Entrepreneurship

Question 1

What is an entrepreneur?

Answer 1

An entrepreneur is a person who undertakes the risks involved in establishing and running a business in hopes of making a profit.

Question 2

What is entrepreneurship

Answer 2

The act or process of managing a business Enterprise is referred to as entrepreneurship

Question 3

What is required by entrepreneurs to put their ideas into practice

Answer 3

Conceptualizing all the ideas related to the type of product or service the business will offer as well as the factors affecting profitability

planning what is required to expand the idea into practice for example, developmental design of the product or service, assessing marketing potential, choice of premise, machinery and Libra required, plus assessing the degree of profit possible.

Accessing funds needed to establish and develop their business

Organizing the setup of the business deciding the best location, identifying suitable premises, employing suitable workers and deploying them effectively, and defining policy decisions in a manner that all level of personal can understand.

Operating the business successfully through the start-up stages and looking for ways to improve the products or services that the business markets, and making any changes necessary to the interest of the growth and development of the businesses, as well as always seeking out new business

Evaluating the performance of the business once it has been established

Bearing risks, which relates to the willingness to operate while recognizing that there are elements of uncertainties involved in business.

Making a profit or loss, which relates to whether or not the entrepreneur has risks piece of

Question 4

What is required by entrepreneurs to put their ideas into practice

Answer 4

Conceptualizing all the ideas related to the type of product or service the business will offer as well as the factors affecting profitability

planning what is required to expand the idea into practice for example, developmental design of the product or service, assessing marketing potential, choice of premise, machinery and Libra required, plus assessing the degree of profit possible.

Accessing funds needed to establish and develop their business

Organizing the setup of the business deciding the best location, identifying suitable premises, employing suitable workers and deploying them effectively, and defining policy decisions in a manner that all level of personal can understand.

Operating the business successfully through the start-up stages and looking for ways to improve the products or services that the business markets, and making any changes necessary to the interest of the growth and development of the businesses, as well as always seeking out new business

Evaluating the performance of the business once it has been established

Bearing risks, which relates to the willingness to operate while recognizing that there are elements of uncertainties involved in business.

Making a profit or loss, which relates to whether or not the entrepreneur has risks piece of

Question 5

Characteristics of an entrepreneur

Answer 5

Creativity 
 Innovation 
 Flexibility 
 Goal oriented 
 Persistent 
Persevering 
 Risk Takers

Question 6

Leadership qualities of an entrepreneur?

Answer 6

A successful entrepreneur required leadership qualities that Inspire others to work hard and support their Drive to achieve the desired success.

 Communication skills 
 Vision 
 Supportive
 Self-belief 
 Share success 
Involved 
 Encouraging 
 Honest 
 Perseverant
 Invested in learning

Question 7

What are some questions that entrepreneurs must ask?

Answer 7

What type of business?
 Where will the capital come from 
 What product or service 
 Who is the target audience 
where should the business be located
 does the entrepreneurship have the skills
Which promotion methods will work best 
 What back-up support is needed in case of bankruptcy

Question 8

Conceptualizing

Answer 8

The entrepreneur must have an idea, a skill or service that others want that can achieve a profit. The entrepreneur is required to make the decision if their Research indicates that the idea is marketable for profit

Question 9

Planning

Answer 9

In order to achieve its objectives a business needs a plan. Sound planning greatly improves of firms survival prospects.

Question 10

Feasibility study

Answer 10

Provide an investigation, backed by data, to demonstrate that what is Planned is really possible. Such planning needs to take into account both short and long-term factors

Question 11

Short-term planning

Answer 11

Generally refers to any development likely to come into effect within the next 3 years. Short-term planning is generally easier than long-term planning because fewer changes are likely to occur.

Question 12

Long-term planning

Answer 12

Long-term planning incorporates developments that are expected within a. Of time up to 10 years ahead. Long-term planning is mostly about the firm’s plan to do rather than what it is currently doing.

Question 13

Capital requirements

Answer 13

This is how much money is required to start up the business

Question 14

Capital requirements

Answer 14

Capital refers to the well, in the form of money or other assets, used to start and operate a business.

Question 15

To avoid start-up crisis what should a business plan include?

Answer 15

A clear statement of what the entrepreneur needs to start the business.
An estimate of the cost involved in obtaining these items.
An estimate of the extra funds needed in the first 6 months at least four original cost

The business plan should demonstrate that the estimates are realistic and also where the money will come from.

Question 16

The factors of production

Answer 16

The factors post production are various elements needed to produce goods or services

Question 17

Name the four factors of production?

Answer 17

Land
Labor
Capital
Enterprise

Question 18

operating a business

Answer 18

Increasing sales 
 Reducing cost 
 Getting paid
 Maintaining records
 Looking ahead

Question 19

Evaluating

Answer 19

A measure of the success of the business

Question 20

Risk-bearing

Answer 20

Enterprise’s bear Financial Risk in Hope of making a profit

Question 21

entrepreneur and economic development

Answer 21

Entrepreneurs collaborate, create new businesses, create jobs and contribute to National Building

Question 22

Providing employmentOpportunities

Answer 22

New businesses employ people to fill the jobs that have created, and as the business grows more workers are needed. These employees pay taxes to government and spend their wages, mostly locally.

Question 23

Reasons for establishing a business

Answer 23

Financial Independence
Self-fulfillment and self-actualization
Increased income
increase control of work life

Question 24

Steps in establishing a business

Answer 24

Conceptualizing 
 Research 
Identification of resources
 Creation of a business plan 
 Acquisition of funds 
 Operation of the business

Question 25

Executive summary

Answer 25

This is an outline or overview of the business. It aims to give potential investors and oversight of the company’s purpose and goals

An executive summary includes.

The name of the business
Its location
What products or services are to be sold
The purpose of the plan

Question 26

Operational plan

Answer 26

This describes the businesses physical location, legal structure

Question 27

The business opportunity

Answer 27

A description of the product or service the business has to offer and the target market

Question 28

The marketing plan

Answer 28

This describes specific objectives that demonstrate that the entrepreneur has a clear idea of how they will get their product into the market, potential customers, how they are going to be reached, what competition exists and so on.

Question 29

Financial forecast

Answer 29

This is projecting numbers Ava forecast for the next 5 years. The forecast should include

A cash flow statement and first 12 months cash flow pattern including working capital, salaries and seals

A profit-and-loss forecast on projected sales

A sales forecast, the money expected to be made from the sales of the goods or services

Question 30

Primary data

Answer 30

This is collected by the entrepreneur, for example by going out and talking directly to potential customers and suppliers

Question 31

Secondary data

Answer 31

This is information that is collected by someone for some other purpose but usually for the entrepreneur, for example government reports such as population census or publish reports of other Traders or trade associations

Question 32

External source of Finance

Answer 32

A bank loan
A Bank overdraft
Selling share capital

Question 33

Short-term plans

Answer 33

Those are plants on the taken on a daily or weekly basis

Question 34

Medium term plans

Answer 34

Those affected for one or two years and include implementing procedures that increase the effectiveness of the business

Question 35

Long-term plans

Answer 35

Are those that established the course of the business over a three to five-year.

Question 36

Government regulatory practices

Answer 36

A certificate of registration is issued which must be appropriated displayed in the priest of the business and all business must be value added or consumption tax registered.

Question 37

Governmental environmental policies

Answer 37

Factories and even larger retail units are encouraged to locate outside of City centers

Builders are encouraged to use materials that are more environmentally friendly

Encouragement on Advertising is directed too watery do you think power use that influences Greenhouse emission

All commercial and Industrial activities create waste materials, encouragement is given to use recyclable materials

Some advertising encourages customers to buy dangerous and unhealthy products consumers protection efforts raise awareness

Pollution from factories and transport in motion can be reduced by fines and Taxation

Raising public awareness of Environmental issues is not only a government concern but also highlighted by pressure groups

Question 38

Geographical factors

Answer 38

Availability of suitable land, how much it cost and its position in relation to facilities such as transport, waste disposal and closeness to customers unsuitable labor

Question 39

Raw materials and supplies

Answer 39

Proximity to raw materials and essential supplies or ease of access to transport facilities that will simplify access

Question 40

Infrastructure

Answer 40

Systems of available such as transport networks, sewage, waste, water, power supplies and Technical Systems such as it and Communications

Question 41

Transport

Answer 41

Sitting convenience fee near to good transport facilities and the two minerals and the cost of these facilities influence location

Question 42

Linkage Industries

Answer 42

Some Flume as well located near other businesses on which they depend

Question 43

Power

Answer 43

An essential resource for both businesses on the employees reliable power is required for the operation of equipment, Light and Healthy working conditions

Question 44

Labor Supply

Answer 44

Availability of suitable labor with the right skills

Question 45

Telecommunications

Answer 45

These have become increasingly complex and businesses are dependent on reliable interactive it systems

Question 46

Market pull

Answer 46

Sometimes businesses will be drawn to eat particular area as this may be where the potential customers can be found

Question 47

Water

Answer 47

I requisite resorts for all businesses on most businesses cannot operate without reliable supplies

Question 48

Government regulations

Answer 48

Grant from Central or local government and influence business locations

Question 49

Collateral

Answer 49

The term collateral refers to things put up as security for repayment of a loan. Is a collateral acts as security for the lender should the borrower failed to repay the loan