Entrepreneurship

Question 1

Definition of Entrepreneur

Answer 1

An individual who sees an opportunity that others do not and marshals the resources to exploit it

Question 2

First known entrepreneurs in the 20th century

Answer 2

Thomas Edison
Alexander Bell
JP Morgan
Yataro Iwasaki (Mitsubishi)

Question 3

Motivators (4)

Answer 3

To be Independent
To choose nature of occupation
To earn more money
To meet family commitments

Question 4

Theories (4)

Answer 4

Arbitrage and the bearing of uncertainty (Cantillon 1755)
Coordination of factors of production (Jean Baptiste 1828)
Innovation (Schumpeter 1934-1939)
Leadership and motivation (Leibenstein 1968)

Question 5

Psychological Traits

Answer 5

Need for Achievement
Creativity
Perseverance
Over-optimism
Love of independence
Psychological factors are neither necessary or sufficient

Question 6

People can be taught because…..? (3)

Answer 6

Creating business requires certain procedures
Essential principles can be learned and put in use
Develop own potential

Question 7

failure or success in entrepreneurship depends on what? (4)

Answer 7

Personal Skills
Experience
Timing
Luck

Question 8

According to Pierre Peladeau, how to succeed in entrepreneurship?

Answer 8

Jump, do not wait
No profit = No company
positive mental attitude (use failures as motivators)
Perseverance
Think Big
Keep it simple