainty; and
It must be a continuous process.
62
Planning cannot be divorced from ------, for what is feasible depends, to a large
extent, on events in the external world
Forecasting
63
The actual planning starts with goal setting, but any number of ------------in the environment will have a major effect on the extent to which various goals may be feasible.
Contingencies
64
Hornby (2006) defines forecasting as -----------------
A statement about what will happen in the future based on information that is available now.
65
Ikharehon (2006) divides forecasts into two, namely: economic forecasts;
Ikharehon (2006) divides forecasts into two, namely: economic forecasts; technology forecasts and forecasts of changes in public taste and public opinion.
66
-------- are basic for every company‘s sales depending on how much money is available for purchase
Economic Forecasts
67
In forecasting, a company should be able to answer the following questions as:
a. What product(s) or services will be provided?
b. To whom will we sell? That is, who is our market share?
c. What methods or means will be used to sell these product(s)? Is it through direct sales, or advertising, or both?
d. What plant, equipment, and personnel will be needed?
68
Planning---------- has to do with a logical set of steps a manager must take in order to find ways of reaching desired future objectives
Planning process
69
in planning process, the first step to consider is
the identification of goals of the organisation upon which the plans will be built.
70
in planning process, the second step to consider is
The second step of planning process involves a search for opportunities. This is where the manager opens his mind to new ideas, rather than fixing his mind.
71
in planning process, the third step to consider is
The third stage involves the translation of opportunities into selected courses of action.
72
in planning process, the fourth step to consider is
the next step involves setting specific targets. Here, the plan becomes a budget or some other specific statement of targets.
73
Finally, the planning process must be continuously reviewed and --------- where necessary.
Revised
74
---------------can be defined as the process through which the structure of an organisation or enterprise is created and maintained
Organization structure
75
Decision-making requires analytical and --------------
conceptual thought.
76
Stoner and Freeman (1992, quoted in Ikharehon, 2006) assert that --------- involves breaking a problem down into its components, and then coming up with a feasible solution.
77
------------ involves filling and keeping filled, the positions provided for by the enterprise structure.
Staffing
78
Staffing includes;
it includes inventorying, appraising, and selecting candidates for positions; compensating and training or otherwise developing both candidates for positions; compensating and training position holders to do their tasks effectively. To function effectively and efficiently, enterprises need the unavoidable service of human beings.
79
For staffing to be effectively carried out, there is need for ----------------,--------------------and-----------------
job analysis, job description, and job specification.
80
--------- is the cornerstone of all human resource functions.
Job analysis
81
Specially------- obtained from the analysis form the basis for a variety of human resource activities.
Data
82
---------- is the notion that leaders are individuals who, by their actions, facilitate the movement of a group of people toward a common or shared goal (House and Podsakoff, 1994 Ikharehon, 2006).
Leadership
83
Factors that can enhance leadership, they are:
respect for individual, delegate authority and responsibility, excellence, build workers self esteem, inform employees, apply the reinforce principle, be an active listener.
84
To be an effective leader, one must try ----------------
Try to see things through the eyes of those he is leading.
85
Motivation is defined by Hornby (2006) as the process or ------- the interest of people to do something
stimulating
86
Bernard and Garry (1964 quoted in Ikharehon, 2006) sees motivate as an inner state that energises, activates or moves, directs or channels -------- toward goals
Behaviour
87
Motivated behaviour has three characteristics, namely: it is ------- and-------- for a long time until satisfied;
Sustained and maintain
88
For every enterprise to motivate an employee, there must be: needs that the employee wishes to --------, the motivating factor must be one that needs the desire or aspiration of the employee, the goal must be perceived as being available, and that the goal must be attainable by the employee.
satisfy
89
Enterprises exist through communication and without communication there would be no --------------
Organization
90
-------------- is the process by which managers develop a system to give information and transmit meaning to large numbers of people within the organisation
Organization communication
91
The process of communication includes ---------channel and decoder
Encoding
92
------------- of information refer to that which creates value for information.
Characteristics
93
Characteristics of information includes relevance, accuracy, completeness, confidence, communication, -------------, detail and communicated by an appropriate channel of communication.
Timeliness
94
------------ is the process of measuring performance against standard
Controlling
95
There are four basic areas where control is necessary, they include:
1. financial resources.
2.physical resources
3. human resources and
4. information resources.
96
The attributes of a good control process are: flexibility, -----------, economy, accuracy, corrective and integration.
Objectivity
97
Sometimes controls are resisted due to the following reasons: unnecessary ---a----, over control, non- seriousness, rewarding inefficiency and ----b----and accountability.
a. bossing b. mediocrity
98
The production is the transformation of inputs such as raw materials through the transformation processes to produce outputs such as -------- products that are available and highly affordable.
finished
99
The duty of the entrepreneur is to harness all human and --------- resources with a view to improving production and distribution efficiency such that the goods get to the final consumers.
material
100
------------- are stocks which are excess to current needs and it results in capital being tied up and increased costs of storage and obsolescence.
Over-stocking
101
All these are benefits to be derived by an entrepreneur when a proper stock management *EXCEPT*
1. Ensuring proper execution of policies covering procurement and use of materials and make possible rapid shifts in business to meet changes in market conditions.
2. obtaining economics through a reduction in needless variety of items carried in stock
3. Helping to eliminate delays in production caused by non-availability of required materials and tools.
4. Avoiding over accumulation of inventories and tools and thereby maintain the minimum investment consistent with production needs and procurement policies.
5. Ensuring that adequate records are being accounted for with any oversights of outdated inventory.
6. Reducing inventory losses caused by inadequate inspection of incoming materials, damaged, deterioration, obsolescence, waste or theft.
7. Providing balance stores records to serve as a reliable basis for effective production planning,
economical procurement, cost accounting and preparation of financial reports.
5
102
Aghedo (2010) defines-------- as a disciplined effort to produce fundamental decisions and actions that shape and guide what an organization is, what it
49
does, and why it does it, with a focus on the future.
Strategic Planning
103
Three core areas of corporate strategy are
1 strategic analysis,
2 strategic development and
3. strategy implementation.
104
Two approaches to the process are:
prescriptive and emergent
105
----------- is a strategy whose final objective is unclear and whose elements are developed during the course of its life, as the strategy proceeds.
Emergent corporate strategy,
106
-----------is one whose objective has been defined in advance and whose main elements have been developed before the strategy commences.
A prescriptive corporate strategy
107
--------------- is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals.
Marketing management
108
------------ are states of felt deprivation.
Human needs
109
---------- are desires for specific satisfaction of deeper needs
Human wants
110
------------- can be defined as an object, service, activity, person, place, organization or idea.
a product
111
However, Kotler (1984) states that for exchange to take place, it must satisfy five conditions, namely:
1.There are at least two parties;
2. Each party has something that might be of value to the other party;
3.Each party is capable of communication and delivery;
4. Each party is free to accept or reject the offer;
5.Each party believes it is appropriate or desirable to deal with the other party.
112
-------------- is a process of creating, maintaining and enhancing strong value added relationships with customers and other stockholders.
Relationship Marketing
113
-------- is defined as a set of all actual and potential buyers of a product and service.
A market
114
The functions of marketing can be classified into three: namely
merchandising function, physical distribution and auxiliary function.
115
merchandising function includes;
1. Product Planning and Development
2. Standardization and Grading
3. Buying and Assembling
4. Selling
116
Physical Distribution includes
1. Storage
2. Transportation:
117
Auxiliary Function includes
1. Marketing Finance
2. Risk-Bearing
3. Market Information
118
How does the role of marketing stimulates potential aggregate demand in helping the economic growth of a country
Through stimulation of demand people are motivated to work harder and earn additional money (income) to buy the various ideas, goods and services being marketed.
119
How does the role of marketing helps in sustaining and improving the existing levels of employment
when a country advances economically, it takes more and more people to distribute goods and proportionately a lesser number to make them.
120
The marketing concept rests on four main pillars, namely:
1.A market focus
2.Customer orientation 3.Coordinated marketing and 4.Profitability
121
In Schumpeter, an
entrepreneur is a person who is willing and able to convert a new idea or invention into a successful -------------
INNOVATION
122
Entrepreneurship employs what Schumpeter called "the gale of creative destruction" meaning
to replace in whole or in part inferior innovations across markets and industries, simultaneously creating new products including new business models.
122
Different scholars have described entrepreneurs as, among other things, bearing risk. For Schumpeter, the entrepreneur did not bear risk: the -----------did.
capitalist
123
One of the major factors that have in many ways discouraged the flow of entrepreneurship development in Nigeria is the value system brought about by ------------------
formal education
124
According to the 2007 Gallup poll---------% of respondents planning new businesses had no intention of registering their operations, indicating they would still prefer to be part of the informal economy.
69%
125
The following are the most 6 important obstacles facing rapid entrepreneurial development:
Absence of a pro-active regulatory environment that encourages innovative enterprise development at the grassroots level.
Significant infrastructural deficits (especially with regards to roads and electricity) and systemic irregularities inimical to small businesses.
The presence of administrative and trade barriers that curtail capacity building and inhibit access to technical support.
Absence of regulatory mechanisms for effective oversight of enterprise development initiatives, especially those in the MSME space.
Poor access to vocational and skills-development training for rural and urban youths involved in the informal economy.
Rampant political and bureaucratic corruption, together with the absence of social consensus on important macroeconomic policy issues.
126
Forbes Magazine recently sat down with Lagos Business School's Peter Bamkole to discuss the current obstacles facing aspiring Nigerian entrepreneurs. The interview outlines three major problems:
Constrained access to local and international markets that stunt entrepreneurial expansion and proliferation.
Severe infrastructure deficits (mainly of power and electricity) that hamstring both new and existing businesses.
Inadequate access to finance and the absence of a credit policy that addresses the specific needs of enterprises.
127
Although Nigeria is endowed with human and natural resources, it is still one of the ----------- countries in the world primarily due to corruption in government
poorest
128
The development process of any country is determined by the way the ------------ forces in and around the economy is organized (Onwubiko, 2011).
Production
129
Entrepreneurship in business management is regarded as the ―------ of a successful enterprise just as a leader in any organization must be the environmental change agents.
prime mover
130
Two approaches have been used for entrepreneurship development in Nigeria which are------------- and ------------------
provision of generous credit facilities for small – scale industrialist and establishment of the training centre known as Industrial Development Centre (IDC).
131
WHAT ARE THE Hindrances to Youth Empowerment in Nigeria
1.Absence of Infrastructural Facilities
2.Inadequate Working Capital
3.Low Standard of Education
4. Lack of Adequate Training
5. Other Economic, Social and Political Factor
132
what are Skills Required of Youth for Leadership
1.Communications:
2. Initiative
3.Responsibility
4. Vision
133
factors inhibiting entrepreneurship development are:
infrastructural deficits, administrative bottlenecks, corruption, inadequate access to finance
and absence of skills and vocational institutions.
134
List and suggest four ways of improving the current state of entrepreneurship development in Nigeria.
1. Introduction of leadership programme in education syllabus from primary to tertiary.
2.Provision of capital to aspiring entrepreneur
3. Provision on of vocational management and skill acquisition training focused on the rural area to dissipate the idea of urban migration
4.encourage youth to assume leadership position and authority
135
Youth empowerment should be encouraged through -----------------
entrepreneurship development.
