Entrepreneurship Basics

Question 1

Entrepreneurship

Answer 1

Process of developping, organizing and running a new business to generate profit while taking on financial risks

Question 2

Entrepreneur

Answer 2

A person that evaluates a business opportunity, gathers necessary ressources and uses them to initiate and manage their business

Question 3

5 main differences bet. entrepreneur and manager

Answer 3

Owns business VS Employee
Gets profit VS Receives a salary/wage
Decision maker VS Decision taker
Dependant VS Independant
Risk taker VS Takes no risk

Question 4

Qualities of an entrepreneur

Answer 4

Decisiveness, Determination, Confidence
Creativity, Goal oriented, Discipline
Risk taking, persistence and networking, hard working

Question 5

Steps for entrepreneurship process

Answer 5

Dis.Co.R.A.H

Question 6

Discovery

Answer 6

Develop. Business idea by
-Considering your hobbies or skills
-Considering consumer needs and wants
-Conducting surveys and questionnaires and tes the market
- study demographics/ Market research

Question 7

Concept dev.

Answer 7

This is the stage where entre. Develops a business plan.
-Detailed proposal describing the business idea

Question 8

Ressour.

Answer 8

Ressources collection, financial, human, technologic
-Identify potential investors loans, hire employees etc.

Question 9

Actualization

Answer 9

Entre. Operates the business
-Basically :Opening and day to day operations

Question 10

Harvesting

Answer 10

Enjoying profit and dciding on business future growth and development. What is 5-10 year plan?
Future potential extension of the business

Question 11

Types of entre

Answer 11

Innovative: new products and introduce new methods and techniques on the market
Imitative:imitates an already established business
Drone: do not accept changes
Fabian: accept changes and grow depending on the trends

Question 12

Necessity of entrepreneurship

Answer 12

Aids students from all socioeconomic bacjground to think outside the box and nurture unconventional talents and skills.

Question 13

7 traits of successful entrepreneur

Answer 13

Tenacity
Tolerance of ambiguity
Passion
Vision
Self belief
Flexibility
Rule breaking

Question 14

4 types of main entrepreneurs

Answer 14

Imitative
Innovative
Drone
Fabian

Question 15

Entrepreneurs that rarely(but still changes) changes or take risk out of fear, most of the times got business from ancestors

Answer 15

Fabian entrepreneur

Question 16

Drone entrepreneur

Answer 16

Never changes or adapts himself to change and trends. “Traditional”

Question 17

Crash course def of entrepreneur

Answer 17

Someone that sees a need and takes the financial risk to fill it.

Question 18

Gigging

Answer 18

Free market system in which temporart positions are common and organizations hire independent workers for short term commitments.